MKOR vs. DBE

Last updated Jul 17, 2026

MKOR (Matthews Korea Active ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - MKOR is a South Korea Equities fund actively managed by Matthews, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. MKOR is actively managed, while DBE is passively managed. Over the past 3 years, MKOR returned 32.29%/yr vs 17.96%/yr for DBE. At a correlation of -0.04, they often move in opposite directions. MKOR charges 0.79%/yr vs 0.78%/yr for DBE.

Performance

MKOR vs. DBE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Matthews Korea Active ETF (MKOR) 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, MKOR achieves a 64.92% return, which is significantly lower than DBE's 68.39% return.

MKOR

• 1D: -3.80%
• 1M: -17.01%
• 6M: 46.60%
• YTD: 64.92%
• 1Y: 106.40%
• 3Y*: 32.29%
• 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)

MKOR vs. DBE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
MKOR Matthews Korea Active ETF	64.92%	70.33%	-15.76%	-2.52%
DBE Invesco DB Energy Fund	68.39%	-2.17%	2.96%	-3.92%

Correlation

The correlation between MKOR and DBE is -0.19, 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	-0.19
Correlation (3Y) Calculated over the trailing 3-year period	-0.04
Correlation (All Time) Calculated using the full available price history since Jul 17, 2023	-0.04

The correlation between MKOR and DBE shifts across timeframes, from -0.19 (1 year) to -0.04 (all time), reflecting how their relationship changes across market environments.

Return for Risk

MKOR vs. DBE — Risk / Return Rank

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

MKOR

MKOR Risk / Return Rank: 87
MKOR Sharpe Ratio Rank: 91
MKOR Sortino Ratio Rank: 79
MKOR Omega Ratio Rank: 84
MKOR Calmar Ratio Rank: 93
MKOR Martin Ratio Rank: 90

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.

MKOR vs. DBE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Matthews Korea Active ETF (MKOR) 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.

	MKOR	DBE	Difference
Sharpe ratio: Return per unit of total volatility	2.46	1.61	+0.85
Sortino ratio: Return per unit of downside risk	2.81	2.21	+0.60
Omega ratio: Gain probability vs. loss probability	1.40	1.28	+0.12
Calmar ratio: Return relative to maximum drawdown	5.19	2.34	+2.85
Martin ratio: Return relative to average drawdown	16.22	7.00	+9.22

MKOR vs. DBE - Sharpe Ratio Comparison

The current MKOR Sharpe Ratio is 2.46, which is higher than the DBE Sharpe Ratio of 1.61. The chart below compares the historical Sharpe Ratios of MKOR 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

MKOR vs. DBE - Drawdown Comparison

The maximum MKOR drawdown since its inception was -22.09%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for MKOR and DBE.

Drawdown Indicators

	MKOR	DBE	Difference
Max Drawdown Largest peak-to-trough decline	-22.09%	-86.69%	+64.60%
Max Drawdown (1Y) Largest decline over 1 year	-20.62%	-24.72%	+4.10%
Max Drawdown (3Y) Largest decline over 3 years	-22.09%	-24.72%	+2.63%
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	-19.99%	-36.07%	+16.08%
Average Drawdown Average peak-to-trough decline	-6.42%	-57.19%	+50.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.59%	8.26%	-1.67%

Volatility

MKOR vs. DBE - Volatility Comparison

Matthews Korea Active ETF (MKOR) has a higher volatility of 17.43% compared to Invesco DB Energy Fund (DBE) at 11.68%. This indicates that MKOR's price experiences larger fluctuations and is considered to be riskier than DBE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MKOR	DBE	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.43%	11.68%	+5.75%
Volatility (6M) Calculated over the trailing 6-month period	40.71%	32.70%	+8.01%
Volatility (1Y) Calculated over the trailing 1-year period	43.45%	35.99%	+7.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.89%	29.88%	+0.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.89%	28.39%	+1.50%

MKOR vs. DBE - Expense Ratio Comparison

MKOR has a 0.79% expense ratio, which is higher than DBE's 0.78% expense ratio.

Dividends

MKOR vs. DBE - Dividend Comparison

MKOR's dividend yield for the trailing twelve months is around 1.59%, less 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%
MKOR Matthews Korea Active ETF	1.59%	2.62%	5.28%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MKOR and DBE in my portfolio?

MKOR and DBE have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MKOR or DBE?

MKOR has higher volatility (17.43%) compared to DBE (11.68%). In terms of maximum drawdown, MKOR dropped -22.09% vs DBE's -86.69%.

Which ETF is better, MKOR or DBE?

On 3-year performance, MKOR leads with 32.29% vs 17.96% for DBE. On fees, DBE is cheaper at 0.78% per year. On volatility, DBE has been the lower-risk option at 11.68%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MKOR or DBE?

Over the 3-year period, MKOR has performed better with a 32.29% return vs 17.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MKOR or DBE?

DBE is cheaper with a 0.78% expense ratio, compared with 0.79% for MKOR.

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

DBE has the higher dividend yield at 2.29%, compared with 1.59% for MKOR.

What is the main difference between MKOR and DBE?

MKOR is categorized as South Korea Equities, while DBE is Oil & Gas. They also come from different issuers: Matthews and Invesco. Their fees differ too: 0.79% for MKOR and 0.78% for DBE.

Which has better risk-adjusted returns?

MKOR currently has the higher Sharpe Ratio (2.46 vs 1.61), 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.