KMLI vs. DBE

Last updated Aug 4, 2026

KMLI (KraneShares 2x Long MELI Daily ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - KMLI is a Leveraged Equities fund actively managed by KraneShares, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. KMLI is actively managed, while DBE is passively managed. Over the past year, KMLI returned -53.04% vs 61.44% for DBE. Their -0.26 correlation means they have often moved in opposite directions in the past. KMLI charges 1.26%/yr vs 0.78%/yr for DBE.

Performance

KMLI vs. DBE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KraneShares 2x Long MELI Daily ETF (KMLI) and Invesco DB Energy Fund (DBE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KMLI achieves a -25.69% return, which is significantly lower than DBE's 71.26% return.

KMLI

• 1D: 1.97%
• 1M: 13.90%
• 6M: -32.94%
• YTD: -25.69%
• 1Y: -53.04%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -49.38%

DBE

• 1D: -4.26%
• 1M: 15.98%
• 6M: 57.84%
• YTD: 71.26%
• 1Y: 61.44%
• 3Y*: 15.22%
• 5Y*: 17.82%
• 10Y*: 12.24%
• ALL TIME*: 2.29%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DBE Invesco DB Energy Fund	$1.27M	$1.08M	$1.67M
KMLI KraneShares 2x Long MELI Daily ETF	$319.38K	$479.61K	$782.50K

KMLI vs. DBE - Yearly Performance Comparison

	2026 (YTD)	2025
KMLI KraneShares 2x Long MELI Daily ETF	-25.69%	-38.14%
DBE Invesco DB Energy Fund	71.26%	-3.73%

Correlation

The correlation between KMLI and DBE is -0.25, 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.	-0.25
Correlation (All Time) Calculated using the full available price history since Jun 12, 2025	-0.26

Return for Risk

KMLI vs. DBE — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

KMLI

KMLI Risk / Return Rank: 4
KMLI Sharpe Ratio Rank: 4
KMLI Sortino Ratio Rank: 4
KMLI Omega Ratio Rank: 4
KMLI Calmar Ratio Rank: 3
KMLI Martin Ratio Rank: 3

DBE

DBE Risk / Return Rank: 66
DBE Sharpe Ratio Rank: 70
DBE Sortino Ratio Rank: 66
DBE Omega Ratio Rank: 64
DBE Calmar Ratio Rank: 69
DBE Martin Ratio Rank: 63

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

KMLI vs. DBE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares 2x Long MELI Daily ETF (KMLI) 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.

	KMLI	DBE	Difference
Sharpe ratio: Return per unit of total volatility	-0.67	1.64	-2.31
Sortino ratio: Return per unit of downside risk	-0.70	2.23	-2.93
Omega ratio: Gain probability vs. loss probability	0.91	1.28	-0.37
Calmar ratio: Return relative to maximum drawdown	-0.77	2.50	-3.26
Martin ratio: Return relative to average drawdown	-1.14	7.82	-8.95

KMLI vs. DBE - Sharpe Ratio Comparison

The current KMLI Sharpe Ratio is -0.67, which is lower than the DBE Sharpe Ratio of 1.64. The chart below compares the historical Sharpe Ratios of KMLI 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.

Drawdowns

KMLI vs. DBE - Drawdown Comparison

The maximum KMLI drawdown since its inception was -73.23%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for KMLI and DBE.

Drawdown Indicators

	KMLI	DBE	Difference
Max Drawdown Largest peak-to-trough decline	-73.23%	-86.69%	+13.46%
Max Drawdown (1Y) Largest decline over 1 year	-69.49%	-24.72%	-44.77%
Max Drawdown (3Y) Largest decline over 3 years	—	-24.72%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-38.74%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-60.84%	—
Current Drawdown Current decline from peak	-61.75%	-34.98%	-26.77%
Average Drawdown Average peak-to-trough decline	-44.52%	-57.13%	+12.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	46.60%	7.90%	+38.70%

Volatility

KMLI vs. DBE - Volatility Comparison

The current volatility for KraneShares 2x Long MELI Daily ETF (KMLI) is 11.22%, while Invesco DB Energy Fund (DBE) has a volatility of 15.07%. This indicates that KMLI 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.

Volatility by Period

	KMLI	DBE	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.22%	15.07%	-3.85%
Volatility (6M) Calculated over the trailing 6-month period	58.47%	34.26%	+24.21%
Volatility (1Y) Calculated over the trailing 1-year period	79.38%	37.66%	+41.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	76.58%	30.15%	+46.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	76.58%	28.60%	+47.98%

KMLI vs. DBE - Expense Ratio Comparison

KMLI has a 1.26% expense ratio, which is higher than DBE's 0.78% expense ratio.

Dividends

KMLI vs. DBE - Dividend Comparison

KMLI's dividend yield for the trailing twelve months is around 14.30%, more than DBE's 2.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBE Invesco DB Energy Fund	2.26%	3.86%	6.32%	3.87%	0.75%	0.00%	0.00%	1.79%	1.67%
KMLI KraneShares 2x Long MELI Daily ETF	14.30%	10.63%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both KMLI and DBE in my portfolio?

KMLI 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.

Which is riskier, KMLI or DBE?

DBE has higher volatility (15.07%) compared to KMLI (11.22%). In terms of maximum drawdown, KMLI dropped -73.23% vs DBE's -86.69%.

Which ETF is better, KMLI or DBE?

On 1-year performance, DBE leads with 61.44% vs -53.04% for KMLI. On fees, DBE is cheaper at 0.78% per year. On volatility, KMLI has been the lower-risk option at 11.22%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KMLI or DBE?

Over the 1-year period, DBE has performed better with a 61.44% return vs -53.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KMLI or DBE?

DBE is cheaper with a 0.78% expense ratio, compared with 1.26% for KMLI.

Which ETF pays a higher dividend yield, KMLI or DBE?

KMLI has the higher dividend yield at 14.30%, compared with 2.26% for DBE.

What is the main difference between KMLI and DBE?

KMLI is categorized as Leveraged Equities, while DBE is Oil & Gas. They also come from different issuers: KraneShares and Invesco. Their fees differ too: 1.26% for KMLI and 0.78% for DBE.

Which has better risk-adjusted returns?

DBE currently has the higher Sharpe Ratio (1.64 vs -0.67), 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.