MCHI vs. DBE
MCHI (iShares MSCI China ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - MCHI is a China Equities fund tracking the MSCI China Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 10 years, MCHI returned 3.81%/yr vs 11.45%/yr for DBE. At a 0.23 correlation, their price movements are largely independent. MCHI charges 0.59%/yr vs 0.78%/yr for DBE.
Performance
MCHI vs. DBE - Performance Comparison
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Returns By Period
In the year-to-date period, MCHI achieves a -9.27% return, which is significantly lower than DBE's 68.39% return. Over the past 10 years, MCHI has underperformed DBE with an annualized return of 3.81%, while DBE has yielded a comparatively higher 11.45% annualized return.
MCHI
- 1D
- -0.02%
- 1M
- 0.02%
- 6M
- -14.30%
- YTD
- -9.27%
- 1Y
- -2.38%
- 3Y*
- 8.00%
- 5Y*
- -5.12%
- 10Y*
- 3.81%
DBE
- 1D
- -1.09%
- 1M
- 6.25%
- 6M
- 65.69%
- YTD
- 68.39%
- 1Y
- 57.64%
- 3Y*
- 17.96%
- 5Y*
- 17.10%
- 10Y*
- 11.45%
MCHI vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MCHI iShares MSCI China ETF | -9.27% | 31.04% | 17.73% | -11.94% | -23.01% | -21.74% | 27.78% | 23.72% | -19.79% | 54.67% |
DBE Invesco DB Energy Fund | 68.39% | -2.17% | 2.96% | -12.14% | 33.77% | 57.56% | -25.91% | 19.72% | -12.95% | 5.21% |
Correlation
The correlation between MCHI and DBE is -0.12, 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 | -0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.10 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.17 |
Correlation (All Time) Calculated using the full available price history since Mar 31, 2011 | 0.23 |
The correlation between MCHI and DBE shifts across timeframes, from -0.12 (1 year) to 0.23 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
MCHI vs. DBE — Risk / Return Rank
MCHI
DBE
MCHI vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI China ETF (MCHI) 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.
| MCHI | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.73 | ||
| Sortino ratioReturn per unit of downside risk | -2.24 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.28 | -0.28 |
| Calmar ratioReturn relative to maximum drawdown | -0.10 | 2.34 | -2.45 |
| Martin ratioReturn relative to average drawdown | -0.22 | 7.00 | -7.22 |
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Drawdowns
MCHI vs. DBE - Drawdown Comparison
The maximum MCHI drawdown since its inception was -62.95%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for MCHI and DBE.
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Drawdown Indicators
| MCHI | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -62.95% | -86.69% | +23.74% |
Max Drawdown (1Y)Largest decline over 1 year | -23.22% | -24.72% | +1.50% |
Max Drawdown (3Y)Largest decline over 3 years | -25.85% | -24.72% | -1.13% |
Max Drawdown (5Y)Largest decline over 5 years | -53.95% | -38.74% | -15.21% |
Max Drawdown (10Y)Largest decline over 10 years | -62.95% | -60.84% | -2.11% |
Current DrawdownCurrent decline from peak | -38.13% | -36.07% | -2.06% |
Average DrawdownAverage peak-to-trough decline | -24.63% | -57.19% | +32.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.66% | 8.26% | +2.40% |
Volatility
MCHI vs. DBE - Volatility Comparison
The current volatility for iShares MSCI China ETF (MCHI) is 5.77%, while Invesco DB Energy Fund (DBE) has a volatility of 11.68%. This indicates that MCHI 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
| MCHI | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.77% | 11.68% | -5.91% |
Volatility (6M)Calculated over the trailing 6-month period | 14.49% | 32.70% | -18.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.41% | 35.99% | -15.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.70% | 29.88% | +0.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.33% | 28.39% | -1.06% |
MCHI vs. DBE - Expense Ratio Comparison
MCHI has a 0.59% expense ratio, which is lower than DBE's 0.78% expense ratio.
Dividends
MCHI vs. DBE - Dividend Comparison
MCHI's dividend yield for the trailing twelve months is around 2.02%, less than DBE's 2.29% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.29% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% | 0.00% | 0.00% | 0.00% |
MCHI iShares MSCI China ETF | 2.02% | 2.12% | 2.31% | 2.66% | 1.78% | 1.04% | 1.04% | 1.45% | 1.60% | 1.56% | 1.66% | 2.76% |
Frequently Asked Questions
MCHI and DBE have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBE has higher volatility (11.68%) compared to MCHI (5.77%). In terms of maximum drawdown, MCHI dropped -62.95% vs DBE's -86.69%.
On 10-year performance, DBE leads with 11.45% vs 3.81% for MCHI. On fees, MCHI is cheaper at 0.59% per year. On volatility, MCHI has been the lower-risk option at 5.77%. 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 11.45% return vs 3.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MCHI is cheaper with a 0.59% expense ratio, compared with 0.78% for DBE.
DBE has the higher dividend yield at 2.29%, compared with 2.02% for MCHI.
MCHI is categorized as China Equities, while DBE is Oil & Gas. MCHI tracks MSCI China Index, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.59% for MCHI and 0.78% for DBE.
DBE currently has the higher Sharpe Ratio (1.61 vs -0.12), 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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