RWL vs. DBE
RWL (Invesco S&P 500 Revenue ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - RWL is a S&P 500 fund tracking the S&P 500 Revenue-Weighted Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 10 years, RWL returned 13.96%/yr vs 12.03%/yr for DBE. At a 0.32 correlation, their price movements are largely independent. RWL charges 0.39%/yr vs 0.78%/yr for DBE.
Performance
RWL vs. DBE - Performance Comparison
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Returns By Period
In the year-to-date period, RWL achieves a 11.07% return, which is significantly lower than DBE's 83.68% return. Over the past 10 years, RWL has outperformed DBE with an annualized return of 13.96%, while DBE has yielded a comparatively lower 12.03% annualized return.
RWL
- 1D
- -0.42%
- 1M
- 3.13%
- YTD
- 11.07%
- 6M
- 11.66%
- 1Y
- 26.76%
- 3Y*
- 19.96%
- 5Y*
- 12.89%
- 10Y*
- 13.96%
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%
RWL vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
RWL Invesco S&P 500 Revenue ETF | 11.07% | 18.65% | 16.45% | 17.43% | -6.00% | 30.29% | 9.14% | 27.83% | -7.74% | 20.34% |
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 RWL 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 | 0.16 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.25 |
Correlation (All Time) Calculated using the full available price history since Feb 25, 2008 | 0.32 |
The correlation between RWL and DBE shifts across timeframes, from -0.23 (1 year) to 0.32 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
RWL vs. DBE — Risk / Return Rank
RWL
DBE
RWL vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Revenue ETF (RWL) 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.
| RWL | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.26 | ||
| Sortino ratioReturn per unit of downside risk | +0.81 | ||
| Omega ratioGain probability vs. loss probability | 1.48 | 1.40 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 4.05 | 5.89 | -1.84 |
| Martin ratioReturn relative to average drawdown | 17.12 | 11.53 | +5.59 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| RWL | DBE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.69 | 2.43 | +0.26 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.89 | 0.67 | +0.22 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.83 | 0.43 | +0.40 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.58 | 0.09 | +0.48 |
Drawdowns
RWL vs. DBE - Drawdown Comparison
The maximum RWL drawdown since its inception was -54.83%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for RWL and DBE.
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Drawdown Indicators
| RWL | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -54.83% | -86.69% | +31.86% |
Max Drawdown (1Y)Largest decline over 1 year | -6.64% | -14.41% | +7.77% |
Max Drawdown (3Y)Largest decline over 3 years | -14.39% | -23.89% | +9.50% |
Max Drawdown (5Y)Largest decline over 5 years | -17.49% | -38.74% | +21.25% |
Max Drawdown (10Y)Largest decline over 10 years | -36.04% | -60.84% | +24.80% |
Current DrawdownCurrent decline from peak | -0.57% | -30.27% | +29.70% |
Average DrawdownAverage peak-to-trough decline | -6.45% | -57.31% | +50.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.57% | 7.35% | -5.78% |
Volatility
RWL vs. DBE - Volatility Comparison
The current volatility for Invesco S&P 500 Revenue ETF (RWL) is 2.12%, while Invesco DB Energy Fund (DBE) has a volatility of 12.95%. This indicates that RWL 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
| RWL | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.12% | 12.95% | -10.83% |
Volatility (6M)Calculated over the trailing 6-month period | 7.12% | 30.86% | -23.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.00% | 34.97% | -24.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.50% | 29.39% | -14.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.86% | 28.33% | -11.47% |
RWL vs. DBE - Expense Ratio Comparison
RWL has a 0.39% expense ratio, which is lower than DBE's 0.78% expense ratio.
Dividends
RWL vs. DBE - Dividend Comparison
RWL's dividend yield for the trailing twelve months is around 1.25%, less than DBE's 2.10% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
RWL Invesco S&P 500 Revenue ETF | 1.25% | 1.35% | 1.43% | 1.60% | 1.62% | 1.35% | 1.75% | 1.87% | 1.99% | 1.60% | 1.71% | 1.97% |
Frequently Asked Questions
RWL 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 (12.95%) compared to RWL (2.12%). In terms of maximum drawdown, RWL dropped -54.83% vs DBE's -86.69%.
On 10-year performance, RWL leads with 13.96% vs 12.03% for DBE. On fees, RWL is cheaper at 0.39% per year. On volatility, RWL has been the lower-risk option at 2.12%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, RWL has performed better with a 13.96% return vs 12.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
RWL is cheaper with a 0.39% expense ratio, compared with 0.78% for DBE.
DBE has the higher dividend yield at 2.10%, compared with 1.25% for RWL.
RWL is categorized as S&P 500, while DBE is Oil & Gas. RWL tracks S&P 500 Revenue-Weighted Index, while DBE tracks DBIQ Optimum Yield Energy Index. Their fees differ too: 0.39% for RWL and 0.78% for DBE.
RWL currently has the higher Sharpe Ratio (2.69 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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