EMDM vs. DBE
EMDM (First Trust Bloomberg Emerging Market Democracies ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - EMDM is a Emerging Markets Diversified fund tracking the Bloomberg Emerging Market Democracies Index - Benchmark TR Net, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 3 years, EMDM returned 32.95%/yr vs 23.42%/yr for DBE. At a 0.02 correlation, their price movements are largely independent. EMDM charges 0.75%/yr vs 0.78%/yr for DBE.
Performance
EMDM vs. DBE - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, EMDM achieves a 39.03% return, which is significantly lower than DBE's 83.68% return.
EMDM
- 1D
- -1.32%
- 1M
- 11.04%
- YTD
- 39.03%
- 6M
- 45.21%
- 1Y
- 91.32%
- 3Y*
- 32.95%
- 5Y*
- —
- 10Y*
- —
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%
EMDM vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
EMDM First Trust Bloomberg Emerging Market Democracies ETF | 39.03% | 59.68% | -4.93% | 14.21% |
DBE Invesco DB Energy Fund | 83.68% | -2.17% | 2.96% | -10.44% |
Correlation
The correlation between EMDM and DBE is -0.31, 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 | -0.31 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.01 |
Correlation (All Time) Calculated using the full available price history since Mar 6, 2023 | 0.02 |
The correlation between EMDM and DBE shifts across timeframes, from -0.31 (1 year) to 0.02 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
EMDM vs. DBE — Risk / Return Rank
EMDM
DBE
EMDM vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Bloomberg Emerging Market Democracies ETF (EMDM) 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.
| EMDM | DBE | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 3.92 | 2.43 | +1.49 |
Sortino ratioReturn per unit of downside risk | 4.56 | 2.96 | +1.60 |
Omega ratioGain probability vs. loss probability | 1.66 | 1.40 | +0.26 |
Calmar ratioReturn relative to maximum drawdown | 5.87 | 5.89 | -0.02 |
Martin ratioReturn relative to average drawdown | 24.30 | 11.53 | +12.77 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| EMDM | DBE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.92 | 2.43 | +1.49 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.67 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.43 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.58 | 0.09 | +1.49 |
Drawdowns
EMDM vs. DBE - Drawdown Comparison
The maximum EMDM drawdown since its inception was -18.81%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for EMDM and DBE.
Loading charts...
Drawdown Indicators
| EMDM | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.81% | -86.69% | +67.88% |
Max Drawdown (1Y)Largest decline over 1 year | -15.65% | -14.41% | -1.24% |
Max Drawdown (3Y)Largest decline over 3 years | -18.81% | -23.89% | +5.08% |
Max Drawdown (5Y)Largest decline over 5 years | — | -38.74% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -60.84% | — |
Current DrawdownCurrent decline from peak | -1.32% | -30.27% | +28.95% |
Average DrawdownAverage peak-to-trough decline | -4.07% | -57.31% | +53.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.77% | 7.35% | -3.58% |
Volatility
EMDM vs. DBE - Volatility Comparison
The current volatility for First Trust Bloomberg Emerging Market Democracies ETF (EMDM) is 9.61%, while Invesco DB Energy Fund (DBE) has a volatility of 12.95%. This indicates that EMDM 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.
Loading charts...
Volatility by Period
| EMDM | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.61% | 12.95% | -3.34% |
Volatility (6M)Calculated over the trailing 6-month period | 20.78% | 30.86% | -10.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.42% | 34.97% | -11.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.79% | 29.39% | -9.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.79% | 28.33% | -8.54% |
EMDM vs. DBE - Expense Ratio Comparison
EMDM has a 0.75% expense ratio, which is lower than DBE's 0.78% expense ratio.
Dividends
EMDM vs. DBE - Dividend Comparison
EMDM's dividend yield for the trailing twelve months is around 2.57%, more than DBE's 2.10% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.10% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% |
EMDM First Trust Bloomberg Emerging Market Democracies ETF | 2.57% | 3.57% | 5.87% | 2.16% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
EMDM and DBE have a correlation of -0.31, 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 EMDM (9.61%). In terms of maximum drawdown, EMDM dropped -18.81% vs DBE's -86.69%.
On 3-year performance, EMDM leads with 32.95% vs 23.42% for DBE. On fees, EMDM is cheaper at 0.75% per year. On volatility, EMDM has been the lower-risk option at 9.61%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, EMDM has performed better with a 32.95% return vs 23.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EMDM is cheaper with a 0.75% expense ratio, compared with 0.78% for DBE.
EMDM has the higher dividend yield at 2.57%, compared with 2.10% for DBE.
EMDM is categorized as Emerging Markets Diversified, while DBE is Oil & Gas. EMDM tracks Bloomberg Emerging Market Democracies Index - Benchmark TR Net, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: First Trust and Invesco. Their fees differ too: 0.75% for EMDM and 0.78% for DBE.
EMDM currently has the higher Sharpe Ratio (3.92 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.
Find the right allocation for EMDM and DBE
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer