KWEB vs. DBE
KWEB (KraneShares CSI China Internet ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - KWEB is a China Equities fund tracking the CSI Overseas China Internet Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 10 years, KWEB returned 0.16%/yr vs 12.24%/yr for DBE. Their 0.14 correlation means their historical movements had little consistent relationship. KWEB charges 0.70%/yr vs 0.78%/yr for DBE.
Performance
KWEB vs. DBE - Performance Comparison
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Returns By Period
In the year-to-date period, KWEB achieves a -15.59% return, which is significantly lower than DBE's 71.26% return. Over the past 10 years, KWEB has underperformed DBE with an annualized return of 0.16%, while DBE has yielded a comparatively higher 12.24% annualized return.
KWEB
- 1D
- 0.88%
- 1M
- 15.01%
- 6M
- -18.05%
- YTD
- -15.59%
- 1Y
- -11.62%
- 3Y*
- 1.61%
- 5Y*
- -7.36%
- 10Y*
- 0.16%
- ALL TIME*
- 2.71%
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%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.27M | $1.08M | $1.67M | |
| $576.11M | $564.88M | $703.17M |
KWEB vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
KWEB KraneShares CSI China Internet ETF | -15.59% | 23.55% | 12.01% | -9.06% | -17.24% | -49.01% | 58.23% | 29.92% | -33.80% | 69.73% |
DBE Invesco DB Energy Fund | 71.26% | -2.17% | 2.96% | -12.14% | 33.77% | 57.56% | -25.91% | 19.72% | -12.95% | 5.21% |
Correlation
The correlation between KWEB and DBE is -0.18, 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. | -0.18 |
Correlation (3Y) Balances recent behavior with more history. | -0.00 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.06 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.13 |
Correlation (All Time) Calculated using the full available price history since Aug 1, 2013 | 0.14 |
The correlation between KWEB and DBE shifts across timeframes, from -0.18 (1 year) to 0.14 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
KWEB vs. DBE — Risk / Return Rank
KWEB
DBE
KWEB vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for KraneShares CSI China Internet ETF (KWEB) 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.
| KWEB | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.06 | ||
| Sortino ratioReturn per unit of downside risk | -2.67 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.28 | -0.33 |
| Calmar ratioReturn relative to maximum drawdown | -0.28 | 2.50 | -2.78 |
| Martin ratioReturn relative to average drawdown | -0.53 | 7.82 | -8.34 |
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Drawdowns
KWEB vs. DBE - Drawdown Comparison
The maximum KWEB drawdown since its inception was -80.92%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for KWEB and DBE.
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Drawdown Indicators
| KWEB | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -80.92% | -86.69% | +5.77% |
Max Drawdown (1Y)Largest decline over 1 year | -41.62% | -24.72% | -16.90% |
Max Drawdown (3Y)Largest decline over 3 years | -41.62% | -24.72% | -16.90% |
Max Drawdown (5Y)Largest decline over 5 years | -63.96% | -38.74% | -25.22% |
Max Drawdown (10Y)Largest decline over 10 years | -80.92% | -60.84% | -20.08% |
Current DrawdownCurrent decline from peak | -66.76% | -34.98% | -31.78% |
Average DrawdownAverage peak-to-trough decline | -35.66% | -57.13% | +21.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 22.06% | 7.90% | +14.16% |
Volatility
KWEB vs. DBE - Volatility Comparison
The current volatility for KraneShares CSI China Internet ETF (KWEB) is 7.68%, while Invesco DB Energy Fund (DBE) has a volatility of 15.07%. This indicates that KWEB 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
| KWEB | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.68% | 15.07% | -7.39% |
Volatility (6M)Calculated over the trailing 6-month period | 20.57% | 34.26% | -13.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.75% | 37.66% | -9.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.96% | 30.15% | +16.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 40.06% | 28.60% | +11.46% |
KWEB vs. DBE - Expense Ratio Comparison
KWEB has a 0.70% expense ratio, which is lower than DBE's 0.78% expense ratio.
Dividends
KWEB vs. DBE - Dividend Comparison
KWEB's dividend yield for the trailing twelve months is around 7.29%, more than DBE's 2.26% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.26% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% | 0.00% | 0.00% | 0.00% |
KWEB KraneShares CSI China Internet ETF | 7.29% | 6.16% | 3.51% | 1.71% | 0.00% | 7.07% | 0.29% | 0.08% | 3.40% | 0.58% | 1.19% | 0.46% |
Frequently Asked Questions
KWEB 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 (15.07%) compared to KWEB (7.68%). In terms of maximum drawdown, KWEB dropped -80.92% vs DBE's -86.69%.
On 10-year performance, DBE leads with 12.24% vs 0.16% for KWEB. On fees, KWEB is cheaper at 0.70% per year. On volatility, KWEB has been the lower-risk option at 7.68%. 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 12.24% return vs 0.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KWEB is cheaper with a 0.70% expense ratio, compared with 0.78% for DBE.
KWEB has the higher dividend yield at 7.29%, compared with 2.26% for DBE.
KWEB is categorized as China Equities, while DBE is Oil & Gas. KWEB tracks CSI Overseas China Internet Index, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: KraneShares and Invesco. Their fees differ too: 0.70% for KWEB and 0.78% for DBE.
DBE currently has the higher Sharpe Ratio (1.64 vs -0.42), 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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