IWM vs. DBE
IWM (iShares Russell 2000 ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - IWM is a Small Cap Blend Equities fund tracking the Russell 2000 Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 10 years, IWM returned 10.83%/yr vs 11.75%/yr for DBE. Their 0.26 correlation means their historical movements had little consistent relationship. IWM charges 0.19%/yr vs 0.78%/yr for DBE.
Performance
IWM vs. DBE - Performance Comparison
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Returns By Period
In the year-to-date period, IWM achieves a 23.08% return, which is significantly lower than DBE's 63.93% return. Over the past 10 years, IWM has underperformed DBE with an annualized return of 10.83%, while DBE has yielded a comparatively higher 11.75% annualized return.
IWM
- 1D
- 1.85%
- 1M
- 1.39%
- 6M
- 15.29%
- YTD
- 23.08%
- 1Y
- 38.74%
- 3Y*
- 17.20%
- 5Y*
- 7.66%
- 10Y*
- 10.83%
- ALL TIME*
- 8.88%
DBE
- 1D
- -4.28%
- 1M
- 11.01%
- 6M
- 47.49%
- YTD
- 63.93%
- 1Y
- 55.67%
- 3Y*
- 13.55%
- 5Y*
- 16.46%
- 10Y*
- 11.75%
- ALL TIME*
- 2.06%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.35M | $1.09M | $1.64M | |
| $6.85B | $6.35B | $7.43B |
IWM vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IWM iShares Russell 2000 ETF | 23.08% | 12.66% | 11.38% | 16.83% | -20.48% | 14.54% | 20.03% | 25.39% | -11.12% | 14.58% |
DBE Invesco DB Energy Fund | 63.93% | -2.17% | 2.96% | -12.14% | 33.77% | 57.56% | -25.91% | 19.72% | -12.95% | 5.21% |
Correlation
The correlation between IWM and DBE is -0.33, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.33 |
Correlation (3Y) Balances recent behavior with more history. | -0.07 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.09 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.19 |
Correlation (All Time) Calculated using the full available price history since Jan 5, 2007 | 0.26 |
The correlation between IWM and DBE shifts across timeframes, from -0.33 (1 year) to 0.26 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
IWM vs. DBE — Risk / Return Rank
IWM
DBE
IWM vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Russell 2000 ETF (IWM) 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.
| IWM | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.54 | ||
| Sortino ratioReturn per unit of downside risk | +0.77 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.26 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 3.53 | 2.26 | +1.27 |
| Martin ratioReturn relative to average drawdown | 12.51 | 7.03 | +5.47 |
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Drawdowns
IWM vs. DBE - Drawdown Comparison
The maximum IWM drawdown since its inception was -59.05%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for IWM and DBE.
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Drawdown Indicators
| IWM | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.05% | -86.69% | +27.64% |
Max Drawdown (1Y)Largest decline over 1 year | -11.03% | -24.72% | +13.69% |
Max Drawdown (3Y)Largest decline over 3 years | -27.50% | -24.72% | -2.78% |
Max Drawdown (5Y)Largest decline over 5 years | -31.91% | -38.74% | +6.83% |
Max Drawdown (10Y)Largest decline over 10 years | -41.13% | -60.84% | +19.71% |
Current DrawdownCurrent decline from peak | 0.00% | -37.77% | +37.77% |
Average DrawdownAverage peak-to-trough decline | -10.71% | -57.12% | +46.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.11% | 7.95% | -4.84% |
Volatility
IWM vs. DBE - Volatility Comparison
The current volatility for iShares Russell 2000 ETF (IWM) is 4.58%, while Invesco DB Energy Fund (DBE) has a volatility of 15.88%. This indicates that IWM 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
| IWM | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.58% | 15.88% | -11.30% |
Volatility (6M)Calculated over the trailing 6-month period | 14.21% | 33.82% | -19.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.40% | 37.86% | -18.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.50% | 30.19% | -7.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.02% | 28.64% | -5.62% |
IWM vs. DBE - Expense Ratio Comparison
IWM has a 0.19% expense ratio, which is lower than DBE's 0.78% expense ratio.
Dividends
IWM vs. DBE - Dividend Comparison
IWM's dividend yield for the trailing twelve months is around 0.88%, less than DBE's 2.36% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.36% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% | 0.00% | 0.00% | 0.00% |
IWM iShares Russell 2000 ETF | 0.88% | 1.04% | 1.15% | 1.35% | 1.48% | 0.94% | 1.04% | 1.26% | 1.40% | 1.26% | 1.38% | 1.54% |
Frequently Asked Questions
IWM 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 (15.88%) compared to IWM (4.58%). In terms of maximum drawdown, IWM dropped -59.05% vs DBE's -86.69%.
On 10-year performance, DBE leads with 11.75% vs 10.83% for IWM. On fees, IWM is cheaper at 0.19% per year. On volatility, IWM has been the lower-risk option at 4.58%. 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 11.75% return vs 10.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IWM is cheaper with a 0.19% expense ratio, compared with 0.78% for DBE.
DBE has the higher dividend yield at 2.36%, compared with 0.88% for IWM.
IWM is categorized as Small Cap Blend Equities, while DBE is Oil & Gas. IWM tracks Russell 2000 Index, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.19% for IWM and 0.78% for DBE.
IWM currently has the higher Sharpe Ratio (2.02 vs 1.48), 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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