EWT vs. DBO

Last updated Jun 4, 2026

EWT (iShares MSCI Taiwan ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - EWT is a Asia Pacific Equities fund tracking the MSCI Taiwan Index, 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, EWT returned 19.90%/yr vs 11.37%/yr for DBO. At a 0.26 correlation, their price movements are largely independent. EWT charges 0.59%/yr vs 0.78%/yr for DBO.

Performance

EWT vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Taiwan ETF (EWT) 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, EWT achieves a 68.27% return, which is significantly lower than DBO's 84.75% return. Over the past 10 years, EWT has outperformed DBO with an annualized return of 19.90%, while DBO has yielded a comparatively lower 11.37% annualized return.

EWT

• 1D: -0.20%
• 1M: 18.24%
• YTD: 68.27%
• 6M: 72.42%
• 1Y: 110.37%
• 3Y*: 38.34%
• 5Y*: 18.33%
• 10Y*: 19.90%

DBO

• 1D: 2.27%
• 1M: -2.34%
• YTD: 84.75%
• 6M: 81.10%
• 1Y: 80.26%
• 3Y*: 21.86%
• 5Y*: 15.98%
• 10Y*: 11.37%

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

EWT vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWT iShares MSCI Taiwan ETF	68.27%	28.38%	16.11%	23.97%	-28.90%	26.18%	31.50%	33.36%	-9.90%	26.81%
DBO Invesco DB Oil Fund	84.75%	-11.71%	7.85%	-4.44%	13.04%	60.74%	-20.99%	28.05%	-15.22%	4.86%

Correlation

The correlation between EWT and DBO is -0.26, 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	-0.26
Correlation (3Y) Calculated over the trailing 3-year period	0.01
Correlation (5Y) Calculated over the trailing 5-year period	0.09
Correlation (10Y) Calculated over the trailing 10-year period	0.16
Correlation (All Time) Calculated using the full available price history since Jan 8, 2007	0.26

The correlation between EWT and DBO shifts across timeframes, from -0.26 (1 year) to 0.26 (all time), reflecting how their relationship changes across market environments.

EWT vs. DBO - Sectors Allocation Comparison

Sectors	EWT	DBO
Technology	72.9%	-
Financial Services	13.0%	116.0%
Industrials	4.9%	-
Basic Materials	3.5%	-
Consumer Cyclical	1.9%	-
Communication Services	1.9%	-
Consumer Defensive	1.1%	-
Healthcare	0.8%	-
Energy	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

EWT vs. DBO — Risk / Return Rank

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

EWT

EWT Risk / Return Rank: 95
EWT Sharpe Ratio Rank: 96
EWT Sortino Ratio Rank: 94
EWT Omega Ratio Rank: 94
EWT Calmar Ratio Rank: 97
EWT Martin Ratio Rank: 95

DBO

DBO Risk / Return Rank: 65
DBO Sharpe Ratio Rank: 70
DBO Sortino Ratio Rank: 62
DBO Omega Ratio Rank: 60
DBO Calmar Ratio Rank: 83
DBO 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.

EWT vs. DBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Taiwan ETF (EWT) 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.

	EWT	DBO	Difference
Sharpe ratio: Return per unit of total volatility	4.42	2.34	+2.08
Sortino ratio: Return per unit of downside risk	5.00	2.94	+2.07
Omega ratio: Gain probability vs. loss probability	1.69	1.38	+0.32
Calmar ratio: Return relative to maximum drawdown	10.56	4.44	+6.12
Martin ratio: Return relative to average drawdown	32.40	9.02	+23.37
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EWT vs. DBO - Sharpe Ratio Comparison

The current EWT Sharpe Ratio is 4.42, which is higher than the DBO Sharpe Ratio of 2.34. The chart below compares the historical Sharpe Ratios of EWT 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.

Sharpe Ratios by Period

	EWT	DBO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.42	2.34	+2.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.82	0.50	+0.32
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.92	0.36	+0.57
Sharpe Ratio (All Time) Calculated using the full available price history	0.26	0.02	+0.24

Drawdowns

EWT vs. DBO - Drawdown Comparison

The maximum EWT drawdown since its inception was -64.37%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for EWT and DBO.

Drawdown Indicators

	EWT	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-64.37%	-90.18%	+25.81%
Max Drawdown (1Y) Largest decline over 1 year	-10.51%	-18.19%	+7.68%
Max Drawdown (3Y) Largest decline over 3 years	-25.66%	-28.20%	+2.54%
Max Drawdown (5Y) Largest decline over 5 years	-38.88%	-37.68%	-1.20%
Max Drawdown (10Y) Largest decline over 10 years	-38.88%	-61.69%	+22.81%
Current Drawdown Current decline from peak	-0.20%	-51.38%	+51.18%
Average Drawdown Average peak-to-trough decline	-19.23%	-62.25%	+43.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.42%	8.92%	-5.50%

Volatility

EWT vs. DBO - Volatility Comparison

The current volatility for iShares MSCI Taiwan ETF (EWT) is 10.43%, while Invesco DB Oil Fund (DBO) has a volatility of 12.61%. This indicates that EWT 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

	EWT	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.43%	12.61%	-2.18%
Volatility (6M) Calculated over the trailing 6-month period	20.52%	28.20%	-7.68%
Volatility (1Y) Calculated over the trailing 1-year period	25.10%	34.46%	-9.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.59%	32.29%	-9.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.60%	31.78%	-10.18%

EWT vs. DBO - Expense Ratio Comparison

EWT has a 0.59% expense ratio, which is lower than DBO's 0.78% expense ratio.

Dividends

EWT vs. DBO - Dividend Comparison

EWT's dividend yield for the trailing twelve months is around 2.63%, more than DBO's 1.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DBO Invesco DB Oil Fund	1.90%	3.51%	4.68%	4.59%	0.66%	0.00%	0.00%	1.63%	1.58%	0.00%	0.00%	0.00%
EWT iShares MSCI Taiwan ETF	2.63%	4.43%	3.32%	8.12%	18.82%	0.55%	1.83%	2.49%	3.16%	2.81%	2.39%	3.12%

Frequently Asked Questions

Can I hold both EWT and DBO in my portfolio?

EWT and DBO have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EWT or DBO?

DBO has higher volatility (12.61%) compared to EWT (10.43%). In terms of maximum drawdown, EWT dropped -64.37% vs DBO's -90.18%.

Which ETF is better, EWT or DBO?

On 10-year performance, EWT leads with 19.90% vs 11.37% for DBO. On fees, EWT is cheaper at 0.59% per year. On volatility, EWT has been the lower-risk option at 10.43%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWT or DBO?

Over the 10-year period, EWT has performed better with a 19.90% return vs 11.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWT or DBO?

EWT is cheaper with a 0.59% expense ratio, compared with 0.78% for DBO.

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

EWT has the higher dividend yield at 2.63%, compared with 1.90% for DBO.

What is the main difference between EWT and DBO?

EWT is categorized as Asia Pacific Equities, while DBO is Oil & Gas. EWT tracks MSCI Taiwan Index, while DBO tracks DBIQ Optimum Yield Crude Oil Index Excess Return. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.59% for EWT and 0.78% for DBO.

Which has better risk-adjusted returns?

EWT currently has the higher Sharpe Ratio (4.42 vs 2.34), 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.