IPAV vs. DBE

Last updated Jun 23, 2026

IPAV (Global X Infrastructure Development ex-U.S. ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - IPAV is a Industrials Equities fund tracking the Global X Infrastructure Development ex-U.S. Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past year, IPAV returned 31.70% vs 36.16% for DBE. At a correlation of -0.19, they often move in opposite directions. IPAV charges 0.55%/yr vs 0.78%/yr for DBE.

Performance

IPAV vs. DBE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X Infrastructure Development ex-U.S. ETF (IPAV) 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, IPAV achieves a 14.68% return, which is significantly lower than DBE's 54.94% return.

IPAV

• 1D: 1.05%
• 1M: 0.99%
• YTD: 14.68%
• 6M: 15.91%
• 1Y: 31.70%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DBE

• 1D: -1.50%
• 1M: -15.70%
• YTD: 54.94%
• 6M: 54.06%
• 1Y: 36.16%
• 3Y*: 17.07%
• 5Y*: 14.87%
• 10Y*: 10.19%

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

IPAV vs. DBE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IPAV Global X Infrastructure Development ex-U.S. ETF	14.68%	29.77%	-6.87%
DBE Invesco DB Energy Fund	54.94%	-2.17%	0.47%

Correlation

The correlation between IPAV and DBE is -0.36, 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	-0.36
Correlation (All Time) Calculated using the full available price history since Aug 28, 2024	-0.19

The correlation between IPAV and DBE shifts across timeframes, from -0.36 (1 year) to -0.19 (all time), reflecting how their relationship changes across market environments.

Return for Risk

IPAV vs. DBE — Risk / Return Rank

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

IPAV

IPAV Risk / Return Rank: 51
IPAV Sharpe Ratio Rank: 54
IPAV Sortino Ratio Rank: 56
IPAV Omega Ratio Rank: 53
IPAV Calmar Ratio Rank: 45
IPAV Martin Ratio Rank: 47

DBE

DBE Risk / Return Rank: 32
DBE Sharpe Ratio Rank: 29
DBE Sortino Ratio Rank: 30
DBE Omega Ratio Rank: 30
DBE Calmar Ratio Rank: 36
DBE Martin Ratio Rank: 38

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.

IPAV vs. DBE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Infrastructure Development ex-U.S. ETF (IPAV) 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.

	IPAV	DBE	Difference
Sharpe ratio: Return per unit of total volatility	1.80	1.03	+0.77
Sortino ratio: Return per unit of downside risk	2.59	1.55	+1.03
Omega ratio: Gain probability vs. loss probability	1.32	1.20	+0.13
Calmar ratio: Return relative to maximum drawdown	2.18	1.75	+0.43
Martin ratio: Return relative to average drawdown	7.58	5.77	+1.81

IPAV vs. DBE - Sharpe Ratio Comparison

The current IPAV Sharpe Ratio is 1.80, which is higher than the DBE Sharpe Ratio of 1.03. The chart below compares the historical Sharpe Ratios of IPAV 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.

Drawdowns

IPAV vs. DBE - Drawdown Comparison

The maximum IPAV drawdown since its inception was -14.59%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for IPAV and DBE.

Drawdown Indicators

	IPAV	DBE	Difference
Max Drawdown Largest peak-to-trough decline	-14.59%	-86.69%	+72.10%
Max Drawdown (1Y) Largest decline over 1 year	-14.59%	-20.78%	+6.19%
Max Drawdown (3Y) Largest decline over 3 years	—	-23.89%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-38.74%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-60.84%	—
Current Drawdown Current decline from peak	-4.30%	-41.18%	+36.88%
Average Drawdown Average peak-to-trough decline	-3.59%	-57.24%	+53.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.19%	8.02%	-3.83%

Volatility

IPAV vs. DBE - Volatility Comparison

The current volatility for Global X Infrastructure Development ex-U.S. ETF (IPAV) is 6.26%, while Invesco DB Energy Fund (DBE) has a volatility of 9.38%. This indicates that IPAV 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

	IPAV	DBE	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.26%	9.38%	-3.12%
Volatility (6M) Calculated over the trailing 6-month period	15.51%	31.50%	-15.99%
Volatility (1Y) Calculated over the trailing 1-year period	17.75%	35.33%	-17.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.92%	29.58%	-11.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.92%	28.37%	-10.45%

IPAV vs. DBE - Expense Ratio Comparison

IPAV has a 0.55% expense ratio, which is lower than DBE's 0.78% expense ratio.

Dividends

IPAV vs. DBE - Dividend Comparison

IPAV's dividend yield for the trailing twelve months is around 1.12%, less than DBE's 2.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBE Invesco DB Energy Fund	2.49%	3.86%	6.32%	3.87%	0.75%	0.00%	0.00%	1.79%	1.67%
IPAV Global X Infrastructure Development ex-U.S. ETF	1.12%	1.29%	0.31%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IPAV and DBE in my portfolio?

IPAV and DBE have a correlation of -0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IPAV or DBE?

DBE has higher volatility (9.38%) compared to IPAV (6.26%). In terms of maximum drawdown, IPAV dropped -14.59% vs DBE's -86.69%.

Which ETF is better, IPAV or DBE?

On 1-year performance, DBE leads with 36.16% vs 31.70% for IPAV. On fees, IPAV is cheaper at 0.55% per year. On volatility, IPAV has been the lower-risk option at 6.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IPAV or DBE?

Over the 1-year period, DBE has performed better with a 36.16% return vs 31.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IPAV or DBE?

IPAV is cheaper with a 0.55% expense ratio, compared with 0.78% for DBE.

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

DBE has the higher dividend yield at 2.49%, compared with 1.12% for IPAV.

What is the main difference between IPAV and DBE?

IPAV is categorized as Industrials Equities, while DBE is Oil & Gas. IPAV tracks Global X Infrastructure Development ex-U.S. Index, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: Global X and Invesco. Their fees differ too: 0.55% for IPAV and 0.78% for DBE.

Which has better risk-adjusted returns?

IPAV currently has the higher Sharpe Ratio (1.80 vs 1.03), 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.