PPEM vs. DBE
PPEM (Putnam Panagora ESG Emerging Markets Equity ETF -) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - PPEM is a Emerging Markets Diversified fund tracking the MSCI Emerging Markets Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 3 years, PPEM returned 24.99%/yr vs 16.83%/yr for DBE. At a 0.01 correlation, their price movements are largely independent. PPEM charges 0.61%/yr vs 0.78%/yr for DBE.
Performance
PPEM vs. DBE - Performance Comparison
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Returns By Period
In the year-to-date period, PPEM achieves a 31.88% return, which is significantly lower than DBE's 53.97% return.
PPEM
- 1D
- 0.56%
- 1M
- 4.33%
- YTD
- 31.88%
- 6M
- 33.23%
- 1Y
- 55.34%
- 3Y*
- 24.99%
- 5Y*
- —
- 10Y*
- —
DBE
- 1D
- -0.63%
- 1M
- -16.23%
- YTD
- 53.97%
- 6M
- 50.93%
- 1Y
- 43.95%
- 3Y*
- 16.83%
- 5Y*
- 14.66%
- 10Y*
- 10.12%
PPEM vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
PPEM Putnam Panagora ESG Emerging Markets Equity ETF - | 31.88% | 35.39% | 7.50% | 0.19% |
DBE Invesco DB Energy Fund | 53.97% | -2.17% | 2.96% | -11.79% |
Correlation
The correlation between PPEM 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 | -0.03 |
Correlation (All Time) Calculated using the full available price history since Jan 20, 2023 | 0.01 |
The correlation between PPEM and DBE shifts across timeframes, from -0.28 (1 year) to 0.01 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PPEM vs. DBE — Risk / Return Rank
PPEM
DBE
PPEM vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Putnam Panagora ESG Emerging Markets Equity ETF - (PPEM) 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.
| PPEM | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.35 | ||
| Sortino ratioReturn per unit of downside risk | +1.64 | ||
| Omega ratioGain probability vs. loss probability | 1.49 | 1.23 | +0.26 |
| Calmar ratioReturn relative to maximum drawdown | 3.64 | 2.07 | +1.56 |
| Martin ratioReturn relative to average drawdown | 14.57 | 6.89 | +7.68 |
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Drawdowns
PPEM vs. DBE - Drawdown Comparison
The maximum PPEM drawdown since its inception was -18.44%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for PPEM and DBE.
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Drawdown Indicators
| PPEM | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.44% | -86.69% | +68.25% |
Max Drawdown (1Y)Largest decline over 1 year | -15.28% | -21.28% | +6.00% |
Max Drawdown (3Y)Largest decline over 3 years | -18.44% | -23.89% | +5.45% |
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 | -1.80% | -41.55% | +39.75% |
Average DrawdownAverage peak-to-trough decline | -4.19% | -57.24% | +53.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.81% | 6.42% | -2.61% |
Volatility
PPEM vs. DBE - Volatility Comparison
The current volatility for Putnam Panagora ESG Emerging Markets Equity ETF - (PPEM) is 7.94%, while Invesco DB Energy Fund (DBE) has a volatility of 9.37%. This indicates that PPEM 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
| PPEM | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.94% | 9.37% | -1.43% |
Volatility (6M)Calculated over the trailing 6-month period | 18.76% | 31.44% | -12.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.24% | 35.27% | -14.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.26% | 29.58% | -11.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.26% | 28.34% | -10.08% |
PPEM vs. DBE - Expense Ratio Comparison
PPEM has a 0.61% expense ratio, which is lower than DBE's 0.78% expense ratio.
Dividends
PPEM vs. DBE - Dividend Comparison
PPEM's dividend yield for the trailing twelve months is around 49.06%, more than DBE's 2.51% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.51% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% |
PPEM Putnam Panagora ESG Emerging Markets Equity ETF - | 49.06% | 6.05% | 3.27% | 1.94% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PPEM 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.
DBE has higher volatility (9.37%) compared to PPEM (7.94%). In terms of maximum drawdown, PPEM dropped -18.44% vs DBE's -86.69%.
On 3-year performance, PPEM leads with 24.99% vs 16.83% for DBE. On fees, PPEM is cheaper at 0.61% per year. On volatility, PPEM has been the lower-risk option at 7.94%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, PPEM has performed better with a 24.99% return vs 16.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PPEM is cheaper with a 0.61% expense ratio, compared with 0.78% for DBE.
PPEM has the higher dividend yield at 49.06%, compared with 2.51% for DBE.
PPEM is categorized as Emerging Markets Diversified, while DBE is Oil & Gas. PPEM tracks MSCI Emerging Markets Index, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: Putnam and Invesco. Their fees differ too: 0.61% for PPEM and 0.78% for DBE.
PPEM currently has the higher Sharpe Ratio (2.62 vs 1.27), 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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