FXI vs. DBE
FXI (iShares China Large-Cap ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - FXI is a China Equities fund tracking the FTSE China 50 Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 10 years, FXI returned 2.48%/yr vs 11.73%/yr for DBE. Their 0.26 correlation means their historical movements had little consistent relationship. FXI charges 0.74%/yr vs 0.78%/yr for DBE.
Performance
FXI vs. DBE - Performance Comparison
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Returns By Period
In the year-to-date period, FXI achieves a -5.06% return, which is significantly lower than DBE's 63.53% return. Over the past 10 years, FXI has underperformed DBE with an annualized return of 2.48%, while DBE has yielded a comparatively higher 11.73% annualized return.
FXI
- 1D
- -0.63%
- 1M
- 11.05%
- 6M
- -5.01%
- YTD
- -5.06%
- 1Y
- -2.38%
- 3Y*
- 10.14%
- 5Y*
- 0.08%
- 10Y*
- 2.48%
- ALL TIME*
- 5.52%
DBE
- 1D
- -0.24%
- 1M
- 9.43%
- 6M
- 46.31%
- YTD
- 63.53%
- 1Y
- 57.60%
- 3Y*
- 13.46%
- 5Y*
- 16.54%
- 10Y*
- 11.73%
- ALL TIME*
- 2.05%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.42M | $1.12M | $1.57M | |
| $719.56M | $757.31M | $954.29M |
FXI vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXI iShares China Large-Cap ETF | -5.06% | 28.95% | 28.98% | -12.42% | -20.66% | -20.06% | 8.92% | 14.90% | -13.28% | 36.26% |
DBE Invesco DB Energy Fund | 63.53% | -2.17% | 2.96% | -12.14% | 33.77% | 57.56% | -25.91% | 19.72% | -12.95% | 5.21% |
Correlation
The correlation between FXI and DBE is -0.10, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.10 |
Correlation (3Y) Balances recent behavior with more history. | 0.03 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.10 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.17 |
Correlation (All Time) Calculated using the full available price history since Jan 5, 2007 | 0.26 |
The correlation between FXI and DBE shifts across timeframes, from -0.10 (1 year) to 0.26 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
FXI vs. DBE — Risk / Return Rank
FXI
DBE
FXI vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares China Large-Cap ETF (FXI) 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.
| FXI | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.65 | ||
| Sortino ratioReturn per unit of downside risk | -2.13 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.26 | -0.27 |
| Calmar ratioReturn relative to maximum drawdown | -0.10 | 2.34 | -2.45 |
| Martin ratioReturn relative to average drawdown | -0.24 | 7.22 | -7.46 |
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Drawdowns
FXI vs. DBE - Drawdown Comparison
The maximum FXI drawdown since its inception was -72.68%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for FXI and DBE.
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Drawdown Indicators
| FXI | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -72.68% | -86.69% | +14.01% |
Max Drawdown (1Y)Largest decline over 1 year | -22.94% | -24.72% | +1.78% |
Max Drawdown (3Y)Largest decline over 3 years | -25.28% | -24.72% | -0.56% |
Max Drawdown (5Y)Largest decline over 5 years | -49.88% | -38.74% | -11.14% |
Max Drawdown (10Y)Largest decline over 10 years | -60.81% | -60.84% | +0.03% |
Current DrawdownCurrent decline from peak | -25.24% | -37.92% | +12.68% |
Average DrawdownAverage peak-to-trough decline | -31.20% | -57.12% | +25.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.08% | 8.00% | +2.08% |
Volatility
FXI vs. DBE - Volatility Comparison
The current volatility for iShares China Large-Cap ETF (FXI) is 5.19%, while Invesco DB Energy Fund (DBE) has a volatility of 15.65%. This indicates that FXI 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
| FXI | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.19% | 15.65% | -10.46% |
Volatility (6M)Calculated over the trailing 6-month period | 14.26% | 33.76% | -19.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.17% | 37.85% | -17.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.44% | 30.19% | +1.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.60% | 28.63% | -1.03% |
FXI vs. DBE - Expense Ratio Comparison
FXI has a 0.74% expense ratio, which is lower than DBE's 0.78% expense ratio.
Dividends
FXI vs. DBE - Dividend Comparison
FXI's dividend yield for the trailing twelve months is around 1.88%, less than DBE's 2.36% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.36% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% | 0.00% | 0.00% | 0.00% |
FXI iShares China Large-Cap ETF | 1.88% | 2.42% | 1.76% | 3.17% | 2.61% | 1.60% | 2.19% | 2.74% | 2.69% | 2.31% | 2.69% | 2.90% |
Frequently Asked Questions
FXI and DBE have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBE has higher volatility (15.65%) compared to FXI (5.19%). In terms of maximum drawdown, FXI dropped -72.68% vs DBE's -86.69%.
On 10-year performance, DBE leads with 11.73% vs 2.48% for FXI. On fees, FXI is cheaper at 0.74% per year. On volatility, FXI has been the lower-risk option at 5.19%. 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 11.73% return vs 2.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FXI is cheaper with a 0.74% expense ratio, compared with 0.78% for DBE.
DBE has the higher dividend yield at 2.36%, compared with 1.88% for FXI.
FXI is categorized as China Equities, while DBE is Oil & Gas. FXI tracks FTSE China 50 Index, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.74% for FXI and 0.78% for DBE.
DBE currently has the higher Sharpe Ratio (1.53 vs -0.12), 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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