INDY vs. DBE
INDY (iShares India 50 ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - INDY is a Asia Pacific Equities fund tracking the S&P CNX Nifty Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 10 years, INDY returned 6.14%/yr vs 12.03%/yr for DBE. At a 0.22 correlation, their price movements are largely independent. INDY charges 0.94%/yr vs 0.78%/yr for DBE.
Performance
INDY vs. DBE - Performance Comparison
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Returns By Period
In the year-to-date period, INDY achieves a -15.38% return, which is significantly lower than DBE's 83.68% return. Over the past 10 years, INDY has underperformed DBE with an annualized return of 6.14%, while DBE has yielded a comparatively higher 12.03% annualized return.
INDY
- 1D
- -1.35%
- 1M
- -3.23%
- YTD
- -15.38%
- 6M
- -14.03%
- 1Y
- -14.69%
- 3Y*
- 1.39%
- 5Y*
- 1.15%
- 10Y*
- 6.14%
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%
INDY vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
INDY iShares India 50 ETF | -15.38% | 4.97% | 3.47% | 16.88% | -7.31% | 19.43% | 10.01% | 9.99% | -4.32% | 36.15% |
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 INDY and DBE is -0.33, 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 | -0.33 |
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 Nov 23, 2009 | 0.22 |
The correlation between INDY and DBE shifts across timeframes, from -0.33 (1 year) to 0.22 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
INDY vs. DBE — Risk / Return Rank
INDY
DBE
INDY vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares India 50 ETF (INDY) 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.
| INDY | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.47 | ||
| Sortino ratioReturn per unit of downside risk | -4.44 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.40 | -0.57 |
| Calmar ratioReturn relative to maximum drawdown | -0.78 | 5.89 | -6.67 |
| Martin ratioReturn relative to average drawdown | -1.78 | 11.53 | -13.31 |
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
| INDY | DBE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.04 | 2.43 | -3.47 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.08 | 0.67 | -0.60 |
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 | 0.21 | 0.09 | +0.12 |
Drawdowns
INDY vs. DBE - Drawdown Comparison
The maximum INDY drawdown since its inception was -44.74%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for INDY and DBE.
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Drawdown Indicators
| INDY | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -44.74% | -86.69% | +41.95% |
Max Drawdown (1Y)Largest decline over 1 year | -18.95% | -14.41% | -4.54% |
Max Drawdown (3Y)Largest decline over 3 years | -22.40% | -23.89% | +1.49% |
Max Drawdown (5Y)Largest decline over 5 years | -22.40% | -38.74% | +16.34% |
Max Drawdown (10Y)Largest decline over 10 years | -43.50% | -60.84% | +17.34% |
Current DrawdownCurrent decline from peak | -21.00% | -30.27% | +9.27% |
Average DrawdownAverage peak-to-trough decline | -12.22% | -57.31% | +45.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.25% | 7.35% | +0.90% |
Volatility
INDY vs. DBE - Volatility Comparison
The current volatility for iShares India 50 ETF (INDY) is 4.79%, while Invesco DB Energy Fund (DBE) has a volatility of 12.95%. This indicates that INDY 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
| INDY | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.79% | 12.95% | -8.16% |
Volatility (6M)Calculated over the trailing 6-month period | 12.25% | 30.86% | -18.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.18% | 34.97% | -20.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.94% | 29.39% | -14.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.58% | 28.33% | -8.75% |
INDY vs. DBE - Expense Ratio Comparison
INDY has a 0.94% expense ratio, which is higher than DBE's 0.78% expense ratio.
Dividends
INDY vs. DBE - Dividend Comparison
INDY's dividend yield for the trailing twelve months is around 9.58%, more than DBE's 2.10% yield.
| 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% |
INDY iShares India 50 ETF | 9.58% | 8.11% | 0.24% | 0.38% | 3.75% | 7.12% | 0.08% | 0.58% | 0.55% | 0.27% | 0.48% | 0.57% |
Frequently Asked Questions
INDY and DBE have a correlation of -0.33, 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 INDY (4.79%). In terms of maximum drawdown, INDY dropped -44.74% vs DBE's -86.69%.
On 10-year performance, DBE leads with 12.03% vs 6.14% for INDY. On fees, DBE is cheaper at 0.78% per year. On volatility, INDY has been the lower-risk option at 4.79%. 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 6.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DBE is cheaper with a 0.78% expense ratio, compared with 0.94% for INDY.
INDY has the higher dividend yield at 9.58%, compared with 2.10% for DBE.
INDY is categorized as Asia Pacific Equities, while DBE is Oil & Gas. INDY tracks S&P CNX Nifty Index, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.94% for INDY and 0.78% for DBE.
DBE currently has the higher Sharpe Ratio (2.43 vs -1.04), 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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