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XLU vs. DBE
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XLU vs. DBE

Last updated Jun 4, 2026

XLU (State Street Utilities Select Sector SPDR ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - XLU is a Utilities Equities fund tracking the Utilities Select Sector Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 10 years, XLU returned 9.15%/yr vs 12.03%/yr for DBE. At a 0.13 correlation, their price movements are largely independent. XLU charges 0.08%/yr vs 0.78%/yr for DBE.

Performance

XLU vs. DBE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street Utilities Select Sector SPDR ETF (XLU) 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, XLU achieves a 3.11% return, which is significantly lower than DBE's 83.68% return. Over the past 10 years, XLU has underperformed DBE with an annualized return of 9.15%, while DBE has yielded a comparatively higher 12.03% annualized return.

XLU

1D
-0.43%
1M
-5.74%
YTD
3.11%
6M
1.25%
1Y
9.11%
3Y*
13.74%
5Y*
9.25%
10Y*
9.15%

DBE

1D
2.33%
1M
-5.45%
YTD
83.68%
6M
74.95%
1Y
84.41%
3Y*
23.42%
5Y*
19.66%
10Y*
12.03%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XLU vs. DBE - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XLU
State Street Utilities Select Sector SPDR ETF		3.11%16.03%23.31%-7.18%1.44%17.70%0.51%25.93%3.94%12.05%
DBE
Invesco DB Energy Fund		83.68%-2.17%2.96%-12.14%33.77%57.56%-25.91%19.72%-12.95%5.21%

Correlation

The correlation between XLU and DBE is -0.11, 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

-0.11

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

-0.01

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

0.03

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

0.04

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

0.13

The correlation between XLU and DBE shifts across timeframes, from -0.11 (1 year) to 0.13 (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 Utilities Select Sector SPDR ETF

Invesco DB Energy Fund

Often compared with XLU:
XLU vs. VPUXLU vs. XLEXLU vs. XLPXLU vs. SPYXLU vs. FUTYXLU vs. UTESXLU vs. IDU
Often compared with DBE:
DBE vs. DBBDBE vs. XLEDBE vs. VDEDBE vs. COMTDBE vs. XLKDBE vs. GLDDBE vs. TIP

Return for Risk

XLU vs. DBE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XLU
XLU Risk / Return Rank: 1919
Overall Rank
XLU Sharpe Ratio Rank: 1919
Sharpe Ratio Rank
XLU Sortino Ratio Rank: 1818
Sortino Ratio Rank
XLU Omega Ratio Rank: 1818
Omega Ratio Rank
XLU Calmar Ratio Rank: 2222
Calmar Ratio Rank
XLU Martin Ratio Rank: 1919
Martin Ratio Rank
DBE
DBE Risk / Return Rank: 7171
Overall Rank
DBE Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
DBE Sortino Ratio Rank: 6363
Sortino Ratio Rank
DBE Omega Ratio Rank: 6565
Omega Ratio Rank
DBE Calmar Ratio Rank: 9191
Calmar Ratio Rank
DBE Martin Ratio Rank: 6363
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.

XLU vs. DBE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street Utilities Select Sector SPDR ETF (XLU) 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.

XLUDBEDifference

Sharpe ratio

Return per unit of total volatility

0.63

2.43

-1.80

Sortino ratio

Return per unit of downside risk

0.94

2.96

-2.01

Omega ratio

Gain probability vs. loss probability

1.12

1.40

-0.28

Calmar ratio

Return relative to maximum drawdown

1.00

5.89

-4.89

Martin ratio

Return relative to average drawdown

2.24

11.53

-9.29

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

XLU vs. DBE - Sharpe Ratio Comparison

The current XLU Sharpe Ratio is 0.63, which is lower than the DBE Sharpe Ratio of 2.43. The chart below compares the historical Sharpe Ratios of XLU 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

XLUDBEDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.63

2.43

-1.80

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.54

0.67

-0.14

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.48

0.43

+0.05

Sharpe Ratio (All Time)

Calculated using the full available price history

0.40

0.09

+0.30

Drawdowns

XLU vs. DBE - Drawdown Comparison

The maximum XLU drawdown since its inception was -51.98%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for XLU and DBE.

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Drawdown Indicators

XLUDBEDifference

Max Drawdown

Largest peak-to-trough decline

-51.98%

-86.69%

+34.71%

Max Drawdown (1Y)

Largest decline over 1 year

-9.18%

-14.41%

+5.23%

Max Drawdown (3Y)

Largest decline over 3 years

-17.26%

-23.89%

+6.63%

Max Drawdown (5Y)

Largest decline over 5 years

-25.26%

-38.74%

+13.48%

Max Drawdown (10Y)

Largest decline over 10 years

-36.07%

-60.84%

+24.77%

Current Drawdown

Current decline from peak

-7.78%

-30.27%

+22.49%

Average Drawdown

Average peak-to-trough decline

-10.22%

-57.31%

+47.09%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.09%

7.35%

-3.26%

Volatility

XLU vs. DBE - Volatility Comparison

The current volatility for State Street Utilities Select Sector SPDR ETF (XLU) is 5.41%, while Invesco DB Energy Fund (DBE) has a volatility of 12.95%. This indicates that XLU 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

XLUDBEDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.41%

12.95%

-7.54%

Volatility (6M)

Calculated over the trailing 6-month period

11.53%

30.86%

-19.33%

Volatility (1Y)

Calculated over the trailing 1-year period

14.57%

34.97%

-20.40%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.32%

29.39%

-12.07%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.26%

28.33%

-9.07%

XLU vs. DBE - Expense Ratio Comparison

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

Dividends

XLU vs. DBE - Dividend Comparison

XLU's dividend yield for the trailing twelve months is around 2.72%, more than DBE's 2.10% yield.

PositionTTM20252024202320222021202020192018201720162015
DBE
Invesco DB Energy Fund		2.10%3.86%6.32%3.87%0.75%0.00%0.00%1.79%1.67%0.00%0.00%0.00%
XLU
State Street Utilities Select Sector SPDR ETF		2.72%2.71%2.96%3.39%2.92%2.79%3.14%2.95%3.33%3.33%3.41%3.67%

Frequently Asked Questions

XLU and DBE have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

DBE has higher volatility (12.95%) compared to XLU (5.41%). In terms of maximum drawdown, XLU dropped -51.98% vs DBE's -86.69%.

On 10-year performance, DBE leads with 12.03% vs 9.15% for XLU. On fees, XLU is cheaper at 0.08% per year. On volatility, XLU has been the lower-risk option at 5.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, DBE has performed better with a 12.03% return vs 9.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

XLU has the higher dividend yield at 2.72%, compared with 2.10% for DBE.

XLU is categorized as Utilities Equities, while DBE is Oil & Gas. XLU tracks Utilities Select Sector 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 XLU and 0.78% for DBE.

DBE currently has the higher Sharpe Ratio (2.43 vs 0.63), 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

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