MILK vs. DBE

Last updated Jul 17, 2026

MILK (Pacer US Cash Cows Bond ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - MILK is a Corporate Bonds fund tracking the Solactive Pacer US Cash Cows Bond Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past year, MILK returned 7.06% vs 57.64% for DBE. At a correlation of -0.24, they often move in opposite directions. MILK charges 0.49%/yr vs 0.78%/yr for DBE.

Performance

MILK vs. DBE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pacer US Cash Cows Bond ETF (MILK) and Invesco DB Energy Fund (DBE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MILK achieves a 1.92% return, which is significantly lower than DBE's 68.39% return.

MILK

• 1D: -0.06%
• 1M: -0.79%
• 6M: 0.89%
• YTD: 1.92%
• 1Y: 7.06%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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%

*Multi-year figures are annualized to reflect compound growth (CAGR)

MILK vs. DBE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MILK Pacer US Cash Cows Bond ETF	1.92%	7.49%	-1.49%
DBE Invesco DB Energy Fund	68.39%	-2.17%	3.26%

Correlation

The correlation between MILK and DBE is -0.38, 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	-0.38
Correlation (All Time) Calculated using the full available price history since Dec 18, 2024	-0.24

The correlation between MILK and DBE shifts across timeframes, from -0.38 (1 year) to -0.24 (all time), reflecting how their relationship changes across market environments.

Return for Risk

MILK vs. DBE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

MILK

MILK Risk / Return Rank: 49
MILK Sharpe Ratio Rank: 50
MILK Sortino Ratio Rank: 51
MILK Omega Ratio Rank: 47
MILK Calmar Ratio Rank: 46
MILK Martin Ratio Rank: 51

DBE

DBE Risk / Return Rank: 57
DBE Sharpe Ratio Rank: 60
DBE Sortino Ratio Rank: 57
DBE Omega Ratio Rank: 55
DBE Calmar Ratio Rank: 58
DBE Martin Ratio Rank: 52

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

MILK vs. DBE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pacer US Cash Cows Bond ETF (MILK) 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.

	MILK	DBE	Difference
Sharpe ratio: Return per unit of total volatility	1.41	1.61	-0.20
Sortino ratio: Return per unit of downside risk	2.06	2.21	-0.15
Omega ratio: Gain probability vs. loss probability	1.25	1.28	-0.03
Calmar ratio: Return relative to maximum drawdown	1.89	2.34	-0.45
Martin ratio: Return relative to average drawdown	6.83	7.00	-0.17

MILK vs. DBE - Sharpe Ratio Comparison

The current MILK Sharpe Ratio is 1.41, which is comparable to the DBE Sharpe Ratio of 1.61. The chart below compares the historical Sharpe Ratios of MILK and DBE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

MILK vs. DBE - Drawdown Comparison

The maximum MILK drawdown since its inception was -6.16%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for MILK and DBE.

Drawdown Indicators

	MILK	DBE	Difference
Max Drawdown Largest peak-to-trough decline	-6.16%	-86.69%	+80.53%
Max Drawdown (1Y) Largest decline over 1 year	-3.75%	-24.72%	+20.97%
Max Drawdown (3Y) Largest decline over 3 years	—	-24.72%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-38.74%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-60.84%	—
Current Drawdown Current decline from peak	-1.18%	-36.07%	+34.89%
Average Drawdown Average peak-to-trough decline	-1.11%	-57.19%	+56.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.04%	8.26%	-7.22%

Volatility

MILK vs. DBE - Volatility Comparison

The current volatility for Pacer US Cash Cows Bond ETF (MILK) is 1.12%, while Invesco DB Energy Fund (DBE) has a volatility of 11.68%. This indicates that MILK 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.

Volatility by Period

	MILK	DBE	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.12%	11.68%	-10.56%
Volatility (6M) Calculated over the trailing 6-month period	3.83%	32.70%	-28.87%
Volatility (1Y) Calculated over the trailing 1-year period	5.02%	35.99%	-30.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.61%	29.88%	-23.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.61%	28.39%	-21.78%

MILK vs. DBE - Expense Ratio Comparison

MILK has a 0.49% expense ratio, which is lower than DBE's 0.78% expense ratio.

Dividends

MILK vs. DBE - Dividend Comparison

MILK's dividend yield for the trailing twelve months is around 7.00%, more than DBE's 2.29% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBE Invesco DB Energy Fund	2.29%	3.86%	6.32%	3.87%	0.75%	0.00%	0.00%	1.79%	1.67%
MILK Pacer US Cash Cows Bond ETF	7.00%	6.97%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MILK and DBE in my portfolio?

MILK and DBE have a correlation of -0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MILK or DBE?

DBE has higher volatility (11.68%) compared to MILK (1.12%). In terms of maximum drawdown, MILK dropped -6.16% vs DBE's -86.69%.

Which ETF is better, MILK or DBE?

On 1-year performance, DBE leads with 57.64% vs 7.06% for MILK. On fees, MILK is cheaper at 0.49% per year. On volatility, MILK has been the lower-risk option at 1.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MILK or DBE?

Over the 1-year period, DBE has performed better with a 57.64% return vs 7.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MILK or DBE?

MILK is cheaper with a 0.49% expense ratio, compared with 0.78% for DBE.

Which ETF pays a higher dividend yield, MILK or DBE?

MILK has the higher dividend yield at 7.00%, compared with 2.29% for DBE.

What is the main difference between MILK and DBE?

MILK is categorized as Corporate Bonds, while DBE is Oil & Gas. MILK tracks Solactive Pacer US Cash Cows Bond Index, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: Pacer and Invesco. Their fees differ too: 0.49% for MILK and 0.78% for DBE.

Which has better risk-adjusted returns?

DBE currently has the higher Sharpe Ratio (1.61 vs 1.41), 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.