MFEM vs. DBE
MFEM (PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - MFEM is a Emerging Markets Equities fund tracking the RAFI Dynamic Multi-Factor Emerging Market Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 5 years, MFEM returned 8.84%/yr vs 19.66%/yr for DBE. At a 0.23 correlation, their price movements are largely independent. MFEM charges 0.49%/yr vs 0.78%/yr for DBE.
Performance
MFEM vs. DBE - Performance Comparison
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Returns By Period
In the year-to-date period, MFEM achieves a 31.49% return, which is significantly lower than DBE's 83.68% return.
MFEM
- 1D
- -1.14%
- 1M
- 9.48%
- YTD
- 31.49%
- 6M
- 33.22%
- 1Y
- 54.64%
- 3Y*
- 23.28%
- 5Y*
- 8.84%
- 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%
MFEM vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF | 31.49% | 25.33% | 4.73% | 15.14% | -19.50% | 10.77% | 11.33% | 15.26% | -14.64% | 4.82% |
DBE Invesco DB Energy Fund | 83.68% | -2.17% | 2.96% | -12.14% | 33.77% | 57.56% | -25.91% | 19.72% | -12.95% | 16.52% |
Correlation
The correlation between MFEM and DBE is -0.28, 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 | -0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.14 |
Correlation (All Time) Calculated using the full available price history since Sep 7, 2017 | 0.23 |
The correlation between MFEM and DBE shifts across timeframes, from -0.28 (1 year) to 0.23 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
MFEM vs. DBE — Risk / Return Rank
MFEM
DBE
MFEM vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF (MFEM) 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.
| MFEM | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.45 | ||
| Sortino ratioReturn per unit of downside risk | +0.76 | ||
| Omega ratioGain probability vs. loss probability | 1.53 | 1.40 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 4.27 | 5.89 | -1.62 |
| Martin ratioReturn relative to average drawdown | 15.72 | 11.53 | +4.19 |
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
| MFEM | DBE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.87 | 2.43 | +0.45 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.54 | 0.67 | -0.14 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.43 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.44 | 0.09 | +0.34 |
Drawdowns
MFEM vs. DBE - Drawdown Comparison
The maximum MFEM drawdown since its inception was -43.32%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for MFEM and DBE.
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Drawdown Indicators
| MFEM | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.32% | -86.69% | +43.37% |
Max Drawdown (1Y)Largest decline over 1 year | -12.86% | -14.41% | +1.55% |
Max Drawdown (3Y)Largest decline over 3 years | -19.22% | -23.89% | +4.67% |
Max Drawdown (5Y)Largest decline over 5 years | -31.39% | -38.74% | +7.35% |
Max Drawdown (10Y)Largest decline over 10 years | — | -60.84% | — |
Current DrawdownCurrent decline from peak | -1.14% | -30.27% | +29.13% |
Average DrawdownAverage peak-to-trough decline | -11.49% | -57.31% | +45.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.49% | 7.35% | -3.86% |
Volatility
MFEM vs. DBE - Volatility Comparison
The current volatility for PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF (MFEM) is 8.47%, while Invesco DB Energy Fund (DBE) has a volatility of 12.95%. This indicates that MFEM 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
| MFEM | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.47% | 12.95% | -4.48% |
Volatility (6M)Calculated over the trailing 6-month period | 16.92% | 30.86% | -13.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.11% | 34.97% | -15.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.60% | 29.39% | -12.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.40% | 28.33% | -8.93% |
MFEM vs. DBE - Expense Ratio Comparison
MFEM has a 0.49% expense ratio, which is lower than DBE's 0.78% expense ratio.
Dividends
MFEM vs. DBE - Dividend Comparison
MFEM's dividend yield for the trailing twelve months is around 2.12%, which matches DBE's 2.10% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.10% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% | 0.00% |
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF | 2.12% | 2.77% | 5.89% | 4.01% | 7.01% | 29.96% | 1.70% | 2.37% | 1.18% | 0.21% |
Frequently Asked Questions
MFEM and DBE have a correlation of -0.28, 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 MFEM (8.47%). In terms of maximum drawdown, MFEM dropped -43.32% vs DBE's -86.69%.
On 5-year performance, DBE leads with 19.66% vs 8.84% for MFEM. On fees, MFEM is cheaper at 0.49% per year. On volatility, MFEM has been the lower-risk option at 8.47%. 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 19.66% return vs 8.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MFEM is cheaper with a 0.49% expense ratio, compared with 0.78% for DBE.
MFEM has the higher dividend yield at 2.12%, compared with 2.10% for DBE.
MFEM is categorized as Emerging Markets Equities, while DBE is Oil & Gas. MFEM tracks RAFI Dynamic Multi-Factor Emerging Market Index, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: PIMCO and Invesco. Their fees differ too: 0.49% for MFEM and 0.78% for DBE.
MFEM currently has the higher Sharpe Ratio (2.87 vs 2.43), 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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