DBC vs. VWO

Last updated Jun 13, 2026

DBC (Invesco DB Commodity Index Tracking Fund) and VWO (Vanguard FTSE Emerging Markets ETF) are both exchange-traded funds - DBC is a Commodities fund tracking the DBIQ Optimum Yield Diversified Commodity Index Excess Return, while VWO is a Emerging Markets Equities fund tracking the FTSE Emerging Index. Both are passively managed. Over the past 10 years, DBC returned 8.27%/yr vs 9.00%/yr for VWO. At a 0.39 correlation, their price movements are largely independent. DBC charges 0.85%/yr vs 0.08%/yr for VWO.

Performance

DBC vs. VWO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DB Commodity Index Tracking Fund (DBC) and Vanguard FTSE Emerging Markets ETF (VWO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DBC achieves a 27.68% return, which is significantly higher than VWO's 10.77% return. Over the past 10 years, DBC has underperformed VWO with an annualized return of 8.27%, while VWO has yielded a comparatively higher 9.00% annualized return.

DBC

• 1D: -1.04%
• 1M: -8.35%
• YTD: 27.68%
• 6M: 28.76%
• 1Y: 30.29%
• 3Y*: 12.92%
• 5Y*: 11.29%
• 10Y*: 8.27%

VWO

• 1D: 0.76%
• 1M: -0.68%
• YTD: 10.77%
• 6M: 12.57%
• 1Y: 26.52%
• 3Y*: 16.61%
• 5Y*: 5.03%
• 10Y*: 9.00%

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

DBC vs. VWO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DBC Invesco DB Commodity Index Tracking Fund	27.68%	8.10%	2.18%	-6.19%	19.34%	41.36%	-7.84%	11.84%	-11.63%	4.86%
VWO Vanguard FTSE Emerging Markets ETF	10.77%	25.60%	10.59%	9.25%	-17.98%	1.26%	15.17%	20.75%	-14.76%	31.49%

Correlation

The correlation between DBC and VWO is -0.11, 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	-0.11
Correlation (3Y) Calculated over the trailing 3-year period	0.18
Correlation (5Y) Calculated over the trailing 5-year period	0.23
Correlation (10Y) Calculated over the trailing 10-year period	0.31
Correlation (All Time) Calculated using the full available price history since Feb 6, 2006	0.39

The correlation between DBC and VWO shifts across timeframes, from -0.11 (1 year) to 0.39 (all time), reflecting how their relationship changes across market environments.

DBC vs. VWO - Sectors Allocation Comparison

Sectors	DBC	VWO
Financial Services	91.5%	19.5%
Basic Materials	-	8.0%
Communication Services	-	7.1%
Consumer Cyclical	-	10.7%
Consumer Defensive	-	3.7%
Energy	-	4.6%
Healthcare	-	3.9%
Industrials	-	8.0%
Real Estate	-	2.2%
Technology	-	29.6%
Utilities	-	2.9%

Return for Risk

DBC vs. VWO — Risk / Return Rank

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

DBC

DBC Risk / Return Rank: 64
DBC Sharpe Ratio Rank: 63
DBC Sortino Ratio Rank: 59
DBC Omega Ratio Rank: 60
DBC Calmar Ratio Rank: 77
DBC Martin Ratio Rank: 61

VWO

VWO Risk / Return Rank: 50
VWO Sharpe Ratio Rank: 49
VWO Sortino Ratio Rank: 47
VWO Omega Ratio Rank: 51
VWO Calmar Ratio Rank: 50
VWO Martin Ratio Rank: 52

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.

DBC vs. VWO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DB Commodity Index Tracking Fund (DBC) and Vanguard FTSE Emerging Markets ETF (VWO). 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.

