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HYG vs. DBE
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HYG vs. DBE

Last updated Jun 4, 2026

HYG (iShares iBoxx $ High Yield Corporate Bond ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - HYG is a High Yield Bonds fund tracking the iBoxx $ Liquid High Yield Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 10 years, HYG returned 4.94%/yr vs 12.03%/yr for DBE. At a 0.27 correlation, their price movements are largely independent. HYG charges 0.49%/yr vs 0.78%/yr for DBE.

Performance

HYG vs. DBE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares iBoxx $ High Yield Corporate Bond ETF (HYG) 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, HYG achieves a 1.32% return, which is significantly lower than DBE's 83.68% return. Over the past 10 years, HYG has underperformed DBE with an annualized return of 4.94%, while DBE has yielded a comparatively higher 12.03% annualized return.

HYG

1D
-0.28%
1M
0.36%
YTD
1.32%
6M
1.73%
1Y
6.51%
3Y*
8.48%
5Y*
3.77%
10Y*
4.94%

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)

HYG vs. DBE - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
HYG
iShares iBoxx $ High Yield Corporate Bond ETF		1.32%8.59%7.97%11.54%-10.98%3.76%4.47%14.09%-2.02%6.07%
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 HYG and DBE is -0.36, 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

-0.36

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

-0.08

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

0.06

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

0.20

Correlation (All Time)
Calculated using the full available price history since Apr 12, 2007

0.27

The correlation between HYG and DBE shifts across timeframes, from -0.36 (1 year) to 0.27 (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.

iShares iBoxx $ High Yield Corporate Bond ETF

Invesco DB Energy Fund

Often compared with HYG:
HYG vs. LQDHYG vs. JNKHYG vs. SPHYHYG vs. AGGHYG vs. USHYHYG vs. HYGHHYG vs. SHYG
Often compared with DBE:
DBE vs. DBBDBE vs. XLEDBE vs. VDEDBE vs. COMTDBE vs. XLKDBE vs. GLDDBE vs. TIP

Return for Risk

HYG vs. DBE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
HYG
HYG Risk / Return Rank: 5555
Overall Rank
HYG Sharpe Ratio Rank: 4949
Sharpe Ratio Rank
HYG Sortino Ratio Rank: 5252
Sortino Ratio Rank
HYG Omega Ratio Rank: 5252
Omega Ratio Rank
HYG Calmar Ratio Rank: 5555
Calmar Ratio Rank
HYG Martin Ratio Rank: 6666
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.

HYG vs. DBE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares iBoxx $ High Yield Corporate Bond ETF (HYG) 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.

HYGDBEDifference

Sharpe ratio

Return per unit of total volatility

1.72

2.43

-0.71

Sortino ratio

Return per unit of downside risk

2.59

2.96

-0.36

Omega ratio

Gain probability vs. loss probability

1.33

1.40

-0.07

Calmar ratio

Return relative to maximum drawdown

2.79

5.89

-3.10

Martin ratio

Return relative to average drawdown

12.34

11.53

+0.81

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

HYG vs. DBE - Sharpe Ratio Comparison

The current HYG Sharpe Ratio is 1.72, which is comparable to the DBE Sharpe Ratio of 2.43. The chart below compares the historical Sharpe Ratios of HYG 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

HYGDBEDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.72

2.43

-0.71

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.50

0.67

-0.17

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.60

0.43

+0.17

Sharpe Ratio (All Time)

Calculated using the full available price history

0.46

0.09

+0.36

Drawdowns

HYG vs. DBE - Drawdown Comparison

The maximum HYG drawdown since its inception was -34.25%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for HYG and DBE.

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Drawdown Indicators

HYGDBEDifference

Max Drawdown

Largest peak-to-trough decline

-34.25%

-86.69%

+52.44%

Max Drawdown (1Y)

Largest decline over 1 year

-2.34%

-14.41%

+12.07%

Max Drawdown (3Y)

Largest decline over 3 years

-4.56%

-23.89%

+19.33%

Max Drawdown (5Y)

Largest decline over 5 years

-15.79%

-38.74%

+22.95%

Max Drawdown (10Y)

Largest decline over 10 years

-22.03%

-60.84%

+38.81%

Current Drawdown

Current decline from peak

-0.28%

-30.27%

+29.99%

Average Drawdown

Average peak-to-trough decline

-3.24%

-57.31%

+54.07%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.53%

7.35%

-6.82%

Volatility

HYG vs. DBE - Volatility Comparison

The current volatility for iShares iBoxx $ High Yield Corporate Bond ETF (HYG) is 1.21%, while Invesco DB Energy Fund (DBE) has a volatility of 12.95%. This indicates that HYG 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

HYGDBEDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.21%

12.95%

-11.74%

Volatility (6M)

Calculated over the trailing 6-month period

3.01%

30.86%

-27.85%

Volatility (1Y)

Calculated over the trailing 1-year period

3.81%

34.97%

-31.16%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

7.53%

29.39%

-21.86%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

8.29%

28.33%

-20.04%

HYG vs. DBE - Expense Ratio Comparison

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

Dividends

HYG vs. DBE - Dividend Comparison

HYG's dividend yield for the trailing twelve months is around 5.92%, 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%
HYG
iShares iBoxx $ High Yield Corporate Bond ETF		5.92%5.71%6.01%5.74%5.30%4.02%4.88%4.99%5.54%5.12%5.27%5.90%

Frequently Asked Questions

HYG and DBE have a correlation of -0.36, 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 HYG (1.21%). In terms of maximum drawdown, HYG dropped -34.25% vs DBE's -86.69%.

On 10-year performance, DBE leads with 12.03% vs 4.94% for HYG. On fees, HYG is cheaper at 0.49% per year. On volatility, HYG has been the lower-risk option at 1.21%. 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 4.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

HYG has the higher dividend yield at 5.92%, compared with 2.10% for DBE.

HYG is categorized as High Yield Bonds, while DBE is Oil & Gas. HYG tracks iBoxx $ Liquid High Yield Index, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.49% for HYG and 0.78% for DBE.

DBE currently has the higher Sharpe Ratio (2.43 vs 1.72), 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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