ALLW vs. DBE

Last updated Aug 6, 2026

ALLW (State Street Bridgewater All Weather ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - ALLW is a Tactical Allocation fund actively managed by State Street, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. ALLW is actively managed, while DBE is passively managed. Over the past year, ALLW returned 17.95% vs 57.60% for DBE. Their -0.07 correlation means they have often moved in opposite directions in the past. ALLW charges 0.85%/yr vs 0.78%/yr for DBE.

Performance

ALLW vs. DBE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street Bridgewater All Weather ETF (ALLW) and Invesco DB Energy Fund (DBE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ALLW achieves a 7.82% return, which is significantly lower than DBE's 63.53% return.

ALLW

• 1D: 0.95%
• 1M: 0.41%
• 6M: 3.13%
• YTD: 7.82%
• 1Y: 17.95%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 16.72%

DBE

• 1D: -0.24%
• 1M: 9.43%
• 6M: 46.31%
• YTD: 63.53%
• 1Y: 57.60%
• 3Y*: 13.46%
• 5Y*: 16.54%
• 10Y*: 11.73%
• ALL TIME*: 2.05%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ALLW State Street Bridgewater All Weather ETF	$14.09M	$12.84M	$16.78M
DBE Invesco DB Energy Fund	$1.42M	$1.12M	$1.57M

ALLW vs. DBE - Yearly Performance Comparison

	2026 (YTD)	2025
ALLW State Street Bridgewater All Weather ETF	7.82%	15.44%
DBE Invesco DB Energy Fund	63.53%	-3.22%

Correlation

The correlation between ALLW and DBE is -0.16, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.16
Correlation (All Time) Calculated using the full available price history since Mar 6, 2025	-0.07

Return for Risk

ALLW vs. DBE — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

ALLW

ALLW Risk / Return Rank: 59
ALLW Sharpe Ratio Rank: 59
ALLW Sortino Ratio Rank: 54
ALLW Omega Ratio Rank: 58
ALLW Calmar Ratio Rank: 62
ALLW Martin Ratio Rank: 62

DBE

DBE Risk / Return Rank: 54
DBE Sharpe Ratio Rank: 55
DBE Sortino Ratio Rank: 52
DBE Omega Ratio Rank: 51
DBE Calmar Ratio Rank: 58
DBE Martin Ratio Rank: 54

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ALLW vs. DBE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street Bridgewater All Weather ETF (ALLW) 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.

	ALLW	DBE	Difference
Sharpe ratio: Return per unit of total volatility	1.62	1.53	+0.09
Sortino ratio: Return per unit of downside risk	2.18	2.11	+0.07
Omega ratio: Gain probability vs. loss probability	1.29	1.26	+0.03
Calmar ratio: Return relative to maximum drawdown	2.49	2.34	+0.15
Martin ratio: Return relative to average drawdown	8.38	7.22	+1.16

ALLW vs. DBE - Sharpe Ratio Comparison

The current ALLW Sharpe Ratio is 1.62, which is comparable to the DBE Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of ALLW 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.

Drawdowns

ALLW vs. DBE - Drawdown Comparison

The maximum ALLW drawdown since its inception was -8.78%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for ALLW and DBE.

Drawdown Indicators

	ALLW	DBE	Difference
Max Drawdown Largest peak-to-trough decline	-8.78%	-86.69%	+77.91%
Max Drawdown (1Y) Largest decline over 1 year	-7.23%	-24.72%	+17.49%
Max Drawdown (3Y) Largest decline over 3 years	—	-24.72%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-38.74%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-60.84%	—
Current Drawdown Current decline from peak	-2.05%	-37.92%	+35.87%
Average Drawdown Average peak-to-trough decline	-1.43%	-57.12%	+55.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.15%	8.00%	-5.85%

Volatility

ALLW vs. DBE - Volatility Comparison

The current volatility for State Street Bridgewater All Weather ETF (ALLW) is 2.66%, while Invesco DB Energy Fund (DBE) has a volatility of 15.65%. This indicates that ALLW 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.

Volatility by Period

	ALLW	DBE	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.66%	15.65%	-12.99%
Volatility (6M) Calculated over the trailing 6-month period	8.80%	33.76%	-24.96%
Volatility (1Y) Calculated over the trailing 1-year period	11.15%	37.85%	-26.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.43%	30.19%	-17.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.43%	28.63%	-16.20%

ALLW vs. DBE - Expense Ratio Comparison

ALLW has a 0.85% expense ratio, which is higher than DBE's 0.78% expense ratio.

Dividends

ALLW vs. DBE - Dividend Comparison

ALLW's dividend yield for the trailing twelve months is around 4.33%, more than DBE's 2.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
ALLW State Street Bridgewater All Weather ETF	4.33%	4.67%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
DBE Invesco DB Energy Fund	2.36%	3.86%	6.32%	3.87%	0.75%	0.00%	0.00%	1.79%	1.67%

Frequently Asked Questions

Can I hold both ALLW and DBE in my portfolio?

ALLW and DBE have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ALLW or DBE?

DBE has higher volatility (15.65%) compared to ALLW (2.66%). In terms of maximum drawdown, ALLW dropped -8.78% vs DBE's -86.69%.

Which ETF is better, ALLW or DBE?

On 1-year performance, DBE leads with 57.60% vs 17.95% for ALLW. On fees, DBE is cheaper at 0.78% per year. On volatility, ALLW has been the lower-risk option at 2.66%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ALLW or DBE?

Over the 1-year period, DBE has performed better with a 57.60% return vs 17.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ALLW or DBE?

DBE is cheaper with a 0.78% expense ratio, compared with 0.85% for ALLW.

Which ETF pays a higher dividend yield, ALLW or DBE?

ALLW has the higher dividend yield at 4.33%, compared with 2.36% for DBE.

What is the main difference between ALLW and DBE?

ALLW is categorized as Tactical Allocation, while DBE is Oil & Gas. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.85% for ALLW and 0.78% for DBE.

Which has better risk-adjusted returns?

ALLW currently has the higher Sharpe Ratio (1.62 vs 1.53), 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.