PXH vs. DBE
PXH (Invesco FTSE RAFI Emerging Markets ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - PXH is a Emerging Markets Equities fund tracking the FTSE RAFI Emerging Markets Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 10 years, PXH returned 9.22%/yr vs 11.45%/yr for DBE. At a 0.35 correlation, their price movements are largely independent. PXH charges 0.50%/yr vs 0.78%/yr for DBE.
Performance
PXH vs. DBE - Performance Comparison
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Returns By Period
In the year-to-date period, PXH achieves a 11.37% return, which is significantly lower than DBE's 68.39% return. Over the past 10 years, PXH has underperformed DBE with an annualized return of 9.22%, while DBE has yielded a comparatively higher 11.45% annualized return.
PXH
- 1D
- -0.81%
- 1M
- -1.54%
- 6M
- 5.99%
- YTD
- 11.37%
- 1Y
- 24.69%
- 3Y*
- 19.17%
- 5Y*
- 9.48%
- 10Y*
- 9.22%
DBE
- 1D
- -1.09%
- 1M
- 6.25%
- 6M
- 65.69%
- YTD
- 68.39%
- 1Y
- 57.64%
- 3Y*
- 17.96%
- 5Y*
- 17.10%
- 10Y*
- 11.45%
PXH vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PXH Invesco FTSE RAFI Emerging Markets ETF | 11.37% | 31.44% | 12.09% | 13.93% | -15.18% | 8.31% | -1.91% | 16.77% | -8.68% | 26.60% |
DBE Invesco DB Energy Fund | 68.39% | -2.17% | 2.96% | -12.14% | 33.77% | 57.56% | -25.91% | 19.72% | -12.95% | 5.21% |
Correlation
The correlation between PXH 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 | 0.16 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.26 |
Correlation (All Time) Calculated using the full available price history since Sep 28, 2007 | 0.35 |
The correlation between PXH and DBE shifts across timeframes, from -0.18 (1 year) to 0.35 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PXH vs. DBE — Risk / Return Rank
PXH
DBE
PXH vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco FTSE RAFI Emerging Markets ETF (PXH) 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.
| PXH | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.09 | ||
| Sortino ratioReturn per unit of downside risk | -0.13 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.28 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 2.42 | 2.34 | +0.08 |
| Martin ratioReturn relative to average drawdown | 7.72 | 7.00 | +0.72 |
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Drawdowns
PXH vs. DBE - Drawdown Comparison
The maximum PXH drawdown since its inception was -63.63%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for PXH and DBE.
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Drawdown Indicators
| PXH | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -63.63% | -86.69% | +23.06% |
Max Drawdown (1Y)Largest decline over 1 year | -10.24% | -24.72% | +14.48% |
Max Drawdown (3Y)Largest decline over 3 years | -17.72% | -24.72% | +7.00% |
Max Drawdown (5Y)Largest decline over 5 years | -29.59% | -38.74% | +9.15% |
Max Drawdown (10Y)Largest decline over 10 years | -40.42% | -60.84% | +20.42% |
Current DrawdownCurrent decline from peak | -4.44% | -36.07% | +31.63% |
Average DrawdownAverage peak-to-trough decline | -16.79% | -57.19% | +40.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.20% | 8.26% | -5.06% |
Volatility
PXH vs. DBE - Volatility Comparison
The current volatility for Invesco FTSE RAFI Emerging Markets ETF (PXH) is 5.04%, while Invesco DB Energy Fund (DBE) has a volatility of 11.68%. This indicates that PXH 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
| PXH | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.04% | 11.68% | -6.64% |
Volatility (6M)Calculated over the trailing 6-month period | 13.63% | 32.70% | -19.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.30% | 35.99% | -19.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.96% | 29.88% | -11.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.86% | 28.39% | -8.53% |
PXH vs. DBE - Expense Ratio Comparison
PXH has a 0.50% expense ratio, which is lower than DBE's 0.78% expense ratio.
Dividends
PXH vs. DBE - Dividend Comparison
PXH's dividend yield for the trailing twelve months is around 4.31%, more than DBE's 2.29% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.29% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% | 0.00% | 0.00% | 0.00% |
PXH Invesco FTSE RAFI Emerging Markets ETF | 4.31% | 4.02% | 4.43% | 4.84% | 5.33% | 4.69% | 2.79% | 3.28% | 3.30% | 2.74% | 1.97% | 3.44% |
Frequently Asked Questions
PXH 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.
DBE has higher volatility (11.68%) compared to PXH (5.04%). In terms of maximum drawdown, PXH dropped -63.63% vs DBE's -86.69%.
On 10-year performance, DBE leads with 11.45% vs 9.22% for PXH. On fees, PXH is cheaper at 0.50% per year. On volatility, PXH has been the lower-risk option at 5.04%. 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 11.45% return vs 9.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PXH is cheaper with a 0.50% expense ratio, compared with 0.78% for DBE.
PXH has the higher dividend yield at 4.31%, compared with 2.29% for DBE.
PXH is categorized as Emerging Markets Equities, while DBE is Oil & Gas. PXH tracks FTSE RAFI Emerging Markets Index, while DBE tracks DBIQ Optimum Yield Energy Index. Their fees differ too: 0.50% for PXH and 0.78% for DBE.
DBE currently has the higher Sharpe Ratio (1.61 vs 1.52), 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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