KBWY vs. DBE
KBWY (Invesco KBW Premium Yield Equity REIT ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - KBWY is a REIT fund tracking the KBW Premium Yield Equity REIT Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 10 years, KBWY returned 1.43%/yr vs 11.58%/yr for DBE. At a 0.15 correlation, their price movements are largely independent. KBWY charges 0.35%/yr vs 0.78%/yr for DBE.
Performance
KBWY vs. DBE - Performance Comparison
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Returns By Period
In the year-to-date period, KBWY achieves a 19.61% return, which is significantly lower than DBE's 79.04% return. Over the past 10 years, KBWY has underperformed DBE with an annualized return of 1.43%, while DBE has yielded a comparatively higher 11.58% annualized return.
KBWY
- 1D
- 2.17%
- 1M
- 5.12%
- YTD
- 19.61%
- 6M
- 21.19%
- 1Y
- 25.66%
- 3Y*
- 10.27%
- 5Y*
- 2.59%
- 10Y*
- 1.43%
DBE
- 1D
- -2.52%
- 1M
- -6.01%
- YTD
- 79.04%
- 6M
- 69.31%
- 1Y
- 81.31%
- 3Y*
- 22.41%
- 5Y*
- 19.05%
- 10Y*
- 11.58%
KBWY vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
KBWY Invesco KBW Premium Yield Equity REIT ETF | 19.61% | -5.30% | -3.49% | 12.88% | -19.00% | 31.22% | -25.83% | 23.36% | -18.20% | 0.81% |
DBE Invesco DB Energy Fund | 79.04% | -2.17% | 2.96% | -12.14% | 33.77% | 57.56% | -25.91% | 19.72% | -12.95% | 5.21% |
Correlation
The correlation between KBWY and DBE is -0.25, 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 | -0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.07 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.05 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.12 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2010 | 0.15 |
The correlation between KBWY and DBE shifts across timeframes, from -0.25 (1 year) to 0.15 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
KBWY vs. DBE — Risk / Return Rank
KBWY
DBE
KBWY vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco KBW Premium Yield Equity REIT ETF (KBWY) 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.
| KBWY | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.78 | ||
| Sortino ratioReturn per unit of downside risk | -0.63 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.39 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 2.79 | 5.67 | -2.89 |
| Martin ratioReturn relative to average drawdown | 6.63 | 11.08 | -4.45 |
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
| KBWY | DBE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.56 | 2.33 | -0.78 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.12 | 0.65 | -0.53 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.05 | 0.41 | -0.36 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.20 | 0.09 | +0.11 |
Drawdowns
KBWY vs. DBE - Drawdown Comparison
The maximum KBWY drawdown since its inception was -57.68%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for KBWY and DBE.
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Drawdown Indicators
| KBWY | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -57.68% | -86.69% | +29.01% |
Max Drawdown (1Y)Largest decline over 1 year | -9.24% | -14.41% | +5.17% |
Max Drawdown (3Y)Largest decline over 3 years | -29.93% | -23.89% | -6.04% |
Max Drawdown (5Y)Largest decline over 5 years | -32.29% | -38.74% | +6.45% |
Max Drawdown (10Y)Largest decline over 10 years | -57.68% | -60.84% | +3.16% |
Current DrawdownCurrent decline from peak | -8.88% | -32.03% | +23.15% |
Average DrawdownAverage peak-to-trough decline | -14.18% | -57.30% | +43.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.88% | 7.37% | -3.49% |
Volatility
KBWY vs. DBE - Volatility Comparison
The current volatility for Invesco KBW Premium Yield Equity REIT ETF (KBWY) is 4.49%, while Invesco DB Energy Fund (DBE) has a volatility of 13.05%. This indicates that KBWY 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
| KBWY | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.49% | 13.05% | -8.56% |
Volatility (6M)Calculated over the trailing 6-month period | 11.79% | 30.97% | -19.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.56% | 35.07% | -18.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.63% | 29.41% | -7.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.05% | 28.34% | -1.29% |
KBWY vs. DBE - Expense Ratio Comparison
KBWY has a 0.35% expense ratio, which is lower than DBE's 0.78% expense ratio.
Dividends
KBWY vs. DBE - Dividend Comparison
KBWY's dividend yield for the trailing twelve months is around 8.46%, more than DBE's 2.16% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.16% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% | 0.00% | 0.00% | 0.00% |
KBWY Invesco KBW Premium Yield Equity REIT ETF | 8.46% | 9.79% | 8.74% | 7.90% | 7.41% | 5.05% | 10.35% | 6.19% | 8.64% | 7.25% | 6.55% | 5.72% |
Frequently Asked Questions
KBWY and DBE have a correlation of -0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBE has higher volatility (13.05%) compared to KBWY (4.49%). In terms of maximum drawdown, KBWY dropped -57.68% vs DBE's -86.69%.
On 10-year performance, DBE leads with 11.58% vs 1.43% for KBWY. On fees, KBWY is cheaper at 0.35% per year. On volatility, KBWY has been the lower-risk option at 4.49%. 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 11.58% return vs 1.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KBWY is cheaper with a 0.35% expense ratio, compared with 0.78% for DBE.
KBWY has the higher dividend yield at 8.46%, compared with 2.16% for DBE.
KBWY is categorized as REIT, while DBE is Oil & Gas. KBWY tracks KBW Premium Yield Equity REIT Index, while DBE tracks DBIQ Optimum Yield Energy Index. Their fees differ too: 0.35% for KBWY and 0.78% for DBE.
DBE currently has the higher Sharpe Ratio (2.33 vs 1.56), 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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