WCEO vs. DBC

Last updated Jul 17, 2026

WCEO (Hypatia Women CEO ETF) and DBC (Invesco DB Commodity Index Tracking Fund) are both exchange-traded funds - WCEO is a Small Cap Blend Equities fund actively managed by Hypatia Capital, while DBC is a Commodities fund tracking the DBIQ Optimum Yield Diversified Commodity Index Excess Return. WCEO is actively managed, while DBC is passively managed. Over the past 3 years, WCEO returned 14.06%/yr vs 11.51%/yr for DBC. At a 0.08 correlation, their price movements are largely independent. Both charge a 0.85% expense ratio.

Performance

WCEO vs. DBC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hypatia Women CEO ETF (WCEO) and Invesco DB Commodity Index Tracking Fund (DBC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, WCEO achieves a 17.18% return, which is significantly lower than DBC's 27.28% return.

WCEO

• 1D: 0.71%
• 1M: 3.49%
• 6M: 11.72%
• YTD: 17.18%
• 1Y: 28.35%
• 3Y*: 14.06%
• 5Y*: —
• 10Y*: —

DBC

• 1D: -1.15%
• 1M: 2.01%
• 6M: 22.67%
• YTD: 27.28%
• 1Y: 31.86%
• 3Y*: 11.51%
• 5Y*: 11.45%
• 10Y*: 8.52%

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

WCEO vs. DBC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
WCEO Hypatia Women CEO ETF	17.18%	9.77%	8.28%	10.51%
DBC Invesco DB Commodity Index Tracking Fund	27.28%	8.10%	2.18%	-2.19%

Correlation

The correlation between WCEO and DBC is -0.20, 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	-0.20
Correlation (3Y) Calculated over the trailing 3-year period	0.01
Correlation (All Time) Calculated using the full available price history since Jan 9, 2023	0.08

The correlation between WCEO and DBC shifts across timeframes, from -0.20 (1 year) to 0.08 (all time), reflecting how their relationship changes across market environments.

Return for Risk

WCEO vs. DBC — Risk / Return Rank

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

WCEO

WCEO Risk / Return Rank: 80
WCEO Sharpe Ratio Rank: 76
WCEO Sortino Ratio Rank: 80
WCEO Omega Ratio Rank: 71
WCEO Calmar Ratio Rank: 88
WCEO Martin Ratio Rank: 83

DBC

DBC Risk / Return Rank: 56
DBC Sharpe Ratio Rank: 64
DBC Sortino Ratio Rank: 61
DBC Omega Ratio Rank: 59
DBC Calmar Ratio Rank: 47
DBC Martin Ratio Rank: 49

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.

WCEO vs. DBC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hypatia Women CEO ETF (WCEO) and Invesco DB Commodity Index Tracking Fund (DBC). 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.

	WCEO	DBC	Difference
Sharpe ratio: Return per unit of total volatility	1.92	1.70	+0.22
Sortino ratio: Return per unit of downside risk	2.87	2.31	+0.56
Omega ratio: Gain probability vs. loss probability	1.34	1.29	+0.05
Calmar ratio: Return relative to maximum drawdown	4.09	1.94	+2.16
Martin ratio: Return relative to average drawdown	12.79	6.62	+6.17

WCEO vs. DBC - Sharpe Ratio Comparison

The current WCEO Sharpe Ratio is 1.92, which is comparable to the DBC Sharpe Ratio of 1.70. The chart below compares the historical Sharpe Ratios of WCEO and DBC, 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

WCEO vs. DBC - Drawdown Comparison

The maximum WCEO drawdown since its inception was -25.88%, smaller than the maximum DBC drawdown of -76.36%. Use the drawdown chart below to compare losses from any high point for WCEO and DBC.

Drawdown Indicators

	WCEO	DBC	Difference
Max Drawdown Largest peak-to-trough decline	-25.88%	-76.36%	+50.48%
Max Drawdown (1Y) Largest decline over 1 year	-6.96%	-16.54%	+9.58%
Max Drawdown (3Y) Largest decline over 3 years	-25.88%	-16.54%	-9.34%
Max Drawdown (5Y) Largest decline over 5 years	—	-27.34%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-41.71%	—
Current Drawdown Current decline from peak	0.00%	-26.37%	+26.37%
Average Drawdown Average peak-to-trough decline	-5.35%	-46.12%	+40.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.22%	4.82%	-2.60%

Volatility

WCEO vs. DBC - Volatility Comparison

The current volatility for Hypatia Women CEO ETF (WCEO) is 2.85%, while Invesco DB Commodity Index Tracking Fund (DBC) has a volatility of 6.03%. This indicates that WCEO experiences smaller price fluctuations and is considered to be less risky than DBC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WCEO	DBC	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.85%	6.03%	-3.18%
Volatility (6M) Calculated over the trailing 6-month period	10.33%	16.71%	-6.38%
Volatility (1Y) Calculated over the trailing 1-year period	14.84%	18.85%	-4.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.95%	19.29%	-1.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.95%	17.80%	+0.15%

WCEO vs. DBC - Expense Ratio Comparison

Both WCEO and DBC have an expense ratio of 0.85%.

Dividends

WCEO vs. DBC - Dividend Comparison

WCEO's dividend yield for the trailing twelve months is around 0.55%, less than DBC's 2.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBC Invesco DB Commodity Index Tracking Fund	2.61%	3.33%	5.22%	4.94%	0.59%	0.00%	0.00%	1.59%	1.30%
WCEO Hypatia Women CEO ETF	0.55%	0.64%	0.88%	0.93%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both WCEO and DBC in my portfolio?

WCEO and DBC have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, WCEO or DBC?

DBC has higher volatility (6.03%) compared to WCEO (2.85%). In terms of maximum drawdown, WCEO dropped -25.88% vs DBC's -76.36%.

Which ETF is better, WCEO or DBC?

On 3-year performance, WCEO leads with 14.06% vs 11.51% for DBC. Both ETFs have the same 0.85% expense ratio. On volatility, WCEO has been the lower-risk option at 2.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, WCEO or DBC?

Over the 3-year period, WCEO has performed better with a 14.06% return vs 11.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, WCEO or DBC?

WCEO and DBC have the same expense ratio: 0.85% per year.

Which ETF pays a higher dividend yield, WCEO or DBC?

DBC has the higher dividend yield at 2.61%, compared with 0.55% for WCEO.

What is the main difference between WCEO and DBC?

WCEO is categorized as Small Cap Blend Equities, while DBC is Commodities. They also come from different issuers: Hypatia Capital and Invesco.

Which has better risk-adjusted returns?

WCEO currently has the higher Sharpe Ratio (1.92 vs 1.70), 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.