	DBC	VWO	Difference
Sharpe ratio: Return per unit of total volatility	1.82	1.49	+0.33
Sortino ratio: Return per unit of downside risk	2.42	2.10	+0.32
Omega ratio: Gain probability vs. loss probability	1.32	1.28	+0.04
Calmar ratio: Return relative to maximum drawdown	3.48	2.21	+1.27
Martin ratio: Return relative to average drawdown	9.64	7.80	+1.84

DBC vs. VWO - Sharpe Ratio Comparison

The current DBC Sharpe Ratio is 1.82, which is comparable to the VWO Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of DBC and VWO, 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

DBC vs. VWO - Drawdown Comparison

The maximum DBC drawdown since its inception was -76.36%, which is greater than VWO's maximum drawdown of -67.68%. Use the drawdown chart below to compare losses from any high point for DBC and VWO.

Drawdown Indicators

	DBC	VWO	Difference
Max Drawdown Largest peak-to-trough decline	-76.36%	-67.68%	-8.68%
Max Drawdown (1Y) Largest decline over 1 year	-9.91%	-11.17%	+1.26%
Max Drawdown (3Y) Largest decline over 3 years	-13.82%	-17.37%	+3.55%
Max Drawdown (5Y) Largest decline over 5 years	-27.34%	-32.60%	+5.26%
Max Drawdown (10Y) Largest decline over 10 years	-41.71%	-36.39%	-5.32%
Current Drawdown Current decline from peak	-26.14%	-2.68%	-23.46%
Average Drawdown Average peak-to-trough decline	-46.19%	-15.80%	-30.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.57%	3.17%	+0.40%

Volatility

DBC vs. VWO - Volatility Comparison

The current volatility for Invesco DB Commodity Index Tracking Fund (DBC) is 5.20%, while Vanguard FTSE Emerging Markets ETF (VWO) has a volatility of 6.64%. This indicates that DBC experiences smaller price fluctuations and is considered to be less risky than VWO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DBC	VWO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.20%	6.64%	-1.44%
Volatility (6M) Calculated over the trailing 6-month period	16.11%	14.04%	+2.07%
Volatility (1Y) Calculated over the trailing 1-year period	18.94%	16.54%	+2.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.22%	17.48%	+1.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.82%	19.22%	-1.40%

DBC vs. VWO - Expense Ratio Comparison

DBC has a 0.85% expense ratio, which is higher than VWO's 0.08% expense ratio.

Dividends

DBC vs. VWO - Dividend Comparison

DBC's dividend yield for the trailing twelve months is around 2.61%, more than VWO's 2.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DBC Invesco DB Commodity Index Tracking Fund	2.61%	3.33%	5.22%	4.94%	0.59%	0.00%	0.00%	1.59%	1.30%	0.00%	0.00%	0.00%
VWO Vanguard FTSE Emerging Markets ETF	2.44%	2.79%	3.20%	3.52%	4.11%	2.63%	1.91%	3.23%	2.88%	2.30%	2.52%	3.26%

Frequently Asked Questions

Can I hold both DBC and VWO in my portfolio?

DBC and VWO have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DBC or VWO?

VWO has higher volatility (6.64%) compared to DBC (5.20%). In terms of maximum drawdown, DBC dropped -76.36% vs VWO's -67.68%.

Which ETF is better, DBC or VWO?

On 10-year performance, VWO leads with 9.00% vs 8.27% for DBC. On fees, VWO is cheaper at 0.08% per year. On volatility, DBC has been the lower-risk option at 5.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DBC or VWO?

Over the 10-year period, VWO has performed better with a 9.00% return vs 8.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DBC or VWO?

VWO is cheaper with a 0.08% expense ratio, compared with 0.85% for DBC.

Which ETF pays a higher dividend yield, DBC or VWO?

DBC has the higher dividend yield at 2.61%, compared with 2.44% for VWO.

What is the main difference between DBC and VWO?

DBC is categorized as Commodities, while VWO is Emerging Markets Equities. DBC tracks DBIQ Optimum Yield Diversified Commodity Index Excess Return, while VWO tracks FTSE Emerging Index. They also come from different issuers: Invesco and Vanguard. Their fees differ too: 0.85% for DBC and 0.08% for VWO.

Which has better risk-adjusted returns?

DBC currently has the higher Sharpe Ratio (1.82 vs 1.49), 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.