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IPKW vs. DBE
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IPKW vs. DBE

Last updated Jun 4, 2026

IPKW (Invesco International BuyBack Achievers™ ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - IPKW is a Global Equities fund tracking the NASDAQ International BuyBack Achievers Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 10 years, IPKW returned 11.44%/yr vs 12.03%/yr for DBE. At a 0.29 correlation, their price movements are largely independent. IPKW charges 0.55%/yr vs 0.78%/yr for DBE.

Performance

IPKW vs. DBE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco International BuyBack Achievers™ ETF (IPKW) and Invesco DB Energy Fund (DBE). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, IPKW achieves a 6.08% return, which is significantly lower than DBE's 83.68% return. Over the past 10 years, IPKW has underperformed DBE with an annualized return of 11.44%, while DBE has yielded a comparatively higher 12.03% annualized return.

IPKW

1D
-1.07%
1M
0.86%
YTD
6.08%
6M
9.96%
1Y
26.14%
3Y*
23.62%
5Y*
9.19%
10Y*
11.44%

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

IPKW vs. DBE - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IPKW
Invesco International BuyBack Achievers™ ETF		6.08%45.50%10.56%15.12%-12.81%11.41%16.18%20.26%-21.59%34.21%
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 IPKW and DBE is -0.21, 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

-0.21

Correlation (3Y)
Calculated over the trailing 3-year period

0.12

Correlation (5Y)
Calculated over the trailing 5-year period

0.23

Correlation (10Y)
Calculated over the trailing 10-year period

0.28

Correlation (All Time)
Calculated using the full available price history since Feb 28, 2014

0.29

The correlation between IPKW and DBE shifts across timeframes, from -0.21 (1 year) to 0.29 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Invesco International BuyBack Achievers™ ETF

Invesco DB Energy Fund

Often compared with IPKW:
IPKW vs. VOOIPKW vs. DFIVIPKW vs. VIGIPKW vs. SPYIPKW vs. BKIEIPKW vs. IDVOIPKW vs. IQLT
Often compared with DBE:
DBE vs. DBBDBE vs. XLEDBE vs. VDEDBE vs. COMTDBE vs. XLKDBE vs. GLDDBE vs. TIP

Return for Risk

IPKW vs. DBE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IPKW
IPKW Risk / Return Rank: 5454
Overall Rank
IPKW Sharpe Ratio Rank: 5353
Sharpe Ratio Rank
IPKW Sortino Ratio Rank: 5353
Sortino Ratio Rank
IPKW Omega Ratio Rank: 5353
Omega Ratio Rank
IPKW Calmar Ratio Rank: 5858
Calmar Ratio Rank
IPKW Martin Ratio Rank: 5656
Martin Ratio Rank
DBE
DBE Risk / Return Rank: 7171
Overall Rank
DBE Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
DBE Sortino Ratio Rank: 6363
Sortino Ratio Rank
DBE Omega Ratio Rank: 6565
Omega Ratio Rank
DBE Calmar Ratio Rank: 9191
Calmar Ratio Rank
DBE Martin Ratio Rank: 6363
Martin Ratio Rank
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.

IPKW vs. DBE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco International BuyBack Achievers™ ETF (IPKW) 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.

IPKWDBEDifference
Sharpe ratioReturn per unit of total volatility
1.84
2.43

-0.59

Sortino ratioReturn per unit of downside risk
2.58
2.96

-0.37

Omega ratioGain probability vs. loss probability

1.33

1.40

-0.07

Calmar ratioReturn relative to maximum drawdown

2.87

5.89

-3.02

Martin ratioReturn relative to average drawdown

9.91

11.53

-1.62

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IPKW vs. DBE - Sharpe Ratio Comparison

The current IPKW Sharpe Ratio is 1.84, which is comparable to the DBE Sharpe Ratio of 2.43. The chart below compares the historical Sharpe Ratios of IPKW 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.

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Sharpe Ratios by Period

IPKWDBEDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.84

2.43

-0.59

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.54

0.67

-0.13

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.64

0.43

+0.21

Sharpe Ratio (All Time)

Calculated using the full available price history

0.60

0.09

+0.50

Drawdowns

IPKW vs. DBE - Drawdown Comparison

The maximum IPKW drawdown since its inception was -47.24%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for IPKW and DBE.

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Drawdown Indicators

IPKWDBEDifference

Max Drawdown

Largest peak-to-trough decline

-47.24%

-86.69%

+39.45%

Max Drawdown (1Y)

Largest decline over 1 year

-9.14%

-14.41%

+5.27%

Max Drawdown (3Y)

Largest decline over 3 years

-17.77%

-23.89%

+6.12%

Max Drawdown (5Y)

Largest decline over 5 years

-33.18%

-38.74%

+5.56%

Max Drawdown (10Y)

Largest decline over 10 years

-47.24%

-60.84%

+13.60%

Current Drawdown

Current decline from peak

-2.45%

-30.27%

+27.82%

Average Drawdown

Average peak-to-trough decline

-9.00%

-57.31%

+48.31%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.64%

7.35%

-4.71%

Volatility

IPKW vs. DBE - Volatility Comparison

The current volatility for Invesco International BuyBack Achievers™ ETF (IPKW) is 4.37%, while Invesco DB Energy Fund (DBE) has a volatility of 12.95%. This indicates that IPKW 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

IPKWDBEDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.37%

12.95%

-8.58%

Volatility (6M)

Calculated over the trailing 6-month period

11.86%

30.86%

-19.00%

Volatility (1Y)

Calculated over the trailing 1-year period

14.31%

34.97%

-20.66%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.01%

29.39%

-12.38%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.91%

28.33%

-10.42%

IPKW vs. DBE - Expense Ratio Comparison

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

Dividends

IPKW vs. DBE - Dividend Comparison

IPKW's dividend yield for the trailing twelve months is around 3.52%, more than DBE's 2.10% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
IPKW
Invesco International BuyBack Achievers™ ETF		3.52%3.55%4.12%2.66%3.77%7.37%1.45%2.41%2.61%0.93%2.82%1.31%

Frequently Asked Questions

IPKW and DBE have a correlation of -0.21, 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 IPKW (4.37%). In terms of maximum drawdown, IPKW dropped -47.24% vs DBE's -86.69%.

On 10-year performance, DBE leads with 12.03% vs 11.44% for IPKW. On fees, IPKW is cheaper at 0.55% per year. On volatility, IPKW has been the lower-risk option at 4.37%. 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 11.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

IPKW has the higher dividend yield at 3.52%, compared with 2.10% for DBE.

IPKW is categorized as Global Equities, while DBE is Oil & Gas. IPKW tracks NASDAQ International BuyBack Achievers Index, while DBE tracks DBIQ Optimum Yield Energy Index. Their fees differ too: 0.55% for IPKW and 0.78% for DBE.

DBE currently has the higher Sharpe Ratio (2.43 vs 1.84), 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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