NUEM vs. DBE
NUEM (Nuveen ESG Emerging Markets Equity ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - NUEM is a Emerging Markets Equities fund tracking the MSCI TIAA ESG Emerging Markets, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 5 years, NUEM returned 5.00%/yr vs 14.49%/yr for DBE. At a 0.18 correlation, their price movements are largely independent. NUEM charges 0.35%/yr vs 0.78%/yr for DBE.
Performance
NUEM vs. DBE - Performance Comparison
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Returns By Period
In the year-to-date period, NUEM achieves a 18.06% return, which is significantly lower than DBE's 52.65% return.
NUEM
- 1D
- 0.52%
- 1M
- -0.36%
- YTD
- 18.06%
- 6M
- 17.70%
- 1Y
- 31.23%
- 3Y*
- 18.96%
- 5Y*
- 5.00%
- 10Y*
- —
DBE
- 1D
- 2.54%
- 1M
- -14.00%
- YTD
- 52.65%
- 6M
- 50.37%
- 1Y
- 48.29%
- 3Y*
- 16.21%
- 5Y*
- 14.49%
- 10Y*
- 10.15%
NUEM vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NUEM Nuveen ESG Emerging Markets Equity ETF | 18.06% | 27.12% | 9.73% | 8.57% | -19.74% | -1.08% | 24.09% | 16.67% | -17.26% | 18.50% |
DBE Invesco DB Energy Fund | 52.65% | -2.17% | 2.96% | -12.14% | 33.77% | 57.56% | -25.91% | 19.72% | -12.95% | 26.79% |
Correlation
The correlation between NUEM and DBE is -0.28, 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 | -0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.09 |
Correlation (All Time) Calculated using the full available price history since Jun 13, 2017 | 0.18 |
The correlation between NUEM and DBE shifts across timeframes, from -0.28 (1 year) to 0.18 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
NUEM vs. DBE — Risk / Return Rank
NUEM
DBE
NUEM vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nuveen ESG Emerging Markets Equity ETF (NUEM) 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.
| NUEM | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.13 | ||
| Sortino ratioReturn per unit of downside risk | +0.15 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.25 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.71 | 2.03 | +0.68 |
| Martin ratioReturn relative to average drawdown | 9.11 | 7.21 | +1.90 |
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Drawdowns
NUEM vs. DBE - Drawdown Comparison
The maximum NUEM drawdown since its inception was -39.48%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for NUEM and DBE.
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Drawdown Indicators
| NUEM | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.48% | -86.69% | +47.21% |
Max Drawdown (1Y)Largest decline over 1 year | -11.56% | -23.89% | +12.33% |
Max Drawdown (3Y)Largest decline over 3 years | -17.58% | -23.89% | +6.31% |
Max Drawdown (5Y)Largest decline over 5 years | -38.10% | -38.74% | +0.64% |
Max Drawdown (10Y)Largest decline over 10 years | — | -60.84% | — |
Current DrawdownCurrent decline from peak | -4.82% | -42.05% | +37.23% |
Average DrawdownAverage peak-to-trough decline | -14.94% | -57.23% | +42.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.44% | 6.72% | -3.28% |
Volatility
NUEM vs. DBE - Volatility Comparison
Nuveen ESG Emerging Markets Equity ETF (NUEM) and Invesco DB Energy Fund (DBE) have volatilities of 9.97% and 9.93%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NUEM | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.97% | 9.93% | +0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 18.42% | 31.70% | -13.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.53% | 34.79% | -14.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.14% | 29.64% | -9.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.36% | 28.36% | -8.00% |
NUEM vs. DBE - Expense Ratio Comparison
NUEM has a 0.35% expense ratio, which is lower than DBE's 0.78% expense ratio.
Dividends
NUEM vs. DBE - Dividend Comparison
NUEM's dividend yield for the trailing twelve months is around 3.03%, more than DBE's 2.53% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.53% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% | 0.00% |
NUEM Nuveen ESG Emerging Markets Equity ETF | 3.03% | 3.58% | 1.95% | 2.37% | 1.90% | 2.45% | 1.26% | 1.98% | 2.05% | 0.62% |
Frequently Asked Questions
NUEM and DBE have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NUEM has higher volatility (9.97%) compared to DBE (9.93%). In terms of maximum drawdown, NUEM dropped -39.48% vs DBE's -86.69%.
On 5-year performance, DBE leads with 14.49% vs 5.00% for NUEM. On fees, NUEM is cheaper at 0.35% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, DBE has performed better with a 14.49% return vs 5.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
NUEM is cheaper with a 0.35% expense ratio, compared with 0.78% for DBE.
NUEM has the higher dividend yield at 3.03%, compared with 2.53% for DBE.
NUEM is categorized as Emerging Markets Equities, while DBE is Oil & Gas. NUEM tracks MSCI TIAA ESG Emerging Markets, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: Nuveen and Invesco. Their fees differ too: 0.35% for NUEM and 0.78% for DBE.
NUEM currently has the higher Sharpe Ratio (1.53 vs 1.39), 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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