KBWB vs. DBE
KBWB (Invesco KBW Bank ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - KBWB is a Financials Equities fund tracking the KBW Nasdaq Bank Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 10 years, KBWB returned 12.09%/yr vs 12.03%/yr for DBE. At a 0.22 correlation, their price movements are largely independent. KBWB charges 0.35%/yr vs 0.78%/yr for DBE.
Performance
KBWB vs. DBE - Performance Comparison
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Returns By Period
In the year-to-date period, KBWB achieves a 4.07% return, which is significantly lower than DBE's 83.68% return. Both investments have delivered pretty close results over the past 10 years, with KBWB having a 12.09% annualized return and DBE not far behind at 12.03%.
KBWB
- 1D
- -1.39%
- 1M
- 2.14%
- YTD
- 4.07%
- 6M
- 8.58%
- 1Y
- 34.45%
- 3Y*
- 31.93%
- 5Y*
- 7.75%
- 10Y*
- 12.09%
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%
KBWB vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
KBWB Invesco KBW Bank ETF | 4.07% | 32.05% | 36.73% | -1.18% | -21.68% | 37.72% | -10.46% | 35.90% | -18.30% | 18.11% |
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 KBWB and DBE is -0.18, 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 | -0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.13 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.19 |
Correlation (All Time) Calculated using the full available price history since Nov 2, 2011 | 0.22 |
The correlation between KBWB and DBE shifts across timeframes, from -0.18 (1 year) to 0.22 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
KBWB vs. DBE — Risk / Return Rank
KBWB
DBE
KBWB vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco KBW Bank ETF (KBWB) 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.
| KBWB | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.70 | ||
| Sortino ratioReturn per unit of downside risk | -0.68 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.40 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 2.11 | 5.89 | -3.78 |
| Martin ratioReturn relative to average drawdown | 6.64 | 11.53 | -4.89 |
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
| KBWB | DBE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.73 | 2.43 | -0.70 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.29 | 0.67 | -0.38 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.42 | 0.43 | -0.01 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.50 | 0.09 | +0.40 |
Drawdowns
KBWB vs. DBE - Drawdown Comparison
The maximum KBWB drawdown since its inception was -50.27%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for KBWB and DBE.
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Drawdown Indicators
| KBWB | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -50.27% | -86.69% | +36.42% |
Max Drawdown (1Y)Largest decline over 1 year | -16.38% | -14.41% | -1.97% |
Max Drawdown (3Y)Largest decline over 3 years | -25.43% | -23.89% | -1.54% |
Max Drawdown (5Y)Largest decline over 5 years | -49.31% | -38.74% | -10.57% |
Max Drawdown (10Y)Largest decline over 10 years | -50.27% | -60.84% | +10.57% |
Current DrawdownCurrent decline from peak | -3.29% | -30.27% | +26.98% |
Average DrawdownAverage peak-to-trough decline | -11.74% | -57.31% | +45.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.20% | 7.35% | -2.15% |
Volatility
KBWB vs. DBE - Volatility Comparison
The current volatility for Invesco KBW Bank ETF (KBWB) is 5.14%, while Invesco DB Energy Fund (DBE) has a volatility of 12.95%. This indicates that KBWB 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
| KBWB | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.14% | 12.95% | -7.81% |
Volatility (6M)Calculated over the trailing 6-month period | 15.49% | 30.86% | -15.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.06% | 34.97% | -14.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.63% | 29.39% | -2.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.20% | 28.33% | +0.87% |
KBWB vs. DBE - Expense Ratio Comparison
KBWB has a 0.35% expense ratio, which is lower than DBE's 0.78% expense ratio.
Dividends
KBWB vs. DBE - Dividend Comparison
KBWB's dividend yield for the trailing twelve months is around 2.06%, less than DBE's 2.10% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
KBWB Invesco KBW Bank ETF | 2.06% | 2.04% | 2.46% | 3.20% | 3.05% | 2.13% | 2.62% | 2.38% | 2.54% | 1.35% | 1.53% | 1.53% |
Frequently Asked Questions
KBWB and DBE have a correlation of -0.18, 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 KBWB (5.14%). In terms of maximum drawdown, KBWB dropped -50.27% vs DBE's -86.69%.
On 10-year performance, KBWB leads with 12.09% vs 12.03% for DBE. On fees, KBWB is cheaper at 0.35% per year. On volatility, KBWB has been the lower-risk option at 5.14%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, KBWB has performed better with a 12.09% return vs 12.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KBWB is cheaper with a 0.35% expense ratio, compared with 0.78% for DBE.
DBE has the higher dividend yield at 2.10%, compared with 2.06% for KBWB.
KBWB is categorized as Financials Equities, while DBE is Oil & Gas. KBWB tracks KBW Nasdaq Bank Index, while DBE tracks DBIQ Optimum Yield Energy Index. Their fees differ too: 0.35% for KBWB and 0.78% for DBE.
DBE currently has the higher Sharpe Ratio (2.43 vs 1.73), 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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