OPPE vs. DBO

Last updated Jun 3, 2026

OPPE (WisdomTree European Opportunities Fund) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - OPPE is a Europe Equities fund tracking the WisdomTree European Opportunities 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, OPPE returned 12.46%/yr vs 11.12%/yr for DBO. At a 0.21 correlation, their price movements are largely independent. OPPE charges 0.58%/yr vs 0.78%/yr for DBO.

Performance

OPPE vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WisdomTree European Opportunities Fund (OPPE) 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, OPPE achieves a 13.64% return, which is significantly lower than DBO's 80.66% return. Over the past 10 years, OPPE has outperformed DBO with an annualized return of 12.46%, while DBO has yielded a comparatively lower 11.12% annualized return.

OPPE

• 1D: 0.47%
• 1M: 2.52%
• YTD: 13.64%
• 6M: 16.98%
• 1Y: 28.83%
• 3Y*: 23.56%
• 5Y*: 14.40%
• 10Y*: 12.46%

DBO

• 1D: 1.05%
• 1M: -0.09%
• YTD: 80.66%
• 6M: 78.46%
• 1Y: 78.18%
• 3Y*: 20.95%
• 5Y*: 15.57%
• 10Y*: 11.12%

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

OPPE vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
OPPE WisdomTree European Opportunities Fund	13.64%	38.80%	10.42%	19.80%	-11.14%	23.52%	-2.92%	28.60%	-13.34%	22.25%
DBO Invesco DB Oil Fund	80.66%	-11.71%	7.85%	-4.44%	13.04%	60.74%	-20.99%	28.05%	-15.22%	4.86%

Correlation

The correlation between OPPE and DBO is -0.24, 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	-0.24
Correlation (3Y) Calculated over the trailing 3-year period	-0.05
Correlation (5Y) Calculated over the trailing 5-year period	0.07
Correlation (10Y) Calculated over the trailing 10-year period	0.18
Correlation (All Time) Calculated using the full available price history since Mar 5, 2015	0.21

The correlation between OPPE and DBO shifts across timeframes, from -0.24 (1 year) to 0.21 (all time), reflecting how their relationship changes across market environments.

OPPE vs. DBO - Sectors Allocation Comparison

Sectors	OPPE	DBO
Industrials	27.8%	-
Financial Services	23.3%	116.0%
Basic Materials	10.6%	-
Energy	9.1%	-
Technology	7.2%	-
Utilities	6.6%	-
Healthcare	4.8%	-
Consumer Defensive	4.6%	-
Consumer Cyclical	3.1%	-
Communication Services	1.6%	-
Real Estate	1.4%	-

Return for Risk

OPPE vs. DBO — Risk / Return Rank

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

OPPE

OPPE Risk / Return Rank: 64
OPPE Sharpe Ratio Rank: 62
OPPE Sortino Ratio Rank: 60
OPPE Omega Ratio Rank: 60
OPPE Calmar Ratio Rank: 67
OPPE Martin Ratio Rank: 69

DBO

DBO Risk / Return Rank: 65
DBO Sharpe Ratio Rank: 68
DBO Sortino Ratio Rank: 61
DBO Omega Ratio Rank: 60
DBO Calmar Ratio Rank: 84
DBO Martin Ratio Rank: 54

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.

OPPE vs. DBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree European Opportunities Fund (OPPE) 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.

	OPPE	DBO	Difference
Sharpe ratio Return per unit of total volatility	2.09	2.28	-0.19
Sortino ratio Return per unit of downside risk	2.87	2.88	-0.01
Omega ratio Gain probability vs. loss probability	1.37	1.37	0.00
Calmar ratio Return relative to maximum drawdown	3.39	4.62	-1.23
Martin ratio Return relative to average drawdown	12.97	9.43	+3.54
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

OPPE vs. DBO - Sharpe Ratio Comparison

The current OPPE Sharpe Ratio is 2.09, which is comparable to the DBO Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of OPPE 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

	OPPE	DBO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.09	2.28	-0.19
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.93	0.49	+0.45
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.73	0.35	+0.38
Sharpe Ratio (All Time) Calculated using the full available price history	0.65	0.02	+0.63

Drawdowns

OPPE vs. DBO - Drawdown Comparison

The maximum OPPE drawdown since its inception was -39.28%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for OPPE and DBO.

Drawdown Indicators

	OPPE	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-39.28%	-90.18%	+50.90%
Max Drawdown (1Y) Largest decline over 1 year	-8.83%	-18.19%	+9.36%
Max Drawdown (3Y) Largest decline over 3 years	-15.04%	-28.20%	+13.16%
Max Drawdown (5Y) Largest decline over 5 years	-24.49%	-37.68%	+13.19%
Max Drawdown (10Y) Largest decline over 10 years	-39.28%	-61.69%	+22.41%
Current Drawdown Current decline from peak	0.00%	-52.46%	+52.46%
Average Drawdown Average peak-to-trough decline	-5.47%	-62.25%	+56.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.31%	8.92%	-6.61%

Volatility

OPPE vs. DBO - Volatility Comparison

The current volatility for WisdomTree European Opportunities Fund (OPPE) is 5.78%, while Invesco DB Oil Fund (DBO) has a volatility of 13.25%. This indicates that OPPE 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

	OPPE	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.78%	13.25%	-7.47%
Volatility (6M) Calculated over the trailing 6-month period	11.65%	28.15%	-16.50%
Volatility (1Y) Calculated over the trailing 1-year period	13.87%	34.54%	-20.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.55%	32.28%	-16.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.18%	31.78%	-14.60%

OPPE vs. DBO - Expense Ratio Comparison

OPPE has a 0.58% expense ratio, which is lower than DBO's 0.78% expense ratio.

Dividends

OPPE vs. DBO - Dividend Comparison

OPPE's dividend yield for the trailing twelve months is around 2.70%, more than DBO's 1.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DBO Invesco DB Oil Fund	1.94%	3.51%	4.68%	4.59%	0.66%	0.00%	0.00%	1.63%	1.58%	0.00%	0.00%	0.00%
OPPE WisdomTree European Opportunities Fund	2.70%	2.95%	3.99%	3.53%	5.13%	2.39%	3.42%	3.08%	2.34%	1.46%	2.60%	4.39%

Frequently Asked Questions

Can I hold both OPPE and DBO in my portfolio?

OPPE and DBO have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OPPE or DBO?

DBO has higher volatility (13.25%) compared to OPPE (5.78%). In terms of maximum drawdown, OPPE dropped -39.28% vs DBO's -90.18%.

Which ETF is better, OPPE or DBO?

On 10-year performance, OPPE leads with 12.46% vs 11.12% for DBO. On fees, OPPE is cheaper at 0.58% per year. On volatility, OPPE has been the lower-risk option at 5.78%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OPPE or DBO?

Over the 10-year period, OPPE has performed better with a 12.46% return vs 11.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OPPE or DBO?

OPPE is cheaper with a 0.58% expense ratio, compared with 0.78% for DBO.

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

OPPE has the higher dividend yield at 2.70%, compared with 1.94% for DBO.

What is the main difference between OPPE and DBO?

OPPE is categorized as Europe Equities, while DBO is Oil & Gas. OPPE tracks WisdomTree European Opportunities Index, while DBO tracks DBIQ Optimum Yield Crude Oil Index Excess Return. They also come from different issuers: WisdomTree and Invesco. Their fees differ too: 0.58% for OPPE and 0.78% for DBO.

Which has better risk-adjusted returns?

DBO currently has the higher Sharpe Ratio (2.28 vs 2.09), 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.