XME vs. DBE
XME (SPDR S&P Metals & Mining ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - XME is a Materials fund tracking the S&P Metals & Mining Select Industry Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 10 years, XME returned 19.09%/yr vs 11.19%/yr for DBE. At a 0.39 correlation, their price movements are largely independent. XME charges 0.35%/yr vs 0.78%/yr for DBE.
Performance
XME vs. DBE - Performance Comparison
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Returns By Period
In the year-to-date period, XME achieves a 14.54% return, which is significantly lower than DBE's 75.49% return. Over the past 10 years, XME has outperformed DBE with an annualized return of 19.09%, while DBE has yielded a comparatively lower 11.19% annualized return.
XME
- 1D
- -7.81%
- 1M
- -4.46%
- YTD
- 14.54%
- 6M
- 19.13%
- 1Y
- 85.74%
- 3Y*
- 35.87%
- 5Y*
- 21.62%
- 10Y*
- 19.09%
DBE
- 1D
- -1.98%
- 1M
- -1.03%
- YTD
- 75.49%
- 6M
- 64.58%
- 1Y
- 76.30%
- 3Y*
- 21.68%
- 5Y*
- 18.57%
- 10Y*
- 11.19%
XME vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XME SPDR S&P Metals & Mining ETF | 14.54% | 83.47% | -4.54% | 21.51% | 13.13% | 34.92% | 15.95% | 14.69% | -26.78% | 21.17% |
DBE Invesco DB Energy Fund | 75.49% | -2.17% | 2.96% | -12.14% | 33.77% | 57.56% | -25.91% | 19.72% | -12.95% | 5.21% |
Correlation
The correlation between XME and DBE is -0.14, 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 | -0.14 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.09 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.24 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.29 |
Correlation (All Time) Calculated using the full available price history since Jan 8, 2007 | 0.39 |
The correlation between XME and DBE shifts across timeframes, from -0.14 (1 year) to 0.39 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
XME vs. DBE — Risk / Return Rank
XME
DBE
XME vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Metals & Mining ETF (XME) 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.
| XME | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.24 | ||
| Sortino ratioReturn per unit of downside risk | +0.13 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.37 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 3.81 | 5.32 | -1.51 |
| Martin ratioReturn relative to average drawdown | 9.67 | 10.35 | -0.68 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| XME | DBE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.43 | 2.18 | +0.24 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.66 | 0.63 | +0.03 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.58 | 0.40 | +0.19 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.16 | 0.09 | +0.08 |
Drawdowns
XME vs. DBE - Drawdown Comparison
The maximum XME drawdown since its inception was -85.89%, roughly equal to the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for XME and DBE.
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Drawdown Indicators
| XME | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -85.89% | -86.69% | +0.80% |
Max Drawdown (1Y)Largest decline over 1 year | -22.60% | -14.41% | -8.19% |
Max Drawdown (3Y)Largest decline over 3 years | -30.47% | -23.89% | -6.58% |
Max Drawdown (5Y)Largest decline over 5 years | -37.27% | -38.74% | +1.47% |
Max Drawdown (10Y)Largest decline over 10 years | -61.69% | -60.84% | -0.85% |
Current DrawdownCurrent decline from peak | -10.71% | -33.38% | +22.67% |
Average DrawdownAverage peak-to-trough decline | -44.13% | -57.30% | +13.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.89% | 7.39% | +1.50% |
Volatility
XME vs. DBE - Volatility Comparison
SPDR S&P Metals & Mining ETF (XME) has a higher volatility of 14.30% compared to Invesco DB Energy Fund (DBE) at 11.07%. This indicates that XME's price experiences larger fluctuations and is considered to be riskier 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
| XME | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.30% | 11.07% | +3.23% |
Volatility (6M)Calculated over the trailing 6-month period | 27.85% | 31.06% | -3.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.53% | 35.12% | +0.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 32.72% | 29.41% | +3.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.93% | 28.34% | +4.59% |
XME vs. DBE - Expense Ratio Comparison
XME has a 0.35% expense ratio, which is lower than DBE's 0.78% expense ratio.
Dividends
XME vs. DBE - Dividend Comparison
XME's dividend yield for the trailing twelve months is around 0.32%, less than DBE's 2.20% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.20% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% | 0.00% | 0.00% | 0.00% |
XME SPDR S&P Metals & Mining ETF | 0.32% | 0.38% | 0.65% | 1.00% | 1.64% | 0.70% | 0.99% | 2.43% | 2.23% | 1.15% | 1.02% | 2.61% |
Frequently Asked Questions
XME and DBE have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
XME has higher volatility (14.30%) compared to DBE (11.07%). In terms of maximum drawdown, XME dropped -85.89% vs DBE's -86.69%.
On 10-year performance, XME leads with 19.09% vs 11.19% for DBE. On fees, XME is cheaper at 0.35% per year. On volatility, DBE has been the lower-risk option at 11.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, XME has performed better with a 19.09% return vs 11.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XME is cheaper with a 0.35% expense ratio, compared with 0.78% for DBE.
DBE has the higher dividend yield at 2.20%, compared with 0.32% for XME.
XME is categorized as Materials, while DBE is Oil & Gas. XME tracks S&P Metals & Mining Select Industry Index, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.35% for XME and 0.78% for DBE.
XME currently has the higher Sharpe Ratio (2.43 vs 2.18), 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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