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GMF vs. DBE
Performance
Return for Risk
Drawdowns
Volatility
Dividends

GMF vs. DBE

Last updated Jun 5, 2026

GMF (SPDR S&P Emerging Asia Pacific ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - GMF is a Asia Pacific Equities fund tracking the S&P Asia Pacific Emerging BMI Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 10 years, GMF returned 10.11%/yr vs 11.58%/yr for DBE. At a 0.28 correlation, their price movements are largely independent. GMF charges 0.49%/yr vs 0.78%/yr for DBE.

Performance

GMF vs. DBE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Emerging Asia Pacific ETF (GMF) 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, GMF achieves a 13.96% return, which is significantly lower than DBE's 79.04% return. Over the past 10 years, GMF has underperformed DBE with an annualized return of 10.11%, while DBE has yielded a comparatively higher 11.58% annualized return.

GMF

1D
0.29%
1M
4.32%
YTD
13.96%
6M
14.78%
1Y
31.46%
3Y*
19.48%
5Y*
5.49%
10Y*
10.11%

DBE

1D
-2.52%
1M
-6.01%
YTD
79.04%
6M
69.31%
1Y
81.31%
3Y*
22.41%
5Y*
19.05%
10Y*
11.58%
*Multi-year figures are annualized to reflect compound growth (CAGR)

GMF vs. DBE - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
GMF
SPDR S&P Emerging Asia Pacific ETF		13.96%21.99%16.55%8.20%-18.99%-1.93%24.96%19.92%-14.25%41.71%
DBE
Invesco DB Energy Fund		79.04%-2.17%2.96%-12.14%33.77%57.56%-25.91%19.72%-12.95%5.21%

Correlation

The correlation between GMF and DBE is -0.32, 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

-0.32

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

-0.01

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

0.09

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

0.19

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

0.28

The correlation between GMF and DBE shifts across timeframes, from -0.32 (1 year) to 0.28 (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.

SPDR S&P Emerging Asia Pacific ETF

Invesco DB Energy Fund

Often compared with GMF:
GMF vs. EEMAGMF vs. AIAGMF vs. SPEUGMF vs. BBAXGMF vs. MGKGMF vs. IEMGGMF vs. INCO
Often compared with DBE:
DBE vs. DBBDBE vs. XLEDBE vs. VDEDBE vs. XLKDBE vs. COMTDBE vs. GLDDBE vs. TIP

Return for Risk

GMF vs. DBE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
GMF
GMF Risk / Return Rank: 5656
Overall Rank
GMF Sharpe Ratio Rank: 5757
Sharpe Ratio Rank
GMF Sortino Ratio Rank: 5858
Sortino Ratio Rank
GMF Omega Ratio Rank: 5757
Omega Ratio Rank
GMF Calmar Ratio Rank: 5151
Calmar Ratio Rank
GMF Martin Ratio Rank: 5555
Martin Ratio Rank
DBE
DBE Risk / Return Rank: 7171
Overall Rank
DBE Sharpe Ratio Rank: 7373
Sharpe Ratio Rank
DBE Sortino Ratio Rank: 6262
Sortino Ratio Rank
DBE Omega Ratio Rank: 6565
Omega Ratio Rank
DBE Calmar Ratio Rank: 9191
Calmar Ratio Rank
DBE Martin Ratio Rank: 6262
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.

GMF vs. DBE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Emerging Asia Pacific ETF (GMF) 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.

GMFDBEDifference
Sharpe ratioReturn per unit of total volatility
1.92
2.33

-0.41

Sortino ratioReturn per unit of downside risk
2.72
2.87

-0.15

Omega ratioGain probability vs. loss probability

1.35

1.39

-0.04

Calmar ratioReturn relative to maximum drawdown

2.50

5.67

-3.17

Martin ratioReturn relative to average drawdown

9.27

11.08

-1.80

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

GMF vs. DBE - Sharpe Ratio Comparison

The current GMF Sharpe Ratio is 1.92, which is comparable to the DBE Sharpe Ratio of 2.33. The chart below compares the historical Sharpe Ratios of GMF 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

GMFDBEDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.92

2.33

-0.41

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.30

0.65

-0.35

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.53

0.41

+0.12

Sharpe Ratio (All Time)

Calculated using the full available price history

0.30

0.09

+0.21

Drawdowns

GMF vs. DBE - Drawdown Comparison

The maximum GMF drawdown since its inception was -67.18%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for GMF and DBE.

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Drawdown Indicators

GMFDBEDifference

Max Drawdown

Largest peak-to-trough decline

-67.18%

-86.69%

+19.51%

Max Drawdown (1Y)

Largest decline over 1 year

-12.62%

-14.41%

+1.79%

Max Drawdown (3Y)

Largest decline over 3 years

-21.43%

-23.89%

+2.46%

Max Drawdown (5Y)

Largest decline over 5 years

-35.76%

-38.74%

+2.98%

Max Drawdown (10Y)

Largest decline over 10 years

-40.18%

-60.84%

+20.66%

Current Drawdown

Current decline from peak

-1.01%

-32.03%

+31.02%

Average Drawdown

Average peak-to-trough decline

-16.59%

-57.30%

+40.71%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.40%

7.37%

-3.97%

Volatility

GMF vs. DBE - Volatility Comparison

The current volatility for SPDR S&P Emerging Asia Pacific ETF (GMF) is 6.11%, while Invesco DB Energy Fund (DBE) has a volatility of 13.05%. This indicates that GMF 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

GMFDBEDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.11%

13.05%

-6.94%

Volatility (6M)

Calculated over the trailing 6-month period

13.65%

30.97%

-17.32%

Volatility (1Y)

Calculated over the trailing 1-year period

16.50%

35.07%

-18.57%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.52%

29.41%

-10.89%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.19%

28.34%

-9.15%

GMF vs. DBE - Expense Ratio Comparison

GMF has a 0.49% expense ratio, which is lower than DBE's 0.78% expense ratio.

Dividends

GMF vs. DBE - Dividend Comparison

GMF's dividend yield for the trailing twelve months is around 1.31%, less than DBE's 2.16% yield.

PositionTTM20252024202320222021202020192018201720162015
DBE
Invesco DB Energy Fund		2.16%3.86%6.32%3.87%0.75%0.00%0.00%1.79%1.67%0.00%0.00%0.00%
GMF
SPDR S&P Emerging Asia Pacific ETF		1.31%1.49%1.92%2.75%2.54%2.71%1.32%1.75%2.26%1.70%2.49%3.76%

Frequently Asked Questions

GMF and DBE have a correlation of -0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

DBE has higher volatility (13.05%) compared to GMF (6.11%). In terms of maximum drawdown, GMF dropped -67.18% vs DBE's -86.69%.

On 10-year performance, DBE leads with 11.58% vs 10.11% for GMF. On fees, GMF is cheaper at 0.49% per year. On volatility, GMF has been the lower-risk option at 6.11%. 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 11.58% return vs 10.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

GMF is cheaper with a 0.49% expense ratio, compared with 0.78% for DBE.

DBE has the higher dividend yield at 2.16%, compared with 1.31% for GMF.

GMF is categorized as Asia Pacific Equities, while DBE is Oil & Gas. GMF tracks S&P Asia Pacific Emerging BMI Index, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.49% for GMF and 0.78% for DBE.

DBE currently has the higher Sharpe Ratio (2.33 vs 1.92), 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.

Portfolio Optimizer

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