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ASHS vs. DBE
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ASHS vs. DBE

Last updated Jun 4, 2026

ASHS (Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - ASHS is a China Equities fund tracking the CSI 500 Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 10 years, ASHS returned 3.27%/yr vs 12.03%/yr for DBE. At a 0.15 correlation, their price movements are largely independent. ASHS charges 0.65%/yr vs 0.78%/yr for DBE.

Performance

ASHS vs. DBE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (ASHS) 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, ASHS achieves a 15.10% return, which is significantly lower than DBE's 83.68% return. Over the past 10 years, ASHS has underperformed DBE with an annualized return of 3.27%, while DBE has yielded a comparatively higher 12.03% annualized return.

ASHS

1D
-0.17%
1M
-0.19%
YTD
15.10%
6M
23.90%
1Y
57.65%
3Y*
13.41%
5Y*
3.97%
10Y*
3.27%

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)

ASHS vs. DBE - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ASHS
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		15.10%39.48%2.68%-10.03%-24.78%17.66%28.22%24.53%-35.91%7.90%
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 ASHS and DBE is -0.11, 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

-0.11

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

0.17

Correlation (All Time)
Calculated using the full available price history since May 22, 2014

0.15

The correlation between ASHS and DBE shifts across timeframes, from -0.11 (1 year) to 0.17 (10 years), 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.

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF

Invesco DB Energy Fund

Often compared with ASHS:
ASHS vs. ASHRASHS vs. ECNSASHS vs. FXIASHS vs. KGRNASHS vs. KBAASHS vs. FLCHASHS vs. CNYA
Often compared with DBE:
DBE vs. DBBDBE vs. XLEDBE vs. VDEDBE vs. COMTDBE vs. XLKDBE vs. GLDDBE vs. TIP

Return for Risk

ASHS vs. DBE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ASHS
ASHS Risk / Return Rank: 7474
Overall Rank
ASHS Sharpe Ratio Rank: 7878
Sharpe Ratio Rank
ASHS Sortino Ratio Rank: 7171
Sortino Ratio Rank
ASHS Omega Ratio Rank: 7070
Omega Ratio Rank
ASHS Calmar Ratio Rank: 8080
Calmar Ratio Rank
ASHS Martin Ratio Rank: 7373
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.

ASHS vs. DBE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (ASHS) 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.

ASHSDBEDifference
Sharpe ratioReturn per unit of total volatility
2.57
2.43

+0.14

Sortino ratioReturn per unit of downside risk
3.27
2.96

+0.31

Omega ratioGain probability vs. loss probability

1.42

1.40

+0.02

Calmar ratioReturn relative to maximum drawdown

4.13

5.89

-1.76

Martin ratioReturn relative to average drawdown

13.72

11.53

+2.19

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

ASHS vs. DBE - Sharpe Ratio Comparison

The current ASHS Sharpe Ratio is 2.57, which is comparable to the DBE Sharpe Ratio of 2.43. The chart below compares the historical Sharpe Ratios of ASHS 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

ASHSDBEDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.57

2.43

+0.14

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.15

0.67

-0.52

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.13

0.43

-0.30

Sharpe Ratio (All Time)

Calculated using the full available price history

0.19

0.09

+0.10

Drawdowns

ASHS vs. DBE - Drawdown Comparison

The maximum ASHS drawdown since its inception was -69.90%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for ASHS and DBE.

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Drawdown Indicators

ASHSDBEDifference

Max Drawdown

Largest peak-to-trough decline

-69.90%

-86.69%

+16.79%

Max Drawdown (1Y)

Largest decline over 1 year

-14.03%

-14.41%

+0.38%

Max Drawdown (3Y)

Largest decline over 3 years

-34.13%

-23.89%

-10.24%

Max Drawdown (5Y)

Largest decline over 5 years

-47.81%

-38.74%

-9.07%

Max Drawdown (10Y)

Largest decline over 10 years

-47.81%

-60.84%

+13.03%

Current Drawdown

Current decline from peak

-33.57%

-30.27%

-3.30%

Average Drawdown

Average peak-to-trough decline

-48.57%

-57.31%

+8.74%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.21%

7.35%

-3.14%

Volatility

ASHS vs. DBE - Volatility Comparison

The current volatility for Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (ASHS) is 7.33%, while Invesco DB Energy Fund (DBE) has a volatility of 12.95%. This indicates that ASHS 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

ASHSDBEDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.33%

12.95%

-5.62%

Volatility (6M)

Calculated over the trailing 6-month period

17.00%

30.86%

-13.86%

Volatility (1Y)

Calculated over the trailing 1-year period

22.59%

34.97%

-12.38%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

26.46%

29.39%

-2.93%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

25.57%

28.33%

-2.76%

ASHS vs. DBE - Expense Ratio Comparison

ASHS has a 0.65% expense ratio, which is lower than DBE's 0.78% expense ratio.

Dividends

ASHS vs. DBE - Dividend Comparison

ASHS has not paid dividends to shareholders, while DBE's dividend yield for the trailing twelve months is around 2.10%.

PositionTTM20252024202320222021202020192018201720162015
ASHS
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		0.00%0.00%0.69%0.65%1.90%0.76%0.43%0.57%0.00%0.00%0.00%8.34%
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

ASHS and DBE have a correlation of -0.11, 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 ASHS (7.33%). In terms of maximum drawdown, ASHS dropped -69.90% vs DBE's -86.69%.

On 10-year performance, DBE leads with 12.03% vs 3.27% for ASHS. On fees, ASHS is cheaper at 0.65% per year. On volatility, ASHS has been the lower-risk option at 7.33%. 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 3.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

ASHS is cheaper with a 0.65% expense ratio, compared with 0.78% for DBE.

DBE has the higher dividend yield at 2.10%, compared with 0.00% for ASHS.

ASHS is categorized as China Equities, while DBE is Oil & Gas. ASHS tracks CSI 500 Index, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: Deutsche Bank and Invesco. Their fees differ too: 0.65% for ASHS and 0.78% for DBE.

ASHS currently has the higher Sharpe Ratio (2.57 vs 2.43), 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.

Portfolio Optimizer

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