DEXC vs. DBE

Last updated Jun 24, 2026

DEXC (Dimensional Emerging Markets ex China Core Equity ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - DEXC is a Emerging Markets Diversified fund actively managed by Dimensional Fund Advisors, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. DEXC is actively managed, while DBE is passively managed. Over the past year, DEXC returned 55.75% vs 43.95% for DBE. At a correlation of -0.13, they often move in opposite directions. DEXC charges 0.43%/yr vs 0.78%/yr for DBE.

Performance

DEXC vs. DBE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dimensional Emerging Markets ex China Core Equity ETF (DEXC) 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, DEXC achieves a 33.63% return, which is significantly lower than DBE's 53.97% return.

DEXC

• 1D: -6.22%
• 1M: 3.82%
• YTD: 33.63%
• 6M: 34.97%
• 1Y: 55.75%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DBE

• 1D: -0.63%
• 1M: -16.23%
• YTD: 53.97%
• 6M: 50.93%
• 1Y: 43.95%
• 3Y*: 16.83%
• 5Y*: 14.66%
• 10Y*: 10.12%

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

DEXC vs. DBE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DEXC Dimensional Emerging Markets ex China Core Equity ETF	33.63%	27.13%	-1.63%
DBE Invesco DB Energy Fund	53.97%	-2.17%	4.77%

Correlation

The correlation between DEXC and DBE is -0.27, 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	-0.27
Correlation (All Time) Calculated using the full available price history since Nov 14, 2024	-0.13

The correlation between DEXC and DBE shifts across timeframes, from -0.27 (1 year) to -0.13 (all time), reflecting how their relationship changes across market environments.

Return for Risk

DEXC vs. DBE — Risk / Return Rank

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

DEXC

DEXC Risk / Return Rank: 82
DEXC Sharpe Ratio Rank: 81
DEXC Sortino Ratio Rank: 73
DEXC Omega Ratio Rank: 83
DEXC Calmar Ratio Rank: 85
DEXC Martin Ratio Rank: 86

DBE

DBE Risk / Return Rank: 40
DBE Sharpe Ratio Rank: 37
DBE Sortino Ratio Rank: 37
DBE Omega Ratio Rank: 37
DBE Calmar Ratio Rank: 44
DBE Martin Ratio Rank: 44

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.

DEXC vs. DBE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dimensional Emerging Markets ex China Core Equity ETF (DEXC) 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.

	DEXC	DBE	Difference
Sharpe ratio: Return per unit of total volatility	2.36	1.27	+1.09
Sortino ratio: Return per unit of downside risk	2.96	1.84	+1.12
Omega ratio: Gain probability vs. loss probability	1.45	1.23	+0.22
Calmar ratio: Return relative to maximum drawdown	4.36	2.07	+2.28
Martin ratio: Return relative to average drawdown	16.49	6.89	+9.60

DEXC vs. DBE - Sharpe Ratio Comparison

The current DEXC Sharpe Ratio is 2.36, which is higher than the DBE Sharpe Ratio of 1.27. The chart below compares the historical Sharpe Ratios of DEXC 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

DEXC vs. DBE - Drawdown Comparison

The maximum DEXC drawdown since its inception was -15.07%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for DEXC and DBE.

Drawdown Indicators

	DEXC	DBE	Difference
Max Drawdown Largest peak-to-trough decline	-15.07%	-86.69%	+71.62%
Max Drawdown (1Y) Largest decline over 1 year	-12.86%	-21.28%	+8.42%
Max Drawdown (3Y) Largest decline over 3 years	—	-23.89%	—
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	-6.22%	-41.55%	+35.33%
Average Drawdown Average peak-to-trough decline	-2.45%	-57.24%	+54.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.39%	6.42%	-3.03%

Volatility

DEXC vs. DBE - Volatility Comparison

Dimensional Emerging Markets ex China Core Equity ETF (DEXC) has a higher volatility of 13.89% compared to Invesco DB Energy Fund (DBE) at 9.37%. This indicates that DEXC'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

	DEXC	DBE	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.89%	9.37%	+4.52%
Volatility (6M) Calculated over the trailing 6-month period	22.10%	31.44%	-9.34%
Volatility (1Y) Calculated over the trailing 1-year period	23.74%	35.27%	-11.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.74%	29.58%	-7.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.74%	28.34%	-6.60%

DEXC vs. DBE - Expense Ratio Comparison

DEXC has a 0.43% expense ratio, which is lower than DBE's 0.78% expense ratio.

Dividends

DEXC vs. DBE - Dividend Comparison

DEXC's dividend yield for the trailing twelve months is around 1.97%, less than DBE's 2.51% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBE Invesco DB Energy Fund	2.51%	3.86%	6.32%	3.87%	0.75%	0.00%	0.00%	1.79%	1.67%
DEXC Dimensional Emerging Markets ex China Core Equity ETF	1.97%	1.97%	0.19%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DEXC and DBE in my portfolio?

DEXC and DBE have a correlation of -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DEXC or DBE?

DEXC has higher volatility (13.89%) compared to DBE (9.37%). In terms of maximum drawdown, DEXC dropped -15.07% vs DBE's -86.69%.

Which ETF is better, DEXC or DBE?

On 1-year performance, DEXC leads with 55.75% vs 43.95% for DBE. On fees, DEXC is cheaper at 0.43% per year. On volatility, DBE has been the lower-risk option at 9.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DEXC or DBE?

Over the 1-year period, DEXC has performed better with a 55.75% return vs 43.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DEXC or DBE?

DEXC is cheaper with a 0.43% expense ratio, compared with 0.78% for DBE.

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

DBE has the higher dividend yield at 2.51%, compared with 1.97% for DEXC.

What is the main difference between DEXC and DBE?

DEXC is categorized as Emerging Markets Diversified, while DBE is Oil & Gas. They also come from different issuers: Dimensional Fund Advisors and Invesco. Their fees differ too: 0.43% for DEXC and 0.78% for DBE.

Which has better risk-adjusted returns?

DEXC currently has the higher Sharpe Ratio (2.36 vs 1.27), 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.