QEMM vs. DBO

Last updated Jun 4, 2026

QEMM (SPDR MSCI Emerging Markets StrategicFactors ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - QEMM is a Emerging Markets Equities fund tracking the MSCI EM Factor Mix A-Series (USD), 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, QEMM returned 8.96%/yr vs 11.37%/yr for DBO. At a 0.23 correlation, their price movements are largely independent. QEMM charges 0.30%/yr vs 0.78%/yr for DBO.

Performance

QEMM vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR MSCI Emerging Markets StrategicFactors ETF (QEMM) 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, QEMM achieves a 24.39% return, which is significantly lower than DBO's 84.75% return. Over the past 10 years, QEMM has underperformed DBO with an annualized return of 8.96%, while DBO has yielded a comparatively higher 11.37% annualized return.

QEMM

• 1D: -1.21%
• 1M: 6.69%
• YTD: 24.39%
• 6M: 26.00%
• 1Y: 42.27%
• 3Y*: 19.52%
• 5Y*: 7.37%
• 10Y*: 8.96%

DBO

• 1D: 2.27%
• 1M: -2.34%
• YTD: 84.75%
• 6M: 81.10%
• 1Y: 80.26%
• 3Y*: 21.86%
• 5Y*: 15.98%
• 10Y*: 11.37%

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

QEMM vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF	24.39%	21.92%	4.98%	12.50%	-17.82%	6.34%	9.95%	15.40%	-13.33%	31.50%
DBO Invesco DB Oil Fund	84.75%	-11.71%	7.85%	-4.44%	13.04%	60.74%	-20.99%	28.05%	-15.22%	4.86%

Correlation

The correlation between QEMM 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	0.03
Correlation (5Y) Calculated over the trailing 5-year period	0.13
Correlation (10Y) Calculated over the trailing 10-year period	0.22
Correlation (All Time) Calculated using the full available price history since Jun 9, 2014	0.23

The correlation between QEMM and DBO shifts across timeframes, from -0.24 (1 year) to 0.23 (all time), reflecting how their relationship changes across market environments.

QEMM vs. DBO - Sectors Allocation Comparison

Sectors	QEMM	DBO
Technology	33.8%	-
Financial Services	19.6%	116.0%
Consumer Cyclical	8.3%	-
Industrials	7.2%	-
Communication Services	6.4%	-
Consumer Defensive	6.1%	-
Energy	5.7%	-
Basic Materials	5.6%	-
Healthcare	3.5%	-
Utilities	3.0%	-
Real Estate	0.8%	-

Return for Risk

QEMM vs. DBO — Risk / Return Rank

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

QEMM

QEMM Risk / Return Rank: 78
QEMM Sharpe Ratio Rank: 78
QEMM Sortino Ratio Rank: 75
QEMM Omega Ratio Rank: 79
QEMM Calmar Ratio Rank: 79
QEMM Martin Ratio Rank: 77

DBO

DBO Risk / Return Rank: 65
DBO Sharpe Ratio Rank: 70
DBO Sortino Ratio Rank: 62
DBO Omega Ratio Rank: 60
DBO Calmar Ratio Rank: 83
DBO Martin Ratio Rank: 52

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.

QEMM vs. DBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI Emerging Markets StrategicFactors ETF (QEMM) 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.

	QEMM	DBO	Difference
Sharpe ratio: Return per unit of total volatility	2.54	2.34	+0.20
Sortino ratio: Return per unit of downside risk	3.41	2.94	+0.47
Omega ratio: Gain probability vs. loss probability	1.48	1.38	+0.10
Calmar ratio: Return relative to maximum drawdown	4.08	4.44	-0.35
Martin ratio: Return relative to average drawdown	14.92	9.02	+5.90
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QEMM vs. DBO - Sharpe Ratio Comparison

The current QEMM Sharpe Ratio is 2.54, which is comparable to the DBO Sharpe Ratio of 2.34. The chart below compares the historical Sharpe Ratios of QEMM 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

	QEMM	DBO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.54	2.34	+0.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.49	0.50	-0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.53	0.36	+0.17
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	0.02	+0.32

Drawdowns

QEMM vs. DBO - Drawdown Comparison

The maximum QEMM drawdown since its inception was -36.89%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for QEMM and DBO.

Drawdown Indicators

	QEMM	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-36.89%	-90.18%	+53.29%
Max Drawdown (1Y) Largest decline over 1 year	-10.40%	-18.19%	+7.79%
Max Drawdown (3Y) Largest decline over 3 years	-17.03%	-28.20%	+11.17%
Max Drawdown (5Y) Largest decline over 5 years	-27.49%	-37.68%	+10.19%
Max Drawdown (10Y) Largest decline over 10 years	-36.89%	-61.69%	+24.80%
Current Drawdown Current decline from peak	-1.21%	-51.38%	+50.17%
Average Drawdown Average peak-to-trough decline	-10.64%	-62.25%	+51.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.84%	8.92%	-6.08%

Volatility

QEMM vs. DBO - Volatility Comparison

The current volatility for SPDR MSCI Emerging Markets StrategicFactors ETF (QEMM) is 7.29%, while Invesco DB Oil Fund (DBO) has a volatility of 12.61%. This indicates that QEMM 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

	QEMM	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.29%	12.61%	-5.32%
Volatility (6M) Calculated over the trailing 6-month period	14.78%	28.20%	-13.42%
Volatility (1Y) Calculated over the trailing 1-year period	16.69%	34.46%	-17.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.23%	32.29%	-17.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.89%	31.78%	-14.89%

QEMM vs. DBO - Expense Ratio Comparison

QEMM has a 0.30% expense ratio, which is lower than DBO's 0.78% expense ratio.

Dividends

QEMM vs. DBO - Dividend Comparison

QEMM's dividend yield for the trailing twelve months is around 4.34%, more than DBO's 1.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DBO Invesco DB Oil Fund	1.90%	3.51%	4.68%	4.59%	0.66%	0.00%	0.00%	1.63%	1.58%	0.00%	0.00%	0.00%
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF	4.34%	4.90%	5.17%	4.88%	4.07%	2.35%	2.48%	3.05%	2.86%	2.11%	2.03%	2.14%

Frequently Asked Questions

Can I hold both QEMM and DBO in my portfolio?

QEMM 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, QEMM or DBO?

DBO has higher volatility (12.61%) compared to QEMM (7.29%). In terms of maximum drawdown, QEMM dropped -36.89% vs DBO's -90.18%.

Which ETF is better, QEMM or DBO?

On 10-year performance, DBO leads with 11.37% vs 8.96% for QEMM. On fees, QEMM is cheaper at 0.30% per year. On volatility, QEMM has been the lower-risk option at 7.29%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QEMM or DBO?

Over the 10-year period, DBO has performed better with a 11.37% return vs 8.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QEMM or DBO?

QEMM is cheaper with a 0.30% expense ratio, compared with 0.78% for DBO.

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

QEMM has the higher dividend yield at 4.34%, compared with 1.90% for DBO.

What is the main difference between QEMM and DBO?

QEMM is categorized as Emerging Markets Equities, while DBO is Oil & Gas. QEMM tracks MSCI EM Factor Mix A-Series (USD), while DBO tracks DBIQ Optimum Yield Crude Oil Index Excess Return. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.30% for QEMM and 0.78% for DBO.

Which has better risk-adjusted returns?

QEMM currently has the higher Sharpe Ratio (2.54 vs 2.34), 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.