RWEM vs. DBO
RWEM (Rayliant Wilshire NxtGen Emerging Markets Equity ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - RWEM is a Emerging Markets Equities fund tracking the FT Wilshire Emerging Large NxtGen 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, RWEM returned 22.37%/yr vs 14.32%/yr for DBO. At a 0.07 correlation, their price movements are largely independent. RWEM charges 0.52%/yr vs 0.78%/yr for DBO.
Performance
RWEM vs. DBO - Performance Comparison
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Returns By Period
In the year-to-date period, RWEM achieves a 20.99% return, which is significantly lower than DBO's 50.16% return.
RWEM
- 1D
- -5.24%
- 1M
- 1.09%
- YTD
- 20.99%
- 6M
- 27.22%
- 1Y
- 45.59%
- 3Y*
- 22.37%
- 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%
RWEM vs. DBO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
RWEM Rayliant Wilshire NxtGen Emerging Markets Equity ETF | 20.99% | 28.17% | 7.24% | 21.56% | -20.11% | 0.16% |
DBO Invesco DB Oil Fund | 50.16% | -11.71% | 7.85% | -4.44% | 13.04% | 3.20% |
Correlation
The correlation between RWEM and DBO is -0.19, 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 | -0.19 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.03 |
Correlation (All Time) Calculated using the full available price history since Dec 16, 2021 | 0.07 |
The correlation between RWEM and DBO shifts across timeframes, from -0.19 (1 year) to 0.07 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
RWEM vs. DBO — Risk / Return Rank
RWEM
DBO
RWEM vs. DBO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Rayliant Wilshire NxtGen Emerging Markets Equity ETF (RWEM) 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.
| RWEM | DBO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.24 | ||
| Sortino ratioReturn per unit of downside risk | +0.23 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.19 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.98 | 1.58 | +1.39 |
| Martin ratioReturn relative to average drawdown | 9.35 | 4.29 | +5.05 |
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Drawdowns
RWEM vs. DBO - Drawdown Comparison
The maximum RWEM drawdown since its inception was -26.92%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for RWEM and DBO.
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Drawdown Indicators
| RWEM | DBO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.92% | -90.18% | +63.26% |
Max Drawdown (1Y)Largest decline over 1 year | -15.39% | -23.03% | +7.64% |
Max Drawdown (3Y)Largest decline over 3 years | -22.56% | -28.20% | +5.64% |
Max Drawdown (5Y)Largest decline over 5 years | — | -37.68% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -61.69% | — |
Current DrawdownCurrent decline from peak | -6.56% | -60.48% | +53.92% |
Average DrawdownAverage peak-to-trough decline | -9.57% | -62.22% | +52.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.89% | 8.51% | -3.62% |
Volatility
RWEM vs. DBO - Volatility Comparison
Rayliant Wilshire NxtGen Emerging Markets Equity ETF (RWEM) has a higher volatility of 16.31% compared to Invesco DB Oil Fund (DBO) at 10.29%. This indicates that RWEM's price experiences larger fluctuations and is considered to be riskier than DBO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| RWEM | DBO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.31% | 10.29% | +6.02% |
Volatility (6M)Calculated over the trailing 6-month period | 29.85% | 29.36% | +0.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.27% | 34.89% | +0.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.42% | 32.54% | -10.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.42% | 31.81% | -9.39% |
RWEM vs. DBO - Expense Ratio Comparison
RWEM has a 0.52% expense ratio, which is lower than DBO's 0.78% expense ratio.
Dividends
RWEM vs. DBO - Dividend Comparison
RWEM's dividend yield for the trailing twelve months is around 1.78%, 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% |
RWEM Rayliant Wilshire NxtGen Emerging Markets Equity ETF | 1.78% | 2.15% | 3.59% | 1.60% | 5.59% | 0.39% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
RWEM and DBO have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
RWEM has higher volatility (16.31%) compared to DBO (10.29%). In terms of maximum drawdown, RWEM dropped -26.92% vs DBO's -90.18%.
On 3-year performance, RWEM leads with 22.37% vs 14.32% for DBO. On fees, RWEM is cheaper at 0.52% per year. On volatility, DBO has been the lower-risk option at 10.29%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, RWEM has performed better with a 22.37% return vs 14.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
RWEM is cheaper with a 0.52% expense ratio, compared with 0.78% for DBO.
DBO has the higher dividend yield at 2.34%, compared with 1.78% for RWEM.
RWEM is categorized as Emerging Markets Equities, while DBO is Oil & Gas. RWEM tracks FT Wilshire Emerging Large NxtGen Index, while DBO tracks DBIQ Optimum Yield Crude Oil Index Excess Return. They also come from different issuers: Rayliant and Invesco. Their fees differ too: 0.52% for RWEM and 0.78% for DBO.
RWEM currently has the higher Sharpe Ratio (1.30 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.
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