DBE vs SPY
Invesco DB Energy Fund vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. DBE delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | DBE | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.75% | 0.09% | |
| AUM | $96M | $789.1B | |
| Dividend Yield | 2.59% | 1.01% | |
| Holdings | 9 | 505 | |
| YTD Return | +69.18% | +13.79% | |
| 1Y Return | +63.50% | +23.66% | |
| 3Y Return (annualized) | +11.99% | +21.40% | |
| 5Y Return (annualized) | +16.22% | +13.37% | |
| Volatility (annualized) | 28.3% | 15.3% | |
| Max Drawdown | -86.7% | -56.5% | |
| Fund Family | Invesco (US) | State Street Investment Management | |
| Category | Commodity | Equity | |
| Inception | Jan 5, 2007 | Jan 22, 1993 |
DBE vs SPY Performance
Invesco DB Energy Fund (DBE) is a ETF from Invesco (US) and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year DBE returned +63.50% while SPY returned +23.66%. Year to date, DBE is up 69.18% versus a gain of 13.79% for SPY.
Over three years, DBE compounded at +11.99% per year against +21.40% for SPY; over five years the annualized figures are +16.22% and +13.37% respectively. Across the full 20-year window we track, SPY has the edge at +8.85% annualized vs +1.86%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
DBE has been the more volatile fund, with annualized monthly volatility of 28.3% compared with 15.3% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -86.7% for DBE and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.38. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
DBE charges 0.75% per year while SPY charges 0.09%. On a $10,000 position that is $75 vs $9 annually, a gap of $66 per year that compounds over a long holding period. On income, DBE currently yields 2.59% against 1.01% for SPY.
Holdings Overlap
DBE and SPY share 0 holdings out of 504 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, DBE or SPY?
DBE has an expense ratio of 0.75% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $66 per year of difference.
Which performed better, DBE or SPY?
Over the past year DBE returned +63.50% vs +23.66% for SPY, so DBE leads on 1-year performance. Over the longest common window we track (20 years), DBE annualized +1.86% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, DBE or SPY?
DBE has been the more volatile fund at 28.3% annualized versus 15.3% for SPY. Worst drawdown: DBE -86.7% vs SPY -56.5%.
Should I hold both DBE and SPY?
DBE and SPY have a monthly-return correlation of 0.38, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between DBE and SPY?
DBE and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 504 unique securities.
Which pays a higher dividend, DBE or SPY?
DBE yields 2.59% while SPY yields 1.01%, so DBE currently pays the higher dividend yield.
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