ECOW vs. DBE
ECOW (Pacer Emerging Markets Cash Cows 100 ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - ECOW is a Emerging Markets Equities fund tracking the Pacer Emerging Markets Cash Cows 100 Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 5 years, ECOW returned 7.13%/yr vs 16.54%/yr for DBE. Their 0.16 correlation means their historical movements had little consistent relationship. ECOW charges 0.70%/yr vs 0.78%/yr for DBE.
Performance
ECOW vs. DBE - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, ECOW achieves a 13.45% return, which is significantly lower than DBE's 63.53% return.
ECOW
- 1D
- -0.17%
- 1M
- 1.77%
- 6M
- 4.22%
- YTD
- 13.45%
- 1Y
- 28.00%
- 3Y*
- 17.40%
- 5Y*
- 7.13%
- 10Y*
- —
- ALL TIME*
- 7.38%
DBE
- 1D
- -0.24%
- 1M
- 9.43%
- 6M
- 46.31%
- YTD
- 63.53%
- 1Y
- 57.60%
- 3Y*
- 13.46%
- 5Y*
- 16.54%
- 10Y*
- 11.73%
- ALL TIME*
- 2.05%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.42M | $1.12M | $1.57M | |
| $523.36K | $605.45K | $1.33M |
ECOW vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
ECOW Pacer Emerging Markets Cash Cows 100 ETF | 13.45% | 32.50% | 3.17% | 15.79% | -19.28% | 7.47% | -2.51% | 10.37% |
DBE Invesco DB Energy Fund | 63.53% | -2.17% | 2.96% | -12.14% | 33.77% | 57.56% | -25.91% | -1.30% |
Correlation
The correlation between ECOW and DBE is -0.23, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.23 |
Correlation (3Y) Balances recent behavior with more history. | 0.02 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.13 |
Correlation (All Time) Calculated using the full available price history since May 6, 2019 | 0.16 |
The correlation between ECOW and DBE shifts across timeframes, from -0.23 (1 year) to 0.16 (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.
Return for Risk
ECOW vs. DBE — Risk / Return Rank
ECOW
DBE
ECOW vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Pacer Emerging Markets Cash Cows 100 ETF (ECOW) 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.
| ECOW | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.38 | ||
| Sortino ratioReturn per unit of downside risk | +0.51 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.26 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 3.37 | 2.34 | +1.03 |
| Martin ratioReturn relative to average drawdown | 8.81 | 7.22 | +1.60 |
Loading charts...
Drawdowns
ECOW vs. DBE - Drawdown Comparison
The maximum ECOW drawdown since its inception was -40.27%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for ECOW and DBE.
Loading charts...
Drawdown Indicators
| ECOW | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.27% | -86.69% | +46.42% |
Max Drawdown (1Y)Largest decline over 1 year | -8.35% | -24.72% | +16.37% |
Max Drawdown (3Y)Largest decline over 3 years | -18.77% | -24.72% | +5.95% |
Max Drawdown (5Y)Largest decline over 5 years | -33.30% | -38.74% | +5.44% |
Max Drawdown (10Y)Largest decline over 10 years | — | -60.84% | — |
Current DrawdownCurrent decline from peak | -3.23% | -37.92% | +34.69% |
Average DrawdownAverage peak-to-trough decline | -10.92% | -57.12% | +46.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.18% | 8.00% | -4.82% |
Volatility
ECOW vs. DBE - Volatility Comparison
The current volatility for Pacer Emerging Markets Cash Cows 100 ETF (ECOW) is 2.92%, while Invesco DB Energy Fund (DBE) has a volatility of 15.65%. This indicates that ECOW 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.
Loading charts...
Volatility by Period
| ECOW | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.92% | 15.65% | -12.73% |
Volatility (6M)Calculated over the trailing 6-month period | 11.80% | 33.76% | -21.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.75% | 37.85% | -23.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.73% | 30.19% | -12.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.02% | 28.63% | -8.61% |
ECOW vs. DBE - Expense Ratio Comparison
ECOW has a 0.70% expense ratio, which is lower than DBE's 0.78% expense ratio.
Dividends
ECOW vs. DBE - Dividend Comparison
ECOW's dividend yield for the trailing twelve months is around 4.42%, more than DBE's 2.36% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.36% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% |
ECOW Pacer Emerging Markets Cash Cows 100 ETF | 4.42% | 5.20% | 7.35% | 5.46% | 7.50% | 4.39% | 3.35% | 8.08% | 0.00% |
Frequently Asked Questions
ECOW and DBE have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBE has higher volatility (15.65%) compared to ECOW (2.92%). In terms of maximum drawdown, ECOW dropped -40.27% vs DBE's -86.69%.
On 5-year performance, DBE leads with 16.54% vs 7.13% for ECOW. On fees, ECOW is cheaper at 0.70% per year. On volatility, ECOW has been the lower-risk option at 2.92%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, DBE has performed better with a 16.54% return vs 7.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ECOW is cheaper with a 0.70% expense ratio, compared with 0.78% for DBE.
ECOW has the higher dividend yield at 4.42%, compared with 2.36% for DBE.
ECOW is categorized as Emerging Markets Equities, while DBE is Oil & Gas. ECOW tracks Pacer Emerging Markets Cash Cows 100 Index, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: Pacer and Invesco. Their fees differ too: 0.70% for ECOW and 0.78% for DBE.
ECOW currently has the higher Sharpe Ratio (1.91 vs 1.53), 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.
Find the right allocation for ECOW and DBE
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer