IBMR vs. DBE
IBMR (iShares iBonds Dec 2029 Term Muni Bond ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - IBMR is a Municipal Bonds fund tracking the S&P AMT-Free Municipal Series Callable-Adjusted 2029 Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 3 years, IBMR returned 3.21%/yr vs 17.13%/yr for DBE. At a correlation of -0.11, they often move in opposite directions. IBMR charges 0.18%/yr vs 0.78%/yr for DBE.
Performance
IBMR vs. DBE - Performance Comparison
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Returns By Period
In the year-to-date period, IBMR achieves a 0.84% return, which is significantly lower than DBE's 66.08% return.
IBMR
- 1D
- -0.08%
- 1M
- 0.13%
- 6M
- 0.35%
- YTD
- 0.84%
- 1Y
- 2.90%
- 3Y*
- 3.21%
- 5Y*
- —
- 10Y*
- —
DBE
- 1D
- 6.87%
- 1M
- -1.18%
- 6M
- 62.18%
- YTD
- 66.08%
- 1Y
- 53.22%
- 3Y*
- 17.13%
- 5Y*
- 16.54%
- 10Y*
- 11.15%
IBMR vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
IBMR iShares iBonds Dec 2029 Term Muni Bond ETF | 0.84% | 4.45% | 0.06% | 3.46% |
DBE Invesco DB Energy Fund | 66.08% | -2.17% | 2.96% | 1.29% |
Correlation
The correlation between IBMR and DBE is -0.21, 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 | -0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.11 |
Correlation (All Time) Calculated using the full available price history since May 11, 2023 | -0.11 |
The correlation between IBMR and DBE shifts across timeframes, from -0.21 (1 year) to -0.11 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
IBMR vs. DBE — Risk / Return Rank
IBMR
DBE
IBMR vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2029 Term Muni Bond ETF (IBMR) 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.
| IBMR | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.18 | ||
| Sortino ratioReturn per unit of downside risk | +0.34 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.26 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.88 | 2.16 | -0.29 |
| Martin ratioReturn relative to average drawdown | 4.74 | 6.57 | -1.83 |
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Drawdowns
IBMR vs. DBE - Drawdown Comparison
The maximum IBMR drawdown since its inception was -4.83%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for IBMR and DBE.
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Drawdown Indicators
| IBMR | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.83% | -86.69% | +81.86% |
Max Drawdown (1Y)Largest decline over 1 year | -1.55% | -24.72% | +23.17% |
Max Drawdown (3Y)Largest decline over 3 years | -4.72% | -24.72% | +20.00% |
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 | -0.55% | -36.95% | +36.40% |
Average DrawdownAverage peak-to-trough decline | -1.00% | -57.20% | +56.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.61% | 8.13% | -7.52% |
Volatility
IBMR vs. DBE - Volatility Comparison
The current volatility for iShares iBonds Dec 2029 Term Muni Bond ETF (IBMR) is 0.27%, while Invesco DB Energy Fund (DBE) has a volatility of 12.49%. This indicates that IBMR 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
| IBMR | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.27% | 12.49% | -12.22% |
Volatility (6M)Calculated over the trailing 6-month period | 1.09% | 32.73% | -31.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.75% | 36.03% | -34.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.02% | 29.89% | -26.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.02% | 28.40% | -25.38% |
IBMR vs. DBE - Expense Ratio Comparison
IBMR has a 0.18% expense ratio, which is lower than DBE's 0.78% expense ratio.
Dividends
IBMR vs. DBE - Dividend Comparison
IBMR's dividend yield for the trailing twelve months is around 2.54%, more than DBE's 2.33% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.33% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% |
IBMR iShares iBonds Dec 2029 Term Muni Bond ETF | 2.54% | 2.55% | 2.53% | 1.27% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
IBMR and DBE have a correlation of -0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBE has higher volatility (12.49%) compared to IBMR (0.27%). In terms of maximum drawdown, IBMR dropped -4.83% vs DBE's -86.69%.
On 3-year performance, DBE leads with 17.13% vs 3.21% for IBMR. On fees, IBMR is cheaper at 0.18% per year. On volatility, IBMR has been the lower-risk option at 0.27%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, DBE has performed better with a 17.13% return vs 3.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBMR is cheaper with a 0.18% expense ratio, compared with 0.78% for DBE.
IBMR has the higher dividend yield at 2.54%, compared with 2.33% for DBE.
IBMR is categorized as Municipal Bonds, while DBE is Oil & Gas. IBMR tracks S&P AMT-Free Municipal Series Callable-Adjusted 2029 Index, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.18% for IBMR and 0.78% for DBE.
IBMR currently has the higher Sharpe Ratio (1.67 vs 1.49), 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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