KBUF vs. DBE
KBUF (KraneShares 90% KWEB Defined Outcome January 2026 ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - KBUF is a Options Trading fund actively managed by KraneShares, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. KBUF is actively managed, while DBE is passively managed. Over the past year, KBUF returned -3.13% vs 84.41% for DBE. At a 0.00 correlation, their price movements are largely independent. KBUF charges 0.95%/yr vs 0.78%/yr for DBE.
Performance
KBUF vs. DBE - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, KBUF achieves a -11.47% return, which is significantly lower than DBE's 83.68% return.
KBUF
- 1D
- -2.36%
- 1M
- -3.27%
- YTD
- -11.47%
- 6M
- -11.63%
- 1Y
- -3.13%
- 3Y*
- —
- 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%
KBUF vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
KBUF KraneShares 90% KWEB Defined Outcome January 2026 ETF | -11.47% | 18.04% | 16.58% |
DBE Invesco DB Energy Fund | 83.68% | -2.17% | -1.59% |
Correlation
The correlation between KBUF 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 (All Time) Calculated using the full available price history since Feb 9, 2024 | 0.00 |
The correlation between KBUF and DBE shifts across timeframes, from -0.21 (1 year) to 0.00 (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.
Return for Risk
KBUF vs. DBE — Risk / Return Rank
KBUF
DBE
KBUF vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for KraneShares 90% KWEB Defined Outcome January 2026 ETF (KBUF) 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.
| KBUF | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.67 | ||
| Sortino ratioReturn per unit of downside risk | -3.21 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 1.40 | -0.43 |
| Calmar ratioReturn relative to maximum drawdown | -0.18 | 5.89 | -6.07 |
| Martin ratioReturn relative to average drawdown | -0.42 | 11.53 | -11.95 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| KBUF | DBE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.24 | 2.43 | -2.67 |
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 | 0.62 | 0.09 | +0.53 |
Drawdowns
KBUF vs. DBE - Drawdown Comparison
The maximum KBUF drawdown since its inception was -17.01%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for KBUF and DBE.
Loading charts...
Drawdown Indicators
| KBUF | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.01% | -86.69% | +69.68% |
Max Drawdown (1Y)Largest decline over 1 year | -17.01% | -14.41% | -2.60% |
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 DrawdownCurrent decline from peak | -16.70% | -30.27% | +13.57% |
Average DrawdownAverage peak-to-trough decline | -4.16% | -57.31% | +53.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.50% | 7.35% | +0.15% |
Volatility
KBUF vs. DBE - Volatility Comparison
The current volatility for KraneShares 90% KWEB Defined Outcome January 2026 ETF (KBUF) is 6.22%, while Invesco DB Energy Fund (DBE) has a volatility of 12.95%. This indicates that KBUF 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.
Loading charts...
Volatility by Period
| KBUF | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.22% | 12.95% | -6.73% |
Volatility (6M)Calculated over the trailing 6-month period | 10.53% | 30.86% | -20.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.10% | 34.97% | -21.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.35% | 29.39% | -15.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.35% | 28.33% | -13.98% |
KBUF vs. DBE - Expense Ratio Comparison
KBUF has a 0.95% expense ratio, which is higher than DBE's 0.78% expense ratio.
Dividends
KBUF vs. DBE - Dividend Comparison
KBUF's dividend yield for the trailing twelve months is around 8.49%, more 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% |
KBUF KraneShares 90% KWEB Defined Outcome January 2026 ETF | 8.49% | 7.51% | 3.53% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
KBUF 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 KBUF (6.22%). In terms of maximum drawdown, KBUF dropped -17.01% vs DBE's -86.69%.
On 1-year performance, DBE leads with 84.41% vs -3.13% for KBUF. On fees, DBE is cheaper at 0.78% per year. On volatility, KBUF has been the lower-risk option at 6.22%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, DBE has performed better with a 84.41% return vs -3.13%. 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 0.95% for KBUF.
KBUF has the higher dividend yield at 8.49%, compared with 2.10% for DBE.
KBUF is categorized as Options Trading, while DBE is Oil & Gas. They also come from different issuers: KraneShares and Invesco. Their fees differ too: 0.95% for KBUF and 0.78% for DBE.
DBE currently has the higher Sharpe Ratio (2.43 vs -0.24), 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.
Find the right allocation for KBUF and DBE
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer