CANC vs. DBO

Last updated Aug 2, 2026

CANC (Tema Oncology ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - CANC is a Health & Biotech Equities fund actively managed by Tema, while DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return. CANC is actively managed, while DBO is passively managed. Over the past 3 years, CANC returned 102.33%/yr vs 14.86%/yr for DBO. Their -0.00 correlation means they have often moved in opposite directions in the past. CANC charges 0.75%/yr vs 0.78%/yr for DBO.

Performance

CANC vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tema Oncology ETF (CANC) and Invesco DB Oil Fund (DBO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CANC achieves a 16.92% return, which is significantly lower than DBO's 76.48% return.

CANC

• 1D: -1.72%
• 1M: -2.95%
• 6M: 13.52%
• YTD: 16.92%
• 1Y: 56.68%
• 3Y*: 102.33%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -9.07%

DBO

• 1D: 1.56%
• 1M: 24.59%
• 6M: 53.46%
• YTD: 76.48%
• 1Y: 60.30%
• 3Y*: 14.86%
• 5Y*: 13.46%
• 10Y*: 12.59%
• ALL TIME*: 0.52%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CANC Tema Oncology ETF	$1.11M	$1.31M	$1.24M
DBO Invesco DB Oil Fund	$11.01M	$10.23M	$13.95M

CANC vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
CANC Tema Oncology ETF	16.92%	42.92%	-5.37%	510.51%	-85.34%	-55.35%
DBO Invesco DB Oil Fund	76.48%	-11.71%	7.85%	-4.44%	13.04%	-0.73%

Correlation

The correlation between CANC and DBO is -0.28, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.28
Correlation (3Y) Balances recent behavior with more history.	-0.14
Correlation (All Time) Calculated using the full available price history since Sep 30, 2021	-0.00

Over the past year, the inverse relationship between CANC and DBO has strengthened: their correlation has moved from -0.00 to -0.28, meaning they now move in opposite directions more often than their long-term average.

Return for Risk

CANC vs. DBO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CANC

CANC Risk / Return Rank: 93
CANC Sharpe Ratio Rank: 93
CANC Sortino Ratio Rank: 93
CANC Omega Ratio Rank: 88
CANC Calmar Ratio Rank: 96
CANC Martin Ratio Rank: 93

DBO

DBO Risk / Return Rank: 58
DBO Sharpe Ratio Rank: 62
DBO Sortino Ratio Rank: 61
DBO Omega Ratio Rank: 57
DBO Calmar Ratio Rank: 57
DBO Martin Ratio Rank: 52

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CANC vs. DBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tema Oncology ETF (CANC) and Invesco DB Oil Fund (DBO). 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.

	CANC	DBO	Difference
Sharpe ratio: Return per unit of total volatility	2.51	1.45	+1.07
Sortino ratio: Return per unit of downside risk	3.52	2.05	+1.46
Omega ratio: Gain probability vs. loss probability	1.40	1.25	+0.15
Calmar ratio: Return relative to maximum drawdown	6.14	2.01	+4.13
Martin ratio: Return relative to average drawdown	16.53	6.09	+10.44

CANC vs. DBO - Sharpe Ratio Comparison

The current CANC Sharpe Ratio is 2.51, which is higher than the DBO Sharpe Ratio of 1.45. The chart below compares the historical Sharpe Ratios of CANC and DBO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CANC vs. DBO - Drawdown Comparison

The maximum CANC drawdown since its inception was -97.53%, which is greater than DBO's maximum drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for CANC and DBO.

Drawdown Indicators

	CANC	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-97.53%	-90.18%	-7.35%
Max Drawdown (1Y) Largest decline over 1 year	-9.30%	-27.73%	+18.43%
Max Drawdown (3Y) Largest decline over 3 years	-28.04%	-28.20%	+0.16%
Max Drawdown (5Y) Largest decline over 5 years	—	-37.68%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-61.69%	—
Current Drawdown Current decline from peak	-51.53%	-53.56%	+2.03%
Average Drawdown Average peak-to-trough decline	-72.46%	-62.20%	-10.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.45%	9.96%	-6.51%

Volatility

CANC vs. DBO - Volatility Comparison

The current volatility for Tema Oncology ETF (CANC) is 6.06%, while Invesco DB Oil Fund (DBO) has a volatility of 17.75%. This indicates that CANC experiences smaller price fluctuations and is considered to be less risky than DBO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CANC	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.06%	17.75%	-11.69%
Volatility (6M) Calculated over the trailing 6-month period	16.24%	33.77%	-17.53%
Volatility (1Y) Calculated over the trailing 1-year period	22.78%	38.53%	-15.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	275.54%	33.35%	+242.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	275.54%	32.20%	+243.34%

CANC vs. DBO - Expense Ratio Comparison

CANC has a 0.75% expense ratio, which is lower than DBO's 0.78% expense ratio.

Dividends

CANC vs. DBO - Dividend Comparison

CANC's dividend yield for the trailing twelve months is around 0.05%, less than DBO's 1.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
CANC Tema Oncology ETF	0.05%	0.06%	3.00%	0.56%	0.00%	0.00%	0.00%	0.00%	0.00%
DBO Invesco DB Oil Fund	1.99%	3.51%	4.68%	4.59%	0.66%	0.00%	0.00%	1.63%	1.58%

Frequently Asked Questions

Can I hold both CANC and DBO in my portfolio?

CANC and DBO have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CANC or DBO?

DBO has higher volatility (17.75%) compared to CANC (6.06%). In terms of maximum drawdown, CANC dropped -97.53% vs DBO's -90.18%.

Which ETF is better, CANC or DBO?

On 3-year performance, CANC leads with 102.33% vs 14.86% for DBO. On fees, CANC is cheaper at 0.75% per year. On volatility, CANC has been the lower-risk option at 6.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CANC or DBO?

Over the 3-year period, CANC has performed better with a 102.33% return vs 14.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CANC or DBO?

CANC is cheaper with a 0.75% expense ratio, compared with 0.78% for DBO.

Which ETF pays a higher dividend yield, CANC or DBO?

DBO has the higher dividend yield at 1.99%, compared with 0.05% for CANC.

What is the main difference between CANC and DBO?

CANC is categorized as Health & Biotech Equities, while DBO is Oil & Gas. They also come from different issuers: Tema and Invesco. Their fees differ too: 0.75% for CANC and 0.78% for DBO.

Which has better risk-adjusted returns?

CANC currently has the higher Sharpe Ratio (2.51 vs 1.45), 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.