EZA vs. DBE
EZA (iShares MSCI South Africa ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - EZA is a Emerging Markets Equities fund tracking the MSCI South Africa Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 10 years, EZA returned 7.31%/yr vs 12.03%/yr for DBE. At a 0.29 correlation, their price movements are largely independent. EZA charges 0.59%/yr vs 0.78%/yr for DBE.
Performance
EZA vs. DBE - Performance Comparison
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Returns By Period
In the year-to-date period, EZA achieves a -2.56% return, which is significantly lower than DBE's 83.68% return. Over the past 10 years, EZA has underperformed DBE with an annualized return of 7.31%, while DBE has yielded a comparatively higher 12.03% annualized return.
EZA
- 1D
- -2.20%
- 1M
- -0.12%
- YTD
- -2.56%
- 6M
- 5.66%
- 1Y
- 34.67%
- 3Y*
- 26.60%
- 5Y*
- 8.78%
- 10Y*
- 7.31%
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%
EZA vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EZA iShares MSCI South Africa ETF | -2.56% | 75.20% | 7.16% | 1.51% | -5.18% | 7.91% | -5.19% | 9.83% | -25.24% | 36.03% |
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 EZA and DBE is -0.34, 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 | -0.34 |
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 | 0.17 |
Correlation (All Time) Calculated using the full available price history since Jan 8, 2007 | 0.29 |
The correlation between EZA and DBE shifts across timeframes, from -0.34 (1 year) to 0.29 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
EZA vs. DBE — Risk / Return Rank
EZA
DBE
EZA vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI South Africa ETF (EZA) 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.
| EZA | DBE | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.12 | 2.43 | -1.30 |
Sortino ratioReturn per unit of downside risk | 1.59 | 2.96 | -1.36 |
Omega ratioGain probability vs. loss probability | 1.21 | 1.40 | -0.19 |
Calmar ratioReturn relative to maximum drawdown | 1.49 | 5.89 | -4.40 |
Martin ratioReturn relative to average drawdown | 4.19 | 11.53 | -7.34 |
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
| EZA | DBE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.12 | 2.43 | -1.30 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.31 | 0.67 | -0.36 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.23 | 0.43 | -0.19 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.28 | 0.09 | +0.19 |
Drawdowns
EZA vs. DBE - Drawdown Comparison
The maximum EZA drawdown since its inception was -64.64%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for EZA and DBE.
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Drawdown Indicators
| EZA | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -64.64% | -86.69% | +22.05% |
Max Drawdown (1Y)Largest decline over 1 year | -23.31% | -14.41% | -8.90% |
Max Drawdown (3Y)Largest decline over 3 years | -23.31% | -23.89% | +0.58% |
Max Drawdown (5Y)Largest decline over 5 years | -34.94% | -38.74% | +3.80% |
Max Drawdown (10Y)Largest decline over 10 years | -62.25% | -60.84% | -1.41% |
Current DrawdownCurrent decline from peak | -17.84% | -30.27% | +12.43% |
Average DrawdownAverage peak-to-trough decline | -16.92% | -57.31% | +40.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.30% | 7.35% | +0.95% |
Volatility
EZA vs. DBE - Volatility Comparison
The current volatility for iShares MSCI South Africa ETF (EZA) is 10.55%, while Invesco DB Energy Fund (DBE) has a volatility of 12.95%. This indicates that EZA 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
| EZA | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.55% | 12.95% | -2.40% |
Volatility (6M)Calculated over the trailing 6-month period | 26.15% | 30.86% | -4.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 31.03% | 34.97% | -3.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 28.69% | 29.39% | -0.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 31.37% | 28.33% | +3.04% |
EZA vs. DBE - Expense Ratio Comparison
EZA has a 0.59% expense ratio, which is lower than DBE's 0.78% expense ratio.
Dividends
EZA vs. DBE - Dividend Comparison
EZA's dividend yield for the trailing twelve months is around 6.32%, more 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% |
EZA iShares MSCI South Africa ETF | 6.32% | 6.16% | 7.26% | 2.84% | 3.90% | 2.05% | 5.51% | 12.27% | 3.81% | 1.55% | 4.10% | 3.03% |
Frequently Asked Questions
EZA and DBE have a correlation of -0.34, 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 EZA (10.55%). In terms of maximum drawdown, EZA dropped -64.64% vs DBE's -86.69%.
On 10-year performance, DBE leads with 12.03% vs 7.31% for EZA. On fees, EZA is cheaper at 0.59% per year. On volatility, EZA has been the lower-risk option at 10.55%. 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 12.03% return vs 7.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EZA is cheaper with a 0.59% expense ratio, compared with 0.78% for DBE.
EZA has the higher dividend yield at 6.32%, compared with 2.10% for DBE.
EZA is categorized as Emerging Markets Equities, while DBE is Oil & Gas. EZA tracks MSCI South Africa 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 EZA and 0.78% for DBE.
DBE currently has the higher Sharpe Ratio (2.43 vs 1.12), 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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