PAVE vs. DBE
PAVE (Global X US Infrastructure Development ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - PAVE is a Utilities Equities fund tracking the INDXX U.S. Infrastructure Development Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 5 years, PAVE returned 17.39%/yr vs 19.66%/yr for DBE. At a 0.22 correlation, their price movements are largely independent. PAVE charges 0.47%/yr vs 0.78%/yr for DBE.
Performance
PAVE vs. DBE - Performance Comparison
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Returns By Period
In the year-to-date period, PAVE achieves a 19.88% return, which is significantly lower than DBE's 83.68% return.
PAVE
- 1D
- 0.70%
- 1M
- 1.96%
- YTD
- 19.88%
- 6M
- 18.87%
- 1Y
- 37.15%
- 3Y*
- 26.78%
- 5Y*
- 17.39%
- 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%
PAVE vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PAVE Global X US Infrastructure Development ETF | 19.88% | 19.36% | 17.92% | 31.01% | -7.17% | 36.42% | 19.72% | 33.26% | -19.15% | 14.11% |
DBE Invesco DB Energy Fund | 83.68% | -2.17% | 2.96% | -12.14% | 33.77% | 57.56% | -25.91% | 19.72% | -12.95% | 16.43% |
Correlation
The correlation between PAVE and DBE is -0.27, 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 | -0.27 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.12 |
Correlation (All Time) Calculated using the full available price history since Mar 9, 2017 | 0.22 |
The correlation between PAVE and DBE shifts across timeframes, from -0.27 (1 year) to 0.22 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PAVE vs. DBE — Risk / Return Rank
PAVE
DBE
PAVE vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X US Infrastructure Development ETF (PAVE) 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.
| PAVE | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.44 | ||
| Sortino ratioReturn per unit of downside risk | -0.14 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.40 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 3.13 | 5.89 | -2.76 |
| Martin ratioReturn relative to average drawdown | 11.50 | 11.53 | -0.03 |
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
| PAVE | DBE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.99 | 2.43 | -0.44 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.81 | 0.67 | +0.14 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.43 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.68 | 0.09 | +0.59 |
Drawdowns
PAVE vs. DBE - Drawdown Comparison
The maximum PAVE drawdown since its inception was -44.08%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for PAVE and DBE.
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Drawdown Indicators
| PAVE | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -44.08% | -86.69% | +42.61% |
Max Drawdown (1Y)Largest decline over 1 year | -11.91% | -14.41% | +2.50% |
Max Drawdown (3Y)Largest decline over 3 years | -26.23% | -23.89% | -2.34% |
Max Drawdown (5Y)Largest decline over 5 years | -26.23% | -38.74% | +12.51% |
Max Drawdown (10Y)Largest decline over 10 years | — | -60.84% | — |
Current DrawdownCurrent decline from peak | -1.82% | -30.27% | +28.45% |
Average DrawdownAverage peak-to-trough decline | -6.24% | -57.31% | +51.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.24% | 7.35% | -4.11% |
Volatility
PAVE vs. DBE - Volatility Comparison
The current volatility for Global X US Infrastructure Development ETF (PAVE) is 6.42%, while Invesco DB Energy Fund (DBE) has a volatility of 12.95%. This indicates that PAVE 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
| PAVE | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.42% | 12.95% | -6.53% |
Volatility (6M)Calculated over the trailing 6-month period | 15.17% | 30.86% | -15.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.84% | 34.97% | -16.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.60% | 29.39% | -7.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.38% | 28.33% | -3.95% |
PAVE vs. DBE - Expense Ratio Comparison
PAVE has a 0.47% expense ratio, which is lower than DBE's 0.78% expense ratio.
Dividends
PAVE vs. DBE - Dividend Comparison
PAVE's dividend yield for the trailing twelve months is around 0.77%, less than DBE's 2.10% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.10% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% | 0.00% |
PAVE Global X US Infrastructure Development ETF | 0.77% | 0.92% | 0.54% | 0.68% | 0.84% | 0.48% | 0.44% | 0.67% | 0.78% | 0.30% |
Frequently Asked Questions
PAVE and DBE have a correlation of -0.27, 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 PAVE (6.42%). In terms of maximum drawdown, PAVE dropped -44.08% vs DBE's -86.69%.
On 5-year performance, DBE leads with 19.66% vs 17.39% for PAVE. On fees, PAVE is cheaper at 0.47% per year. On volatility, PAVE has been the lower-risk option at 6.42%. 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 19.66% return vs 17.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PAVE is cheaper with a 0.47% expense ratio, compared with 0.78% for DBE.
DBE has the higher dividend yield at 2.10%, compared with 0.77% for PAVE.
PAVE is categorized as Utilities Equities, while DBE is Oil & Gas. PAVE tracks INDXX U.S. Infrastructure Development Index, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: Global X and Invesco. Their fees differ too: 0.47% for PAVE and 0.78% for DBE.
DBE currently has the higher Sharpe Ratio (2.43 vs 1.99), 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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