AUMI vs. DBE

Last updated Jul 18, 2026

AUMI (Themes Gold Miners ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - AUMI is a Gold fund tracking the Solactive Global Pure Gold Miners Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past year, AUMI returned 39.31% vs 60.38% for DBE. At a correlation of -0.03, they often move in opposite directions. AUMI charges 0.35%/yr vs 0.78%/yr for DBE.

Performance

AUMI vs. DBE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Themes Gold Miners ETF (AUMI) 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, AUMI achieves a -19.46% return, which is significantly lower than DBE's 73.49% return.

AUMI

• 1D: 0.01%
• 1M: -14.49%
• 6M: -25.32%
• YTD: -19.46%
• 1Y: 39.31%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DBE

• 1D: 3.03%
• 1M: 10.58%
• 6M: 68.61%
• YTD: 73.49%
• 1Y: 60.38%
• 3Y*: 18.58%
• 5Y*: 17.80%
• 10Y*: 11.80%

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

AUMI vs. DBE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
AUMI Themes Gold Miners ETF	-19.46%	164.18%	30.61%	10.23%
DBE Invesco DB Energy Fund	73.49%	-2.17%	2.96%	2.43%

Correlation

The correlation between AUMI and DBE is -0.24, 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	-0.24
Correlation (All Time) Calculated using the full available price history since Dec 13, 2023	-0.03

Over the past year, the inverse relationship between AUMI and DBE has strengthened: their correlation has moved from -0.03 to -0.24, meaning they now move in opposite directions more often than their long-term average.

Return for Risk

AUMI vs. DBE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AUMI

AUMI Risk / Return Rank: 26
AUMI Sharpe Ratio Rank: 26
AUMI Sortino Ratio Rank: 27
AUMI Omega Ratio Rank: 29
AUMI Calmar Ratio Rank: 26
AUMI Martin Ratio Rank: 24

DBE

DBE Risk / Return Rank: 60
DBE Sharpe Ratio Rank: 64
DBE Sortino Ratio Rank: 61
DBE Omega Ratio Rank: 59
DBE Calmar Ratio Rank: 62
DBE Martin Ratio Rank: 54

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.

AUMI vs. DBE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Themes Gold Miners ETF (AUMI) 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.

	AUMI	DBE	Difference
Sharpe ratio: Return per unit of total volatility	0.78	1.68	-0.90
Sortino ratio: Return per unit of downside risk	1.25	2.29	-1.04
Omega ratio: Gain probability vs. loss probability	1.16	1.29	-0.12
Calmar ratio: Return relative to maximum drawdown	1.00	2.45	-1.45
Martin ratio: Return relative to average drawdown	2.30	7.31	-5.01

AUMI vs. DBE - Sharpe Ratio Comparison

The current AUMI Sharpe Ratio is 0.78, which is lower than the DBE Sharpe Ratio of 1.68. The chart below compares the historical Sharpe Ratios of AUMI 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

AUMI vs. DBE - Drawdown Comparison

The maximum AUMI drawdown since its inception was -39.42%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for AUMI and DBE.

Drawdown Indicators

	AUMI	DBE	Difference
Max Drawdown Largest peak-to-trough decline	-39.42%	-86.69%	+47.27%
Max Drawdown (1Y) Largest decline over 1 year	-39.42%	-24.72%	-14.70%
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	-39.41%	-34.14%	-5.27%
Average Drawdown Average peak-to-trough decline	-8.33%	-57.18%	+48.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.13%	8.29%	+8.84%

Volatility

AUMI vs. DBE - Volatility Comparison

Themes Gold Miners ETF (AUMI) has a higher volatility of 12.42% compared to Invesco DB Energy Fund (DBE) at 11.46%. This indicates that AUMI's price experiences larger fluctuations and is considered to be riskier than DBE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AUMI	DBE	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.42%	11.46%	+0.96%
Volatility (6M) Calculated over the trailing 6-month period	41.22%	32.74%	+8.48%
Volatility (1Y) Calculated over the trailing 1-year period	50.66%	36.10%	+14.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	42.48%	29.90%	+12.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	42.48%	28.41%	+14.07%

AUMI vs. DBE - Expense Ratio Comparison

AUMI has a 0.35% expense ratio, which is lower than DBE's 0.78% expense ratio.

Dividends

AUMI vs. DBE - Dividend Comparison

AUMI's dividend yield for the trailing twelve months is around 1.07%, less than DBE's 2.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
AUMI Themes Gold Miners ETF	1.07%	0.86%	1.84%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
DBE Invesco DB Energy Fund	2.23%	3.86%	6.32%	3.87%	0.75%	0.00%	0.00%	1.79%	1.67%

Frequently Asked Questions

Can I hold both AUMI and DBE in my portfolio?

AUMI and DBE have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AUMI or DBE?

AUMI has higher volatility (12.42%) compared to DBE (11.46%). In terms of maximum drawdown, AUMI dropped -39.42% vs DBE's -86.69%.

Which ETF is better, AUMI or DBE?

On 1-year performance, DBE leads with 60.38% vs 39.31% for AUMI. On fees, AUMI is cheaper at 0.35% per year. On volatility, DBE has been the lower-risk option at 11.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AUMI or DBE?

Over the 1-year period, DBE has performed better with a 60.38% return vs 39.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AUMI or DBE?

AUMI is cheaper with a 0.35% expense ratio, compared with 0.78% for DBE.

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

DBE has the higher dividend yield at 2.23%, compared with 1.07% for AUMI.

What is the main difference between AUMI and DBE?

AUMI is categorized as Gold, while DBE is Oil & Gas. AUMI tracks Solactive Global Pure Gold Miners Index, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: Themes and Invesco. Their fees differ too: 0.35% for AUMI and 0.78% for DBE.

Which has better risk-adjusted returns?

DBE currently has the higher Sharpe Ratio (1.68 vs 0.78), 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.