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DWAS vs. DBE
Performance
Return for Risk
Drawdowns
Volatility
Dividends

DWAS vs. DBE

Last updated Jun 3, 2026

DWAS (Invesco DWA SmallCap Momentum ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - DWAS is a Momentum fund tracking the Dorsey Wright SmallCap Technical Leaders Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 10 years, DWAS returned 13.13%/yr vs 11.78%/yr for DBE. At a 0.20 correlation, their price movements are largely independent. DWAS charges 0.60%/yr vs 0.78%/yr for DBE.

Performance

DWAS vs. DBE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DWA SmallCap Momentum ETF (DWAS) 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, DWAS achieves a 19.58% return, which is significantly lower than DBE's 79.50% return. Over the past 10 years, DWAS has outperformed DBE with an annualized return of 13.13%, while DBE has yielded a comparatively lower 11.78% annualized return.

DWAS

1D
0.37%
1M
2.70%
YTD
19.58%
6M
22.17%
1Y
41.87%
3Y*
15.80%
5Y*
6.47%
10Y*
13.13%

DBE

1D
0.80%
1M
-3.65%
YTD
79.50%
6M
72.59%
1Y
82.31%
3Y*
22.48%
5Y*
19.20%
10Y*
11.78%
*Multi-year figures are annualized to reflect compound growth (CAGR)

DWAS vs. DBE - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
DWAS
Invesco DWA SmallCap Momentum ETF		19.58%6.09%9.81%16.88%-18.51%19.75%32.32%31.39%-10.68%20.84%
DBE
Invesco DB Energy Fund		79.50%-2.17%2.96%-12.14%33.77%57.56%-25.91%19.72%-12.95%5.21%

Correlation

The correlation between DWAS and DBE is -0.28, 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

-0.28

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

-0.05

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

0.15

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

0.20

Correlation (All Time)
Calculated using the full available price history since Jul 20, 2012

0.20

The correlation between DWAS and DBE shifts across timeframes, from -0.28 (1 year) to 0.20 (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.

Invesco DWA SmallCap Momentum ETF

Invesco DB Energy Fund

Often compared with DWAS:
DWAS vs. XSMODWAS vs. OBMCXDWAS vs. MTUMDWAS vs. EESDWAS vs. DBMYXDWAS vs. SPYDWAS vs. VBR
Often compared with DBE:
DBE vs. DBBDBE vs. XLEDBE vs. VDEDBE vs. COMTDBE vs. XLKDBE vs. GLDDBE vs. TIP

Return for Risk

DWAS vs. DBE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
DWAS
DWAS Risk / Return Rank: 6161
Overall Rank
DWAS Sharpe Ratio Rank: 5353
Sharpe Ratio Rank
DWAS Sortino Ratio Rank: 5252
Sortino Ratio Rank
DWAS Omega Ratio Rank: 4848
Omega Ratio Rank
DWAS Calmar Ratio Rank: 8181
Calmar Ratio Rank
DWAS Martin Ratio Rank: 7272
Martin Ratio Rank
DBE
DBE Risk / Return Rank: 7171
Overall Rank
DBE Sharpe Ratio Rank: 7171
Sharpe Ratio Rank
DBE Sortino Ratio Rank: 6161
Sortino Ratio Rank
DBE Omega Ratio Rank: 6464
Omega Ratio Rank
DBE Calmar Ratio Rank: 9292
Calmar Ratio Rank
DBE Martin Ratio Rank: 6565
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.

DWAS vs. DBE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DWA SmallCap Momentum ETF (DWAS) 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.

