RING vs. DBE
RING (iShares MSCI Global Gold Miners ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - RING is a Gold fund tracking the MSCI ACWI Select Gold Miners Investable Market Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 10 years, RING returned 10.75%/yr vs 11.45%/yr for DBE. At a 0.13 correlation, their price movements are largely independent. RING charges 0.39%/yr vs 0.78%/yr for DBE.
Performance
RING vs. DBE - Performance Comparison
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Returns By Period
In the year-to-date period, RING achieves a -15.97% return, which is significantly lower than DBE's 68.39% return. Over the past 10 years, RING has underperformed DBE with an annualized return of 10.75%, while DBE has yielded a comparatively higher 11.45% annualized return.
RING
- 1D
- -3.81%
- 1M
- -18.39%
- 6M
- -25.85%
- YTD
- -15.97%
- 1Y
- 42.60%
- 3Y*
- 37.48%
- 5Y*
- 19.06%
- 10Y*
- 10.75%
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%
RING vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
RING iShares MSCI Global Gold Miners ETF | -15.97% | 164.72% | 15.98% | 12.29% | -15.40% | -7.46% | 24.98% | 49.92% | -13.14% | 10.24% |
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 RING and DBE is -0.23, 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 | -0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.10 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.09 |
Correlation (All Time) Calculated using the full available price history since Feb 2, 2012 | 0.13 |
The correlation between RING and DBE shifts across timeframes, from -0.23 (1 year) to 0.13 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
RING vs. DBE — Risk / Return Rank
RING
DBE
RING vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Global Gold Miners ETF (RING) 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.
| RING | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.73 | ||
| Sortino ratioReturn per unit of downside risk | -0.88 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.28 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 1.13 | 2.34 | -1.21 |
| Martin ratioReturn relative to average drawdown | 2.68 | 7.00 | -4.32 |
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Drawdowns
RING vs. DBE - Drawdown Comparison
The maximum RING drawdown since its inception was -79.47%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for RING and DBE.
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Drawdown Indicators
| RING | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -79.47% | -86.69% | +7.22% |
Max Drawdown (1Y)Largest decline over 1 year | -37.76% | -24.72% | -13.04% |
Max Drawdown (3Y)Largest decline over 3 years | -37.76% | -24.72% | -13.04% |
Max Drawdown (5Y)Largest decline over 5 years | -47.94% | -38.74% | -9.20% |
Max Drawdown (10Y)Largest decline over 10 years | -52.04% | -60.84% | +8.80% |
Current DrawdownCurrent decline from peak | -37.76% | -36.07% | -1.69% |
Average DrawdownAverage peak-to-trough decline | -47.27% | -57.19% | +9.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.95% | 8.26% | +7.69% |
Volatility
RING vs. DBE - Volatility Comparison
iShares MSCI Global Gold Miners ETF (RING) and Invesco DB Energy Fund (DBE) have volatilities of 11.66% and 11.68%, 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
| RING | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.66% | 11.68% | -0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 39.61% | 32.70% | +6.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 48.42% | 35.99% | +12.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.14% | 29.88% | +7.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 36.72% | 28.39% | +8.33% |
RING vs. DBE - Expense Ratio Comparison
RING has a 0.39% expense ratio, which is lower than DBE's 0.78% expense ratio.
Dividends
RING vs. DBE - Dividend Comparison
RING's dividend yield for the trailing twelve months is around 1.47%, less 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% |
RING iShares MSCI Global Gold Miners ETF | 1.47% | 0.84% | 1.43% | 2.01% | 2.29% | 2.38% | 0.83% | 0.83% | 0.70% | 0.42% | 1.41% | 0.96% |
Frequently Asked Questions
RING and DBE have a correlation of -0.23, 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 RING (11.66%). In terms of maximum drawdown, RING dropped -79.47% vs DBE's -86.69%.
On 10-year performance, DBE leads with 11.45% vs 10.75% for RING. On fees, RING is cheaper at 0.39% per year. Their volatility is very similar. 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 10.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
RING is cheaper with a 0.39% expense ratio, compared with 0.78% for DBE.
DBE has the higher dividend yield at 2.29%, compared with 1.47% for RING.
RING is categorized as Gold, while DBE is Oil & Gas. RING tracks MSCI ACWI Select Gold Miners Investable Market Index, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.39% for RING and 0.78% for DBE.
DBE currently has the higher Sharpe Ratio (1.61 vs 0.88), 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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