DFSE vs. DBE
DFSE (Dimensional Emerging Markets Sustainability Core 1 ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - DFSE is a Emerging Markets Diversified fund actively managed by Dimensional, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. DFSE is actively managed, while DBE is passively managed. Over the past 3 years, DFSE returned 21.00%/yr vs 23.42%/yr for DBE. At a 0.05 correlation, their price movements are largely independent. DFSE charges 0.41%/yr vs 0.78%/yr for DBE.
Performance
DFSE vs. DBE - Performance Comparison
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Returns By Period
In the year-to-date period, DFSE achieves a 21.02% return, which is significantly lower than DBE's 83.68% return.
DFSE
- 1D
- -1.66%
- 1M
- 5.84%
- YTD
- 21.02%
- 6M
- 22.69%
- 1Y
- 42.80%
- 3Y*
- 21.00%
- 5Y*
- —
- 10Y*
- —
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%
DFSE vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF | 21.02% | 28.22% | 6.90% | 14.66% | 11.62% |
DBE Invesco DB Energy Fund | 83.68% | -2.17% | 2.96% | -12.14% | -10.01% |
Correlation
The correlation between DFSE and DBE is -0.32, 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 | -0.32 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.02 |
Correlation (All Time) Calculated using the full available price history since Nov 3, 2022 | 0.05 |
The correlation between DFSE and DBE shifts across timeframes, from -0.32 (1 year) to 0.05 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
DFSE vs. DBE — Risk / Return Rank
DFSE
DBE
DFSE vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Dimensional Emerging Markets Sustainability Core 1 ETF (DFSE) 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.
| DFSE | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.13 | ||
| Sortino ratioReturn per unit of downside risk | +0.10 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.40 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 3.34 | 5.89 | -2.55 |
| Martin ratioReturn relative to average drawdown | 12.45 | 11.53 | +0.92 |
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
| DFSE | DBE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.30 | 2.43 | -0.13 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.67 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.43 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.34 | 0.09 | +1.24 |
Drawdowns
DFSE vs. DBE - Drawdown Comparison
The maximum DFSE drawdown since its inception was -19.77%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for DFSE and DBE.
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Drawdown Indicators
| DFSE | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.77% | -86.69% | +66.92% |
Max Drawdown (1Y)Largest decline over 1 year | -12.88% | -14.41% | +1.53% |
Max Drawdown (3Y)Largest decline over 3 years | -19.77% | -23.89% | +4.12% |
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 | -1.66% | -30.27% | +28.61% |
Average DrawdownAverage peak-to-trough decline | -3.99% | -57.31% | +53.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.45% | 7.35% | -3.90% |
Volatility
DFSE vs. DBE - Volatility Comparison
The current volatility for Dimensional Emerging Markets Sustainability Core 1 ETF (DFSE) is 7.93%, while Invesco DB Energy Fund (DBE) has a volatility of 12.95%. This indicates that DFSE 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
| DFSE | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.93% | 12.95% | -5.02% |
Volatility (6M)Calculated over the trailing 6-month period | 16.13% | 30.86% | -14.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.72% | 34.97% | -16.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.63% | 29.39% | -11.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.63% | 28.33% | -10.70% |
DFSE vs. DBE - Expense Ratio Comparison
DFSE has a 0.41% expense ratio, which is lower than DBE's 0.78% expense ratio.
Dividends
DFSE vs. DBE - Dividend Comparison
DFSE's dividend yield for the trailing twelve months is around 1.84%, less than DBE's 2.10% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.10% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% |
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF | 1.84% | 2.26% | 2.06% | 2.06% | 0.36% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
DFSE and DBE have a correlation of -0.32, 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 DFSE (7.93%). In terms of maximum drawdown, DFSE dropped -19.77% vs DBE's -86.69%.
On 3-year performance, DBE leads with 23.42% vs 21.00% for DFSE. On fees, DFSE is cheaper at 0.41% per year. On volatility, DFSE has been the lower-risk option at 7.93%. 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 23.42% return vs 21.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DFSE is cheaper with a 0.41% expense ratio, compared with 0.78% for DBE.
DBE has the higher dividend yield at 2.10%, compared with 1.84% for DFSE.
DFSE is categorized as Emerging Markets Diversified, while DBE is Oil & Gas. They also come from different issuers: Dimensional and Invesco. Their fees differ too: 0.41% for DFSE and 0.78% for DBE.
DBE currently has the higher Sharpe Ratio (2.43 vs 2.30), 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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