AOA vs. DBE
AOA (iShares Core 80/20 Aggressive Allocation ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - AOA is a Diversified Portfolio fund tracking the S&P Target Risk Aggressive Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 10 years, AOA returned 10.40%/yr vs 11.73%/yr for DBE. Their 0.31 correlation means their historical movements had little consistent relationship. AOA charges 0.15%/yr vs 0.78%/yr for DBE.
Performance
AOA vs. DBE - Performance Comparison
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Returns By Period
In the year-to-date period, AOA achieves a 11.69% return, which is significantly lower than DBE's 63.53% return. Over the past 10 years, AOA has underperformed DBE with an annualized return of 10.40%, while DBE has yielded a comparatively higher 11.73% annualized return.
AOA
- 1D
- 0.02%
- 1M
- 1.40%
- 6M
- 8.97%
- YTD
- 11.69%
- 1Y
- 21.14%
- 3Y*
- 17.01%
- 5Y*
- 9.16%
- 10Y*
- 10.40%
- ALL TIME*
- 10.57%
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%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $11.35M | $10.64M | $10.47M | |
| $1.42M | $1.12M | $1.57M |
AOA vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
AOA iShares Core 80/20 Aggressive Allocation ETF | 11.69% | 19.59% | 13.55% | 18.27% | -16.23% | 15.42% | 12.82% | 22.60% | -7.86% | 20.05% |
DBE Invesco DB Energy Fund | 63.53% | -2.17% | 2.96% | -12.14% | 33.77% | 57.56% | -25.91% | 19.72% | -12.95% | 5.21% |
Correlation
The correlation between AOA and DBE is -0.35, 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. | -0.35 |
Correlation (3Y) Balances recent behavior with more history. | -0.10 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.07 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.19 |
Correlation (All Time) Calculated using the full available price history since Nov 11, 2008 | 0.31 |
The correlation between AOA and DBE shifts across timeframes, from -0.35 (1 year) to 0.31 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
AOA vs. DBE — Risk / Return Rank
AOA
DBE
AOA vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Core 80/20 Aggressive Allocation ETF (AOA) 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.
| AOA | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.32 | ||
| Sortino ratioReturn per unit of downside risk | +0.48 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.26 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 2.59 | 2.34 | +0.25 |
| Martin ratioReturn relative to average drawdown | 10.91 | 7.22 | +3.69 |
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Drawdowns
AOA vs. DBE - Drawdown Comparison
The maximum AOA drawdown since its inception was -28.38%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for AOA and DBE.
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Drawdown Indicators
| AOA | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.38% | -86.69% | +58.31% |
Max Drawdown (1Y)Largest decline over 1 year | -8.20% | -24.72% | +16.52% |
Max Drawdown (3Y)Largest decline over 3 years | -12.94% | -24.72% | +11.78% |
Max Drawdown (5Y)Largest decline over 5 years | -23.62% | -38.74% | +15.12% |
Max Drawdown (10Y)Largest decline over 10 years | -28.38% | -60.84% | +32.46% |
Current DrawdownCurrent decline from peak | 0.00% | -37.92% | +37.92% |
Average DrawdownAverage peak-to-trough decline | -4.03% | -57.12% | +53.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.94% | 8.00% | -6.06% |
Volatility
AOA vs. DBE - Volatility Comparison
The current volatility for iShares Core 80/20 Aggressive Allocation ETF (AOA) is 3.36%, while Invesco DB Energy Fund (DBE) has a volatility of 15.65%. This indicates that AOA 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
| AOA | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.36% | 15.65% | -12.29% |
Volatility (6M)Calculated over the trailing 6-month period | 9.71% | 33.76% | -24.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.49% | 37.85% | -26.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.12% | 30.19% | -17.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.51% | 28.63% | -15.12% |
AOA vs. DBE - Expense Ratio Comparison
AOA has a 0.15% expense ratio, which is lower than DBE's 0.78% expense ratio.
Dividends
AOA vs. DBE - Dividend Comparison
AOA's dividend yield for the trailing twelve months is around 2.08%, less than DBE's 2.36% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AOA iShares Core 80/20 Aggressive Allocation ETF | 2.08% | 2.18% | 2.30% | 2.22% | 2.10% | 1.67% | 1.71% | 2.50% | 2.37% | 5.09% | 2.26% | 2.15% |
DBE Invesco DB Energy Fund | 2.36% | 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
AOA and DBE have a correlation of -0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBE has higher volatility (15.65%) compared to AOA (3.36%). In terms of maximum drawdown, AOA dropped -28.38% vs DBE's -86.69%.
On 10-year performance, DBE leads with 11.73% vs 10.40% for AOA. On fees, AOA is cheaper at 0.15% per year. On volatility, AOA has been the lower-risk option at 3.36%. 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 11.73% return vs 10.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
AOA is cheaper with a 0.15% expense ratio, compared with 0.78% for DBE.
DBE has the higher dividend yield at 2.36%, compared with 2.08% for AOA.
AOA is categorized as Diversified Portfolio, while DBE is Oil & Gas. AOA tracks S&P Target Risk Aggressive Index, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.15% for AOA and 0.78% for DBE.
AOA currently has the higher Sharpe Ratio (1.85 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.
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