CEMB vs. DBO
CEMB (iShares J.P. Morgan EM Corporate Bond ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - CEMB is a Corporate Bonds fund tracking the JP Morgan CEMBI Broad Diversified, while DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return. Both are passively managed. Over the past 10 years, CEMB returned 3.37%/yr vs 10.77%/yr for DBO. At a 0.05 correlation, their price movements are largely independent. CEMB charges 0.50%/yr vs 0.78%/yr for DBO.
Performance
CEMB vs. DBO - Performance Comparison
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Returns By Period
In the year-to-date period, CEMB achieves a 1.65% return, which is significantly lower than DBO's 68.61% return. Over the past 10 years, CEMB has underperformed DBO with an annualized return of 3.37%, while DBO has yielded a comparatively higher 10.77% annualized return.
CEMB
- 1D
- -0.00%
- 1M
- 0.13%
- 6M
- 1.29%
- YTD
- 1.65%
- 1Y
- 5.76%
- 3Y*
- 6.86%
- 5Y*
- 1.89%
- 10Y*
- 3.37%
DBO
- 1D
- 3.73%
- 1M
- 9.47%
- 6M
- 62.48%
- YTD
- 68.61%
- 1Y
- 54.48%
- 3Y*
- 15.79%
- 5Y*
- 13.08%
- 10Y*
- 10.77%
CEMB vs. DBO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CEMB iShares J.P. Morgan EM Corporate Bond ETF | 1.65% | 8.86% | 5.81% | 8.37% | -12.58% | -0.59% | 6.77% | 13.90% | -2.57% | 7.11% |
DBO Invesco DB Oil Fund | 68.61% | -11.71% | 7.85% | -4.44% | 13.04% | 60.74% | -20.99% | 28.05% | -15.22% | 4.86% |
Correlation
The correlation between CEMB and DBO is -0.35, 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 | -0.35 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.14 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.04 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.04 |
Correlation (All Time) Calculated using the full available price history since Apr 19, 2012 | 0.05 |
The correlation between CEMB and DBO shifts across timeframes, from -0.35 (1 year) to 0.05 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
CEMB vs. DBO — Risk / Return Rank
CEMB
DBO
CEMB vs. DBO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares J.P. Morgan EM Corporate Bond ETF (CEMB) 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.
| CEMB | DBO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.36 | ||
| Sortino ratioReturn per unit of downside risk | +0.63 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.26 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 2.01 | 1.97 | +0.04 |
| Martin ratioReturn relative to average drawdown | 8.62 | 5.27 | +3.35 |
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Drawdowns
CEMB vs. DBO - Drawdown Comparison
The maximum CEMB drawdown since its inception was -20.84%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for CEMB and DBO.
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Drawdown Indicators
| CEMB | DBO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.84% | -90.18% | +69.34% |
Max Drawdown (1Y)Largest decline over 1 year | -2.88% | -27.73% | +24.85% |
Max Drawdown (3Y)Largest decline over 3 years | -3.85% | -28.20% | +24.35% |
Max Drawdown (5Y)Largest decline over 5 years | -20.48% | -37.68% | +17.20% |
Max Drawdown (10Y)Largest decline over 10 years | -20.84% | -61.69% | +40.85% |
Current DrawdownCurrent decline from peak | -0.20% | -55.63% | +55.43% |
Average DrawdownAverage peak-to-trough decline | -3.63% | -62.21% | +58.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.67% | 10.37% | -9.70% |
Volatility
CEMB vs. DBO - Volatility Comparison
The current volatility for iShares J.P. Morgan EM Corporate Bond ETF (CEMB) is 0.83%, while Invesco DB Oil Fund (DBO) has a volatility of 13.53%. This indicates that CEMB 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.
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Volatility by Period
| CEMB | DBO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.83% | 13.53% | -12.70% |
Volatility (6M)Calculated over the trailing 6-month period | 2.51% | 31.28% | -28.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.09% | 36.22% | -33.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.63% | 32.96% | -27.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.27% | 31.93% | -25.66% |
CEMB vs. DBO - Expense Ratio Comparison
CEMB has a 0.50% expense ratio, which is lower than DBO's 0.78% expense ratio.
Dividends
CEMB vs. DBO - Dividend Comparison
CEMB's dividend yield for the trailing twelve months is around 5.20%, more than DBO's 2.08% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CEMB iShares J.P. Morgan EM Corporate Bond ETF | 5.20% | 5.14% | 5.11% | 4.77% | 4.29% | 3.51% | 3.86% | 4.19% | 4.66% | 4.06% | 4.26% | 4.76% |
DBO Invesco DB Oil Fund | 2.08% | 3.51% | 4.68% | 4.59% | 0.66% | 0.00% | 0.00% | 1.63% | 1.58% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CEMB and DBO have a correlation of -0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBO has higher volatility (13.53%) compared to CEMB (0.83%). In terms of maximum drawdown, CEMB dropped -20.84% vs DBO's -90.18%.
On 10-year performance, DBO leads with 10.77% vs 3.37% for CEMB. On fees, CEMB is cheaper at 0.50% per year. On volatility, CEMB has been the lower-risk option at 0.83%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DBO has performed better with a 10.77% return vs 3.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CEMB is cheaper with a 0.50% expense ratio, compared with 0.78% for DBO.
CEMB has the higher dividend yield at 5.20%, compared with 2.08% for DBO.
CEMB is categorized as Corporate Bonds, while DBO is Oil & Gas. CEMB tracks JP Morgan CEMBI Broad Diversified, while DBO tracks DBIQ Optimum Yield Crude Oil Index Excess Return. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.50% for CEMB and 0.78% for DBO.
CEMB currently has the higher Sharpe Ratio (1.87 vs 1.51), 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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