EWY vs. DBE
EWY (iShares MSCI South Korea ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - EWY is a Asia Pacific Equities fund tracking the MSCI Korea Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 10 years, EWY returned 17.46%/yr vs 12.03%/yr for DBE. At a 0.26 correlation, their price movements are largely independent. EWY charges 0.59%/yr vs 0.78%/yr for DBE.
Performance
EWY vs. DBE - Performance Comparison
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Returns By Period
In the year-to-date period, EWY achieves a 119.05% return, which is significantly higher than DBE's 83.68% return. Over the past 10 years, EWY has outperformed DBE with an annualized return of 17.46%, while DBE has yielded a comparatively lower 12.03% annualized return.
EWY
- 1D
- -0.73%
- 1M
- 30.18%
- YTD
- 119.05%
- 6M
- 134.13%
- 1Y
- 251.82%
- 3Y*
- 51.99%
- 5Y*
- 20.31%
- 10Y*
- 17.46%
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%
EWY vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EWY iShares MSCI South Korea ETF | 119.05% | 95.33% | -20.48% | 19.05% | -26.59% | -7.58% | 39.43% | 7.97% | -20.37% | 44.97% |
DBE Invesco DB Energy Fund | 83.68% | -2.17% | 2.96% | -12.14% | 33.77% | 57.56% | -25.91% | 19.72% | -12.95% | 5.21% |
Correlation
The correlation between EWY and DBE is -0.23, 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 | -0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.09 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.16 |
Correlation (All Time) Calculated using the full available price history since Jan 8, 2007 | 0.26 |
The correlation between EWY and DBE shifts across timeframes, from -0.23 (1 year) to 0.26 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
EWY vs. DBE — Risk / Return Rank
EWY
DBE
EWY vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI South Korea ETF (EWY) 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.
| EWY | DBE | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 6.02 | 2.43 | +3.60 |
Sortino ratioReturn per unit of downside risk | 5.31 | 2.96 | +2.36 |
Omega ratioGain probability vs. loss probability | 1.74 | 1.40 | +0.34 |
Calmar ratioReturn relative to maximum drawdown | 10.99 | 5.89 | +5.10 |
Martin ratioReturn relative to average drawdown | 40.91 | 11.53 | +29.38 |
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
| EWY | DBE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 6.02 | 2.43 | +3.60 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.71 | 0.67 | +0.04 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.64 | 0.43 | +0.21 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.33 | 0.09 | +0.24 |
Drawdowns
EWY vs. DBE - Drawdown Comparison
The maximum EWY drawdown since its inception was -74.14%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for EWY and DBE.
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Drawdown Indicators
| EWY | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -74.14% | -86.69% | +12.55% |
Max Drawdown (1Y)Largest decline over 1 year | -23.08% | -14.41% | -8.67% |
Max Drawdown (3Y)Largest decline over 3 years | -27.36% | -23.89% | -3.47% |
Max Drawdown (5Y)Largest decline over 5 years | -48.55% | -38.74% | -9.81% |
Max Drawdown (10Y)Largest decline over 10 years | -49.73% | -60.84% | +11.11% |
Current DrawdownCurrent decline from peak | -1.73% | -30.27% | +28.54% |
Average DrawdownAverage peak-to-trough decline | -20.13% | -57.31% | +37.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.19% | 7.35% | -1.16% |
Volatility
EWY vs. DBE - Volatility Comparison
iShares MSCI South Korea ETF (EWY) has a higher volatility of 20.32% compared to Invesco DB Energy Fund (DBE) at 12.95%. This indicates that EWY'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.
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Volatility by Period
| EWY | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 20.32% | 12.95% | +7.37% |
Volatility (6M)Calculated over the trailing 6-month period | 37.41% | 30.86% | +6.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.10% | 34.97% | +7.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 28.83% | 29.39% | -0.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.37% | 28.33% | -0.96% |
EWY vs. DBE - Expense Ratio Comparison
EWY has a 0.59% expense ratio, which is lower than DBE's 0.78% expense ratio.
Dividends
EWY vs. DBE - Dividend Comparison
EWY's dividend yield for the trailing twelve months is around 0.96%, less than DBE's 2.10% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.10% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% | 0.00% | 0.00% | 0.00% |
EWY iShares MSCI South Korea ETF | 0.96% | 2.10% | 2.55% | 2.52% | 1.23% | 2.16% | 0.73% | 2.10% | 1.34% | 2.90% | 1.21% | 2.42% |
Frequently Asked Questions
EWY 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.
EWY has higher volatility (20.32%) compared to DBE (12.95%). In terms of maximum drawdown, EWY dropped -74.14% vs DBE's -86.69%.
On 10-year performance, EWY leads with 17.46% vs 12.03% for DBE. On fees, EWY is cheaper at 0.59% per year. On volatility, DBE has been the lower-risk option at 12.95%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EWY has performed better with a 17.46% return vs 12.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EWY is cheaper with a 0.59% expense ratio, compared with 0.78% for DBE.
DBE has the higher dividend yield at 2.10%, compared with 0.96% for EWY.
EWY is categorized as Asia Pacific Equities, while DBE is Oil & Gas. EWY tracks MSCI Korea Index, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.59% for EWY and 0.78% for DBE.
EWY currently has the higher Sharpe Ratio (6.02 vs 2.43), 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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