CVIE vs. DBE
CVIE (Calvert International Responsible Index ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - CVIE is a Foreign Large Cap Equities fund tracking the Calvert International Responsible Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 3 years, CVIE returned 21.69%/yr vs 22.41%/yr for DBE. At a correlation of -0.06, they often move in opposite directions. CVIE charges 0.18%/yr vs 0.78%/yr for DBE.
Performance
CVIE vs. DBE - Performance Comparison
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Returns By Period
In the year-to-date period, CVIE achieves a 19.14% return, which is significantly lower than DBE's 79.04% return.
CVIE
- 1D
- 0.18%
- 1M
- 6.70%
- YTD
- 19.14%
- 6M
- 22.24%
- 1Y
- 36.01%
- 3Y*
- 21.69%
- 5Y*
- —
- 10Y*
- —
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%
CVIE vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
CVIE Calvert International Responsible Index ETF | 19.14% | 33.23% | 5.37% | 8.48% |
DBE Invesco DB Energy Fund | 79.04% | -2.17% | 2.96% | -6.40% |
Correlation
The correlation between CVIE and DBE is -0.40, 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 | -0.40 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.11 |
Correlation (All Time) Calculated using the full available price history since Feb 2, 2023 | -0.06 |
Over the past year, the inverse relationship between CVIE and DBE has strengthened: their correlation has moved from -0.06 to -0.40, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
CVIE vs. DBE — Risk / Return Rank
CVIE
DBE
CVIE vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Calvert International Responsible Index ETF (CVIE) 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.
| CVIE | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.15 | ||
| Sortino ratioReturn per unit of downside risk | +0.13 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.39 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 2.85 | 5.67 | -2.83 |
| Martin ratioReturn relative to average drawdown | 11.31 | 11.08 | +0.23 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CVIE | DBE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.18 | 2.33 | -0.15 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.65 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.41 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.28 | 0.09 | +1.19 |
Drawdowns
CVIE vs. DBE - Drawdown Comparison
The maximum CVIE drawdown since its inception was -13.52%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for CVIE and DBE.
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Drawdown Indicators
| CVIE | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.52% | -86.69% | +73.17% |
Max Drawdown (1Y)Largest decline over 1 year | -12.71% | -14.41% | +1.70% |
Max Drawdown (3Y)Largest decline over 3 years | -13.52% | -23.89% | +10.37% |
Max Drawdown (5Y)Largest decline over 5 years | — | -38.74% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -60.84% | — |
Current DrawdownCurrent decline from peak | -0.49% | -32.03% | +31.54% |
Average DrawdownAverage peak-to-trough decline | -2.63% | -57.30% | +54.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.19% | 7.37% | -4.18% |
Volatility
CVIE vs. DBE - Volatility Comparison
The current volatility for Calvert International Responsible Index ETF (CVIE) is 6.03%, while Invesco DB Energy Fund (DBE) has a volatility of 13.05%. This indicates that CVIE 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
| CVIE | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.03% | 13.05% | -7.02% |
Volatility (6M)Calculated over the trailing 6-month period | 14.23% | 30.97% | -16.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.59% | 35.07% | -18.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.38% | 29.41% | -14.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.38% | 28.34% | -12.96% |
CVIE vs. DBE - Expense Ratio Comparison
CVIE has a 0.18% expense ratio, which is lower than DBE's 0.78% expense ratio.
Dividends
CVIE vs. DBE - Dividend Comparison
CVIE's dividend yield for the trailing twelve months is around 2.22%, more than DBE's 2.16% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
CVIE Calvert International Responsible Index ETF | 2.22% | 2.85% | 2.78% | 1.96% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
DBE Invesco DB Energy Fund | 2.16% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% |
Frequently Asked Questions
CVIE and DBE have a correlation of -0.40, 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 CVIE (6.03%). In terms of maximum drawdown, CVIE dropped -13.52% vs DBE's -86.69%.
On 3-year performance, DBE leads with 22.41% vs 21.69% for CVIE. On fees, CVIE is cheaper at 0.18% per year. On volatility, CVIE has been the lower-risk option at 6.03%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, DBE has performed better with a 22.41% return vs 21.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CVIE is cheaper with a 0.18% expense ratio, compared with 0.78% for DBE.
CVIE has the higher dividend yield at 2.22%, compared with 2.16% for DBE.
CVIE is categorized as Foreign Large Cap Equities, while DBE is Oil & Gas. CVIE tracks Calvert International Responsible Index, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: Calvert and Invesco. Their fees differ too: 0.18% for CVIE and 0.78% for DBE.
DBE currently has the higher Sharpe Ratio (2.33 vs 2.18), 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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