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DBAW vs. DBE
Performance
Return for Risk
Drawdowns
Volatility
Dividends

DBAW vs. DBE

Last updated Jun 4, 2026

DBAW (Xtrackers MSCI All World ex US Hedged Equity ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - DBAW is a Foreign Large Cap Equities fund tracking the MSCI ACWI ex USA US Dollar Hedged Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 10 years, DBAW returned 11.44%/yr vs 12.03%/yr for DBE. At a 0.24 correlation, their price movements are largely independent. DBAW charges 0.41%/yr vs 0.78%/yr for DBE.

Performance

DBAW vs. DBE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers MSCI All World ex US Hedged Equity ETF (DBAW) 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, DBAW achieves a 16.12% return, which is significantly lower than DBE's 83.68% return. Over the past 10 years, DBAW has underperformed DBE with an annualized return of 11.44%, while DBE has yielded a comparatively higher 12.03% annualized return.

DBAW

1D
-0.51%
1M
6.28%
YTD
16.12%
6M
18.39%
1Y
36.60%
3Y*
21.15%
5Y*
11.32%
10Y*
11.44%

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)

DBAW vs. DBE - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
DBAW
Xtrackers MSCI All World ex US Hedged Equity ETF		16.12%26.47%14.35%16.26%-13.35%13.08%7.44%22.96%-10.38%18.79%
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 DBAW and DBE is -0.33, 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

-0.33

Correlation (3Y)
Calculated over the trailing 3-year period

-0.03

Correlation (5Y)
Calculated over the trailing 5-year period

0.11

Correlation (10Y)
Calculated over the trailing 10-year period

0.23

Correlation (All Time)
Calculated using the full available price history since Jan 28, 2014

0.24

The correlation between DBAW and DBE shifts across timeframes, from -0.33 (1 year) to 0.24 (all time), 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 MSCI All World ex US Hedged Equity ETF

Invesco DB Energy Fund

Often compared with DBAW:
DBAW vs. HAWXDBAW vs. HFXIDBAW vs. GSIEDBAW vs. MDIJXDBAW vs. BROIXDBAW vs. BKIEDBAW vs. DXJ
Often compared with DBE:
DBE vs. DBBDBE vs. XLEDBE vs. VDEDBE vs. COMTDBE vs. XLKDBE vs. GLDDBE vs. TIP

Return for Risk

DBAW vs. DBE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
DBAW
DBAW Risk / Return Rank: 8484
Overall Rank
DBAW Sharpe Ratio Rank: 8686
Sharpe Ratio Rank
DBAW Sortino Ratio Rank: 8686
Sortino Ratio Rank
DBAW Omega Ratio Rank: 8787
Omega Ratio Rank
DBAW Calmar Ratio Rank: 7979
Calmar Ratio Rank
DBAW Martin Ratio Rank: 8383
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.

DBAW vs. DBE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers MSCI All World ex US Hedged Equity ETF (DBAW) 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.

DBAWDBEDifference
Sharpe ratioReturn per unit of total volatility
2.86
2.43

+0.43

Sortino ratioReturn per unit of downside risk
3.90
2.96

+0.95

Omega ratioGain probability vs. loss probability

1.55

1.40

+0.15

Calmar ratioReturn relative to maximum drawdown

4.09

5.89

-1.80

Martin ratioReturn relative to average drawdown

16.97

11.53

+5.44

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

DBAW vs. DBE - Sharpe Ratio Comparison

The current DBAW Sharpe Ratio is 2.86, which is comparable to the DBE Sharpe Ratio of 2.43. The chart below compares the historical Sharpe Ratios of DBAW 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

DBAWDBEDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.86

2.43

+0.43

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.83

0.67

+0.16

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.75

0.43

+0.32

Sharpe Ratio (All Time)

Calculated using the full available price history

0.63

0.09

+0.53

Drawdowns

DBAW vs. DBE - Drawdown Comparison

The maximum DBAW drawdown since its inception was -31.44%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for DBAW and DBE.

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Drawdown Indicators

DBAWDBEDifference

Max Drawdown

Largest peak-to-trough decline

-31.44%

-86.69%

+55.25%

Max Drawdown (1Y)

Largest decline over 1 year

-9.00%

-14.41%

+5.41%

Max Drawdown (3Y)

Largest decline over 3 years

-14.11%

-23.89%

+9.78%

Max Drawdown (5Y)

Largest decline over 5 years

-17.87%

-38.74%

+20.87%

Max Drawdown (10Y)

Largest decline over 10 years

-31.44%

-60.84%

+29.40%

Current Drawdown

Current decline from peak

-0.51%

-30.27%

+29.76%

Average Drawdown

Average peak-to-trough decline

-5.00%

-57.31%

+52.31%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.16%

7.35%

-5.19%

Volatility

DBAW vs. DBE - Volatility Comparison

The current volatility for Xtrackers MSCI All World ex US Hedged Equity ETF (DBAW) is 4.71%, while Invesco DB Energy Fund (DBE) has a volatility of 12.95%. This indicates that DBAW 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

DBAWDBEDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.71%

12.95%

-8.24%

Volatility (6M)

Calculated over the trailing 6-month period

11.00%

30.86%

-19.86%

Volatility (1Y)

Calculated over the trailing 1-year period

12.88%

34.97%

-22.09%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.74%

29.39%

-15.65%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.28%

28.33%

-13.05%

DBAW vs. DBE - Expense Ratio Comparison

DBAW has a 0.41% expense ratio, which is lower than DBE's 0.78% expense ratio.

Dividends

DBAW vs. DBE - Dividend Comparison

DBAW's dividend yield for the trailing twelve months is around 3.29%, more than DBE's 2.10% yield.

PositionTTM20252024202320222021202020192018201720162015
DBAW
Xtrackers MSCI All World ex US Hedged Equity ETF		3.29%3.83%1.70%3.45%8.81%2.05%2.08%2.91%2.93%2.41%1.99%5.74%
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

DBAW and DBE have a correlation of -0.33, 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 DBAW (4.71%). In terms of maximum drawdown, DBAW dropped -31.44% vs DBE's -86.69%.

On 10-year performance, DBE leads with 12.03% vs 11.44% for DBAW. On fees, DBAW is cheaper at 0.41% per year. On volatility, DBAW has been the lower-risk option at 4.71%. 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 11.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

DBAW is cheaper with a 0.41% expense ratio, compared with 0.78% for DBE.

DBAW has the higher dividend yield at 3.29%, compared with 2.10% for DBE.

DBAW is categorized as Foreign Large Cap Equities, while DBE is Oil & Gas. DBAW tracks MSCI ACWI ex USA US Dollar Hedged Index, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: Deutsche Bank and Invesco. Their fees differ too: 0.41% for DBAW and 0.78% for DBE.

DBAW currently has the higher Sharpe Ratio (2.86 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.

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