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AOK vs. DBE
Performance
Return for Risk
Drawdowns
Volatility
Dividends

AOK vs. DBE

Last updated Jun 5, 2026

AOK (iShares Core Conservative Allocation ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - AOK is a Diversified Portfolio fund tracking the S&P Target Risk Conservative Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 10 years, AOK returned 5.14%/yr vs 11.58%/yr for DBE. At a 0.21 correlation, their price movements are largely independent. AOK charges 0.25%/yr vs 0.78%/yr for DBE.

Performance

AOK vs. DBE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core Conservative Allocation ETF (AOK) and Invesco DB Energy Fund (DBE). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, AOK achieves a 4.41% return, which is significantly lower than DBE's 79.04% return. Over the past 10 years, AOK has underperformed DBE with an annualized return of 5.14%, while DBE has yielded a comparatively higher 11.58% annualized return.

AOK

1D
0.14%
1M
1.38%
YTD
4.41%
6M
4.33%
1Y
11.77%
3Y*
9.39%
5Y*
3.74%
10Y*
5.14%

DBE

1D
-2.52%
1M
-6.01%
YTD
79.04%
6M
69.31%
1Y
81.31%
3Y*
22.41%
5Y*
19.05%
10Y*
11.58%
*Multi-year figures are annualized to reflect compound growth (CAGR)

AOK vs. DBE - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
AOK
iShares Core Conservative Allocation ETF		4.41%11.26%6.58%10.85%-14.16%4.87%9.33%13.90%-3.09%9.70%
DBE
Invesco DB Energy Fund		79.04%-2.17%2.96%-12.14%33.77%57.56%-25.91%19.72%-12.95%5.21%

Correlation

The correlation between AOK and DBE is -0.43, 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

-0.43

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

-0.16

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

-0.02

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

0.10

Correlation (All Time)
Calculated using the full available price history since Nov 11, 2008

0.21

The correlation between AOK and DBE shifts across timeframes, from -0.43 (1 year) to 0.21 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Core Conservative Allocation ETF

Invesco DB Energy Fund

Often compared with AOK:
AOK vs. AOMAOK vs. AOAAOK vs. SGOVAOK vs. AGGAOK vs. VTAOK vs. VOOAOK vs. EAOM
Often compared with DBE:
DBE vs. DBBDBE vs. XLEDBE vs. VDEDBE vs. XLKDBE vs. COMTDBE vs. GLDDBE vs. TIP

Return for Risk

AOK vs. DBE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
AOK
AOK Risk / Return Rank: 6262
Overall Rank
AOK Sharpe Ratio Rank: 6363
Sharpe Ratio Rank
AOK Sortino Ratio Rank: 6464
Sortino Ratio Rank
AOK Omega Ratio Rank: 6767
Omega Ratio Rank
AOK Calmar Ratio Rank: 5454
Calmar Ratio Rank
AOK Martin Ratio Rank: 6363
Martin Ratio Rank
DBE
DBE Risk / Return Rank: 7171
Overall Rank
DBE Sharpe Ratio Rank: 7373
Sharpe Ratio Rank
DBE Sortino Ratio Rank: 6262
Sortino Ratio Rank
DBE Omega Ratio Rank: 6565
Omega Ratio Rank
DBE Calmar Ratio Rank: 9191
Calmar Ratio Rank
DBE Martin Ratio Rank: 6262
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.

AOK vs. DBE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core Conservative Allocation ETF (AOK) 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.

AOKDBEDifference
Sharpe ratioReturn per unit of total volatility
2.06
2.33

-0.28

Sortino ratioReturn per unit of downside risk
2.94
2.87

+0.07

Omega ratioGain probability vs. loss probability

1.40

1.39

+0.01

Calmar ratioReturn relative to maximum drawdown

2.63

5.67

-3.04

Martin ratioReturn relative to average drawdown

11.18

11.08

+0.11

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

AOK vs. DBE - Sharpe Ratio Comparison

The current AOK Sharpe Ratio is 2.06, which is comparable to the DBE Sharpe Ratio of 2.33. The chart below compares the historical Sharpe Ratios of AOK 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

AOKDBEDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.06

2.33

-0.28

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.53

0.65

-0.12

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.77

0.41

+0.36

Sharpe Ratio (All Time)

Calculated using the full available price history

0.71

0.09

+0.62

Drawdowns

AOK vs. DBE - Drawdown Comparison

The maximum AOK drawdown since its inception was -18.94%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for AOK and DBE.

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Drawdown Indicators

AOKDBEDifference

Max Drawdown

Largest peak-to-trough decline

-18.94%

-86.69%

+67.75%

Max Drawdown (1Y)

Largest decline over 1 year

-4.50%

-14.41%

+9.91%

Max Drawdown (3Y)

Largest decline over 3 years

-6.37%

-23.89%

+17.52%

Max Drawdown (5Y)

Largest decline over 5 years

-18.94%

-38.74%

+19.80%

Max Drawdown (10Y)

Largest decline over 10 years

-18.94%

-60.84%

+41.90%

Current Drawdown

Current decline from peak

-0.26%

-32.03%

+31.77%

Average Drawdown

Average peak-to-trough decline

-2.37%

-57.30%

+54.93%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.06%

7.37%

-6.31%

Volatility

AOK vs. DBE - Volatility Comparison

The current volatility for iShares Core Conservative Allocation ETF (AOK) is 1.94%, while Invesco DB Energy Fund (DBE) has a volatility of 13.05%. This indicates that AOK 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

AOKDBEDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.94%

13.05%

-11.11%

Volatility (6M)

Calculated over the trailing 6-month period

4.47%

30.97%

-26.50%

Volatility (1Y)

Calculated over the trailing 1-year period

5.76%

35.07%

-29.31%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

7.10%

29.41%

-22.31%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

6.71%

28.34%

-21.63%

AOK vs. DBE - Expense Ratio Comparison

AOK has a 0.25% expense ratio, which is lower than DBE's 0.78% expense ratio.

Dividends

AOK vs. DBE - Dividend Comparison

AOK's dividend yield for the trailing twelve months is around 3.28%, more than DBE's 2.16% yield.

PositionTTM20252024202320222021202020192018201720162015
AOK
iShares Core Conservative Allocation ETF		3.28%3.28%3.23%2.93%2.25%1.55%2.10%2.71%2.68%2.91%2.14%2.02%
DBE
Invesco DB Energy Fund		2.16%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

AOK and DBE have a correlation of -0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

DBE has higher volatility (13.05%) compared to AOK (1.94%). In terms of maximum drawdown, AOK dropped -18.94% vs DBE's -86.69%.

On 10-year performance, DBE leads with 11.58% vs 5.14% for AOK. On fees, AOK is cheaper at 0.25% per year. On volatility, AOK has been the lower-risk option at 1.94%. 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 11.58% return vs 5.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

AOK is cheaper with a 0.25% expense ratio, compared with 0.78% for DBE.

AOK has the higher dividend yield at 3.28%, compared with 2.16% for DBE.

AOK is categorized as Diversified Portfolio, while DBE is Oil & Gas. AOK tracks S&P Target Risk Conservative Index, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.25% for AOK and 0.78% for DBE.

DBE currently has the higher Sharpe Ratio (2.33 vs 2.06), 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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