XNOV vs. DBE
XNOV (FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - November) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - XNOV is a Options Trading fund actively managed by FT Vest, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. XNOV is actively managed, while DBE is passively managed. Over the past year, XNOV returned 13.00% vs 36.16% for DBE. At a correlation of -0.08, they often move in opposite directions. XNOV charges 0.85%/yr vs 0.78%/yr for DBE.
Performance
XNOV vs. DBE - Performance Comparison
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Returns By Period
In the year-to-date period, XNOV achieves a 4.30% return, which is significantly lower than DBE's 54.94% return.
XNOV
- 1D
- -0.03%
- 1M
- 0.50%
- YTD
- 4.30%
- 6M
- 4.21%
- 1Y
- 13.00%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
DBE
- 1D
- -1.50%
- 1M
- -15.70%
- YTD
- 54.94%
- 6M
- 54.06%
- 1Y
- 36.16%
- 3Y*
- 17.07%
- 5Y*
- 14.87%
- 10Y*
- 10.19%
XNOV vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
XNOV FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - November | 4.30% | 11.32% | 8.26% | 2.26% |
DBE Invesco DB Energy Fund | 54.94% | -2.17% | 2.96% | -6.45% |
Correlation
The correlation between XNOV and DBE is -0.30, 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 | -0.30 |
Correlation (All Time) Calculated using the full available price history since Nov 20, 2023 | -0.08 |
Over the past year, the inverse relationship between XNOV and DBE has strengthened: their correlation has moved from -0.08 to -0.30, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
XNOV vs. DBE — Risk / Return Rank
XNOV
DBE
XNOV vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - November (XNOV) 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.
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.
| XNOV | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.99 | ||
| Sortino ratioReturn per unit of downside risk | +3.02 | ||
| Omega ratioGain probability vs. loss probability | 1.71 | 1.20 | +0.52 |
| Calmar ratioReturn relative to maximum drawdown | 3.63 | 1.75 | +1.88 |
| Martin ratioReturn relative to average drawdown | 21.01 | 5.77 | +15.24 |
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Drawdowns
XNOV vs. DBE - Drawdown Comparison
The maximum XNOV drawdown since its inception was -10.00%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for XNOV and DBE.
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Drawdown Indicators
| XNOV | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -10.00% | -86.69% | +76.69% |
Max Drawdown (1Y)Largest decline over 1 year | -3.60% | -20.78% | +17.18% |
Max Drawdown (3Y)Largest decline over 3 years | — | -23.89% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -38.74% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -60.84% | — |
Current DrawdownCurrent decline from peak | -0.16% | -41.18% | +41.02% |
Average DrawdownAverage peak-to-trough decline | -0.51% | -57.24% | +56.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.62% | 8.02% | -7.40% |
Volatility
XNOV vs. DBE - Volatility Comparison
The current volatility for FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - November (XNOV) is 1.00%, while Invesco DB Energy Fund (DBE) has a volatility of 9.38%. This indicates that XNOV 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
| XNOV | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.00% | 9.38% | -8.38% |
Volatility (6M)Calculated over the trailing 6-month period | 3.89% | 31.50% | -27.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.33% | 35.33% | -31.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.89% | 29.58% | -22.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.89% | 28.37% | -21.48% |
XNOV vs. DBE - Expense Ratio Comparison
XNOV has a 0.85% expense ratio, which is higher than DBE's 0.78% expense ratio.
Dividends
XNOV vs. DBE - Dividend Comparison
XNOV has not paid dividends to shareholders, while DBE's dividend yield for the trailing twelve months is around 2.49%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.49% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% |
XNOV FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - November | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
XNOV and DBE have a correlation of -0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBE has higher volatility (9.38%) compared to XNOV (1.00%). In terms of maximum drawdown, XNOV dropped -10.00% vs DBE's -86.69%.
On 1-year performance, DBE leads with 36.16% vs 13.00% for XNOV. On fees, DBE is cheaper at 0.78% per year. On volatility, XNOV has been the lower-risk option at 1.00%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, DBE has performed better with a 36.16% return vs 13.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DBE is cheaper with a 0.78% expense ratio, compared with 0.85% for XNOV.
DBE has the higher dividend yield at 2.49%, compared with 0.00% for XNOV.
XNOV is categorized as Options Trading, while DBE is Oil & Gas. They also come from different issuers: FT Vest and Invesco. Their fees differ too: 0.85% for XNOV and 0.78% for DBE.
XNOV currently has the higher Sharpe Ratio (3.02 vs 1.03), 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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