PCCE vs. DBO

Last updated Jul 17, 2026

PCCE (Polen Capital China Growth ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - PCCE is a China Equities fund actively managed by Polen, while DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return. PCCE is actively managed, while DBO is passively managed. Over the past year, PCCE returned -0.94% vs 51.12% for DBO. At a 0.02 correlation, their price movements are largely independent. PCCE charges 1.00%/yr vs 0.78%/yr for DBO.

Performance

PCCE vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Polen Capital China Growth ETF (PCCE) 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, PCCE achieves a -5.00% return, which is significantly lower than DBO's 62.54% return.

PCCE

• 1D: -1.27%
• 1M: -0.44%
• 6M: -9.03%
• YTD: -5.00%
• 1Y: -0.94%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DBO

• 1D: -1.54%
• 1M: 4.37%
• 6M: 58.01%
• YTD: 62.54%
• 1Y: 51.12%
• 3Y*: 15.11%
• 5Y*: 12.25%
• 10Y*: 10.34%

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

PCCE vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PCCE Polen Capital China Growth ETF	-5.00%	23.07%	10.79%
DBO Invesco DB Oil Fund	62.54%	-11.71%	-1.04%

Correlation

The correlation between PCCE and DBO is -0.11, 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	-0.11
Correlation (All Time) Calculated using the full available price history since Mar 15, 2024	0.02

The correlation between PCCE and DBO shifts across timeframes, from -0.11 (1 year) to 0.02 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PCCE vs. DBO — Risk / Return Rank

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

PCCE

PCCE Risk / Return Rank: 9
PCCE Sharpe Ratio Rank: 9
PCCE Sortino Ratio Rank: 9
PCCE Omega Ratio Rank: 9
PCCE Calmar Ratio Rank: 9
PCCE Martin Ratio Rank: 9

DBO

DBO Risk / Return Rank: 46
DBO Sharpe Ratio Rank: 51
DBO Sortino Ratio Rank: 51
DBO Omega Ratio Rank: 46
DBO Calmar Ratio Rank: 45
DBO Martin Ratio Rank: 39

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.

PCCE vs. DBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Polen Capital China Growth ETF (PCCE) 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.

	PCCE	DBO	Difference
Sharpe ratio: Return per unit of total volatility	-0.05	1.42	-1.47
Sortino ratio: Return per unit of downside risk	0.07	2.06	-1.98
Omega ratio: Gain probability vs. loss probability	1.01	1.24	-0.24
Calmar ratio: Return relative to maximum drawdown	-0.06	1.85	-1.91
Martin ratio: Return relative to average drawdown	-0.11	4.96	-5.07

PCCE vs. DBO - Sharpe Ratio Comparison

The current PCCE Sharpe Ratio is -0.05, which is lower than the DBO Sharpe Ratio of 1.42. The chart below compares the historical Sharpe Ratios of PCCE 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

PCCE vs. DBO - Drawdown Comparison

The maximum PCCE drawdown since its inception was -26.38%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for PCCE and DBO.

Drawdown Indicators

	PCCE	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-26.38%	-90.18%	+63.80%
Max Drawdown (1Y) Largest decline over 1 year	-16.59%	-27.73%	+11.14%
Max Drawdown (3Y) Largest decline over 3 years	—	-28.20%	—
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	-13.31%	-57.23%	+43.92%
Average Drawdown Average peak-to-trough decline	-10.11%	-62.22%	+52.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.61%	10.33%	-1.72%

Volatility

PCCE vs. DBO - Volatility Comparison

The current volatility for Polen Capital China Growth ETF (PCCE) is 6.72%, while Invesco DB Oil Fund (DBO) has a volatility of 13.80%. This indicates that PCCE 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

	PCCE	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.72%	13.80%	-7.08%
Volatility (6M) Calculated over the trailing 6-month period	15.08%	31.15%	-16.07%
Volatility (1Y) Calculated over the trailing 1-year period	19.75%	36.05%	-16.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.02%	32.93%	-6.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.02%	31.92%	-5.90%

PCCE vs. DBO - Expense Ratio Comparison

PCCE has a 1.00% expense ratio, which is higher than DBO's 0.78% expense ratio.

Dividends

PCCE vs. DBO - Dividend Comparison

PCCE's dividend yield for the trailing twelve months is around 2.41%, more than DBO's 2.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBO Invesco DB Oil Fund	2.16%	3.51%	4.68%	4.59%	0.66%	0.00%	0.00%	1.63%	1.58%
PCCE Polen Capital China Growth ETF	2.41%	2.29%	1.95%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PCCE and DBO in my portfolio?

PCCE and DBO have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PCCE or DBO?

DBO has higher volatility (13.80%) compared to PCCE (6.72%). In terms of maximum drawdown, PCCE dropped -26.38% vs DBO's -90.18%.

Which ETF is better, PCCE or DBO?

On 1-year performance, DBO leads with 51.12% vs -0.94% for PCCE. On fees, DBO is cheaper at 0.78% per year. On volatility, PCCE has been the lower-risk option at 6.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PCCE or DBO?

Over the 1-year period, DBO has performed better with a 51.12% return vs -0.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PCCE or DBO?

DBO is cheaper with a 0.78% expense ratio, compared with 1.00% for PCCE.

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

PCCE has the higher dividend yield at 2.41%, compared with 2.16% for DBO.

What is the main difference between PCCE and DBO?

PCCE is categorized as China Equities, while DBO is Oil & Gas. They also come from different issuers: Polen and Invesco. Their fees differ too: 1.00% for PCCE and 0.78% for DBO.

Which has better risk-adjusted returns?

DBO currently has the higher Sharpe Ratio (1.42 vs -0.05), 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.