MXI vs. DBE
MXI (iShares Global Materials ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - MXI is a Materials fund tracking the S&P Global Materials Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 10 years, MXI returned 10.43%/yr vs 13.17%/yr for DBE. Their 0.36 correlation means their historical movements had little consistent relationship. MXI charges 0.46%/yr vs 0.78%/yr for DBE.
Performance
MXI vs. DBE - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, MXI achieves a 10.45% return, which is significantly lower than DBE's 78.87% return. Over the past 10 years, MXI has underperformed DBE with an annualized return of 10.43%, while DBE has yielded a comparatively higher 13.17% annualized return.
MXI
- 1D
- -2.15%
- 1M
- -1.96%
- 6M
- 1.26%
- YTD
- 10.45%
- 1Y
- 28.15%
- 3Y*
- 10.42%
- 5Y*
- 5.97%
- 10Y*
- 10.43%
- ALL TIME*
- 6.38%
DBE
- 1D
- 1.13%
- 1M
- 21.13%
- 6M
- 53.89%
- YTD
- 78.87%
- 1Y
- 68.62%
- 3Y*
- 17.16%
- 5Y*
- 17.73%
- 10Y*
- 13.17%
- ALL TIME*
- 2.52%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.24M | $1.18M | $1.76M | |
| $1.58M | $1.75M | $2.67M |
MXI vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MXI iShares Global Materials ETF | 10.45% | 27.43% | -8.25% | 14.37% | -9.09% | 15.06% | 22.31% | 22.19% | -16.06% | 30.33% |
DBE Invesco DB Energy Fund | 78.87% | -2.17% | 2.96% | -12.14% | 33.77% | 57.56% | -25.91% | 19.72% | -12.95% | 5.21% |
Correlation
The correlation between MXI and DBE is -0.30, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.30 |
Correlation (3Y) Balances recent behavior with more history. | -0.05 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.14 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.24 |
Correlation (All Time) Calculated using the full available price history since Jan 5, 2007 | 0.36 |
The correlation between MXI and DBE shifts across timeframes, from -0.30 (1 year) to 0.36 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
MXI vs. DBE — Risk / Return Rank
MXI
DBE
MXI vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Global Materials ETF (MXI) 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.
| MXI | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.39 | ||
| Sortino ratioReturn per unit of downside risk | -0.51 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.29 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 1.72 | 2.59 | -0.88 |
| Martin ratioReturn relative to average drawdown | 5.64 | 8.14 | -2.50 |
Loading charts...
Drawdowns
MXI vs. DBE - Drawdown Comparison
The maximum MXI drawdown since its inception was -68.44%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for MXI and DBE.
Loading charts...
Drawdown Indicators
| MXI | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -68.44% | -86.69% | +18.25% |
Max Drawdown (1Y)Largest decline over 1 year | -16.18% | -24.72% | +8.54% |
Max Drawdown (3Y)Largest decline over 3 years | -22.25% | -24.72% | +2.47% |
Max Drawdown (5Y)Largest decline over 5 years | -28.76% | -38.74% | +9.98% |
Max Drawdown (10Y)Largest decline over 10 years | -39.52% | -60.84% | +21.32% |
Current DrawdownCurrent decline from peak | -8.41% | -32.09% | +23.68% |
Average DrawdownAverage peak-to-trough decline | -17.98% | -57.13% | +39.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.91% | 8.15% | -3.24% |
Volatility
MXI vs. DBE - Volatility Comparison
The current volatility for iShares Global Materials ETF (MXI) is 6.48%, while Invesco DB Energy Fund (DBE) has a volatility of 14.12%. This indicates that MXI 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.
Loading charts...
Volatility by Period
| MXI | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.48% | 14.12% | -7.64% |
Volatility (6M)Calculated over the trailing 6-month period | 18.38% | 33.95% | -15.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.95% | 37.47% | -16.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.92% | 30.09% | -10.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.42% | 28.58% | -8.16% |
MXI vs. DBE - Expense Ratio Comparison
MXI has a 0.46% expense ratio, which is lower than DBE's 0.78% expense ratio.
Dividends
MXI vs. DBE - Dividend Comparison
MXI's dividend yield for the trailing twelve months is around 1.73%, less than DBE's 2.16% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.16% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% | 0.00% | 0.00% | 0.00% |
MXI iShares Global Materials ETF | 1.73% | 2.22% | 3.24% | 2.92% | 4.84% | 3.51% | 1.21% | 3.64% | 2.77% | 1.76% | 1.31% | 3.64% |
Frequently Asked Questions
MXI and DBE have a correlation of -0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBE has higher volatility (14.12%) compared to MXI (6.48%). In terms of maximum drawdown, MXI dropped -68.44% vs DBE's -86.69%.
On 10-year performance, DBE leads with 13.17% vs 10.43% for MXI. On fees, MXI is cheaper at 0.46% per year. On volatility, MXI has been the lower-risk option at 6.48%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DBE has performed better with a 13.17% return vs 10.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MXI is cheaper with a 0.46% expense ratio, compared with 0.78% for DBE.
DBE has the higher dividend yield at 2.16%, compared with 1.73% for MXI.
MXI is categorized as Materials, while DBE is Oil & Gas. MXI tracks S&P Global Materials Index, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.46% for MXI and 0.78% for DBE.
DBE currently has the higher Sharpe Ratio (1.71 vs 1.33), 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.
Find the right allocation for MXI and DBE
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer