MDEV vs. DBE
MDEV (First Trust Indxx Medical Devices ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - MDEV is a Health & Biotech Equities fund tracking the Indxx Global Medical Equipment Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 5 years, MDEV returned -4.94%/yr vs 16.54%/yr for DBE. At a correlation of -0.01, they often move in opposite directions. MDEV charges 0.70%/yr vs 0.78%/yr for DBE.
Performance
MDEV vs. DBE - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, MDEV achieves a -5.52% return, which is significantly lower than DBE's 66.08% return.
MDEV
- 1D
- 0.14%
- 1M
- 5.33%
- 6M
- -8.57%
- YTD
- -5.52%
- 1Y
- -3.17%
- 3Y*
- -2.01%
- 5Y*
- -4.94%
- 10Y*
- —
DBE
- 1D
- 6.87%
- 1M
- -1.18%
- 6M
- 62.18%
- YTD
- 66.08%
- 1Y
- 53.22%
- 3Y*
- 17.13%
- 5Y*
- 16.54%
- 10Y*
- 11.15%
MDEV vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
MDEV First Trust Indxx Medical Devices ETF | -5.52% | 2.00% | 1.79% | 7.55% | -28.59% | 3.83% |
DBE Invesco DB Energy Fund | 66.08% | -2.17% | 2.96% | -12.14% | 33.77% | 9.84% |
Correlation
The correlation between MDEV and DBE is -0.31, 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 | -0.31 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.14 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.00 |
Correlation (All Time) Calculated using the full available price history since Jun 23, 2021 | -0.01 |
Over the past year, the inverse relationship between MDEV and DBE has strengthened: their correlation has moved from -0.01 to -0.31, meaning they now move in opposite directions more often than their long-term average.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
MDEV vs. DBE — Risk / Return Rank
MDEV
DBE
MDEV vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Indxx Medical Devices ETF (MDEV) 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.
| MDEV | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.68 | ||
| Sortino ratioReturn per unit of downside risk | -2.25 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.26 | -0.28 |
| Calmar ratioReturn relative to maximum drawdown | -0.18 | 2.16 | -2.34 |
| Martin ratioReturn relative to average drawdown | -0.39 | 6.57 | -6.95 |
Loading charts...
Drawdowns
MDEV vs. DBE - Drawdown Comparison
The maximum MDEV drawdown since its inception was -42.34%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for MDEV and DBE.
Loading charts...
Drawdown Indicators
| MDEV | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.34% | -86.69% | +44.35% |
Max Drawdown (1Y)Largest decline over 1 year | -18.13% | -24.72% | +6.59% |
Max Drawdown (3Y)Largest decline over 3 years | -22.50% | -24.72% | +2.22% |
Max Drawdown (5Y)Largest decline over 5 years | -42.34% | -38.74% | -3.60% |
Max Drawdown (10Y)Largest decline over 10 years | — | -60.84% | — |
Current DrawdownCurrent decline from peak | -29.29% | -36.95% | +7.66% |
Average DrawdownAverage peak-to-trough decline | -25.76% | -57.20% | +31.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.22% | 8.13% | +0.09% |
Volatility
MDEV vs. DBE - Volatility Comparison
The current volatility for First Trust Indxx Medical Devices ETF (MDEV) is 5.06%, while Invesco DB Energy Fund (DBE) has a volatility of 12.49%. This indicates that MDEV 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.
Loading charts...
Volatility by Period
| MDEV | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.06% | 12.49% | -7.43% |
Volatility (6M)Calculated over the trailing 6-month period | 12.35% | 32.73% | -20.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.55% | 36.03% | -19.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.05% | 29.89% | -10.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.97% | 28.40% | -9.43% |
MDEV vs. DBE - Expense Ratio Comparison
MDEV has a 0.70% expense ratio, which is lower than DBE's 0.78% expense ratio.
Dividends
MDEV vs. DBE - Dividend Comparison
MDEV's dividend yield for the trailing twelve months is around 0.11%, less than DBE's 2.33% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.33% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% |
MDEV First Trust Indxx Medical Devices ETF | 0.11% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
MDEV and DBE have a correlation of -0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBE has higher volatility (12.49%) compared to MDEV (5.06%). In terms of maximum drawdown, MDEV dropped -42.34% vs DBE's -86.69%.
On 5-year performance, DBE leads with 16.54% vs -4.94% for MDEV. On fees, MDEV is cheaper at 0.70% per year. On volatility, MDEV has been the lower-risk option at 5.06%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, DBE has performed better with a 16.54% return vs -4.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MDEV is cheaper with a 0.70% expense ratio, compared with 0.78% for DBE.
DBE has the higher dividend yield at 2.33%, compared with 0.11% for MDEV.
MDEV is categorized as Health & Biotech Equities, while DBE is Oil & Gas. MDEV tracks Indxx Global Medical Equipment Index, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: First Trust and Invesco. Their fees differ too: 0.70% for MDEV and 0.78% for DBE.
DBE currently has the higher Sharpe Ratio (1.49 vs -0.19), 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.
Find the right allocation for MDEV and DBE
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer