EWG vs. DBE
EWG (iShares MSCI Germany ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - EWG is a Europe Equities fund tracking the MSCI Germany Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 10 years, EWG returned 7.73%/yr vs 11.45%/yr for DBE. At a 0.27 correlation, their price movements are largely independent. EWG charges 0.49%/yr vs 0.78%/yr for DBE.
Performance
EWG vs. DBE - Performance Comparison
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Returns By Period
In the year-to-date period, EWG achieves a -1.02% return, which is significantly lower than DBE's 68.39% return. Over the past 10 years, EWG has underperformed DBE with an annualized return of 7.73%, while DBE has yielded a comparatively higher 11.45% annualized return.
EWG
- 1D
- -0.63%
- 1M
- -1.27%
- 6M
- -2.71%
- YTD
- -1.02%
- 1Y
- -0.27%
- 3Y*
- 14.39%
- 5Y*
- 6.40%
- 10Y*
- 7.73%
DBE
- 1D
- -1.09%
- 1M
- 6.25%
- 6M
- 65.69%
- YTD
- 68.39%
- 1Y
- 57.64%
- 3Y*
- 17.96%
- 5Y*
- 17.10%
- 10Y*
- 11.45%
EWG vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EWG iShares MSCI Germany ETF | -1.02% | 35.79% | 9.79% | 23.35% | -22.27% | 5.84% | 10.09% | 19.15% | -21.40% | 27.42% |
DBE Invesco DB Energy Fund | 68.39% | -2.17% | 2.96% | -12.14% | 33.77% | 57.56% | -25.91% | 19.72% | -12.95% | 5.21% |
Correlation
The correlation between EWG and DBE is -0.36, 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 | -0.36 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.15 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.02 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.14 |
Correlation (All Time) Calculated using the full available price history since Jan 5, 2007 | 0.27 |
The correlation between EWG and DBE shifts across timeframes, from -0.36 (1 year) to 0.27 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
EWG vs. DBE — Risk / Return Rank
EWG
DBE
EWG vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Germany ETF (EWG) 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.
| EWG | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.62 | ||
| Sortino ratioReturn per unit of downside risk | -2.11 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.28 | -0.27 |
| Calmar ratioReturn relative to maximum drawdown | -0.02 | 2.34 | -2.36 |
| Martin ratioReturn relative to average drawdown | -0.05 | 7.00 | -7.05 |
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Drawdowns
EWG vs. DBE - Drawdown Comparison
The maximum EWG drawdown since its inception was -67.57%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for EWG and DBE.
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Drawdown Indicators
| EWG | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -67.57% | -86.69% | +19.12% |
Max Drawdown (1Y)Largest decline over 1 year | -14.54% | -24.72% | +10.18% |
Max Drawdown (3Y)Largest decline over 3 years | -15.81% | -24.72% | +8.91% |
Max Drawdown (5Y)Largest decline over 5 years | -42.59% | -38.74% | -3.85% |
Max Drawdown (10Y)Largest decline over 10 years | -46.80% | -60.84% | +14.04% |
Current DrawdownCurrent decline from peak | -5.60% | -36.07% | +30.47% |
Average DrawdownAverage peak-to-trough decline | -19.14% | -57.19% | +38.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.14% | 8.26% | -3.12% |
Volatility
EWG vs. DBE - Volatility Comparison
The current volatility for iShares MSCI Germany ETF (EWG) is 4.89%, while Invesco DB Energy Fund (DBE) has a volatility of 11.68%. This indicates that EWG 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
| EWG | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.89% | 11.68% | -6.79% |
Volatility (6M)Calculated over the trailing 6-month period | 15.16% | 32.70% | -17.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.72% | 35.99% | -18.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.56% | 29.88% | -9.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.79% | 28.39% | -7.60% |
EWG vs. DBE - Expense Ratio Comparison
EWG has a 0.49% expense ratio, which is lower than DBE's 0.78% expense ratio.
Dividends
EWG vs. DBE - Dividend Comparison
EWG's dividend yield for the trailing twelve months is around 2.02%, less than DBE's 2.29% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.29% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% | 0.00% | 0.00% | 0.00% |
EWG iShares MSCI Germany ETF | 2.02% | 1.60% | 2.38% | 2.56% | 3.24% | 2.70% | 1.67% | 2.51% | 2.93% | 2.06% | 2.35% | 1.93% |
Frequently Asked Questions
EWG and DBE have a correlation of -0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBE has higher volatility (11.68%) compared to EWG (4.89%). In terms of maximum drawdown, EWG dropped -67.57% vs DBE's -86.69%.
On 10-year performance, DBE leads with 11.45% vs 7.73% for EWG. On fees, EWG is cheaper at 0.49% per year. On volatility, EWG has been the lower-risk option at 4.89%. 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 11.45% return vs 7.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EWG is cheaper with a 0.49% expense ratio, compared with 0.78% for DBE.
DBE has the higher dividend yield at 2.29%, compared with 2.02% for EWG.
EWG is categorized as Europe Equities, while DBE is Oil & Gas. EWG tracks MSCI Germany Index, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.49% for EWG and 0.78% for DBE.
DBE currently has the higher Sharpe Ratio (1.61 vs -0.02), 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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