HWAY vs. DBE
HWAY (Themes US Infrastructure ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - HWAY is a Infrastructure Equities fund tracking the Solactive United States Infrastructure Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past year, HWAY returned 32.92% vs 61.44% for DBE. Their -0.08 correlation means they have often moved in opposite directions in the past. HWAY charges 0.29%/yr vs 0.78%/yr for DBE.
Performance
HWAY vs. DBE - Performance Comparison
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Returns By Period
In the year-to-date period, HWAY achieves a 22.94% return, which is significantly lower than DBE's 71.26% return.
HWAY
- 1D
- 0.00%
- 1M
- -0.03%
- 6M
- 12.94%
- YTD
- 22.94%
- 1Y
- 32.92%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 25.86%
DBE
- 1D
- -4.26%
- 1M
- 15.98%
- 6M
- 57.84%
- YTD
- 71.26%
- 1Y
- 61.44%
- 3Y*
- 15.22%
- 5Y*
- 17.82%
- 10Y*
- 12.24%
- ALL TIME*
- 2.29%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.27M | $1.08M | $1.67M | |
| $22.82K | $23.54K | $29.88K |
HWAY vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
HWAY Themes US Infrastructure ETF | 22.94% | 19.99% | 4.42% |
DBE Invesco DB Energy Fund | 71.26% | -2.17% | 10.01% |
Correlation
The correlation between HWAY and DBE is -0.22, 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. | -0.22 |
Correlation (All Time) Calculated using the full available price history since Sep 12, 2024 | -0.08 |
The correlation between HWAY and DBE shifts across timeframes, from -0.22 (1 year) to -0.08 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
HWAY vs. DBE — Risk / Return Rank
HWAY
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
DBE
HWAY vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Themes US Infrastructure ETF (HWAY) 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.
| HWAY | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.19 | ||
| Sortino ratioReturn per unit of downside risk | -0.12 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.28 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.36 | 2.50 | -0.14 |
| Martin ratioReturn relative to average drawdown | 7.98 | 7.82 | +0.17 |
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Drawdowns
HWAY vs. DBE - Drawdown Comparison
The maximum HWAY drawdown since its inception was -25.96%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for HWAY and DBE.
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Drawdown Indicators
| HWAY | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.96% | -86.69% | +60.73% |
Max Drawdown (1Y)Largest decline over 1 year | -12.63% | -24.72% | +12.09% |
Max Drawdown (3Y)Largest decline over 3 years | — | -24.72% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -38.74% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -60.84% | — |
Current DrawdownCurrent decline from peak | -4.57% | -34.98% | +30.41% |
Average DrawdownAverage peak-to-trough decline | -5.20% | -57.13% | +51.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.73% | 7.90% | -4.17% |
Volatility
HWAY vs. DBE - Volatility Comparison
The current volatility for Themes US Infrastructure ETF (HWAY) is 4.71%, while Invesco DB Energy Fund (DBE) has a volatility of 15.07%. This indicates that HWAY 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
| HWAY | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.71% | 15.07% | -10.36% |
Volatility (6M)Calculated over the trailing 6-month period | 16.68% | 34.26% | -17.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.52% | 37.66% | -17.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.22% | 30.15% | -7.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.22% | 28.60% | -6.38% |
HWAY vs. DBE - Expense Ratio Comparison
HWAY has a 0.29% expense ratio, which is lower than DBE's 0.78% expense ratio.
Dividends
HWAY vs. DBE - Dividend Comparison
HWAY has not paid dividends to shareholders, while DBE's dividend yield for the trailing twelve months is around 2.26%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.26% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% |
HWAY Themes US Infrastructure ETF | 1.05% | 1.29% | 0.22% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
HWAY 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 (15.07%) compared to HWAY (4.71%). In terms of maximum drawdown, HWAY dropped -25.96% vs DBE's -86.69%.
On 1-year performance, DBE leads with 61.44% vs 32.92% for HWAY. On fees, HWAY is cheaper at 0.29% per year. On volatility, HWAY has been the lower-risk option at 4.71%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, DBE has performed better with a 61.44% return vs 32.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HWAY is cheaper with a 0.29% expense ratio, compared with 0.78% for DBE.
DBE has the higher dividend yield at 2.26%, compared with 1.05% for HWAY.
HWAY is categorized as Infrastructure Equities, while DBE is Oil & Gas. HWAY tracks Solactive United States Infrastructure Index, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: Themes and Invesco. Their fees differ too: 0.29% for HWAY and 0.78% for DBE.
DBE currently has the higher Sharpe Ratio (1.64 vs 1.45), 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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