MKAM vs. DBE

Last updated Jul 14, 2026

MKAM (MKAM ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - MKAM is a Diversified Portfolio fund actively managed by MKAM, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. MKAM is actively managed, while DBE is passively managed. Over the past 3 years, MKAM returned 9.34%/yr vs 17.13%/yr for DBE. At a correlation of -0.07, they often move in opposite directions. MKAM charges 0.96%/yr vs 0.78%/yr for DBE.

Performance

MKAM vs. DBE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MKAM ETF (MKAM) 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, MKAM achieves a 5.05% return, which is significantly lower than DBE's 66.08% return.

MKAM

• 1D: -0.38%
• 1M: 0.77%
• 6M: 3.90%
• YTD: 5.05%
• 1Y: 11.26%
• 3Y*: 9.34%
• 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%

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

MKAM vs. DBE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
MKAM MKAM ETF	5.05%	8.07%	12.15%	7.69%
DBE Invesco DB Energy Fund	66.08%	-2.17%	2.96%	-6.95%

Correlation

The correlation between MKAM and DBE is -0.26, 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	-0.26
Correlation (3Y) Calculated over the trailing 3-year period	-0.10
Correlation (All Time) Calculated using the full available price history since Apr 12, 2023	-0.07

The correlation between MKAM and DBE shifts across timeframes, from -0.26 (1 year) to -0.07 (all time), reflecting how their relationship changes across market environments.

Return for Risk

MKAM vs. DBE — Risk / Return Rank

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

MKAM

MKAM Risk / Return Rank: 71
MKAM Sharpe Ratio Rank: 69
MKAM Sortino Ratio Rank: 67
MKAM Omega Ratio Rank: 69
MKAM Calmar Ratio Rank: 75
MKAM Martin Ratio Rank: 74

DBE

DBE Risk / Return Rank: 53
DBE Sharpe Ratio Rank: 55
DBE Sortino Ratio Rank: 53
DBE Omega Ratio Rank: 52
DBE Calmar Ratio Rank: 54
DBE Martin Ratio Rank: 49

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.

MKAM vs. DBE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MKAM ETF (MKAM) 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.

	MKAM	DBE	Difference
Sharpe ratio: Return per unit of total volatility	1.77	1.49	+0.28
Sortino ratio: Return per unit of downside risk	2.45	2.09	+0.36
Omega ratio: Gain probability vs. loss probability	1.33	1.26	+0.06
Calmar ratio: Return relative to maximum drawdown	3.04	2.16	+0.88
Martin ratio: Return relative to average drawdown	10.88	6.57	+4.31

MKAM vs. DBE - Sharpe Ratio Comparison

The current MKAM Sharpe Ratio is 1.77, which is comparable to the DBE Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of MKAM 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

MKAM vs. DBE - Drawdown Comparison

The maximum MKAM drawdown since its inception was -5.01%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for MKAM and DBE.

Drawdown Indicators

	MKAM	DBE	Difference
Max Drawdown Largest peak-to-trough decline	-5.01%	-86.69%	+81.68%
Max Drawdown (1Y) Largest decline over 1 year	-3.72%	-24.72%	+21.00%
Max Drawdown (3Y) Largest decline over 3 years	-5.01%	-24.72%	+19.71%
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	-0.43%	-36.95%	+36.52%
Average Drawdown Average peak-to-trough decline	-1.13%	-57.20%	+56.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.04%	8.13%	-7.09%

Volatility

MKAM vs. DBE - Volatility Comparison

The current volatility for MKAM ETF (MKAM) is 1.99%, while Invesco DB Energy Fund (DBE) has a volatility of 12.49%. This indicates that MKAM 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

	MKAM	DBE	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.99%	12.49%	-10.50%
Volatility (6M) Calculated over the trailing 6-month period	4.68%	32.73%	-28.05%
Volatility (1Y) Calculated over the trailing 1-year period	6.41%	36.03%	-29.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.28%	29.89%	-23.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.28%	28.40%	-22.12%

MKAM vs. DBE - Expense Ratio Comparison

MKAM has a 0.96% expense ratio, which is higher than DBE's 0.78% expense ratio.

Dividends

MKAM vs. DBE - Dividend Comparison

MKAM's dividend yield for the trailing twelve months is around 2.67%, 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%
MKAM MKAM ETF	2.67%	2.56%	1.88%	1.70%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MKAM and DBE in my portfolio?

MKAM and DBE have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MKAM or DBE?

DBE has higher volatility (12.49%) compared to MKAM (1.99%). In terms of maximum drawdown, MKAM dropped -5.01% vs DBE's -86.69%.

Which ETF is better, MKAM or DBE?

On 3-year performance, DBE leads with 17.13% vs 9.34% for MKAM. On fees, DBE is cheaper at 0.78% per year. On volatility, MKAM has been the lower-risk option at 1.99%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MKAM or DBE?

Over the 3-year period, DBE has performed better with a 17.13% return vs 9.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MKAM or DBE?

DBE is cheaper with a 0.78% expense ratio, compared with 0.96% for MKAM.

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

MKAM has the higher dividend yield at 2.67%, compared with 2.33% for DBE.

What is the main difference between MKAM and DBE?

MKAM is categorized as Diversified Portfolio, while DBE is Oil & Gas. They also come from different issuers: MKAM and Invesco. Their fees differ too: 0.96% for MKAM and 0.78% for DBE.

Which has better risk-adjusted returns?

MKAM currently has the higher Sharpe Ratio (1.77 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.