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HDEF vs. DBE
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HDEF vs. DBE

Last updated Jun 4, 2026

HDEF (Xtrackers MSCI EAFE High Dividend Yield Equity ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - HDEF is a Foreign Large Cap Equities fund tracking the MSCI EAFE High Dividend Yield US Dollar Hedged Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 10 years, HDEF returned 8.59%/yr vs 12.03%/yr for DBE. At a 0.19 correlation, their price movements are largely independent. HDEF charges 0.20%/yr vs 0.78%/yr for DBE.

Performance

HDEF vs. DBE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers MSCI EAFE High Dividend Yield Equity ETF (HDEF) 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, HDEF achieves a 3.99% return, which is significantly lower than DBE's 83.68% return. Over the past 10 years, HDEF has underperformed DBE with an annualized return of 8.59%, while DBE has yielded a comparatively higher 12.03% annualized return.

HDEF

1D
-0.96%
1M
-1.35%
YTD
3.99%
6M
6.18%
1Y
15.90%
3Y*
16.39%
5Y*
9.83%
10Y*
8.59%

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)

HDEF vs. DBE - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
HDEF
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		3.99%33.01%2.85%18.53%-2.51%6.95%-1.90%25.02%-13.74%9.89%
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 HDEF and DBE is -0.26, 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

-0.26

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

-0.04

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

0.12

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

0.19

Correlation (All Time)
Calculated using the full available price history since Aug 19, 2015

0.19

The correlation between HDEF and DBE shifts across timeframes, from -0.26 (1 year) to 0.19 (10 years), 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.

Xtrackers MSCI EAFE High Dividend Yield Equity ETF

Invesco DB Energy Fund

Often compared with HDEF:
HDEF vs. VYMIHDEF vs. EFVHDEF vs. SCHYHDEF vs. SCHDHDEF vs. BBINHDEF vs. BKHYHDEF vs. SPDW
Often compared with DBE:
DBE vs. DBBDBE vs. XLEDBE vs. VDEDBE vs. COMTDBE vs. XLKDBE vs. GLDDBE vs. TIP

Return for Risk

HDEF vs. DBE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
HDEF
HDEF Risk / Return Rank: 3838
Overall Rank
HDEF Sharpe Ratio Rank: 3838
Sharpe Ratio Rank
HDEF Sortino Ratio Rank: 3737
Sortino Ratio Rank
HDEF Omega Ratio Rank: 3737
Omega Ratio Rank
HDEF Calmar Ratio Rank: 4040
Calmar Ratio Rank
HDEF Martin Ratio Rank: 3939
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.

HDEF vs. DBE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers MSCI EAFE High Dividend Yield Equity ETF (HDEF) 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.

HDEFDBEDifference

Sharpe ratio

Return per unit of total volatility

1.37

2.43

-1.06

Sortino ratio

Return per unit of downside risk

1.94

2.96

-1.02

Omega ratio

Gain probability vs. loss probability

1.25

1.40

-0.15

Calmar ratio

Return relative to maximum drawdown

1.99

5.89

-3.90

Martin ratio

Return relative to average drawdown

6.16

11.53

-5.37

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

HDEF vs. DBE - Sharpe Ratio Comparison

The current HDEF Sharpe Ratio is 1.37, which is lower than the DBE Sharpe Ratio of 2.43. The chart below compares the historical Sharpe Ratios of HDEF 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

HDEFDBEDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.37

2.43

-1.06

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.70

0.67

+0.03

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.53

0.43

+0.10

Sharpe Ratio (All Time)

Calculated using the full available price history

0.45

0.09

+0.35

Drawdowns

HDEF vs. DBE - Drawdown Comparison

The maximum HDEF drawdown since its inception was -36.43%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for HDEF and DBE.

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Drawdown Indicators

HDEFDBEDifference

Max Drawdown

Largest peak-to-trough decline

-36.43%

-86.69%

+50.26%

Max Drawdown (1Y)

Largest decline over 1 year

-8.03%

-14.41%

+6.38%

Max Drawdown (3Y)

Largest decline over 3 years

-11.15%

-23.89%

+12.74%

Max Drawdown (5Y)

Largest decline over 5 years

-23.63%

-38.74%

+15.11%

Max Drawdown (10Y)

Largest decline over 10 years

-36.43%

-60.84%

+24.41%

Current Drawdown

Current decline from peak

-5.69%

-30.27%

+24.58%

Average Drawdown

Average peak-to-trough decline

-5.04%

-57.31%

+52.27%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.59%

7.35%

-4.76%

Volatility

HDEF vs. DBE - Volatility Comparison

The current volatility for Xtrackers MSCI EAFE High Dividend Yield Equity ETF (HDEF) is 3.75%, while Invesco DB Energy Fund (DBE) has a volatility of 12.95%. This indicates that HDEF 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

HDEFDBEDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.75%

12.95%

-9.20%

Volatility (6M)

Calculated over the trailing 6-month period

9.20%

30.86%

-21.66%

Volatility (1Y)

Calculated over the trailing 1-year period

11.67%

34.97%

-23.30%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.14%

29.39%

-15.25%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.24%

28.33%

-12.09%

HDEF vs. DBE - Expense Ratio Comparison

HDEF has a 0.20% expense ratio, which is lower than DBE's 0.78% expense ratio.

Dividends

HDEF vs. DBE - Dividend Comparison

HDEF's dividend yield for the trailing twelve months is around 3.65%, more 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%
HDEF
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		3.65%3.88%4.53%4.38%5.41%4.76%3.93%4.20%3.55%3.38%9.53%1.87%

Frequently Asked Questions

HDEF and DBE have a correlation of -0.26, 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 HDEF (3.75%). In terms of maximum drawdown, HDEF dropped -36.43% vs DBE's -86.69%.

On 10-year performance, DBE leads with 12.03% vs 8.59% for HDEF. On fees, HDEF is cheaper at 0.20% per year. On volatility, HDEF has been the lower-risk option at 3.75%. 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 8.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

HDEF is cheaper with a 0.20% expense ratio, compared with 0.78% for DBE.

HDEF has the higher dividend yield at 3.65%, compared with 2.10% for DBE.

HDEF is categorized as Foreign Large Cap Equities, while DBE is Oil & Gas. HDEF tracks MSCI EAFE High Dividend Yield US Dollar Hedged Index, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: Deutsche Bank and Invesco. Their fees differ too: 0.20% for HDEF and 0.78% for DBE.

DBE currently has the higher Sharpe Ratio (2.43 vs 1.37), 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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