NATO vs. DBE
NATO (Themes Transatlantic Defense ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - NATO is a Aerospace & Defense fund tracking the Solactive Transatlantic Aerospace and Defense Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past year, NATO returned 13.50% vs 84.41% for DBE. At a correlation of -0.13, they often move in opposite directions. NATO charges 0.35%/yr vs 0.78%/yr for DBE.
Performance
NATO vs. DBE - Performance Comparison
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Returns By Period
In the year-to-date period, NATO achieves a 1.39% return, which is significantly lower than DBE's 83.68% return.
NATO
- 1D
- -1.87%
- 1M
- 2.05%
- YTD
- 1.39%
- 6M
- 7.82%
- 1Y
- 13.50%
- 3Y*
- —
- 5Y*
- —
- 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%
NATO vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
NATO Themes Transatlantic Defense ETF | 1.39% | 50.95% | 0.35% |
DBE Invesco DB Energy Fund | 83.68% | -2.17% | -2.24% |
Correlation
The correlation between NATO and DBE is -0.21, 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 | -0.21 |
Correlation (All Time) Calculated using the full available price history since Oct 14, 2024 | -0.13 |
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Return for Risk
NATO vs. DBE — Risk / Return Rank
NATO
DBE
NATO vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Themes Transatlantic Defense ETF (NATO) 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.
| NATO | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.77 | ||
| Sortino ratioReturn per unit of downside risk | -1.88 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.40 | -0.27 |
| Calmar ratioReturn relative to maximum drawdown | 0.85 | 5.89 | -5.04 |
| Martin ratioReturn relative to average drawdown | 2.19 | 11.53 | -9.33 |
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
| NATO | DBE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.65 | 2.43 | -1.77 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.67 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.43 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.34 | 0.09 | +1.24 |
Drawdowns
NATO vs. DBE - Drawdown Comparison
The maximum NATO drawdown since its inception was -15.99%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for NATO and DBE.
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Drawdown Indicators
| NATO | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.99% | -86.69% | +70.70% |
Max Drawdown (1Y)Largest decline over 1 year | -15.99% | -14.41% | -1.58% |
Max Drawdown (3Y)Largest decline over 3 years | — | -23.89% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -38.74% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -60.84% | — |
Current DrawdownCurrent decline from peak | -12.30% | -30.27% | +17.97% |
Average DrawdownAverage peak-to-trough decline | -3.71% | -57.31% | +53.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.17% | 7.35% | -1.18% |
Volatility
NATO vs. DBE - Volatility Comparison
The current volatility for Themes Transatlantic Defense ETF (NATO) is 7.97%, while Invesco DB Energy Fund (DBE) has a volatility of 12.95%. This indicates that NATO 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
| NATO | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.97% | 12.95% | -4.98% |
Volatility (6M)Calculated over the trailing 6-month period | 17.65% | 30.86% | -13.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.71% | 34.97% | -14.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.61% | 29.39% | -6.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.61% | 28.33% | -5.72% |
NATO vs. DBE - Expense Ratio Comparison
NATO has a 0.35% expense ratio, which is lower than DBE's 0.78% expense ratio.
Dividends
NATO vs. DBE - Dividend Comparison
NATO's dividend yield for the trailing twelve months is around 0.44%, less than DBE's 2.10% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.10% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% |
NATO Themes Transatlantic Defense ETF | 0.44% | 0.45% | 0.08% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
NATO and DBE have a correlation of -0.21, 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 NATO (7.97%). In terms of maximum drawdown, NATO dropped -15.99% vs DBE's -86.69%.
On 1-year performance, DBE leads with 84.41% vs 13.50% for NATO. On fees, NATO is cheaper at 0.35% per year. On volatility, NATO has been the lower-risk option at 7.97%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, DBE has performed better with a 84.41% return vs 13.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
NATO is cheaper with a 0.35% expense ratio, compared with 0.78% for DBE.
DBE has the higher dividend yield at 2.10%, compared with 0.44% for NATO.
NATO is categorized as Aerospace & Defense, while DBE is Oil & Gas. NATO tracks Solactive Transatlantic Aerospace and Defense Index, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: Themes and Invesco. Their fees differ too: 0.35% for NATO and 0.78% for DBE.
DBE currently has the higher Sharpe Ratio (2.43 vs 0.65), 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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