WCEO vs. DBO

Last updated Aug 2, 2026

WCEO (Hypatia Women CEO ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - WCEO is a Small Cap Blend Equities fund actively managed by Hypatia, while DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return. WCEO is actively managed, while DBO is passively managed. Over the past 3 years, WCEO returned 12.79%/yr vs 14.86%/yr for DBO. Their 0.00 correlation means their historical movements had little consistent relationship. WCEO charges 0.85%/yr vs 0.78%/yr for DBO.

Performance

WCEO vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hypatia Women CEO ETF (WCEO) 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, WCEO achieves a 16.37% return, which is significantly lower than DBO's 76.48% return.

WCEO

• 1D: -0.59%
• 1M: -0.42%
• 6M: 12.51%
• YTD: 16.37%
• 1Y: 28.54%
• 3Y*: 12.79%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 12.67%

DBO

• 1D: 1.56%
• 1M: 24.59%
• 6M: 53.46%
• YTD: 76.48%
• 1Y: 60.30%
• 3Y*: 14.86%
• 5Y*: 13.46%
• 10Y*: 12.59%
• ALL TIME*: 0.52%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DBO Invesco DB Oil Fund	$11.01M	$10.23M	$13.95M
WCEO Hypatia Women CEO ETF	$45.46K	$44.28K	$46.96K

WCEO vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
WCEO Hypatia Women CEO ETF	16.37%	9.77%	8.28%	10.51%
DBO Invesco DB Oil Fund	76.48%	-11.71%	7.85%	1.00%

Correlation

The correlation between WCEO and DBO is -0.33, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.33
Correlation (3Y) Balances recent behavior with more history.	-0.08
Correlation (All Time) Calculated using the full available price history since Jan 9, 2023	0.00

The correlation between WCEO and DBO shifts across timeframes, from -0.33 (1 year) to 0.00 (all time), reflecting how their relationship changes across market environments.

Return for Risk

WCEO vs. DBO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

WCEO

WCEO Risk / Return Rank: 83
WCEO Sharpe Ratio Rank: 80
WCEO Sortino Ratio Rank: 84
WCEO Omega Ratio Rank: 77
WCEO Calmar Ratio Rank: 90
WCEO Martin Ratio Rank: 87

DBO

DBO Risk / Return Rank: 58
DBO Sharpe Ratio Rank: 62
DBO Sortino Ratio Rank: 61
DBO Omega Ratio Rank: 57
DBO Calmar Ratio Rank: 57
DBO Martin Ratio Rank: 52

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

WCEO vs. DBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hypatia Women CEO ETF (WCEO) 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.

	WCEO	DBO	Difference
Sharpe ratio: Return per unit of total volatility	1.83	1.45	+0.39
Sortino ratio: Return per unit of downside risk	2.76	2.05	+0.71
Omega ratio: Gain probability vs. loss probability	1.32	1.25	+0.07
Calmar ratio: Return relative to maximum drawdown	3.89	2.01	+1.88
Martin ratio: Return relative to average drawdown	12.51	6.09	+6.42

WCEO vs. DBO - Sharpe Ratio Comparison

The current WCEO Sharpe Ratio is 1.83, which is comparable to the DBO Sharpe Ratio of 1.45. The chart below compares the historical Sharpe Ratios of WCEO 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

WCEO vs. DBO - Drawdown Comparison

The maximum WCEO drawdown since its inception was -25.88%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for WCEO and DBO.

Drawdown Indicators

	WCEO	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-25.88%	-90.18%	+64.30%
Max Drawdown (1Y) Largest decline over 1 year	-6.96%	-27.73%	+20.77%
Max Drawdown (3Y) Largest decline over 3 years	-25.88%	-28.20%	+2.32%
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	-1.38%	-53.56%	+52.18%
Average Drawdown Average peak-to-trough decline	-5.29%	-62.20%	+56.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.16%	9.96%	-7.80%

Volatility

WCEO vs. DBO - Volatility Comparison

The current volatility for Hypatia Women CEO ETF (WCEO) is 3.23%, while Invesco DB Oil Fund (DBO) has a volatility of 17.75%. This indicates that WCEO 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

	WCEO	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.23%	17.75%	-14.52%
Volatility (6M) Calculated over the trailing 6-month period	10.16%	33.77%	-23.61%
Volatility (1Y) Calculated over the trailing 1-year period	14.81%	38.53%	-23.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.90%	33.35%	-15.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.90%	32.20%	-14.30%

WCEO vs. DBO - Expense Ratio Comparison

WCEO has a 0.85% expense ratio, which is higher than DBO's 0.78% expense ratio.

Dividends

WCEO vs. DBO - Dividend Comparison

WCEO's dividend yield for the trailing twelve months is around 0.55%, less than DBO's 1.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBO Invesco DB Oil Fund	1.99%	3.51%	4.68%	4.59%	0.66%	0.00%	0.00%	1.63%	1.58%
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 DBO in my portfolio?

WCEO and DBO have a correlation of -0.33, 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 DBO?

DBO has higher volatility (17.75%) compared to WCEO (3.23%). In terms of maximum drawdown, WCEO dropped -25.88% vs DBO's -90.18%.

Which ETF is better, WCEO or DBO?

On 3-year performance, DBO leads with 14.86% vs 12.79% for WCEO. On fees, DBO is cheaper at 0.78% per year. On volatility, WCEO has been the lower-risk option at 3.23%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, WCEO or DBO?

Over the 3-year period, DBO has performed better with a 14.86% return vs 12.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, WCEO or DBO?

DBO is cheaper with a 0.78% expense ratio, compared with 0.85% for WCEO.

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

DBO has the higher dividend yield at 1.99%, compared with 0.55% for WCEO.

What is the main difference between WCEO and DBO?

WCEO is categorized as Small Cap Blend Equities, while DBO is Oil & Gas. They also come from different issuers: Hypatia and Invesco. Their fees differ too: 0.85% for WCEO and 0.78% for DBO.

Which has better risk-adjusted returns?

WCEO currently has the higher Sharpe Ratio (1.83 vs 1.45), 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.