INDA vs. DBE
INDA (iShares MSCI India ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - INDA is a India Equities fund tracking the MSCI India Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 10 years, INDA returned 6.56%/yr vs 13.17%/yr for DBE. Their 0.15 correlation means their historical movements had little consistent relationship. INDA charges 0.69%/yr vs 0.78%/yr for DBE.
Performance
INDA vs. DBE - Performance Comparison
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Returns By Period
In the year-to-date period, INDA achieves a -7.86% return, which is significantly lower than DBE's 78.87% return. Over the past 10 years, INDA has underperformed DBE with an annualized return of 6.56%, while DBE has yielded a comparatively higher 13.17% annualized return.
INDA
- 1D
- 0.20%
- 1M
- 0.48%
- 6M
- -3.75%
- YTD
- -7.86%
- 1Y
- -5.54%
- 3Y*
- 4.09%
- 5Y*
- 3.65%
- 10Y*
- 6.56%
- ALL TIME*
- 5.44%
DBE
- 1D
- 1.13%
- 1M
- 21.13%
- 6M
- 53.89%
- YTD
- 78.87%
- 1Y
- 68.62%
- 3Y*
- 17.16%
- 5Y*
- 17.73%
- 10Y*
- 13.17%
- ALL TIME*
- 2.52%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.24M | $1.18M | $1.76M | |
| $354.20M | $298.51M | $312.64M |
INDA vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
INDA iShares MSCI India ETF | -7.86% | 2.68% | 8.63% | 17.16% | -8.94% | 21.36% | 14.83% | 6.49% | -6.67% | 36.08% |
DBE Invesco DB Energy Fund | 78.87% | -2.17% | 2.96% | -12.14% | 33.77% | 57.56% | -25.91% | 19.72% | -12.95% | 5.21% |
Correlation
The correlation between INDA and DBE is -0.42, 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. | -0.42 |
Correlation (3Y) Balances recent behavior with more history. | -0.15 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.00 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.10 |
Correlation (All Time) Calculated using the full available price history since Feb 3, 2012 | 0.15 |
The correlation between INDA and DBE shifts across timeframes, from -0.42 (1 year) to 0.15 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
INDA vs. DBE — Risk / Return Rank
INDA
DBE
INDA vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI India ETF (INDA) 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.
| INDA | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.07 | ||
| Sortino ratioReturn per unit of downside risk | -2.73 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.29 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | -0.30 | 2.59 | -2.90 |
| Martin ratioReturn relative to average drawdown | -0.66 | 8.14 | -8.80 |
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Drawdowns
INDA vs. DBE - Drawdown Comparison
The maximum INDA drawdown since its inception was -45.07%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for INDA and DBE.
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Drawdown Indicators
| INDA | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.07% | -86.69% | +41.62% |
Max Drawdown (1Y)Largest decline over 1 year | -17.85% | -24.72% | +6.87% |
Max Drawdown (3Y)Largest decline over 3 years | -22.72% | -24.72% | +2.00% |
Max Drawdown (5Y)Largest decline over 5 years | -22.72% | -38.74% | +16.02% |
Max Drawdown (10Y)Largest decline over 10 years | -45.07% | -60.84% | +15.77% |
Current DrawdownCurrent decline from peak | -15.27% | -32.09% | +16.82% |
Average DrawdownAverage peak-to-trough decline | -9.65% | -57.13% | +47.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.16% | 8.15% | +0.01% |
Volatility
INDA vs. DBE - Volatility Comparison
The current volatility for iShares MSCI India ETF (INDA) is 4.11%, while Invesco DB Energy Fund (DBE) has a volatility of 14.12%. This indicates that INDA 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
| INDA | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.11% | 14.12% | -10.01% |
Volatility (6M)Calculated over the trailing 6-month period | 13.19% | 33.95% | -20.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.11% | 37.47% | -22.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.50% | 30.09% | -14.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.07% | 28.58% | -7.51% |
INDA vs. DBE - Expense Ratio Comparison
INDA has a 0.69% expense ratio, which is lower than DBE's 0.78% expense ratio.
Dividends
INDA vs. DBE - Dividend Comparison
INDA has not paid dividends to shareholders, while DBE's dividend yield for the trailing twelve months is around 2.16%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.16% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% | 0.00% | 0.00% | 0.00% |
INDA iShares MSCI India ETF | 0.00% | 0.00% | 0.76% | 0.16% | 0.00% | 6.44% | 0.27% | 0.99% | 0.94% | 1.09% | 0.90% | 1.19% |
Frequently Asked Questions
INDA 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.
DBE has higher volatility (14.12%) compared to INDA (4.11%). In terms of maximum drawdown, INDA dropped -45.07% vs DBE's -86.69%.
On 10-year performance, DBE leads with 13.17% vs 6.56% for INDA. On fees, INDA is cheaper at 0.69% per year. On volatility, INDA has been the lower-risk option at 4.11%. 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 13.17% return vs 6.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
INDA is cheaper with a 0.69% expense ratio, compared with 0.78% for DBE.
DBE has the higher dividend yield at 2.16%, compared with 0.00% for INDA.
INDA is categorized as India Equities, while DBE is Oil & Gas. INDA tracks MSCI India Index, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.69% for INDA and 0.78% for DBE.
DBE currently has the higher Sharpe Ratio (1.71 vs -0.36), 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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