XLE vs. DBA
XLE (State Street Energy Select Sector SPDR ETF) and DBA (Invesco DB Agriculture Fund) are both exchange-traded funds - XLE is a Energy Equities fund tracking the Energy Select Sector Index, while DBA is a Agricultural Commodities fund tracking the DBIQ Diversified Agriculture Index Excess Return. Both are passively managed. Over the past 10 years, XLE returned 9.05%/yr vs 4.14%/yr for DBA. At a 0.29 correlation, their price movements are largely independent. XLE charges 0.08%/yr vs 0.88%/yr for DBA.
Performance
XLE vs. DBA - Performance Comparison
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Returns By Period
In the year-to-date period, XLE achieves a 24.89% return, which is significantly higher than DBA's 8.82% return. Over the past 10 years, XLE has outperformed DBA with an annualized return of 9.05%, while DBA has yielded a comparatively lower 4.14% annualized return.
XLE
- 1D
- 0.47%
- 1M
- -2.88%
- 6M
- 19.65%
- YTD
- 24.89%
- 1Y
- 27.45%
- 3Y*
- 13.38%
- 5Y*
- 20.12%
- 10Y*
- 9.05%
DBA
- 1D
- 0.22%
- 1M
- 5.59%
- 6M
- 7.72%
- YTD
- 8.82%
- 1Y
- 11.65%
- 3Y*
- 13.55%
- 5Y*
- 12.19%
- 10Y*
- 4.14%
XLE vs. DBA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XLE State Street Energy Select Sector SPDR ETF | 24.89% | 7.88% | 5.56% | -0.63% | 64.32% | 53.28% | -32.67% | 11.74% | -18.22% | -0.89% |
DBA Invesco DB Agriculture Fund | 8.82% | -0.56% | 33.45% | 7.64% | 2.53% | 22.37% | -2.54% | -0.71% | -8.74% | -6.06% |
Correlation
The correlation between XLE and DBA is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.10 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.23 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.20 |
Correlation (All Time) Calculated using the full available price history since Jan 5, 2007 | 0.29 |
The correlation between XLE and DBA shifts across timeframes, from 0.10 (3 years) to 0.29 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
XLE vs. DBA — Risk / Return Rank
XLE
DBA
XLE vs. DBA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for State Street Energy Select Sector SPDR ETF (XLE) and Invesco DB Agriculture Fund (DBA). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| XLE | DBA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.27 | ||
| Sortino ratioReturn per unit of downside risk | +0.21 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.19 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.88 | 1.35 | +0.53 |
| Martin ratioReturn relative to average drawdown | 5.10 | 2.83 | +2.27 |
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Drawdowns
XLE vs. DBA - Drawdown Comparison
The maximum XLE drawdown since its inception was -71.26%, roughly equal to the maximum DBA drawdown of -67.97%. Use the drawdown chart below to compare losses from any high point for XLE and DBA.
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Drawdown Indicators
| XLE | DBA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -71.26% | -67.97% | -3.29% |
Max Drawdown (1Y)Largest decline over 1 year | -14.98% | -8.67% | -6.31% |
Max Drawdown (3Y)Largest decline over 3 years | -20.14% | -12.36% | -7.78% |
Max Drawdown (5Y)Largest decline over 5 years | -26.04% | -15.94% | -10.10% |
Max Drawdown (10Y)Largest decline over 10 years | -66.81% | -37.97% | -28.84% |
Current DrawdownCurrent decline from peak | -11.32% | -23.39% | +12.07% |
Average DrawdownAverage peak-to-trough decline | -17.96% | -41.02% | +23.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.50% | 4.12% | +1.38% |
Volatility
XLE vs. DBA - Volatility Comparison
State Street Energy Select Sector SPDR ETF (XLE) has a higher volatility of 6.80% compared to Invesco DB Agriculture Fund (DBA) at 3.88%. This indicates that XLE's price experiences larger fluctuations and is considered to be riskier than DBA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XLE | DBA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.80% | 3.88% | +2.92% |
Volatility (6M)Calculated over the trailing 6-month period | 16.70% | 7.43% | +9.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.83% | 10.83% | +10.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 25.91% | 13.86% | +12.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.57% | 13.06% | +16.51% |
XLE vs. DBA - Expense Ratio Comparison
XLE has a 0.08% expense ratio, which is lower than DBA's 0.88% expense ratio.
Dividends
XLE vs. DBA - Dividend Comparison
XLE's dividend yield for the trailing twelve months is around 2.75%, less than DBA's 3.29% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DBA Invesco DB Agriculture Fund | 3.29% | 3.58% | 4.08% | 4.63% | 0.48% | 0.00% | 0.00% | 1.55% | 1.06% | 0.00% | 0.00% | 0.00% |
XLE State Street Energy Select Sector SPDR ETF | 2.75% | 3.28% | 3.36% | 3.55% | 3.68% | 4.21% | 5.62% | 6.72% | 3.54% | 3.03% | 2.26% | 3.39% |
Frequently Asked Questions
XLE and DBA have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
XLE has higher volatility (6.80%) compared to DBA (3.88%). In terms of maximum drawdown, XLE dropped -71.26% vs DBA's -67.97%.
On 10-year performance, XLE leads with 9.05% vs 4.14% for DBA. On fees, XLE is cheaper at 0.08% per year. On volatility, DBA has been the lower-risk option at 3.88%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, XLE has performed better with a 9.05% return vs 4.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XLE is cheaper with a 0.08% expense ratio, compared with 0.88% for DBA.
DBA has the higher dividend yield at 3.29%, compared with 2.75% for XLE.
XLE is categorized as Energy Equities, while DBA is Agricultural Commodities. XLE tracks Energy Select Sector Index, while DBA tracks DBIQ Diversified Agriculture Index Excess Return. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.08% for XLE and 0.88% for DBA.
XLE currently has the higher Sharpe Ratio (1.35 vs 1.08), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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