MEMX vs. DBE
MEMX (Matthews Emerging Markets Ex China Active ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - MEMX is a Emerging Markets Diversified fund actively managed by Matthews, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. MEMX is actively managed, while DBE is passively managed. Over the past 3 years, MEMX returned 22.25%/yr vs 17.13%/yr for DBE. At a 0.03 correlation, their price movements are largely independent. MEMX charges 0.79%/yr vs 0.78%/yr for DBE.
Performance
MEMX vs. DBE - Performance Comparison
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Returns By Period
In the year-to-date period, MEMX achieves a 23.89% return, which is significantly lower than DBE's 66.08% return.
MEMX
- 1D
- -3.50%
- 1M
- -4.56%
- 6M
- 17.40%
- YTD
- 23.89%
- 1Y
- 49.73%
- 3Y*
- 22.25%
- 5Y*
- —
- 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%
MEMX vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
MEMX Matthews Emerging Markets Ex China Active ETF | 23.89% | 35.88% | 5.50% | 11.33% |
DBE Invesco DB Energy Fund | 66.08% | -2.17% | 2.96% | -6.45% |
Correlation
The correlation between MEMX and DBE is -0.25, 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 | -0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.03 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 2023 | 0.03 |
The correlation between MEMX and DBE shifts across timeframes, from -0.25 (1 year) to 0.03 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
MEMX vs. DBE — Risk / Return Rank
MEMX
DBE
MEMX vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Matthews Emerging Markets Ex China Active ETF (MEMX) 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.
| MEMX | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.48 | ||
| Sortino ratioReturn per unit of downside risk | +0.42 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.26 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 3.40 | 2.16 | +1.24 |
| Martin ratioReturn relative to average drawdown | 12.15 | 6.57 | +5.59 |
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Drawdowns
MEMX vs. DBE - Drawdown Comparison
The maximum MEMX drawdown since its inception was -19.27%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for MEMX and DBE.
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Drawdown Indicators
| MEMX | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.27% | -86.69% | +67.42% |
Max Drawdown (1Y)Largest decline over 1 year | -14.70% | -24.72% | +10.02% |
Max Drawdown (3Y)Largest decline over 3 years | -19.27% | -24.72% | +5.45% |
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 | -9.93% | -36.95% | +27.02% |
Average DrawdownAverage peak-to-trough decline | -3.53% | -57.20% | +53.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.10% | 8.13% | -4.03% |
Volatility
MEMX vs. DBE - Volatility Comparison
Matthews Emerging Markets Ex China Active ETF (MEMX) and Invesco DB Energy Fund (DBE) have volatilities of 11.99% and 12.49%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MEMX | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.99% | 12.49% | -0.50% |
Volatility (6M)Calculated over the trailing 6-month period | 23.44% | 32.73% | -9.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.41% | 36.03% | -10.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.43% | 29.89% | -11.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.43% | 28.40% | -9.97% |
MEMX vs. DBE - Expense Ratio Comparison
MEMX has a 0.79% expense ratio, which is higher than DBE's 0.78% expense ratio.
Dividends
MEMX vs. DBE - Dividend Comparison
MEMX's dividend yield for the trailing twelve months is around 3.94%, more 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% |
MEMX Matthews Emerging Markets Ex China Active ETF | 3.94% | 4.88% | 0.99% | 1.13% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
MEMX 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.
DBE has higher volatility (12.49%) compared to MEMX (11.99%). In terms of maximum drawdown, MEMX dropped -19.27% vs DBE's -86.69%.
On 3-year performance, MEMX leads with 22.25% vs 17.13% for DBE. On fees, DBE is cheaper at 0.78% per year. On volatility, MEMX has been the lower-risk option at 11.99%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, MEMX has performed better with a 22.25% return vs 17.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DBE is cheaper with a 0.78% expense ratio, compared with 0.79% for MEMX.
MEMX has the higher dividend yield at 3.94%, compared with 2.33% for DBE.
MEMX is categorized as Emerging Markets Diversified, while DBE is Oil & Gas. They also come from different issuers: Matthews and Invesco. Their fees differ too: 0.79% for MEMX and 0.78% for DBE.
MEMX currently has the higher Sharpe Ratio (1.97 vs 1.49), 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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