WCME vs. DBO

Last updated Jun 24, 2026

WCME (First Trust WCM Developing World Equity ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - WCME is a Emerging Markets Equities fund tracking the Actively Managed, while DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return. Both are passively managed. Over the past year, WCME returned 27.95% vs 36.30% for DBO. At a correlation of -0.05, they often move in opposite directions. WCME charges 0.95%/yr vs 0.78%/yr for DBO.

Performance

WCME vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust WCM Developing World Equity ETF (WCME) 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, WCME achieves a 12.31% return, which is significantly lower than DBO's 50.16% return.

WCME

• 1D: -4.48%
• 1M: 1.09%
• YTD: 12.31%
• 6M: 12.91%
• 1Y: 27.95%
• 3Y*: —
• 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%

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

WCME vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
WCME First Trust WCM Developing World Equity ETF	12.31%	35.19%	-10.72%
DBO Invesco DB Oil Fund	50.16%	-11.71%	-0.78%

Correlation

The correlation between WCME and DBO is -0.22, 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	-0.22
Correlation (All Time) Calculated using the full available price history since Oct 7, 2024	-0.05

The correlation between WCME and DBO shifts across timeframes, from -0.22 (1 year) to -0.05 (all time), reflecting how their relationship changes across market environments.

Return for Risk

WCME vs. DBO — Risk / Return Rank

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

WCME

WCME Risk / Return Rank: 39
WCME Sharpe Ratio Rank: 38
WCME Sortino Ratio Rank: 35
WCME Omega Ratio Rank: 39
WCME Calmar Ratio Rank: 39
WCME Martin Ratio Rank: 41

DBO

DBO Risk / Return Rank: 31
DBO Sharpe Ratio Rank: 31
DBO Sortino Ratio Rank: 31
DBO Omega Ratio Rank: 30
DBO Calmar Ratio Rank: 33
DBO Martin Ratio Rank: 31

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.

WCME vs. DBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust WCM Developing World Equity ETF (WCME) 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.

	WCME	DBO	Difference
Sharpe ratio: Return per unit of total volatility	1.25	1.06	+0.19
Sortino ratio: Return per unit of downside risk	1.72	1.61	+0.11
Omega ratio: Gain probability vs. loss probability	1.24	1.19	+0.04
Calmar ratio: Return relative to maximum drawdown	1.80	1.58	+0.21
Martin ratio: Return relative to average drawdown	6.13	4.29	+1.83

WCME vs. DBO - Sharpe Ratio Comparison

The current WCME Sharpe Ratio is 1.25, which is comparable to the DBO Sharpe Ratio of 1.06. The chart below compares the historical Sharpe Ratios of WCME 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

WCME vs. DBO - Drawdown Comparison

The maximum WCME drawdown since its inception was -15.64%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for WCME and DBO.

Drawdown Indicators

	WCME	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-15.64%	-90.18%	+74.54%
Max Drawdown (1Y) Largest decline over 1 year	-15.64%	-23.03%	+7.39%
Max Drawdown (3Y) Largest decline over 3 years	—	-28.20%	—
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	-4.57%	-60.48%	+55.91%
Average Drawdown Average peak-to-trough decline	-3.71%	-62.22%	+58.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.57%	8.51%	-3.94%

Volatility

WCME vs. DBO - Volatility Comparison

First Trust WCM Developing World Equity ETF (WCME) has a higher volatility of 11.63% compared to Invesco DB Oil Fund (DBO) at 10.29%. This indicates that WCME'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.

Volatility by Period

	WCME	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.63%	10.29%	+1.34%
Volatility (6M) Calculated over the trailing 6-month period	19.88%	29.36%	-9.48%
Volatility (1Y) Calculated over the trailing 1-year period	22.49%	34.89%	-12.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.95%	32.54%	-11.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.95%	31.81%	-10.86%

WCME vs. DBO - Expense Ratio Comparison

WCME has a 0.95% expense ratio, which is higher than DBO's 0.78% expense ratio.

Dividends

WCME vs. DBO - Dividend Comparison

WCME's dividend yield for the trailing twelve months is around 0.61%, 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%
WCME First Trust WCM Developing World Equity ETF	0.61%	0.68%	0.53%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both WCME and DBO in my portfolio?

WCME and DBO have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, WCME or DBO?

WCME has higher volatility (11.63%) compared to DBO (10.29%). In terms of maximum drawdown, WCME dropped -15.64% vs DBO's -90.18%.

Which ETF is better, WCME or DBO?

On 1-year performance, DBO leads with 36.30% vs 27.95% for WCME. On fees, DBO is cheaper at 0.78% 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.

Which ETF has performed better, WCME or DBO?

Over the 1-year period, DBO has performed better with a 36.30% return vs 27.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, WCME or DBO?

DBO is cheaper with a 0.78% expense ratio, compared with 0.95% for WCME.

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

DBO has the higher dividend yield at 2.34%, compared with 0.61% for WCME.

What is the main difference between WCME and DBO?

WCME is categorized as Emerging Markets Equities, while DBO is Oil & Gas. WCME tracks Actively Managed, while DBO tracks DBIQ Optimum Yield Crude Oil Index Excess Return. They also come from different issuers: First Trust and Invesco. Their fees differ too: 0.95% for WCME and 0.78% for DBO.

Which has better risk-adjusted returns?

WCME currently has the higher Sharpe Ratio (1.25 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.