LQDW vs. DBE
LQDW (iShares Investment Grade Corporate Bond Buywrite Strategy ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - LQDW is a Corporate Bonds fund tracking the CBOE LQD BuyWrite Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 3 years, LQDW returned 3.79%/yr vs 23.42%/yr for DBE. At a correlation of -0.10, they often move in opposite directions. LQDW charges 0.34%/yr vs 0.78%/yr for DBE.
Performance
LQDW vs. DBE - Performance Comparison
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Returns By Period
In the year-to-date period, LQDW achieves a 1.25% return, which is significantly lower than DBE's 83.68% return.
LQDW
- 1D
- -0.20%
- 1M
- 0.83%
- YTD
- 1.25%
- 6M
- 1.65%
- 1Y
- 6.49%
- 3Y*
- 3.79%
- 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%
LQDW vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
LQDW iShares Investment Grade Corporate Bond Buywrite Strategy ETF | 1.25% | 9.05% | 2.60% | 3.99% | -6.78% |
DBE Invesco DB Energy Fund | 83.68% | -2.17% | 2.96% | -12.14% | -11.75% |
Correlation
The correlation between LQDW and DBE is -0.39, 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 | -0.39 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.18 |
Correlation (All Time) Calculated using the full available price history since Aug 23, 2022 | -0.10 |
Over the past year, the inverse relationship between LQDW and DBE has strengthened: their correlation has moved from -0.10 to -0.39, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
LQDW vs. DBE — Risk / Return Rank
LQDW
DBE
LQDW vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Investment Grade Corporate Bond Buywrite Strategy ETF (LQDW) 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.
| LQDW | DBE | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.85 | 2.43 | -0.58 |
Sortino ratioReturn per unit of downside risk | 2.62 | 2.96 | -0.34 |
Omega ratioGain probability vs. loss probability | 1.38 | 1.40 | -0.02 |
Calmar ratioReturn relative to maximum drawdown | 2.51 | 5.89 | -3.38 |
Martin ratioReturn relative to average drawdown | 9.39 | 11.53 | -2.14 |
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
| LQDW | DBE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.85 | 2.43 | -0.58 |
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 | 0.46 | 0.09 | +0.36 |
Drawdowns
LQDW vs. DBE - Drawdown Comparison
The maximum LQDW drawdown since its inception was -9.20%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for LQDW and DBE.
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Drawdown Indicators
| LQDW | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -9.20% | -86.69% | +77.49% |
Max Drawdown (1Y)Largest decline over 1 year | -2.59% | -14.41% | +11.82% |
Max Drawdown (3Y)Largest decline over 3 years | -6.74% | -23.89% | +17.15% |
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 | -0.35% | -30.27% | +29.92% |
Average DrawdownAverage peak-to-trough decline | -2.35% | -57.31% | +54.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.69% | 7.35% | -6.66% |
Volatility
LQDW vs. DBE - Volatility Comparison
The current volatility for iShares Investment Grade Corporate Bond Buywrite Strategy ETF (LQDW) is 1.46%, while Invesco DB Energy Fund (DBE) has a volatility of 12.95%. This indicates that LQDW 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
| LQDW | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.46% | 12.95% | -11.49% |
Volatility (6M)Calculated over the trailing 6-month period | 3.02% | 30.86% | -27.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.53% | 34.97% | -31.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.49% | 29.39% | -23.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.49% | 28.33% | -22.84% |
LQDW vs. DBE - Expense Ratio Comparison
LQDW has a 0.34% expense ratio, which is lower than DBE's 0.78% expense ratio.
Dividends
LQDW vs. DBE - Dividend Comparison
LQDW's dividend yield for the trailing twelve months is around 12.57%, 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% |
LQDW iShares Investment Grade Corporate Bond Buywrite Strategy ETF | 12.57% | 16.02% | 15.74% | 19.28% | 8.85% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
LQDW and DBE have a correlation of -0.39, 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 LQDW (1.46%). In terms of maximum drawdown, LQDW dropped -9.20% vs DBE's -86.69%.
On 3-year performance, DBE leads with 23.42% vs 3.79% for LQDW. On fees, LQDW is cheaper at 0.34% per year. On volatility, LQDW has been the lower-risk option at 1.46%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, DBE has performed better with a 23.42% return vs 3.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
LQDW is cheaper with a 0.34% expense ratio, compared with 0.78% for DBE.
LQDW has the higher dividend yield at 12.57%, compared with 2.10% for DBE.
LQDW is categorized as Corporate Bonds, while DBE is Oil & Gas. LQDW tracks CBOE LQD BuyWrite Index, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.34% for LQDW and 0.78% for DBE.
DBE currently has the higher Sharpe Ratio (2.43 vs 1.85), 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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