DBA vs. EMEQ

Last updated Aug 1, 2026

DBA (Invesco DB Agriculture Fund) and EMEQ (Nomura Focused Emerging Markets Equity ETF) are both exchange-traded funds - DBA is a Agricultural Commodities fund tracking the DBIQ Diversified Agriculture Index Excess Return, while EMEQ is a Emerging Markets Equities fund actively managed by Nomura. DBA is passively managed, while EMEQ is actively managed. Over the past year, DBA returned 10.05% vs 107.90% for EMEQ. Their 0.15 correlation means their historical movements had little consistent relationship. DBA charges 0.88%/yr vs 0.86%/yr for EMEQ.

Performance

DBA vs. EMEQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DB Agriculture Fund (DBA) and Nomura Focused Emerging Markets Equity ETF (EMEQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DBA achieves a 7.80% return, which is significantly lower than EMEQ's 53.76% return.

DBA

• 1D: 0.11%
• 1M: 2.42%
• 6M: 7.21%
• YTD: 7.80%
• 1Y: 10.05%
• 3Y*: 12.21%
• 5Y*: 10.82%
• 10Y*: 4.57%
• ALL TIME*: 1.46%

EMEQ

• 1D: 1.33%
• 1M: -11.21%
• 6M: 30.45%
• YTD: 53.76%
• 1Y: 107.90%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 65.06%

*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)
DBA Invesco DB Agriculture Fund	$21.27M	$23.75M	$33.82M
EMEQ Nomura Focused Emerging Markets Equity ETF	$8.75M	$9.16M	$11.52M

DBA vs. EMEQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DBA Invesco DB Agriculture Fund	7.80%	-0.56%	13.85%
EMEQ Nomura Focused Emerging Markets Equity ETF	53.76%	69.78%	-0.73%

Correlation

The correlation between DBA and EMEQ is 0.12, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.12
Correlation (All Time) Calculated using the full available price history since Sep 5, 2024	0.15

Return for Risk

DBA vs. EMEQ — Risk / Return Rank

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

DBA

DBA Risk / Return Rank: 34
DBA Sharpe Ratio Rank: 36
DBA Sortino Ratio Rank: 37
DBA Omega Ratio Rank: 35
DBA Calmar Ratio Rank: 34
DBA Martin Ratio Rank: 28

EMEQ

EMEQ Risk / Return Rank: 91
EMEQ Sharpe Ratio Rank: 95
EMEQ Sortino Ratio Rank: 88
EMEQ Omega Ratio Rank: 90
EMEQ Calmar Ratio Rank: 92
EMEQ Martin Ratio Rank: 91

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.

DBA vs. EMEQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DB Agriculture Fund (DBA) and Nomura Focused Emerging Markets Equity ETF (EMEQ). 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.

	DBA	EMEQ	Difference
Sharpe ratio: Return per unit of total volatility	0.91	2.69	-1.78
Sortino ratio: Return per unit of downside risk	1.36	2.99	-1.63
Omega ratio: Gain probability vs. loss probability	1.17	1.43	-0.26
Calmar ratio: Return relative to maximum drawdown	1.16	4.13	-2.97
Martin ratio: Return relative to average drawdown	2.40	15.08	-12.68

DBA vs. EMEQ - Sharpe Ratio Comparison

The current DBA Sharpe Ratio is 0.91, which is lower than the EMEQ Sharpe Ratio of 2.69. The chart below compares the historical Sharpe Ratios of DBA and EMEQ, 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

DBA vs. EMEQ - Drawdown Comparison

The maximum DBA drawdown since its inception was -67.97%, which is greater than EMEQ's maximum drawdown of -26.25%. Use the drawdown chart below to compare losses from any high point for DBA and EMEQ.

Drawdown Indicators

	DBA	EMEQ	Difference
Max Drawdown Largest peak-to-trough decline	-67.97%	-26.25%	-41.72%
Max Drawdown (1Y) Largest decline over 1 year	-8.67%	-26.25%	+17.58%
Max Drawdown (3Y) Largest decline over 3 years	-12.36%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-15.94%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-35.64%	—	—
Current Drawdown Current decline from peak	-24.11%	-20.86%	-3.25%
Average Drawdown Average peak-to-trough decline	-40.97%	-4.67%	-36.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.19%	7.18%	-2.99%

Volatility

DBA vs. EMEQ - Volatility Comparison

The current volatility for Invesco DB Agriculture Fund (DBA) is 4.72%, while Nomura Focused Emerging Markets Equity ETF (EMEQ) has a volatility of 14.87%. This indicates that DBA experiences smaller price fluctuations and is considered to be less risky than EMEQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DBA	EMEQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.72%	14.87%	-10.15%
Volatility (6M) Calculated over the trailing 6-month period	8.10%	37.54%	-29.44%
Volatility (1Y) Calculated over the trailing 1-year period	11.12%	40.39%	-29.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.78%	34.15%	-20.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.05%	34.15%	-21.10%

DBA vs. EMEQ - Expense Ratio Comparison

DBA has a 0.88% expense ratio, which is higher than EMEQ's 0.86% expense ratio.

Dividends

DBA vs. EMEQ - Dividend Comparison

DBA's dividend yield for the trailing twelve months is around 3.32%, more than EMEQ's 1.79% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBA Invesco DB Agriculture Fund	3.32%	3.58%	4.08%	4.63%	0.48%	0.00%	0.00%	1.55%	1.06%
EMEQ Nomura Focused Emerging Markets Equity ETF	1.79%	2.76%	0.84%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DBA and EMEQ in my portfolio?

DBA and EMEQ have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DBA or EMEQ?

EMEQ has higher volatility (14.87%) compared to DBA (4.72%). In terms of maximum drawdown, DBA dropped -67.97% vs EMEQ's -26.25%.

Which ETF is better, DBA or EMEQ?

On 1-year performance, EMEQ leads with 107.90% vs 10.05% for DBA. On fees, EMEQ is cheaper at 0.86% per year. On volatility, DBA has been the lower-risk option at 4.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DBA or EMEQ?

Over the 1-year period, EMEQ has performed better with a 107.90% return vs 10.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DBA or EMEQ?

EMEQ is cheaper with a 0.86% expense ratio, compared with 0.88% for DBA.

Which ETF pays a higher dividend yield, DBA or EMEQ?

DBA has the higher dividend yield at 3.32%, compared with 1.79% for EMEQ.

What is the main difference between DBA and EMEQ?

DBA is categorized as Agricultural Commodities, while EMEQ is Emerging Markets Equities. They also come from different issuers: Invesco and Nomura. Their fees differ too: 0.88% for DBA and 0.86% for EMEQ.

Which has better risk-adjusted returns?

EMEQ currently has the higher Sharpe Ratio (2.69 vs 0.91), 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.