SDEM vs. DBO

Last updated Jun 4, 2026

SDEM (Global X MSCI SuperDividend Emerging Markets ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - SDEM is a Emerging Markets Equities fund tracking the MSCI Emerging Markets Top 50 Dividend, 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, SDEM returned 4.84%/yr vs 11.37%/yr for DBO. At a 0.28 correlation, their price movements are largely independent. SDEM charges 0.67%/yr vs 0.78%/yr for DBO.

Performance

SDEM vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X MSCI SuperDividend Emerging Markets ETF (SDEM) 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, SDEM achieves a 10.35% return, which is significantly lower than DBO's 84.75% return. Over the past 10 years, SDEM has underperformed DBO with an annualized return of 4.84%, while DBO has yielded a comparatively higher 11.37% annualized return.

SDEM

• 1D: -1.52%
• 1M: 1.02%
• YTD: 10.35%
• 6M: 10.30%
• 1Y: 30.03%
• 3Y*: 19.61%
• 5Y*: 4.14%
• 10Y*: 4.84%

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)

SDEM vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SDEM Global X MSCI SuperDividend Emerging Markets ETF	10.35%	32.01%	4.02%	12.64%	-21.53%	2.11%	-11.13%	17.56%	-17.40%	16.57%
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 SDEM and DBO is -0.27, 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	-0.27
Correlation (3Y) Calculated over the trailing 3-year period	0.02
Correlation (5Y) Calculated over the trailing 5-year period	0.15
Correlation (10Y) Calculated over the trailing 10-year period	0.25
Correlation (All Time) Calculated using the full available price history since Mar 18, 2015	0.28

The correlation between SDEM and DBO shifts across timeframes, from -0.27 (1 year) to 0.28 (all time), reflecting how their relationship changes across market environments.

SDEM vs. DBO - Sectors Allocation Comparison

Sectors	SDEM	DBO
Financial Services	24.2%	116.0%
Industrials	12.9%	-
Utilities	7.9%	-
Communication Services	5.7%	-
Consumer Defensive	5.6%	-
Technology	5.6%	-
Consumer Cyclical	5.5%	-
Energy	5.1%	-
Real Estate	3.2%	-
Healthcare	2.0%	-
Basic Materials	1.2%	-

Return for Risk

SDEM vs. DBO — Risk / Return Rank

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

SDEM

SDEM Risk / Return Rank: 65
SDEM Sharpe Ratio Rank: 66
SDEM Sortino Ratio Rank: 66
SDEM Omega Ratio Rank: 62
SDEM Calmar Ratio Rank: 67
SDEM Martin Ratio Rank: 64

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.

SDEM vs. DBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X MSCI SuperDividend Emerging Markets ETF (SDEM) 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.

	SDEM	DBO	Difference
Sharpe ratio: Return per unit of total volatility	2.22	2.34	-0.12
Sortino ratio: Return per unit of downside risk	3.07	2.94	+0.13
Omega ratio: Gain probability vs. loss probability	1.38	1.38	+0.01
Calmar ratio: Return relative to maximum drawdown	3.34	4.44	-1.09
Martin ratio: Return relative to average drawdown	11.64	9.02	+2.61
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SDEM vs. DBO - Sharpe Ratio Comparison

The current SDEM Sharpe Ratio is 2.22, which is comparable to the DBO Sharpe Ratio of 2.34. The chart below compares the historical Sharpe Ratios of SDEM 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

	SDEM	DBO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.22	2.34	-0.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.24	0.50	-0.26
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.25	0.36	-0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.18	0.02	+0.16

Drawdowns

SDEM vs. DBO - Drawdown Comparison

The maximum SDEM drawdown since its inception was -47.38%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for SDEM and DBO.

Drawdown Indicators

	SDEM	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-47.38%	-90.18%	+42.80%
Max Drawdown (1Y) Largest decline over 1 year	-9.03%	-18.19%	+9.16%
Max Drawdown (3Y) Largest decline over 3 years	-12.34%	-28.20%	+15.86%
Max Drawdown (5Y) Largest decline over 5 years	-36.70%	-37.68%	+0.98%
Max Drawdown (10Y) Largest decline over 10 years	-47.38%	-61.69%	+14.31%
Current Drawdown Current decline from peak	-4.20%	-51.38%	+47.18%
Average Drawdown Average peak-to-trough decline	-20.71%	-62.25%	+41.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.59%	8.92%	-6.33%

Volatility

SDEM vs. DBO - Volatility Comparison

The current volatility for Global X MSCI SuperDividend Emerging Markets ETF (SDEM) is 4.90%, while Invesco DB Oil Fund (DBO) has a volatility of 12.61%. This indicates that SDEM 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

	SDEM	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.90%	12.61%	-7.71%
Volatility (6M) Calculated over the trailing 6-month period	11.14%	28.20%	-17.06%
Volatility (1Y) Calculated over the trailing 1-year period	13.57%	34.46%	-20.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.43%	32.29%	-14.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.22%	31.78%	-12.56%

SDEM vs. DBO - Expense Ratio Comparison

SDEM has a 0.67% expense ratio, which is lower than DBO's 0.78% expense ratio.

Dividends

SDEM vs. DBO - Dividend Comparison

SDEM's dividend yield for the trailing twelve months is around 5.42%, 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%
SDEM Global X MSCI SuperDividend Emerging Markets ETF	5.42%	5.27%	7.28%	7.50%	8.86%	8.14%	6.30%	6.47%	6.55%	5.01%	5.06%	6.14%

Frequently Asked Questions

Can I hold both SDEM and DBO in my portfolio?

SDEM and DBO have a correlation of -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SDEM or DBO?

DBO has higher volatility (12.61%) compared to SDEM (4.90%). In terms of maximum drawdown, SDEM dropped -47.38% vs DBO's -90.18%.

Which ETF is better, SDEM or DBO?

On 10-year performance, DBO leads with 11.37% vs 4.84% for SDEM. On fees, SDEM is cheaper at 0.67% per year. On volatility, SDEM has been the lower-risk option at 4.90%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SDEM or DBO?

Over the 10-year period, DBO has performed better with a 11.37% return vs 4.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SDEM or DBO?

SDEM is cheaper with a 0.67% expense ratio, compared with 0.78% for DBO.

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

SDEM has the higher dividend yield at 5.42%, compared with 1.90% for DBO.

What is the main difference between SDEM and DBO?

SDEM is categorized as Emerging Markets Equities, while DBO is Oil & Gas. SDEM tracks MSCI Emerging Markets Top 50 Dividend, while DBO tracks DBIQ Optimum Yield Crude Oil Index Excess Return. They also come from different issuers: Global X and Invesco. Their fees differ too: 0.67% for SDEM and 0.78% for DBO.

Which has better risk-adjusted returns?

DBO currently has the higher Sharpe Ratio (2.34 vs 2.22), 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.