ION vs. DBE
ION (Proshares S&P Global Core Battery Metals ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - ION is a Energy Equities fund tracking the S&P Global Core Battery Metals Index - Benchmark TR Net, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 3 years, ION returned 18.91%/yr vs 23.42%/yr for DBE. At a 0.12 correlation, their price movements are largely independent. ION charges 0.58%/yr vs 0.78%/yr for DBE.
Performance
ION vs. DBE - Performance Comparison
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Returns By Period
In the year-to-date period, ION achieves a 14.02% return, which is significantly lower than DBE's 83.68% return.
ION
- 1D
- -3.20%
- 1M
- -9.27%
- YTD
- 14.02%
- 6M
- 27.44%
- 1Y
- 123.41%
- 3Y*
- 18.91%
- 5Y*
- —
- 10Y*
- —
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%
ION vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
ION Proshares S&P Global Core Battery Metals ETF | 14.02% | 108.37% | -20.02% | -14.10% | -8.86% |
DBE Invesco DB Energy Fund | 83.68% | -2.17% | 2.96% | -12.14% | -4.72% |
Correlation
The correlation between ION and DBE is -0.19, 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 | -0.19 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.08 |
Correlation (All Time) Calculated using the full available price history since Dec 2, 2022 | 0.12 |
The correlation between ION and DBE shifts across timeframes, from -0.19 (1 year) to 0.12 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
ION vs. DBE — Risk / Return Rank
ION
DBE
ION vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Proshares S&P Global Core Battery Metals ETF (ION) 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.
| ION | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.85 | ||
| Sortino ratioReturn per unit of downside risk | +0.50 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 1.40 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 5.33 | 5.89 | -0.56 |
| Martin ratioReturn relative to average drawdown | 18.79 | 11.53 | +7.27 |
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
| ION | DBE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.27 | 2.43 | +0.85 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.67 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.43 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.39 | 0.09 | +0.29 |
Drawdowns
ION vs. DBE - Drawdown Comparison
The maximum ION drawdown since its inception was -52.08%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for ION and DBE.
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Drawdown Indicators
| ION | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.08% | -86.69% | +34.61% |
Max Drawdown (1Y)Largest decline over 1 year | -23.30% | -14.41% | -8.89% |
Max Drawdown (3Y)Largest decline over 3 years | -46.47% | -23.89% | -22.58% |
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 | -13.99% | -30.27% | +16.28% |
Average DrawdownAverage peak-to-trough decline | -23.70% | -57.31% | +33.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.59% | 7.35% | -0.76% |
Volatility
ION vs. DBE - Volatility Comparison
The current volatility for Proshares S&P Global Core Battery Metals ETF (ION) is 12.06%, while Invesco DB Energy Fund (DBE) has a volatility of 12.95%. This indicates that ION 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
| ION | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.06% | 12.95% | -0.89% |
Volatility (6M)Calculated over the trailing 6-month period | 29.90% | 30.86% | -0.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 37.92% | 34.97% | +2.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.08% | 29.39% | +1.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 31.08% | 28.33% | +2.75% |
ION vs. DBE - Expense Ratio Comparison
ION has a 0.58% expense ratio, which is lower than DBE's 0.78% expense ratio.
Dividends
ION vs. DBE - Dividend Comparison
ION's dividend yield for the trailing twelve months is around 1.40%, less than DBE's 2.10% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.10% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% |
ION Proshares S&P Global Core Battery Metals ETF | 1.40% | 1.63% | 1.74% | 2.23% | 0.13% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ION and DBE have a correlation of -0.19, 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 ION (12.06%). In terms of maximum drawdown, ION dropped -52.08% vs DBE's -86.69%.
On 3-year performance, DBE leads with 23.42% vs 18.91% for ION. On fees, ION is cheaper at 0.58% per year. On volatility, ION has been the lower-risk option at 12.06%. 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 23.42% return vs 18.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ION is cheaper with a 0.58% expense ratio, compared with 0.78% for DBE.
DBE has the higher dividend yield at 2.10%, compared with 1.40% for ION.
ION is categorized as Energy Equities, while DBE is Oil & Gas. ION tracks S&P Global Core Battery Metals Index - Benchmark TR Net, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: ProShares and Invesco. Their fees differ too: 0.58% for ION and 0.78% for DBE.
ION currently has the higher Sharpe Ratio (3.27 vs 2.43), 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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