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PBW vs. DBE
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PBW vs. DBE

Last updated Jun 4, 2026

PBW (Invesco WilderHill Clean Energy ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - PBW is a Small Cap Growth Equities fund tracking the The WilderHill Clean Energy Index (AMEX), while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 10 years, PBW returned 11.06%/yr vs 12.03%/yr for DBE. At a 0.27 correlation, their price movements are largely independent. PBW charges 0.61%/yr vs 0.78%/yr for DBE.

Performance

PBW vs. DBE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco WilderHill Clean Energy ETF (PBW) and Invesco DB Energy Fund (DBE). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, PBW achieves a 48.64% return, which is significantly lower than DBE's 83.68% return. Over the past 10 years, PBW has underperformed DBE with an annualized return of 11.06%, while DBE has yielded a comparatively higher 12.03% annualized return.

PBW

1D
-3.49%
1M
18.16%
YTD
48.64%
6M
46.91%
1Y
151.19%
3Y*
8.19%
5Y*
-10.05%
10Y*
11.06%

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%
*Multi-year figures are annualized to reflect compound growth (CAGR)

PBW vs. DBE - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
PBW
Invesco WilderHill Clean Energy ETF		48.64%53.96%-30.77%-20.03%-44.55%-29.86%204.82%62.58%-14.11%39.92%
DBE
Invesco DB Energy Fund		83.68%-2.17%2.96%-12.14%33.77%57.56%-25.91%19.72%-12.95%5.21%

Correlation

The correlation between PBW and DBE is -0.18, 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

-0.18

Correlation (3Y)
Calculated over the trailing 3-year period

0.05

Correlation (5Y)
Calculated over the trailing 5-year period

0.12

Correlation (10Y)
Calculated over the trailing 10-year period

0.19

Correlation (All Time)
Calculated using the full available price history since Jan 8, 2007

0.27

The correlation between PBW and DBE shifts across timeframes, from -0.18 (1 year) to 0.27 (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.

Invesco WilderHill Clean Energy ETF

Invesco DB Energy Fund

Often compared with PBW:
PBW vs. ICLNPBW vs. QCLNPBW vs. PBDPBW vs. PKWPBW vs. RNRGPBW vs. BEPBW vs. XOP
Often compared with DBE:
DBE vs. DBBDBE vs. XLEDBE vs. VDEDBE vs. COMTDBE vs. XLKDBE vs. GLDDBE vs. TIP

Return for Risk

PBW vs. DBE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PBW
PBW Risk / Return Rank: 8888
Overall Rank
PBW Sharpe Ratio Rank: 9494
Sharpe Ratio Rank
PBW Sortino Ratio Rank: 8686
Sortino Ratio Rank
PBW Omega Ratio Rank: 7979
Omega Ratio Rank
PBW Calmar Ratio Rank: 9494
Calmar Ratio Rank
PBW Martin Ratio Rank: 8888
Martin Ratio Rank
DBE
DBE Risk / Return Rank: 7171
Overall Rank
DBE Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
DBE Sortino Ratio Rank: 6363
Sortino Ratio Rank
DBE Omega Ratio Rank: 6565
Omega Ratio Rank
DBE Calmar Ratio Rank: 9191
Calmar Ratio Rank
DBE Martin Ratio Rank: 6363
Martin Ratio Rank
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.

PBW vs. DBE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco WilderHill Clean Energy ETF (PBW) 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.

PBWDBEDifference

Sharpe ratio

Return per unit of total volatility

3.77

2.43

+1.35

Sortino ratio

Return per unit of downside risk

3.92

2.96

+0.97

Omega ratio

Gain probability vs. loss probability

1.48

1.40

+0.08

Calmar ratio

Return relative to maximum drawdown

7.16

5.89

+1.27

Martin ratio

Return relative to average drawdown

19.88

11.53

+8.35

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PBW vs. DBE - Sharpe Ratio Comparison

The current PBW Sharpe Ratio is 3.77, which is higher than the DBE Sharpe Ratio of 2.43. The chart below compares the historical Sharpe Ratios of PBW 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.

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Sharpe Ratios by Period

PBWDBEDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

3.77

2.43

+1.35

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.24

0.67

-0.91

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.29

0.43

-0.14

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.03

0.09

-0.12

Drawdowns

PBW vs. DBE - Drawdown Comparison

The maximum PBW drawdown since its inception was -89.02%, roughly equal to the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for PBW and DBE.

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Drawdown Indicators

PBWDBEDifference

Max Drawdown

Largest peak-to-trough decline

-89.02%

-86.69%

-2.33%

Max Drawdown (1Y)

Largest decline over 1 year

-21.24%

-14.41%

-6.83%

Max Drawdown (3Y)

Largest decline over 3 years

-68.04%

-23.89%

-44.15%

Max Drawdown (5Y)

Largest decline over 5 years

-84.50%

-38.74%

-45.76%

Max Drawdown (10Y)

Largest decline over 10 years

-89.02%

-60.84%

-28.18%

Current Drawdown

Current decline from peak

-62.54%

-30.27%

-32.27%

Average Drawdown

Average peak-to-trough decline

-62.91%

-57.31%

-5.60%

Ulcer Index

Depth and duration of drawdowns from previous peaks

7.64%

7.35%

+0.29%

Volatility

PBW vs. DBE - Volatility Comparison

Invesco WilderHill Clean Energy ETF (PBW) and Invesco DB Energy Fund (DBE) have volatilities of 13.35% and 12.95%, 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

PBWDBEDifference

Volatility (1M)

Calculated over the trailing 1-month period

13.35%

12.95%

+0.40%

Volatility (6M)

Calculated over the trailing 6-month period

28.20%

30.86%

-2.66%

Volatility (1Y)

Calculated over the trailing 1-year period

40.48%

34.97%

+5.51%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

42.91%

29.39%

+13.52%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

38.76%

28.33%

+10.43%

PBW vs. DBE - Expense Ratio Comparison

PBW has a 0.61% expense ratio, which is lower than DBE's 0.78% expense ratio.

Dividends

PBW vs. DBE - Dividend Comparison

PBW's dividend yield for the trailing twelve months is around 0.60%, less than DBE's 2.10% yield.

PositionTTM20252024202320222021202020192018201720162015
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%0.00%0.00%
PBW
Invesco WilderHill Clean Energy ETF		0.60%0.79%2.84%3.68%4.21%1.71%0.44%1.45%2.04%1.28%2.68%1.53%

Frequently Asked Questions

PBW and DBE have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

PBW has higher volatility (13.35%) compared to DBE (12.95%). In terms of maximum drawdown, PBW dropped -89.02% vs DBE's -86.69%.

On 10-year performance, DBE leads with 12.03% vs 11.06% for PBW. On fees, PBW is cheaper at 0.61% per year. On volatility, DBE has been the lower-risk option at 12.95%. 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 12.03% return vs 11.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

PBW is cheaper with a 0.61% expense ratio, compared with 0.78% for DBE.

DBE has the higher dividend yield at 2.10%, compared with 0.60% for PBW.

PBW is categorized as Small Cap Growth Equities, while DBE is Oil & Gas. PBW tracks The WilderHill Clean Energy Index (AMEX), while DBE tracks DBIQ Optimum Yield Energy Index. Their fees differ too: 0.61% for PBW and 0.78% for DBE.

PBW currently has the higher Sharpe Ratio (3.77 vs 2.43), 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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