FEMR vs. DBE

Last updated Jun 3, 2026

FEMR (Fidelity Enhanced Emerging Markets ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - FEMR is a Emerging Markets Diversified fund actively managed by Fidelity, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. FEMR is actively managed, while DBE is passively managed. Over the past year, FEMR returned 65.47% vs 82.31% for DBE. At a correlation of -0.12, they often move in opposite directions. FEMR charges 0.38%/yr vs 0.78%/yr for DBE.

Performance

FEMR vs. DBE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Enhanced Emerging Markets ETF (FEMR) and Invesco DB Energy Fund (DBE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FEMR achieves a 35.27% return, which is significantly lower than DBE's 79.50% return.

FEMR

• 1D: 0.55%
• 1M: 12.50%
• YTD: 35.27%
• 6M: 39.81%
• 1Y: 65.47%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DBE

• 1D: 0.80%
• 1M: -3.65%
• YTD: 79.50%
• 6M: 72.59%
• 1Y: 82.31%
• 3Y*: 22.48%
• 5Y*: 19.20%
• 10Y*: 11.78%

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

FEMR vs. DBE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FEMR Fidelity Enhanced Emerging Markets ETF	35.27%	35.27%	-1.49%
DBE Invesco DB Energy Fund	79.50%	-2.17%	1.17%

Correlation

The correlation between FEMR and DBE 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 (All Time) Calculated using the full available price history since Nov 22, 2024	-0.12

The correlation between FEMR and DBE shifts across timeframes, from -0.26 (1 year) to -0.12 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FEMR vs. DBE — Risk / Return Rank

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

FEMR

FEMR Risk / Return Rank: 87
FEMR Sharpe Ratio Rank: 89
FEMR Sortino Ratio Rank: 86
FEMR Omega Ratio Rank: 89
FEMR Calmar Ratio Rank: 84
FEMR Martin Ratio Rank: 86

DBE

DBE Risk / Return Rank: 71
DBE Sharpe Ratio Rank: 71
DBE Sortino Ratio Rank: 61
DBE Omega Ratio Rank: 64
DBE Calmar Ratio Rank: 92
DBE Martin Ratio Rank: 65

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.

FEMR vs. DBE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Enhanced Emerging Markets ETF (FEMR) 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.

	FEMR	DBE	Difference
Sharpe ratio Return per unit of total volatility	3.11	2.37	+0.74
Sortino ratio Return per unit of downside risk	3.91	2.91	+1.00
Omega ratio Gain probability vs. loss probability	1.57	1.39	+0.18
Calmar ratio Return relative to maximum drawdown	4.61	6.10	-1.49
Martin ratio Return relative to average drawdown	18.50	11.98	+6.52
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FEMR vs. DBE - Sharpe Ratio Comparison

The current FEMR Sharpe Ratio is 3.11, which is higher than the DBE Sharpe Ratio of 2.37. The chart below compares the historical Sharpe Ratios of FEMR and DBE, 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

	FEMR	DBE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.11	2.37	+0.74
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.66	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.42	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.25	0.09	+2.16

Drawdowns

FEMR vs. DBE - Drawdown Comparison

The maximum FEMR drawdown since its inception was -15.58%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for FEMR and DBE.

Drawdown Indicators

	FEMR	DBE	Difference
Max Drawdown Largest peak-to-trough decline	-15.58%	-86.69%	+71.11%
Max Drawdown (1Y) Largest decline over 1 year	-14.47%	-14.41%	-0.06%
Max Drawdown (3Y) Largest decline over 3 years	—	-23.89%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-38.74%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-60.84%	—
Current Drawdown Current decline from peak	0.00%	-31.85%	+31.85%
Average Drawdown Average peak-to-trough decline	-2.32%	-57.31%	+54.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.61%	7.34%	-3.73%

Volatility

FEMR vs. DBE - Volatility Comparison

The current volatility for Fidelity Enhanced Emerging Markets ETF (FEMR) is 8.58%, while Invesco DB Energy Fund (DBE) has a volatility of 13.47%. This indicates that FEMR 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.

Volatility by Period

	FEMR	DBE	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.58%	13.47%	-4.89%
Volatility (6M) Calculated over the trailing 6-month period	18.51%	30.80%	-12.29%
Volatility (1Y) Calculated over the trailing 1-year period	21.16%	35.02%	-13.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.30%	29.37%	-8.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.30%	28.33%	-7.03%

FEMR vs. DBE - Expense Ratio Comparison

FEMR has a 0.38% expense ratio, which is lower than DBE's 0.78% expense ratio.

Dividends

FEMR vs. DBE - Dividend Comparison

FEMR's dividend yield for the trailing twelve months is around 1.39%, less than DBE's 2.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBE Invesco DB Energy Fund	2.15%	3.86%	6.32%	3.87%	0.75%	0.00%	0.00%	1.79%	1.67%
FEMR Fidelity Enhanced Emerging Markets ETF	1.39%	1.92%	0.37%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FEMR and DBE in my portfolio?

FEMR and DBE 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, FEMR or DBE?

DBE has higher volatility (13.47%) compared to FEMR (8.58%). In terms of maximum drawdown, FEMR dropped -15.58% vs DBE's -86.69%.

Which ETF is better, FEMR or DBE?

On 1-year performance, DBE leads with 82.31% vs 65.47% for FEMR. On fees, FEMR is cheaper at 0.38% per year. On volatility, FEMR has been the lower-risk option at 8.58%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FEMR or DBE?

Over the 1-year period, DBE has performed better with a 82.31% return vs 65.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FEMR or DBE?

FEMR is cheaper with a 0.38% expense ratio, compared with 0.78% for DBE.

Which ETF pays a higher dividend yield, FEMR or DBE?

DBE has the higher dividend yield at 2.15%, compared with 1.39% for FEMR.

What is the main difference between FEMR and DBE?

FEMR is categorized as Emerging Markets Diversified, while DBE is Oil & Gas. They also come from different issuers: Fidelity and Invesco. Their fees differ too: 0.38% for FEMR and 0.78% for DBE.

Which has better risk-adjusted returns?

FEMR currently has the higher Sharpe Ratio (3.11 vs 2.37), 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.