PPEM vs. DBO

Last updated Jun 24, 2026

PPEM (Putnam Panagora ESG Emerging Markets Equity ETF -) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - PPEM is a Emerging Markets Diversified fund tracking the MSCI Emerging Markets 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 3 years, PPEM returned 24.99%/yr vs 14.32%/yr for DBO. At a 0.03 correlation, their price movements are largely independent. PPEM charges 0.61%/yr vs 0.78%/yr for DBO.

Performance

PPEM vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Putnam Panagora ESG Emerging Markets Equity ETF - (PPEM) 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, PPEM achieves a 31.88% return, which is significantly lower than DBO's 50.16% return.

PPEM

• 1D: 0.56%
• 1M: 4.33%
• YTD: 31.88%
• 6M: 33.23%
• 1Y: 55.34%
• 3Y*: 24.99%
• 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)

PPEM vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PPEM Putnam Panagora ESG Emerging Markets Equity ETF -	31.88%	35.39%	7.50%	0.19%
DBO Invesco DB Oil Fund	50.16%	-11.71%	7.85%	-5.62%

Correlation

The correlation between PPEM 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	-0.00
Correlation (All Time) Calculated using the full available price history since Jan 20, 2023	0.03

The correlation between PPEM and DBO shifts across timeframes, from -0.24 (1 year) to 0.03 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PPEM vs. DBO — Risk / Return Rank

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

PPEM

PPEM Risk / Return Rank: 83
PPEM Sharpe Ratio Rank: 86
PPEM Sortino Ratio Rank: 84
PPEM Omega Ratio Rank: 87
PPEM Calmar Ratio Rank: 76
PPEM Martin Ratio Rank: 80

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.

PPEM vs. DBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam Panagora ESG Emerging Markets Equity ETF - (PPEM) 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.

	PPEM	DBO	Difference
Sharpe ratio: Return per unit of total volatility	2.62	1.06	+1.56
Sortino ratio: Return per unit of downside risk	3.48	1.61	+1.87
Omega ratio: Gain probability vs. loss probability	1.49	1.19	+0.30
Calmar ratio: Return relative to maximum drawdown	3.64	1.58	+2.06
Martin ratio: Return relative to average drawdown	14.57	4.29	+10.28

PPEM vs. DBO - Sharpe Ratio Comparison

The current PPEM Sharpe Ratio is 2.62, which is higher than the DBO Sharpe Ratio of 1.06. The chart below compares the historical Sharpe Ratios of PPEM 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

PPEM vs. DBO - Drawdown Comparison

The maximum PPEM drawdown since its inception was -18.44%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for PPEM and DBO.

Drawdown Indicators

	PPEM	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-18.44%	-90.18%	+71.74%
Max Drawdown (1Y) Largest decline over 1 year	-15.28%	-23.03%	+7.75%
Max Drawdown (3Y) Largest decline over 3 years	-18.44%	-28.20%	+9.76%
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	-1.80%	-60.48%	+58.68%
Average Drawdown Average peak-to-trough decline	-4.19%	-62.22%	+58.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.81%	8.51%	-4.70%

Volatility

PPEM vs. DBO - Volatility Comparison

The current volatility for Putnam Panagora ESG Emerging Markets Equity ETF - (PPEM) is 7.94%, while Invesco DB Oil Fund (DBO) has a volatility of 10.29%. This indicates that PPEM 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

	PPEM	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.94%	10.29%	-2.35%
Volatility (6M) Calculated over the trailing 6-month period	18.76%	29.36%	-10.60%
Volatility (1Y) Calculated over the trailing 1-year period	21.24%	34.89%	-13.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.26%	32.54%	-14.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.26%	31.81%	-13.55%

PPEM vs. DBO - Expense Ratio Comparison

PPEM has a 0.61% expense ratio, which is lower than DBO's 0.78% expense ratio.

Dividends

PPEM vs. DBO - Dividend Comparison

PPEM's dividend yield for the trailing twelve months is around 49.06%, more 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%
PPEM Putnam Panagora ESG Emerging Markets Equity ETF -	49.06%	6.05%	3.27%	1.94%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PPEM and DBO in my portfolio?

PPEM 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, PPEM or DBO?

DBO has higher volatility (10.29%) compared to PPEM (7.94%). In terms of maximum drawdown, PPEM dropped -18.44% vs DBO's -90.18%.

Which ETF is better, PPEM or DBO?

On 3-year performance, PPEM leads with 24.99% vs 14.32% for DBO. On fees, PPEM is cheaper at 0.61% per year. On volatility, PPEM has been the lower-risk option at 7.94%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PPEM or DBO?

Over the 3-year period, PPEM has performed better with a 24.99% return vs 14.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PPEM or DBO?

PPEM is cheaper with a 0.61% expense ratio, compared with 0.78% for DBO.

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

PPEM has the higher dividend yield at 49.06%, compared with 2.34% for DBO.

What is the main difference between PPEM and DBO?

PPEM is categorized as Emerging Markets Diversified, while DBO is Oil & Gas. PPEM tracks MSCI Emerging Markets Index, while DBO tracks DBIQ Optimum Yield Crude Oil Index Excess Return. They also come from different issuers: Putnam and Invesco. Their fees differ too: 0.61% for PPEM and 0.78% for DBO.

Which has better risk-adjusted returns?

PPEM currently has the higher Sharpe Ratio (2.62 vs 1.06), 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.