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ACWX vs. DBE
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ACWX vs. DBE

Last updated Jun 4, 2026

ACWX (iShares MSCI ACWI ex U.S. ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - ACWX is a Foreign Large Cap Equities fund tracking the MSCI All Country World ex-U.S. Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 10 years, ACWX returned 9.57%/yr vs 12.03%/yr for DBE. At a 0.35 correlation, their price movements are largely independent. ACWX charges 0.32%/yr vs 0.78%/yr for DBE.

Performance

ACWX vs. DBE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI ACWI ex U.S. ETF (ACWX) and Invesco DB Energy Fund (DBE). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, ACWX achieves a 14.30% return, which is significantly lower than DBE's 83.68% return. Over the past 10 years, ACWX has underperformed DBE with an annualized return of 9.57%, while DBE has yielded a comparatively higher 12.03% annualized return.

ACWX

1D
-1.06%
1M
5.24%
YTD
14.30%
6M
17.01%
1Y
32.04%
3Y*
19.35%
5Y*
8.36%
10Y*
9.57%

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)

ACWX vs. DBE - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ACWX
iShares MSCI ACWI ex U.S. ETF		14.30%32.59%5.17%15.63%-16.07%7.67%10.29%21.05%-13.99%27.20%
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 ACWX and DBE is -0.38, 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

-0.38

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

-0.06

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

0.11

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

0.23

Correlation (All Time)
Calculated using the full available price history since Apr 1, 2008

0.35

The correlation between ACWX and DBE shifts across timeframes, from -0.38 (1 year) to 0.35 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

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iShares MSCI ACWI ex U.S. ETF

Invesco DB Energy Fund

Often compared with ACWX:
ACWX vs. SPYACWX vs. VXUSACWX vs. ACWIACWX vs. VEUACWX vs. IXUSACWX vs. VOOACWX vs. IWV
Often compared with DBE:
DBE vs. DBBDBE vs. XLEDBE vs. VDEDBE vs. COMTDBE vs. XLKDBE vs. GLDDBE vs. TIP

Return for Risk

ACWX vs. DBE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ACWX
ACWX Risk / Return Rank: 5959
Overall Rank
ACWX Sharpe Ratio Rank: 6060
Sharpe Ratio Rank
ACWX Sortino Ratio Rank: 5959
Sortino Ratio Rank
ACWX Omega Ratio Rank: 6060
Omega Ratio Rank
ACWX Calmar Ratio Rank: 5656
Calmar Ratio Rank
ACWX Martin Ratio Rank: 6060
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.

ACWX vs. DBE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI ACWI ex U.S. ETF (ACWX) 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.

ACWXDBEDifference
Sharpe ratioReturn per unit of total volatility
2.08
2.43

-0.35

Sortino ratioReturn per unit of downside risk
2.85
2.96

-0.10

Omega ratioGain probability vs. loss probability

1.38

1.40

-0.02

Calmar ratioReturn relative to maximum drawdown

2.82

5.89

-3.07

Martin ratioReturn relative to average drawdown

10.96

11.53

-0.57

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

ACWX vs. DBE - Sharpe Ratio Comparison

The current ACWX Sharpe Ratio is 2.08, which is comparable to the DBE Sharpe Ratio of 2.43. The chart below compares the historical Sharpe Ratios of ACWX 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

ACWXDBEDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.08

2.43

-0.35

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.52

0.67

-0.16

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.55

0.43

+0.13

Sharpe Ratio (All Time)

Calculated using the full available price history

0.23

0.09

+0.14

Drawdowns

ACWX vs. DBE - Drawdown Comparison

The maximum ACWX drawdown since its inception was -60.40%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for ACWX and DBE.

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Drawdown Indicators

ACWXDBEDifference

Max Drawdown

Largest peak-to-trough decline

-60.40%

-86.69%

+26.29%

Max Drawdown (1Y)

Largest decline over 1 year

-11.42%

-14.41%

+2.99%

Max Drawdown (3Y)

Largest decline over 3 years

-13.84%

-23.89%

+10.05%

Max Drawdown (5Y)

Largest decline over 5 years

-30.07%

-38.74%

+8.67%

Max Drawdown (10Y)

Largest decline over 10 years

-35.38%

-60.84%

+25.46%

Current Drawdown

Current decline from peak

-1.06%

-30.27%

+29.21%

Average Drawdown

Average peak-to-trough decline

-13.34%

-57.31%

+43.97%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.93%

7.35%

-4.42%

Volatility

ACWX vs. DBE - Volatility Comparison

The current volatility for iShares MSCI ACWI ex U.S. ETF (ACWX) is 5.74%, while Invesco DB Energy Fund (DBE) has a volatility of 12.95%. This indicates that ACWX 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

ACWXDBEDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.74%

12.95%

-7.21%

Volatility (6M)

Calculated over the trailing 6-month period

13.26%

30.86%

-17.60%

Volatility (1Y)

Calculated over the trailing 1-year period

15.51%

34.97%

-19.46%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.29%

29.39%

-13.10%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.38%

28.33%

-10.95%

ACWX vs. DBE - Expense Ratio Comparison

ACWX has a 0.32% expense ratio, which is lower than DBE's 0.78% expense ratio.

Dividends

ACWX vs. DBE - Dividend Comparison

ACWX's dividend yield for the trailing twelve months is around 2.47%, more than DBE's 2.10% yield.

PositionTTM20252024202320222021202020192018201720162015
ACWX
iShares MSCI ACWI ex U.S. ETF		2.47%2.82%2.97%2.96%2.68%2.74%1.88%3.22%2.60%2.40%2.77%2.51%
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%

Frequently Asked Questions

ACWX and DBE have a correlation of -0.38, 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 ACWX (5.74%). In terms of maximum drawdown, ACWX dropped -60.40% vs DBE's -86.69%.

On 10-year performance, DBE leads with 12.03% vs 9.57% for ACWX. On fees, ACWX is cheaper at 0.32% per year. On volatility, ACWX has been the lower-risk option at 5.74%. 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 9.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

ACWX is cheaper with a 0.32% expense ratio, compared with 0.78% for DBE.

ACWX has the higher dividend yield at 2.47%, compared with 2.10% for DBE.

ACWX is categorized as Foreign Large Cap Equities, while DBE is Oil & Gas. ACWX tracks MSCI All Country World ex-U.S. Index, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.32% for ACWX and 0.78% for DBE.

DBE currently has the higher Sharpe Ratio (2.43 vs 2.08), 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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