ROE vs. DBE

Last updated Jun 4, 2026

ROE (Astoria US Equal Weight Quality Kings ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - ROE is a Large Cap Value Equities fund actively managed by Astoria, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. ROE is actively managed, while DBE is passively managed. Over the past year, ROE returned 37.99% vs 84.41% for DBE. At a correlation of -0.06, they often move in opposite directions. ROE charges 0.49%/yr vs 0.78%/yr for DBE.

Performance

ROE vs. DBE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Astoria US Equal Weight Quality Kings ETF (ROE) and Invesco DB Energy Fund (DBE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ROE achieves a 20.98% return, which is significantly lower than DBE's 83.68% return.

ROE

• 1D: -0.04%
• 1M: 8.10%
• YTD: 20.98%
• 6M: 21.56%
• 1Y: 37.99%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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)

ROE vs. DBE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
ROE Astoria US Equal Weight Quality Kings ETF	20.98%	17.20%	18.34%	4.29%
DBE Invesco DB Energy Fund	83.68%	-2.17%	2.96%	-10.75%

Correlation

The correlation between ROE and DBE is -0.29, 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	-0.29
Correlation (All Time) Calculated using the full available price history since Aug 2, 2023	-0.06

Over the past year, the inverse relationship between ROE and DBE has strengthened: their correlation has moved from -0.06 to -0.29, meaning they now move in opposite directions more often than their long-term average.

Return for Risk

ROE vs. DBE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ROE

ROE Risk / Return Rank: 83
ROE Sharpe Ratio Rank: 84
ROE Sortino Ratio Rank: 82
ROE Omega Ratio Rank: 80
ROE Calmar Ratio Rank: 83
ROE Martin Ratio Rank: 89

DBE

DBE Risk / Return Rank: 71
DBE Sharpe Ratio Rank: 74
DBE Sortino Ratio Rank: 63
DBE Omega Ratio Rank: 65
DBE Calmar Ratio Rank: 91
DBE Martin Ratio Rank: 63

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.

ROE vs. DBE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Astoria US Equal Weight Quality Kings ETF (ROE) 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.

	ROE	DBE	Difference
Sharpe ratio Return per unit of total volatility	2.74	2.43	+0.32
Sortino ratio Return per unit of downside risk	3.69	2.96	+0.73
Omega ratio Gain probability vs. loss probability	1.48	1.40	+0.08
Calmar ratio Return relative to maximum drawdown	4.41	5.89	-1.48
Martin ratio Return relative to average drawdown	19.92	11.53	+8.39
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ROE vs. DBE - Sharpe Ratio Comparison

The current ROE Sharpe Ratio is 2.74, which is comparable to the DBE Sharpe Ratio of 2.43. The chart below compares the historical Sharpe Ratios of ROE 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.

Sharpe Ratios by Period

	ROE	DBE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.74	2.43	+0.32
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.67	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.43	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.39	0.09	+1.29

Drawdowns

ROE vs. DBE - Drawdown Comparison

The maximum ROE drawdown since its inception was -19.10%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for ROE and DBE.

Drawdown Indicators

	ROE	DBE	Difference
Max Drawdown Largest peak-to-trough decline	-19.10%	-86.69%	+67.59%
Max Drawdown (1Y) Largest decline over 1 year	-8.66%	-14.41%	+5.75%
Max Drawdown (3Y) Largest decline over 3 years	—	-23.89%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-38.74%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-60.84%	—
Current Drawdown Current decline from peak	-0.04%	-30.27%	+30.23%
Average Drawdown Average peak-to-trough decline	-2.59%	-57.31%	+54.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.91%	7.35%	-5.44%

Volatility

ROE vs. DBE - Volatility Comparison

The current volatility for Astoria US Equal Weight Quality Kings ETF (ROE) is 3.79%, while Invesco DB Energy Fund (DBE) has a volatility of 12.95%. This indicates that ROE 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.

Volatility by Period

	ROE	DBE	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.79%	12.95%	-9.16%
Volatility (6M) Calculated over the trailing 6-month period	10.66%	30.86%	-20.20%
Volatility (1Y) Calculated over the trailing 1-year period	13.94%	34.97%	-21.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.78%	29.39%	-13.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.78%	28.33%	-12.55%

ROE vs. DBE - Expense Ratio Comparison

ROE has a 0.49% expense ratio, which is lower than DBE's 0.78% expense ratio.

Dividends

ROE vs. DBE - Dividend Comparison

ROE's dividend yield for the trailing twelve months is around 0.94%, less than DBE's 2.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBE Invesco DB Energy Fund	2.10%	3.86%	6.32%	3.87%	0.75%	0.00%	0.00%	1.79%	1.67%
ROE Astoria US Equal Weight Quality Kings ETF	0.94%	0.97%	1.18%	0.68%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ROE and DBE in my portfolio?

ROE and DBE have a correlation of -0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ROE or DBE?

DBE has higher volatility (12.95%) compared to ROE (3.79%). In terms of maximum drawdown, ROE dropped -19.10% vs DBE's -86.69%.

Which ETF is better, ROE or DBE?

On 1-year performance, DBE leads with 84.41% vs 37.99% for ROE. On fees, ROE is cheaper at 0.49% per year. On volatility, ROE has been the lower-risk option at 3.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ROE or DBE?

Over the 1-year period, DBE has performed better with a 84.41% return vs 37.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ROE or DBE?

ROE is cheaper with a 0.49% expense ratio, compared with 0.78% for DBE.

Which ETF pays a higher dividend yield, ROE or DBE?

DBE has the higher dividend yield at 2.10%, compared with 0.94% for ROE.

What is the main difference between ROE and DBE?

ROE is categorized as Large Cap Value Equities, while DBE is Oil & Gas. They also come from different issuers: Astoria and Invesco. Their fees differ too: 0.49% for ROE and 0.78% for DBE.

Which has better risk-adjusted returns?

ROE currently has the higher Sharpe Ratio (2.74 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.