CNXT vs. DBE
CNXT (VanEck Vectors ChinaAMC SME-ChiNext ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - CNXT is a China Equities fund tracking the SME-ChiNext 100 Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 10 years, CNXT returned 5.36%/yr vs 11.45%/yr for DBE. At a 0.12 correlation, their price movements are largely independent. CNXT charges 0.65%/yr vs 0.78%/yr for DBE.
Performance
CNXT vs. DBE - Performance Comparison
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Returns By Period
In the year-to-date period, CNXT achieves a 18.94% return, which is significantly lower than DBE's 68.39% return. Over the past 10 years, CNXT has underperformed DBE with an annualized return of 5.36%, while DBE has yielded a comparatively higher 11.45% annualized return.
CNXT
- 1D
- -4.09%
- 1M
- -10.81%
- 6M
- 10.95%
- YTD
- 18.94%
- 1Y
- 76.32%
- 3Y*
- 22.42%
- 5Y*
- 1.49%
- 10Y*
- 5.36%
DBE
- 1D
- -1.09%
- 1M
- 6.25%
- 6M
- 65.69%
- YTD
- 68.39%
- 1Y
- 57.64%
- 3Y*
- 17.96%
- 5Y*
- 17.10%
- 10Y*
- 11.45%
CNXT vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CNXT VanEck Vectors ChinaAMC SME-ChiNext ETF | 18.94% | 59.31% | 12.42% | -21.47% | -35.58% | 8.78% | 63.30% | 42.66% | -39.48% | 20.19% |
DBE Invesco DB Energy Fund | 68.39% | -2.17% | 2.96% | -12.14% | 33.77% | 57.56% | -25.91% | 19.72% | -12.95% | 5.21% |
Correlation
The correlation between CNXT and DBE is -0.17, 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 | -0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.07 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.13 |
Correlation (All Time) Calculated using the full available price history since Jul 24, 2014 | 0.12 |
The correlation between CNXT and DBE shifts across timeframes, from -0.17 (1 year) to 0.13 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
CNXT vs. DBE — Risk / Return Rank
CNXT
DBE
CNXT vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Vectors ChinaAMC SME-ChiNext ETF (CNXT) 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.
| CNXT | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.60 | ||
| Sortino ratioReturn per unit of downside risk | +0.61 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.28 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 4.63 | 2.34 | +2.28 |
| Martin ratioReturn relative to average drawdown | 15.98 | 7.00 | +8.98 |
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Drawdowns
CNXT vs. DBE - Drawdown Comparison
The maximum CNXT drawdown since its inception was -68.98%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for CNXT and DBE.
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Drawdown Indicators
| CNXT | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -68.98% | -86.69% | +17.71% |
Max Drawdown (1Y)Largest decline over 1 year | -16.58% | -24.72% | +8.14% |
Max Drawdown (3Y)Largest decline over 3 years | -48.60% | -24.72% | -23.88% |
Max Drawdown (5Y)Largest decline over 5 years | -61.21% | -38.74% | -22.47% |
Max Drawdown (10Y)Largest decline over 10 years | -63.30% | -60.84% | -2.46% |
Current DrawdownCurrent decline from peak | -16.58% | -36.07% | +19.49% |
Average DrawdownAverage peak-to-trough decline | -42.58% | -57.19% | +14.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.79% | 8.26% | -3.47% |
Volatility
CNXT vs. DBE - Volatility Comparison
VanEck Vectors ChinaAMC SME-ChiNext ETF (CNXT) has a higher volatility of 15.45% compared to Invesco DB Energy Fund (DBE) at 11.68%. This indicates that CNXT'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.
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Volatility by Period
| CNXT | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.45% | 11.68% | +3.77% |
Volatility (6M)Calculated over the trailing 6-month period | 25.57% | 32.70% | -7.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 34.75% | 35.99% | -1.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.92% | 29.88% | +6.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.02% | 28.39% | +3.63% |
CNXT vs. DBE - Expense Ratio Comparison
CNXT has a 0.65% expense ratio, which is lower than DBE's 0.78% expense ratio.
Dividends
CNXT vs. DBE - Dividend Comparison
CNXT's dividend yield for the trailing twelve months is around 0.15%, less than DBE's 2.29% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
CNXT VanEck Vectors ChinaAMC SME-ChiNext ETF | 0.15% | 0.18% | 0.15% | 0.00% | 0.00% | 9.22% | 0.01% | 0.45% | 0.00% | 0.19% |
DBE Invesco DB Energy Fund | 2.29% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% | 0.00% |
Frequently Asked Questions
CNXT and DBE have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CNXT has higher volatility (15.45%) compared to DBE (11.68%). In terms of maximum drawdown, CNXT dropped -68.98% vs DBE's -86.69%.
On 10-year performance, DBE leads with 11.45% vs 5.36% for CNXT. On fees, CNXT is cheaper at 0.65% per year. On volatility, DBE has been the lower-risk option at 11.68%. 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 11.45% return vs 5.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CNXT is cheaper with a 0.65% expense ratio, compared with 0.78% for DBE.
DBE has the higher dividend yield at 2.29%, compared with 0.15% for CNXT.
CNXT is categorized as China Equities, while DBE is Oil & Gas. CNXT tracks SME-ChiNext 100 Index, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: VanEck and Invesco. Their fees differ too: 0.65% for CNXT and 0.78% for DBE.
CNXT currently has the higher Sharpe Ratio (2.21 vs 1.61), 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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