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XLK vs. DBE
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XLK vs. DBE

Last updated Jun 3, 2026

XLK (State Street Technology Select Sector SPDR ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - XLK is a Technology Equities fund tracking the S&P Technology Select Sector Daily Capped 35/20 Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 10 years, XLK returned 25.97%/yr vs 11.78%/yr for DBE. At a 0.21 correlation, their price movements are largely independent. XLK charges 0.08%/yr vs 0.78%/yr for DBE.

Performance

XLK vs. DBE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street Technology Select Sector SPDR ETF (XLK) and Invesco DB Energy Fund (DBE). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, XLK achieves a 37.85% return, which is significantly lower than DBE's 79.50% return. Over the past 10 years, XLK has outperformed DBE with an annualized return of 25.97%, while DBE has yielded a comparatively lower 11.78% annualized return.

XLK

1D
1.25%
1M
22.45%
YTD
37.85%
6M
37.41%
1Y
71.15%
3Y*
34.35%
5Y*
24.55%
10Y*
25.97%

DBE

1D
0.80%
1M
-3.65%
YTD
79.50%
6M
72.59%
1Y
82.31%
3Y*
22.48%
5Y*
19.20%
10Y*
11.78%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XLK vs. DBE - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XLK
State Street Technology Select Sector SPDR ETF		37.85%24.61%21.63%56.02%-27.73%34.74%43.62%49.86%-1.68%34.26%
DBE
Invesco DB Energy Fund		79.50%-2.17%2.96%-12.14%33.77%57.56%-25.91%19.72%-12.95%5.21%

Correlation

The correlation between XLK and DBE is -0.24, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

-0.24

Correlation (3Y)
Calculated over the trailing 3-year period

-0.06

Correlation (5Y)
Calculated over the trailing 5-year period

0.05

Correlation (10Y)
Calculated over the trailing 10-year period

0.13

Correlation (All Time)
Calculated using the full available price history since Jan 8, 2007

0.21

The correlation between XLK and DBE shifts across timeframes, from -0.24 (1 year) to 0.21 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

State Street Technology Select Sector SPDR ETF

Invesco DB Energy Fund

Often compared with XLK:
XLK vs. QQQXLK vs. VGTXLK vs. SMHXLK vs. SPYXLK vs. FTECXLK vs. IYWXLK vs. XLE
Often compared with DBE:
DBE vs. DBBDBE vs. XLEDBE vs. VDEDBE vs. COMTDBE vs. GLDDBE vs. TIPDBE vs. SPY

Return for Risk

XLK vs. DBE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XLK
XLK Risk / Return Rank: 8686
Overall Rank
XLK Sharpe Ratio Rank: 9393
Sharpe Ratio Rank
XLK Sortino Ratio Rank: 8989
Sortino Ratio Rank
XLK Omega Ratio Rank: 8787
Omega Ratio Rank
XLK Calmar Ratio Rank: 8484
Calmar Ratio Rank
XLK Martin Ratio Rank: 7878
Martin Ratio Rank
DBE
DBE Risk / Return Rank: 7171
Overall Rank
DBE Sharpe Ratio Rank: 7171
Sharpe Ratio Rank
DBE Sortino Ratio Rank: 6161
Sortino Ratio Rank
DBE Omega Ratio Rank: 6464
Omega Ratio Rank
DBE Calmar Ratio Rank: 9292
Calmar Ratio Rank
DBE Martin Ratio Rank: 6565
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

XLK vs. DBE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street Technology Select Sector SPDR ETF (XLK) and Invesco DB Energy Fund (DBE). 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.