DWASDBEDifference

Sharpe ratio

Return per unit of total volatility

1.85

2.37

-0.53

Sortino ratio

Return per unit of downside risk

2.53

2.91

-0.38

Omega ratio

Gain probability vs. loss probability

1.30

1.39

-0.09

Calmar ratio

Return relative to maximum drawdown

4.24

6.10

-1.86

Martin ratio

Return relative to average drawdown

13.89

11.98

+1.91

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

DWAS vs. DBE - Sharpe Ratio Comparison

The current DWAS Sharpe Ratio is 1.85, which is comparable to the DBE Sharpe Ratio of 2.37. The chart below compares the historical Sharpe Ratios of DWAS 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

DWASDBEDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.85

2.37

-0.53

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.25

0.66

-0.40

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.50

0.42

+0.08

Sharpe Ratio (All Time)

Calculated using the full available price history

0.49

0.09

+0.40

Drawdowns

DWAS vs. DBE - Drawdown Comparison

The maximum DWAS drawdown since its inception was -46.16%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for DWAS and DBE.

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Drawdown Indicators

DWASDBEDifference

Max Drawdown

Largest peak-to-trough decline

-46.16%

-86.69%

+40.53%

Max Drawdown (1Y)

Largest decline over 1 year

-10.02%

-14.41%

+4.39%

Max Drawdown (3Y)

Largest decline over 3 years

-33.83%

-23.89%

-9.94%

Max Drawdown (5Y)

Largest decline over 5 years

-33.83%

-38.74%

+4.91%

Max Drawdown (10Y)

Largest decline over 10 years

-46.16%

-60.84%

+14.68%

Current Drawdown

Current decline from peak

-1.14%

-31.85%

+30.71%

Average Drawdown

Average peak-to-trough decline

-10.30%

-57.31%

+47.01%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.06%

7.34%

-4.28%

Volatility

DWAS vs. DBE - Volatility Comparison

The current volatility for Invesco DWA SmallCap Momentum ETF (DWAS) is 6.77%, while Invesco DB Energy Fund (DBE) has a volatility of 13.47%. This indicates that DWAS 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

DWASDBEDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.77%

13.47%

-6.70%

Volatility (6M)

Calculated over the trailing 6-month period

17.03%

30.80%

-13.77%

Volatility (1Y)

Calculated over the trailing 1-year period

22.80%

35.02%

-12.22%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

25.71%

29.37%

-3.66%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

26.61%

28.33%

-1.72%

DWAS vs. DBE - Expense Ratio Comparison

DWAS has a 0.60% expense ratio, which is lower than DBE's 0.78% expense ratio.

Dividends

DWAS vs. DBE - Dividend Comparison

DWAS's dividend yield for the trailing twelve months is around 0.01%, less than DBE's 2.15% yield.

PositionTTM20252024202320222021202020192018201720162015
DBE
Invesco DB Energy Fund		2.15%3.86%6.32%3.87%0.75%0.00%0.00%1.79%1.67%0.00%0.00%0.00%
DWAS
Invesco DWA SmallCap Momentum ETF		0.01%0.07%0.79%1.42%0.81%0.16%0.21%0.13%0.04%0.20%0.52%0.19%

Frequently Asked Questions

DWAS and DBE have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

DBE has higher volatility (13.47%) compared to DWAS (6.77%). In terms of maximum drawdown, DWAS dropped -46.16% vs DBE's -86.69%.

On 10-year performance, DWAS leads with 13.13% vs 11.78% for DBE. On fees, DWAS is cheaper at 0.60% per year. On volatility, DWAS has been the lower-risk option at 6.77%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, DWAS has performed better with a 13.13% return vs 11.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

DWAS is cheaper with a 0.60% expense ratio, compared with 0.78% for DBE.

DBE has the higher dividend yield at 2.15%, compared with 0.01% for DWAS.

DWAS is categorized as Momentum, while DBE is Oil & Gas. DWAS tracks Dorsey Wright SmallCap Technical Leaders Index, while DBE tracks DBIQ Optimum Yield Energy Index. Their fees differ too: 0.60% for DWAS and 0.78% for DBE.

DBE currently has the higher Sharpe Ratio (2.37 vs 1.85), 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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