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EZM vs. DBE
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EZM vs. DBE

Last updated Jun 4, 2026

EZM (WisdomTree U.S. MidCap Earnings Fund) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - EZM is a Mid Cap Blend Equities fund tracking the WisdomTree U.S. MidCap Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 10 years, EZM returned 10.64%/yr vs 12.03%/yr for DBE. At a 0.30 correlation, their price movements are largely independent. EZM charges 0.38%/yr vs 0.78%/yr for DBE.

Performance

EZM vs. DBE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WisdomTree U.S. MidCap Earnings Fund (EZM) 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, EZM achieves a 10.53% return, which is significantly lower than DBE's 83.68% return. Over the past 10 years, EZM has underperformed DBE with an annualized return of 10.64%, while DBE has yielded a comparatively higher 12.03% annualized return.

EZM

1D
-0.01%
1M
3.02%
YTD
10.53%
6M
10.32%
1Y
23.17%
3Y*
15.38%
5Y*
7.96%
10Y*
10.64%

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%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EZM vs. DBE - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EZM
WisdomTree U.S. MidCap Earnings Fund		10.53%8.42%10.29%19.69%-12.22%31.00%5.57%24.48%-12.36%17.37%
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 EZM and DBE is -0.22, 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

-0.22

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

0.02

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

0.17

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

0.24

Correlation (All Time)
Calculated using the full available price history since Feb 26, 2007

0.30

The correlation between EZM and DBE shifts across timeframes, from -0.22 (1 year) to 0.30 (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.

WisdomTree U.S. MidCap Earnings Fund

Invesco DB Energy Fund

Often compared with EZM:
EZM vs. JHQAXEZM vs. IQDGEZM vs. REGLEZM vs. SPMDEZM vs. IMCGEZM vs. RFVEZM vs. MDYV
Often compared with DBE:
DBE vs. DBBDBE vs. XLEDBE vs. VDEDBE vs. COMTDBE vs. XLKDBE vs. GLDDBE vs. TIP

Return for Risk

EZM vs. DBE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EZM
EZM Risk / Return Rank: 4949
Overall Rank
EZM Sharpe Ratio Rank: 4545
Sharpe Ratio Rank
EZM Sortino Ratio Rank: 4949
Sortino Ratio Rank
EZM Omega Ratio Rank: 4343
Omega Ratio Rank
EZM Calmar Ratio Rank: 5454
Calmar Ratio Rank
EZM Martin Ratio Rank: 5353
Martin Ratio Rank
DBE
DBE Risk / Return Rank: 7171
Overall Rank
DBE Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
DBE Sortino Ratio Rank: 6363
Sortino Ratio Rank
DBE Omega Ratio Rank: 6565
Omega Ratio Rank
DBE Calmar Ratio Rank: 9191
Calmar Ratio Rank
DBE Martin Ratio Rank: 6363
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.

EZM vs. DBE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree U.S. MidCap Earnings Fund (EZM) 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.

EZMDBEDifference

Sharpe ratio

Return per unit of total volatility

1.57

2.43

-0.86

Sortino ratio

Return per unit of downside risk

2.40

2.96

-0.55

Omega ratio

Gain probability vs. loss probability

1.28

1.40

-0.12

Calmar ratio

Return relative to maximum drawdown

2.68

5.89

-3.22

Martin ratio

Return relative to average drawdown

9.07

11.53

-2.46

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

EZM vs. DBE - Sharpe Ratio Comparison

The current EZM Sharpe Ratio is 1.57, which is lower than the DBE Sharpe Ratio of 2.43. The chart below compares the historical Sharpe Ratios of EZM 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

EZMDBEDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.57

2.43

-0.86

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.39

0.67

-0.28

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.48

0.43

+0.05

Sharpe Ratio (All Time)

Calculated using the full available price history

0.41

0.09

+0.32

Drawdowns

EZM vs. DBE - Drawdown Comparison

The maximum EZM drawdown since its inception was -59.58%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for EZM and DBE.

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Drawdown Indicators

EZMDBEDifference

Max Drawdown

Largest peak-to-trough decline

-59.58%

-86.69%

+27.11%

Max Drawdown (1Y)

Largest decline over 1 year

-8.70%

-14.41%

+5.71%

Max Drawdown (3Y)

Largest decline over 3 years

-23.53%

-23.89%

+0.36%

Max Drawdown (5Y)

Largest decline over 5 years

-23.53%

-38.74%

+15.21%

Max Drawdown (10Y)

Largest decline over 10 years

-47.26%

-60.84%

+13.58%

Current Drawdown

Current decline from peak

-0.01%

-30.27%

+30.26%

Average Drawdown

Average peak-to-trough decline

-8.27%

-57.31%

+49.04%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.56%

7.35%

-4.79%

Volatility

EZM vs. DBE - Volatility Comparison

The current volatility for WisdomTree U.S. MidCap Earnings Fund (EZM) is 3.55%, while Invesco DB Energy Fund (DBE) has a volatility of 12.95%. This indicates that EZM 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

EZMDBEDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.55%

12.95%

-9.40%

Volatility (6M)

Calculated over the trailing 6-month period

10.25%

30.86%

-20.61%

Volatility (1Y)

Calculated over the trailing 1-year period

14.87%

34.97%

-20.10%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.42%

29.39%

-8.97%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.36%

28.33%

-5.97%

EZM vs. DBE - Expense Ratio Comparison

EZM has a 0.38% expense ratio, which is lower than DBE's 0.78% expense ratio.

Dividends

EZM vs. DBE - Dividend Comparison

EZM's dividend yield for the trailing twelve months is around 1.26%, less than DBE's 2.10% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
EZM
WisdomTree U.S. MidCap Earnings Fund		1.26%1.39%1.22%1.25%1.57%1.08%1.67%1.34%1.57%1.14%1.55%1.30%

Frequently Asked Questions

EZM and DBE have a correlation of -0.22, 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 EZM (3.55%). In terms of maximum drawdown, EZM dropped -59.58% vs DBE's -86.69%.

On 10-year performance, DBE leads with 12.03% vs 10.64% for EZM. On fees, EZM is cheaper at 0.38% per year. On volatility, EZM has been the lower-risk option at 3.55%. 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 10.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EZM is cheaper with a 0.38% expense ratio, compared with 0.78% for DBE.

DBE has the higher dividend yield at 2.10%, compared with 1.26% for EZM.

EZM is categorized as Mid Cap Blend Equities, while DBE is Oil & Gas. EZM tracks WisdomTree U.S. MidCap Index, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: WisdomTree and Invesco. Their fees differ too: 0.38% for EZM and 0.78% for DBE.

DBE currently has the higher Sharpe Ratio (2.43 vs 1.57), 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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