BWZ vs. DBE
BWZ (SPDR Bloomberg Barclays Short Term International Treasury Bond ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - BWZ is a International Government Bonds fund tracking the Bloomberg Global Treasury (1-3 Y) Customized, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 10 years, BWZ returned -0.60%/yr vs 11.15%/yr for DBE. At a 0.13 correlation, their price movements are largely independent. BWZ charges 0.35%/yr vs 0.78%/yr for DBE.
Performance
BWZ vs. DBE - Performance Comparison
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Returns By Period
In the year-to-date period, BWZ achieves a -1.87% return, which is significantly lower than DBE's 66.08% return. Over the past 10 years, BWZ has underperformed DBE with an annualized return of -0.60%, while DBE has yielded a comparatively higher 11.15% annualized return.
BWZ
- 1D
- -0.75%
- 1M
- -1.37%
- 6M
- -1.51%
- YTD
- -1.87%
- 1Y
- -2.04%
- 3Y*
- 1.09%
- 5Y*
- -1.85%
- 10Y*
- -0.60%
DBE
- 1D
- 6.87%
- 1M
- -1.18%
- 6M
- 62.18%
- YTD
- 66.08%
- 1Y
- 53.22%
- 3Y*
- 17.13%
- 5Y*
- 16.54%
- 10Y*
- 11.15%
BWZ vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BWZ SPDR Bloomberg Barclays Short Term International Treasury Bond ETF | -1.87% | 10.47% | -5.31% | 2.97% | -10.56% | -6.85% | 6.47% | 0.99% | -3.36% | 10.18% |
DBE Invesco DB Energy Fund | 66.08% | -2.17% | 2.96% | -12.14% | 33.77% | 57.56% | -25.91% | 19.72% | -12.95% | 5.21% |
Correlation
The correlation between BWZ and DBE is -0.31, 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 | -0.31 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.00 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.03 |
Correlation (All Time) Calculated using the full available price history since Jan 30, 2009 | 0.13 |
The correlation between BWZ and DBE shifts across timeframes, from -0.31 (1 year) to 0.13 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
BWZ vs. DBE — Risk / Return Rank
BWZ
DBE
BWZ vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg Barclays Short Term International Treasury Bond ETF (BWZ) 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.
| BWZ | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.79 | ||
| Sortino ratioReturn per unit of downside risk | -2.47 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.26 | -0.31 |
| Calmar ratioReturn relative to maximum drawdown | -0.40 | 2.16 | -2.56 |
| Martin ratioReturn relative to average drawdown | -0.78 | 6.57 | -7.35 |
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Drawdowns
BWZ vs. DBE - Drawdown Comparison
The maximum BWZ drawdown since its inception was -34.23%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for BWZ and DBE.
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Drawdown Indicators
| BWZ | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.23% | -86.69% | +52.46% |
Max Drawdown (1Y)Largest decline over 1 year | -5.15% | -24.72% | +19.57% |
Max Drawdown (3Y)Largest decline over 3 years | -8.60% | -24.72% | +16.12% |
Max Drawdown (5Y)Largest decline over 5 years | -22.09% | -38.74% | +16.65% |
Max Drawdown (10Y)Largest decline over 10 years | -24.90% | -60.84% | +35.94% |
Current DrawdownCurrent decline from peak | -23.37% | -36.95% | +13.58% |
Average DrawdownAverage peak-to-trough decline | -16.14% | -57.20% | +41.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.61% | 8.13% | -5.52% |
Volatility
BWZ vs. DBE - Volatility Comparison
The current volatility for SPDR Bloomberg Barclays Short Term International Treasury Bond ETF (BWZ) is 1.68%, while Invesco DB Energy Fund (DBE) has a volatility of 12.49%. This indicates that BWZ 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
| BWZ | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.68% | 12.49% | -10.81% |
Volatility (6M)Calculated over the trailing 6-month period | 5.10% | 32.73% | -27.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.84% | 36.03% | -29.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.60% | 29.89% | -22.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.94% | 28.40% | -21.46% |
BWZ vs. DBE - Expense Ratio Comparison
BWZ has a 0.35% expense ratio, which is lower than DBE's 0.78% expense ratio.
Dividends
BWZ vs. DBE - Dividend Comparison
BWZ's dividend yield for the trailing twelve months is around 2.12%, less than DBE's 2.33% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BWZ SPDR Bloomberg Barclays Short Term International Treasury Bond ETF | 2.12% | 2.05% | 2.47% | 1.63% | 0.44% | 0.60% | 0.13% | 0.43% | 1.10% | 0.40% | 0.13% | 0.06% |
DBE Invesco DB Energy Fund | 2.33% | 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
BWZ and DBE have a correlation of -0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBE has higher volatility (12.49%) compared to BWZ (1.68%). In terms of maximum drawdown, BWZ dropped -34.23% vs DBE's -86.69%.
On 10-year performance, DBE leads with 11.15% vs -0.60% for BWZ. On fees, BWZ is cheaper at 0.35% per year. On volatility, BWZ has been the lower-risk option at 1.68%. 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 11.15% return vs -0.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BWZ is cheaper with a 0.35% expense ratio, compared with 0.78% for DBE.
DBE has the higher dividend yield at 2.33%, compared with 2.12% for BWZ.
BWZ is categorized as International Government Bonds, while DBE is Oil & Gas. BWZ tracks Bloomberg Global Treasury (1-3 Y) Customized, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.35% for BWZ and 0.78% for DBE.
DBE currently has the higher Sharpe Ratio (1.49 vs -0.30), 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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