FNDC vs. DBE

Last updated Jun 3, 2026

FNDC (Schwab Fundamental International Small Co. Index ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - FNDC is a Foreign Small & Mid Cap Equities fund tracking the Russell RAFI Small Company Developed x US, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 10 years, FNDC returned 8.73%/yr vs 11.78%/yr for DBE. At a 0.26 correlation, their price movements are largely independent. FNDC charges 0.39%/yr vs 0.78%/yr for DBE.

Performance

FNDC vs. DBE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab Fundamental International Small Co. Index ETF (FNDC) and Invesco DB Energy Fund (DBE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FNDC achieves a 12.08% return, which is significantly lower than DBE's 79.50% return. Over the past 10 years, FNDC has underperformed DBE with an annualized return of 8.73%, while DBE has yielded a comparatively higher 11.78% annualized return.

FNDC

• 1D: 0.12%
• 1M: 0.81%
• YTD: 12.08%
• 6M: 14.89%
• 1Y: 27.59%
• 3Y*: 18.39%
• 5Y*: 7.57%
• 10Y*: 8.73%

DBE

• 1D: 0.80%
• 1M: -3.65%
• YTD: 79.50%
• 6M: 72.59%
• 1Y: 82.31%
• 3Y*: 22.48%
• 5Y*: 19.20%
• 10Y*: 11.78%

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

FNDC vs. DBE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FNDC Schwab Fundamental International Small Co. Index ETF	12.08%	35.65%	1.38%	14.92%	-14.71%	10.26%	6.58%	20.58%	-19.10%	29.22%
DBE Invesco DB Energy Fund	79.50%	-2.17%	2.96%	-12.14%	33.77%	57.56%	-25.91%	19.72%	-12.95%	5.21%

Correlation

The correlation between FNDC and DBE is -0.35, 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	-0.35
Correlation (3Y) Calculated over the trailing 3-year period	-0.06
Correlation (5Y) Calculated over the trailing 5-year period	0.12
Correlation (10Y) Calculated over the trailing 10-year period	0.24
Correlation (All Time) Calculated using the full available price history since Aug 16, 2013	0.26

The correlation between FNDC and DBE shifts across timeframes, from -0.35 (1 year) to 0.26 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FNDC vs. DBE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FNDC

FNDC Risk / Return Rank: 55
FNDC Sharpe Ratio Rank: 57
FNDC Sortino Ratio Rank: 57
FNDC Omega Ratio Rank: 57
FNDC Calmar Ratio Rank: 51
FNDC Martin Ratio Rank: 55

DBE

DBE Risk / Return Rank: 71
DBE Sharpe Ratio Rank: 71
DBE Sortino Ratio Rank: 61
DBE Omega Ratio Rank: 64
DBE Calmar Ratio Rank: 92
DBE Martin Ratio Rank: 65

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.

FNDC vs. DBE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab Fundamental International Small Co. Index ETF (FNDC) 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.

	FNDC	DBE	Difference
Sharpe ratio Return per unit of total volatility	1.95	2.37	-0.42
Sortino ratio Return per unit of downside risk	2.74	2.91	-0.16
Omega ratio Gain probability vs. loss probability	1.35	1.39	-0.04
Calmar ratio Return relative to maximum drawdown	2.59	6.10	-3.51
Martin ratio Return relative to average drawdown	9.74	11.98	-2.24
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FNDC vs. DBE - Sharpe Ratio Comparison

The current FNDC Sharpe Ratio is 1.95, which is comparable to the DBE Sharpe Ratio of 2.37. The chart below compares the historical Sharpe Ratios of FNDC 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.

Sharpe Ratios by Period

	FNDC	DBE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.95	2.37	-0.42
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.48	0.66	-0.18
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.52	0.42	+0.10
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	0.09	+0.41

Drawdowns

FNDC vs. DBE - Drawdown Comparison

The maximum FNDC drawdown since its inception was -43.22%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for FNDC and DBE.

Drawdown Indicators

	FNDC	DBE	Difference
Max Drawdown Largest peak-to-trough decline	-43.22%	-86.69%	+43.47%
Max Drawdown (1Y) Largest decline over 1 year	-11.20%	-14.41%	+3.21%
Max Drawdown (3Y) Largest decline over 3 years	-12.98%	-23.89%	+10.91%
Max Drawdown (5Y) Largest decline over 5 years	-32.13%	-38.74%	+6.61%
Max Drawdown (10Y) Largest decline over 10 years	-43.22%	-60.84%	+17.62%
Current Drawdown Current decline from peak	-1.46%	-31.85%	+30.39%
Average Drawdown Average peak-to-trough decline	-8.45%	-57.31%	+48.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.98%	7.34%	-4.36%

Volatility

FNDC vs. DBE - Volatility Comparison

The current volatility for Schwab Fundamental International Small Co. Index ETF (FNDC) is 4.73%, while Invesco DB Energy Fund (DBE) has a volatility of 13.47%. This indicates that FNDC 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.

Volatility by Period

	FNDC	DBE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.73%	13.47%	-8.74%
Volatility (6M) Calculated over the trailing 6-month period	11.75%	30.80%	-19.05%
Volatility (1Y) Calculated over the trailing 1-year period	14.27%	35.02%	-20.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.98%	29.37%	-13.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.80%	28.33%	-11.53%

FNDC vs. DBE - Expense Ratio Comparison

FNDC has a 0.39% expense ratio, which is lower than DBE's 0.78% expense ratio.

Dividends

FNDC vs. DBE - Dividend Comparison

FNDC's dividend yield for the trailing twelve months is around 3.44%, more than DBE's 2.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DBE Invesco DB Energy Fund	2.15%	3.86%	6.32%	3.87%	0.75%	0.00%	0.00%	1.79%	1.67%	0.00%	0.00%	0.00%
FNDC Schwab Fundamental International Small Co. Index ETF	3.44%	3.86%	3.59%	2.86%	1.98%	2.58%	1.77%	2.71%	2.68%	1.94%	1.95%	1.30%

Frequently Asked Questions

Can I hold both FNDC and DBE in my portfolio?

FNDC and DBE have a correlation of -0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FNDC or DBE?

DBE has higher volatility (13.47%) compared to FNDC (4.73%). In terms of maximum drawdown, FNDC dropped -43.22% vs DBE's -86.69%.

Which ETF is better, FNDC or DBE?

On 10-year performance, DBE leads with 11.78% vs 8.73% for FNDC. On fees, FNDC is cheaper at 0.39% per year. On volatility, FNDC has been the lower-risk option at 4.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FNDC or DBE?

Over the 10-year period, DBE has performed better with a 11.78% return vs 8.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FNDC or DBE?

FNDC is cheaper with a 0.39% expense ratio, compared with 0.78% for DBE.

Which ETF pays a higher dividend yield, FNDC or DBE?

FNDC has the higher dividend yield at 3.44%, compared with 2.15% for DBE.

What is the main difference between FNDC and DBE?

FNDC is categorized as Foreign Small & Mid Cap Equities, while DBE is Oil & Gas. FNDC tracks Russell RAFI Small Company Developed x US, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: Charles Schwab and Invesco. Their fees differ too: 0.39% for FNDC and 0.78% for DBE.

Which has better risk-adjusted returns?

DBE currently has the higher Sharpe Ratio (2.37 vs 1.95), 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.