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PXF vs. DBE
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PXF vs. DBE

Last updated Jun 4, 2026

PXF (Invesco FTSE RAFI Developed Markets ex-U.S. ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - PXF is a Foreign Large Cap Equities fund tracking the FTSE RAFI Developed Markets ex-U.S. Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 10 years, PXF returned 11.80%/yr vs 12.03%/yr for DBE. At a 0.34 correlation, their price movements are largely independent. PXF charges 0.45%/yr vs 0.78%/yr for DBE.

Performance

PXF vs. DBE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF) 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, PXF achieves a 20.42% return, which is significantly lower than DBE's 83.68% return. Both investments have delivered pretty close results over the past 10 years, with PXF having a 11.80% annualized return and DBE not far ahead at 12.03%.

PXF

1D
-0.70%
1M
6.92%
YTD
20.42%
6M
24.34%
1Y
44.15%
3Y*
25.13%
5Y*
13.47%
10Y*
11.80%

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)

PXF vs. DBE - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
PXF
Invesco FTSE RAFI Developed Markets ex-U.S. ETF		20.42%42.51%4.54%18.46%-9.09%15.93%2.58%17.50%-14.84%24.52%
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 PXF and DBE is -0.31, 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

-0.31

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

-0.04

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

0.15

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

0.26

Correlation (All Time)
Calculated using the full available price history since Jun 26, 2007

0.34

The correlation between PXF and DBE shifts across timeframes, from -0.31 (1 year) to 0.34 (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 FTSE RAFI Developed Markets ex-U.S. ETF

Invesco DB Energy Fund

Often compared with PXF:
PXF vs. FNDFPXF vs. PRFPXF vs. VEAPXF vs. VXUSPXF vs. VYMIPXF vs. PXHPXF vs. HDB
Often compared with DBE:
DBE vs. DBBDBE vs. XLEDBE vs. VDEDBE vs. COMTDBE vs. XLKDBE vs. GLDDBE vs. TIP

Return for Risk

PXF vs. DBE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PXF
PXF Risk / Return Rank: 8383
Overall Rank
PXF Sharpe Ratio Rank: 8787
Sharpe Ratio Rank
PXF Sortino Ratio Rank: 8484
Sortino Ratio Rank
PXF Omega Ratio Rank: 8585
Omega Ratio Rank
PXF Calmar Ratio Rank: 7979
Calmar Ratio Rank
PXF Martin Ratio Rank: 7979
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.

PXF vs. DBE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF) 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.

PXFDBEDifference
Sharpe ratioReturn per unit of total volatility
2.92
2.43

+0.49

Sortino ratioReturn per unit of downside risk
3.83
2.96

+0.87

Omega ratioGain probability vs. loss probability

1.52

1.40

+0.12

Calmar ratioReturn relative to maximum drawdown

4.07

5.89

-1.82

Martin ratioReturn relative to average drawdown

15.61

11.53

+4.08

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

PXF vs. DBE - Sharpe Ratio Comparison

The current PXF Sharpe Ratio is 2.92, which is comparable to the DBE Sharpe Ratio of 2.43. The chart below compares the historical Sharpe Ratios of PXF 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

PXFDBEDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.92

2.43

+0.49

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.82

0.67

+0.15

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.66

0.43

+0.23

Sharpe Ratio (All Time)

Calculated using the full available price history

0.24

0.09

+0.14

Drawdowns

PXF vs. DBE - Drawdown Comparison

The maximum PXF drawdown since its inception was -64.74%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for PXF and DBE.

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Drawdown Indicators

PXFDBEDifference

Max Drawdown

Largest peak-to-trough decline

-64.74%

-86.69%

+21.95%

Max Drawdown (1Y)

Largest decline over 1 year

-10.91%

-14.41%

+3.50%

Max Drawdown (3Y)

Largest decline over 3 years

-14.06%

-23.89%

+9.83%

Max Drawdown (5Y)

Largest decline over 5 years

-26.82%

-38.74%

+11.92%

Max Drawdown (10Y)

Largest decline over 10 years

-41.59%

-60.84%

+19.25%

Current Drawdown

Current decline from peak

-0.70%

-30.27%

+29.57%

Average Drawdown

Average peak-to-trough decline

-15.27%

-57.31%

+42.04%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.84%

7.35%

-4.51%

Volatility

PXF vs. DBE - Volatility Comparison

The current volatility for Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF) is 5.33%, while Invesco DB Energy Fund (DBE) has a volatility of 12.95%. This indicates that PXF 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

PXFDBEDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.33%

12.95%

-7.62%

Volatility (6M)

Calculated over the trailing 6-month period

12.86%

30.86%

-18.00%

Volatility (1Y)

Calculated over the trailing 1-year period

15.24%

34.97%

-19.73%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.45%

29.39%

-12.94%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.04%

28.33%

-10.29%

PXF vs. DBE - Expense Ratio Comparison

PXF has a 0.45% expense ratio, which is lower than DBE's 0.78% expense ratio.

Dividends

PXF vs. DBE - Dividend Comparison

PXF's dividend yield for the trailing twelve months is around 3.07%, more 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%
PXF
Invesco FTSE RAFI Developed Markets ex-U.S. ETF		3.07%3.64%3.48%3.55%3.58%3.74%2.11%3.50%3.38%2.78%3.21%3.10%

Frequently Asked Questions

PXF and DBE have a correlation of -0.31, 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 PXF (5.33%). In terms of maximum drawdown, PXF dropped -64.74% vs DBE's -86.69%.

On 10-year performance, DBE leads with 12.03% vs 11.80% for PXF. On fees, PXF is cheaper at 0.45% per year. On volatility, PXF has been the lower-risk option at 5.33%. 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 11.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

PXF is cheaper with a 0.45% expense ratio, compared with 0.78% for DBE.

PXF has the higher dividend yield at 3.07%, compared with 2.10% for DBE.

PXF is categorized as Foreign Large Cap Equities, while DBE is Oil & Gas. PXF tracks FTSE RAFI Developed Markets ex-U.S. Index, while DBE tracks DBIQ Optimum Yield Energy Index. Their fees differ too: 0.45% for PXF and 0.78% for DBE.

PXF currently has the higher Sharpe Ratio (2.92 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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