IEUR vs. DBE

Last updated Jun 3, 2026

IEUR (iShares Core MSCI Europe ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - IEUR is a Europe Equities fund tracking the MSCI Europe Investable Market Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 10 years, IEUR returned 9.28%/yr vs 11.78%/yr for DBE. At a 0.22 correlation, their price movements are largely independent. IEUR charges 0.09%/yr vs 0.78%/yr for DBE.

Performance

IEUR vs. DBE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core MSCI Europe ETF (IEUR) and Invesco DB Energy Fund (DBE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IEUR achieves a 6.92% return, which is significantly lower than DBE's 79.50% return. Over the past 10 years, IEUR has underperformed DBE with an annualized return of 9.28%, while DBE has yielded a comparatively higher 11.78% annualized return.

IEUR

• 1D: 0.45%
• 1M: 2.10%
• YTD: 6.92%
• 6M: 10.57%
• 1Y: 17.89%
• 3Y*: 16.56%
• 5Y*: 8.45%
• 10Y*: 9.28%

DBE

• 1D: 0.80%
• 1M: -3.65%
• YTD: 79.50%
• 6M: 72.59%
• 1Y: 82.31%
• 3Y*: 22.48%
• 5Y*: 19.20%
• 10Y*: 11.78%

*Multi-year figures are annualized to reflect compound growth (CAGR)

IEUR vs. DBE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IEUR iShares Core MSCI Europe ETF	6.92%	35.67%	1.40%	19.71%	-15.90%	16.71%	5.31%	24.95%	-14.86%	26.70%
DBE Invesco DB Energy Fund	79.50%	-2.17%	2.96%	-12.14%	33.77%	57.56%	-25.91%	19.72%	-12.95%	5.21%

Correlation

The correlation between IEUR and DBE is -0.42, 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	-0.42
Correlation (3Y) Calculated over the trailing 3-year period	-0.12
Correlation (5Y) Calculated over the trailing 5-year period	0.06
Correlation (10Y) Calculated over the trailing 10-year period	0.19
Correlation (All Time) Calculated using the full available price history since Jun 13, 2014	0.22

The correlation between IEUR and DBE shifts across timeframes, from -0.42 (1 year) to 0.22 (all time), reflecting how their relationship changes across market environments.

Return for Risk

IEUR vs. DBE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

IEUR

IEUR Risk / Return Rank: 33
IEUR Sharpe Ratio Rank: 32
IEUR Sortino Ratio Rank: 32
IEUR Omega Ratio Rank: 31
IEUR Calmar Ratio Rank: 32
IEUR Martin Ratio Rank: 38

DBE

DBE Risk / Return Rank: 71
DBE Sharpe Ratio Rank: 71
DBE Sortino Ratio Rank: 61
DBE Omega Ratio Rank: 64
DBE Calmar Ratio Rank: 92
DBE Martin Ratio Rank: 65

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.

IEUR vs. DBE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI Europe ETF (IEUR) 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.

	IEUR	DBE	Difference
Sharpe ratio Return per unit of total volatility	1.18	2.37	-1.19
Sortino ratio Return per unit of downside risk	1.73	2.91	-1.18
Omega ratio Gain probability vs. loss probability	1.21	1.39	-0.18
Calmar ratio Return relative to maximum drawdown	1.59	6.10	-4.51
Martin ratio Return relative to average drawdown	6.00	11.98	-5.98
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IEUR vs. DBE - Sharpe Ratio Comparison

The current IEUR Sharpe Ratio is 1.18, which is lower than the DBE Sharpe Ratio of 2.37. The chart below compares the historical Sharpe Ratios of IEUR 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.

Sharpe Ratios by Period

	IEUR	DBE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.18	2.37	-1.19
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.48	0.66	-0.18
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.50	0.42	+0.08
Sharpe Ratio (All Time) Calculated using the full available price history	0.36	0.09	+0.27

Drawdowns

IEUR vs. DBE - Drawdown Comparison

The maximum IEUR drawdown since its inception was -36.96%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for IEUR and DBE.

Drawdown Indicators

	IEUR	DBE	Difference
Max Drawdown Largest peak-to-trough decline	-36.96%	-86.69%	+49.73%
Max Drawdown (1Y) Largest decline over 1 year	-12.04%	-14.41%	+2.37%
Max Drawdown (3Y) Largest decline over 3 years	-14.25%	-23.89%	+9.64%
Max Drawdown (5Y) Largest decline over 5 years	-32.75%	-38.74%	+5.99%
Max Drawdown (10Y) Largest decline over 10 years	-36.96%	-60.84%	+23.88%
Current Drawdown Current decline from peak	-1.12%	-31.85%	+30.73%
Average Drawdown Average peak-to-trough decline	-8.23%	-57.31%	+49.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.20%	7.34%	-4.14%

Volatility

IEUR vs. DBE - Volatility Comparison

The current volatility for iShares Core MSCI Europe ETF (IEUR) is 5.80%, while Invesco DB Energy Fund (DBE) has a volatility of 13.47%. This indicates that IEUR 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.

Volatility by Period

	IEUR	DBE	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.80%	13.47%	-7.67%
Volatility (6M) Calculated over the trailing 6-month period	12.69%	30.80%	-18.11%
Volatility (1Y) Calculated over the trailing 1-year period	15.30%	35.02%	-19.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.72%	29.37%	-11.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.68%	28.33%	-9.65%

IEUR vs. DBE - Expense Ratio Comparison

IEUR has a 0.09% expense ratio, which is lower than DBE's 0.78% expense ratio.

Dividends

IEUR vs. DBE - Dividend Comparison

IEUR's dividend yield for the trailing twelve months is around 2.78%, more than DBE's 2.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DBE Invesco DB Energy Fund	2.15%	3.86%	6.32%	3.87%	0.75%	0.00%	0.00%	1.79%	1.67%	0.00%	0.00%	0.00%
IEUR iShares Core MSCI Europe ETF	2.78%	2.97%	3.54%	3.17%	3.05%	2.88%	2.13%	3.26%	3.76%	2.64%	3.19%	2.79%

Frequently Asked Questions

Can I hold both IEUR and DBE in my portfolio?

IEUR and DBE have a correlation of -0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IEUR or DBE?

DBE has higher volatility (13.47%) compared to IEUR (5.80%). In terms of maximum drawdown, IEUR dropped -36.96% vs DBE's -86.69%.

Which ETF is better, IEUR or DBE?

On 10-year performance, DBE leads with 11.78% vs 9.28% for IEUR. On fees, IEUR is cheaper at 0.09% per year. On volatility, IEUR has been the lower-risk option at 5.80%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IEUR or DBE?

Over the 10-year period, DBE has performed better with a 11.78% return vs 9.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IEUR or DBE?

IEUR is cheaper with a 0.09% expense ratio, compared with 0.78% for DBE.

Which ETF pays a higher dividend yield, IEUR or DBE?

IEUR has the higher dividend yield at 2.78%, compared with 2.15% for DBE.

What is the main difference between IEUR and DBE?

IEUR is categorized as Europe Equities, while DBE is Oil & Gas. IEUR tracks MSCI Europe Investable Market Index, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.09% for IEUR and 0.78% for DBE.

Which has better risk-adjusted returns?

DBE currently has the higher Sharpe Ratio (2.37 vs 1.18), 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.