INDA vs. DBE
INDA (iShares MSCI India ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - INDA is a Asia Pacific 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 12.03%/yr for DBE. At a 0.16 correlation, their price movements are largely independent. 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 -12.38% return, which is significantly lower than DBE's 83.68% return. Over the past 10 years, INDA has underperformed DBE with an annualized return of 6.56%, while DBE has yielded a comparatively higher 12.03% annualized return.
INDA
- 1D
- -1.39%
- 1M
- -2.61%
- YTD
- -12.38%
- 6M
- -11.33%
- 1Y
- -12.23%
- 3Y*
- 4.17%
- 5Y*
- 2.32%
- 10Y*
- 6.56%
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%
INDA vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
INDA iShares MSCI India ETF | -12.38% | 2.68% | 8.63% | 17.16% | -8.94% | 21.36% | 14.83% | 6.49% | -6.67% | 36.08% |
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 INDA and DBE is -0.34, 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 | -0.34 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.09 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.04 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.12 |
Correlation (All Time) Calculated using the full available price history since Feb 6, 2012 | 0.16 |
The correlation between INDA and DBE shifts across timeframes, from -0.34 (1 year) to 0.16 (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.
| INDA | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.27 | ||
| Sortino ratioReturn per unit of downside risk | -4.11 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 1.40 | -0.53 |
| Calmar ratioReturn relative to maximum drawdown | -0.66 | 5.89 | -6.55 |
| Martin ratioReturn relative to average drawdown | -1.59 | 11.53 | -13.12 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| INDA | DBE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.84 | 2.43 | -3.27 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.15 | 0.67 | -0.52 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.31 | 0.43 | -0.11 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.23 | 0.09 | +0.14 |
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 | -18.69% | -14.41% | -4.28% |
Max Drawdown (3Y)Largest decline over 3 years | -22.72% | -23.89% | +1.17% |
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 | -19.42% | -30.27% | +10.85% |
Average DrawdownAverage peak-to-trough decline | -9.57% | -57.31% | +47.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.71% | 7.35% | +0.36% |
Volatility
INDA vs. DBE - Volatility Comparison
The current volatility for iShares MSCI India ETF (INDA) is 5.26%, while Invesco DB Energy Fund (DBE) has a volatility of 12.95%. 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 | 5.26% | 12.95% | -7.69% |
Volatility (6M)Calculated over the trailing 6-month period | 12.66% | 30.86% | -18.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.67% | 34.97% | -20.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.37% | 29.39% | -14.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.12% | 28.33% | -7.21% |
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 2.10%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
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 -0.34, 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 INDA (5.26%). In terms of maximum drawdown, INDA dropped -45.07% vs DBE's -86.69%.
On 10-year performance, DBE leads with 12.03% 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 5.26%. 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 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 2.10%, compared with 0.00% for INDA.
INDA is categorized as Asia Pacific 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 (2.43 vs -0.84), 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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