FMQQ vs. DBO

Last updated Jun 24, 2026

FMQQ (FMQQ The Next Frontier Internet & Ecommerce ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - FMQQ is a Emerging Markets Diversified fund tracking the FMQQ The Next Frontier Internet & Ecommerce Index - Benchmark TR Net, while DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return. Both are passively managed. Over the past 3 years, FMQQ returned 2.61%/yr vs 14.32%/yr for DBO. At a 0.04 correlation, their price movements are largely independent. FMQQ charges 0.86%/yr vs 0.78%/yr for DBO.

Performance

FMQQ vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FMQQ The Next Frontier Internet & Ecommerce ETF (FMQQ) 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, FMQQ achieves a -17.33% return, which is significantly lower than DBO's 50.16% return.

FMQQ

• 1D: -1.59%
• 1M: 0.22%
• YTD: -17.33%
• 6M: -17.61%
• 1Y: -20.84%
• 3Y*: 2.61%
• 5Y*: —
• 10Y*: —

DBO

• 1D: -1.13%
• 1M: -18.58%
• YTD: 50.16%
• 6M: 47.74%
• 1Y: 36.30%
• 3Y*: 14.32%
• 5Y*: 10.16%
• 10Y*: 9.22%

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

FMQQ vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FMQQ FMQQ The Next Frontier Internet & Ecommerce ETF	-17.33%	10.77%	12.45%	15.15%	-54.03%	-16.57%
DBO Invesco DB Oil Fund	50.16%	-11.71%	7.85%	-4.44%	13.04%	-1.88%

Correlation

The correlation between FMQQ and DBO is -0.28, 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	-0.28
Correlation (3Y) Calculated over the trailing 3-year period	-0.06
Correlation (All Time) Calculated using the full available price history since Sep 28, 2021	0.04

The correlation between FMQQ and DBO shifts across timeframes, from -0.28 (1 year) to 0.04 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FMQQ vs. DBO — Risk / Return Rank

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

FMQQ

FMQQ Risk / Return Rank: 2
FMQQ Sharpe Ratio Rank: 1
FMQQ Sortino Ratio Rank: 1
FMQQ Omega Ratio Rank: 2
FMQQ Calmar Ratio Rank: 3
FMQQ Martin Ratio Rank: 2

DBO

DBO Risk / Return Rank: 31
DBO Sharpe Ratio Rank: 31
DBO Sortino Ratio Rank: 31
DBO Omega Ratio Rank: 30
DBO Calmar Ratio Rank: 33
DBO Martin Ratio Rank: 31

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.

FMQQ vs. DBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FMQQ The Next Frontier Internet & Ecommerce ETF (FMQQ) 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.

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.

	FMQQ	DBO	Difference
Sharpe ratio: Return per unit of total volatility	-1.09	1.06	-2.15
Sortino ratio: Return per unit of downside risk	-1.53	1.61	-3.14
Omega ratio: Gain probability vs. loss probability	0.83	1.19	-0.36
Calmar ratio: Return relative to maximum drawdown	-0.68	1.58	-2.26
Martin ratio: Return relative to average drawdown	-1.28	4.29	-5.57

FMQQ vs. DBO - Sharpe Ratio Comparison

The current FMQQ Sharpe Ratio is -1.09, which is lower than the DBO Sharpe Ratio of 1.06. The chart below compares the historical Sharpe Ratios of FMQQ 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.

Drawdowns

FMQQ vs. DBO - Drawdown Comparison

The maximum FMQQ drawdown since its inception was -64.51%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for FMQQ and DBO.

Drawdown Indicators

	FMQQ	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-64.51%	-90.18%	+25.67%
Max Drawdown (1Y) Largest decline over 1 year	-30.82%	-23.03%	-7.79%
Max Drawdown (3Y) Largest decline over 3 years	-30.82%	-28.20%	-2.62%
Max Drawdown (5Y) Largest decline over 5 years	—	-37.68%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-61.69%	—
Current Drawdown Current decline from peak	-55.31%	-60.48%	+5.17%
Average Drawdown Average peak-to-trough decline	-49.41%	-62.22%	+12.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.34%	8.51%	+7.83%

Volatility

FMQQ vs. DBO - Volatility Comparison

The current volatility for FMQQ The Next Frontier Internet & Ecommerce ETF (FMQQ) is 6.10%, while Invesco DB Oil Fund (DBO) has a volatility of 10.29%. This indicates that FMQQ 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

	FMQQ	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.10%	10.29%	-4.19%
Volatility (6M) Calculated over the trailing 6-month period	16.16%	29.36%	-13.20%
Volatility (1Y) Calculated over the trailing 1-year period	19.25%	34.89%	-15.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.80%	32.54%	-7.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.80%	31.81%	-7.01%

FMQQ vs. DBO - Expense Ratio Comparison

FMQQ has a 0.86% expense ratio, which is higher than DBO's 0.78% expense ratio.

Dividends

FMQQ vs. DBO - Dividend Comparison

FMQQ's dividend yield for the trailing twelve months is around 0.74%, less than DBO's 2.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBO Invesco DB Oil Fund	2.34%	3.51%	4.68%	4.59%	0.66%	0.00%	0.00%	1.63%	1.58%
FMQQ FMQQ The Next Frontier Internet & Ecommerce ETF	0.74%	0.61%	0.45%	0.11%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FMQQ and DBO in my portfolio?

FMQQ and DBO have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FMQQ or DBO?

DBO has higher volatility (10.29%) compared to FMQQ (6.10%). In terms of maximum drawdown, FMQQ dropped -64.51% vs DBO's -90.18%.

Which ETF is better, FMQQ or DBO?

On 3-year performance, DBO leads with 14.32% vs 2.61% for FMQQ. On fees, DBO is cheaper at 0.78% per year. On volatility, FMQQ has been the lower-risk option at 6.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FMQQ or DBO?

Over the 3-year period, DBO has performed better with a 14.32% return vs 2.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FMQQ or DBO?

DBO is cheaper with a 0.78% expense ratio, compared with 0.86% for FMQQ.

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

DBO has the higher dividend yield at 2.34%, compared with 0.74% for FMQQ.

What is the main difference between FMQQ and DBO?

FMQQ is categorized as Emerging Markets Diversified, while DBO is Oil & Gas. FMQQ tracks FMQQ The Next Frontier Internet & Ecommerce Index - Benchmark TR Net, while DBO tracks DBIQ Optimum Yield Crude Oil Index Excess Return. They also come from different issuers: EMQQ and Invesco. Their fees differ too: 0.86% for FMQQ and 0.78% for DBO.

Which has better risk-adjusted returns?

DBO currently has the higher Sharpe Ratio (1.06 vs -1.09), 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.