XLKDBEDifference

Sharpe ratio

Return per unit of total volatility

3.44

2.37

+1.07

Sortino ratio

Return per unit of downside risk

4.12

2.91

+1.21

Omega ratio

Gain probability vs. loss probability

1.55

1.39

+0.15

Calmar ratio

Return relative to maximum drawdown

4.56

6.10

-1.54

Martin ratio

Return relative to average drawdown

15.32

11.98

+3.34

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XLK vs. DBE - Sharpe Ratio Comparison

The current XLK Sharpe Ratio is 3.44, which is higher than the DBE Sharpe Ratio of 2.37. The chart below compares the historical Sharpe Ratios of XLK and DBE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

XLKDBEDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

3.44

2.37

+1.07

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.99

0.66

+0.33

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

1.06

0.42

+0.65

Sharpe Ratio (All Time)

Calculated using the full available price history

0.42

0.09

+0.33

Drawdowns

XLK vs. DBE - Drawdown Comparison

The maximum XLK drawdown since its inception was -82.05%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for XLK and DBE.

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Drawdown Indicators

XLKDBEDifference

Max Drawdown

Largest peak-to-trough decline

-82.05%

-86.69%

+4.64%

Max Drawdown (1Y)

Largest decline over 1 year

-15.92%

-14.41%

-1.51%

Max Drawdown (3Y)

Largest decline over 3 years

-25.66%

-23.89%

-1.77%

Max Drawdown (5Y)

Largest decline over 5 years

-33.56%

-38.74%

+5.18%

Max Drawdown (10Y)

Largest decline over 10 years

-33.56%

-60.84%

+27.28%

Current Drawdown

Current decline from peak

0.00%

-31.85%

+31.85%

Average Drawdown

Average peak-to-trough decline

-34.96%

-57.31%

+22.35%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.74%

7.34%

-2.60%

Volatility

XLK vs. DBE - Volatility Comparison

The current volatility for State Street Technology Select Sector SPDR ETF (XLK) is 6.74%, while Invesco DB Energy Fund (DBE) has a volatility of 13.47%. This indicates that XLK experiences smaller price fluctuations and is considered to be less risky than DBE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XLKDBEDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.74%

13.47%

-6.73%

Volatility (6M)

Calculated over the trailing 6-month period

16.64%

30.80%

-14.16%

Volatility (1Y)

Calculated over the trailing 1-year period

20.80%

35.02%

-14.22%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

24.90%

29.37%

-4.47%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

24.49%

28.33%

-3.84%

XLK vs. DBE - Expense Ratio Comparison

XLK has a 0.08% expense ratio, which is lower than DBE's 0.78% expense ratio.

Dividends

XLK vs. DBE - Dividend Comparison

XLK's dividend yield for the trailing twelve months is around 0.39%, less than DBE's 2.15% yield.

PositionTTM20252024202320222021202020192018201720162015
DBE
Invesco DB Energy Fund		2.15%3.86%6.32%3.87%0.75%0.00%0.00%1.79%1.67%0.00%0.00%0.00%
XLK
State Street Technology Select Sector SPDR ETF		0.39%0.54%0.66%0.76%1.04%0.65%0.92%1.16%1.60%1.37%1.74%1.79%

Frequently Asked Questions

XLK and DBE have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

DBE has higher volatility (13.47%) compared to XLK (6.74%). In terms of maximum drawdown, XLK dropped -82.05% vs DBE's -86.69%.

On 10-year performance, XLK leads with 25.97% vs 11.78% for DBE. On fees, XLK is cheaper at 0.08% per year. On volatility, XLK has been the lower-risk option at 6.74%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, XLK has performed better with a 25.97% return vs 11.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

XLK is cheaper with a 0.08% expense ratio, compared with 0.78% for DBE.

DBE has the higher dividend yield at 2.15%, compared with 0.39% for XLK.

XLK is categorized as Technology Equities, while DBE is Oil & Gas. XLK tracks S&P Technology Select Sector Daily Capped 35/20 Index, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.08% for XLK and 0.78% for DBE.

XLK currently has the higher Sharpe Ratio (3.44 vs 2.37), 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.

Portfolio Optimizer

Find the right allocation for XLK and DBE

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