XC vs. DBO

Last updated Jun 3, 2026

XC (WisdomTree Emerging Markets ex-China Fund) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - XC is a Emerging Markets Diversified fund tracking the WisdomTree Emerging Markets ex-China Index - Benchmark TR Net, 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, XC returned 10.44%/yr vs 20.95%/yr for DBO. At a 0.06 correlation, their price movements are largely independent. XC charges 0.32%/yr vs 0.78%/yr for DBO.

Performance

XC vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WisdomTree Emerging Markets ex-China Fund (XC) 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, XC achieves a -1.96% return, which is significantly lower than DBO's 80.66% return.

XC

• 1D: 0.37%
• 1M: -1.07%
• YTD: -1.96%
• 6M: -0.86%
• 1Y: 10.08%
• 3Y*: 10.44%
• 5Y*: —
• 10Y*: —

DBO

• 1D: 1.05%
• 1M: -0.09%
• YTD: 80.66%
• 6M: 78.46%
• 1Y: 78.18%
• 3Y*: 20.95%
• 5Y*: 15.57%
• 10Y*: 11.12%

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

XC vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
XC WisdomTree Emerging Markets ex-China Fund	-1.96%	18.19%	5.49%	21.31%	1.49%
DBO Invesco DB Oil Fund	80.66%	-11.71%	7.85%	-4.44%	-4.45%

Correlation

The correlation between XC and DBO is -0.33, 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	-0.33
Correlation (3Y) Calculated over the trailing 3-year period	-0.04
Correlation (All Time) Calculated using the full available price history since Sep 23, 2022	0.06

The correlation between XC and DBO shifts across timeframes, from -0.33 (1 year) to 0.06 (all time), reflecting how their relationship changes across market environments.

XC vs. DBO - Sectors Allocation Comparison

Sectors	XC	DBO
Financial Services	13.8%	116.0%
Basic Materials	7.0%	-
Consumer Cyclical	6.8%	-
Consumer Defensive	4.9%	-
Industrials	4.7%	-
Communication Services	2.7%	-
Energy	1.6%	-
Utilities	1.3%	-
Real Estate	1.3%	-
Technology	1.2%	-
Healthcare	0.7%	-

Return for Risk

XC vs. DBO — Risk / Return Rank

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

XC

XC Risk / Return Rank: 20
XC Sharpe Ratio Rank: 20
XC Sortino Ratio Rank: 21
XC Omega Ratio Rank: 20
XC Calmar Ratio Rank: 19
XC Martin Ratio Rank: 20

DBO

DBO Risk / Return Rank: 65
DBO Sharpe Ratio Rank: 68
DBO Sortino Ratio Rank: 61
DBO Omega Ratio Rank: 60
DBO Calmar Ratio Rank: 84
DBO Martin Ratio Rank: 54

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.

XC vs. DBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree Emerging Markets ex-China Fund (XC) 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.

	XC	DBO	Difference
Sharpe ratio Return per unit of total volatility	0.69	2.28	-1.60
Sortino ratio Return per unit of downside risk	1.08	2.88	-1.80
Omega ratio Gain probability vs. loss probability	1.13	1.37	-0.24
Calmar ratio Return relative to maximum drawdown	0.83	4.62	-3.79
Martin ratio Return relative to average drawdown	2.45	9.43	-6.98
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XC vs. DBO - Sharpe Ratio Comparison

The current XC Sharpe Ratio is 0.69, which is lower than the DBO Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of XC 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

	XC	DBO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.69	2.28	-1.60
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.49	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.35	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.74	0.02	+0.72

Drawdowns

XC vs. DBO - Drawdown Comparison

The maximum XC drawdown since its inception was -20.97%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for XC and DBO.

Drawdown Indicators

	XC	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-20.97%	-90.18%	+69.21%
Max Drawdown (1Y) Largest decline over 1 year	-12.47%	-18.19%	+5.72%
Max Drawdown (3Y) Largest decline over 3 years	-20.97%	-28.20%	+7.23%
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	-7.94%	-52.46%	+44.52%
Average Drawdown Average peak-to-trough decline	-4.11%	-62.25%	+58.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.25%	8.92%	-4.67%

Volatility

XC vs. DBO - Volatility Comparison

The current volatility for WisdomTree Emerging Markets ex-China Fund (XC) is 4.83%, while Invesco DB Oil Fund (DBO) has a volatility of 13.25%. This indicates that XC 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

	XC	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.83%	13.25%	-8.42%
Volatility (6M) Calculated over the trailing 6-month period	12.51%	28.15%	-15.64%
Volatility (1Y) Calculated over the trailing 1-year period	14.70%	34.54%	-19.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.86%	32.28%	-16.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.86%	31.78%	-15.92%

XC vs. DBO - Expense Ratio Comparison

XC has a 0.32% expense ratio, which is lower than DBO's 0.78% expense ratio.

Dividends

XC vs. DBO - Dividend Comparison

XC's dividend yield for the trailing twelve months is around 12.22%, more than DBO's 1.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBO Invesco DB Oil Fund	1.94%	3.51%	4.68%	4.59%	0.66%	0.00%	0.00%	1.63%	1.58%
XC WisdomTree Emerging Markets ex-China Fund	12.22%	11.74%	1.49%	1.42%	0.57%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XC and DBO in my portfolio?

XC 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, XC or DBO?

DBO has higher volatility (13.25%) compared to XC (4.83%). In terms of maximum drawdown, XC dropped -20.97% vs DBO's -90.18%.

Which ETF is better, XC or DBO?

On 3-year performance, DBO leads with 20.95% vs 10.44% for XC. On fees, XC is cheaper at 0.32% per year. On volatility, XC has been the lower-risk option at 4.83%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XC or DBO?

Over the 3-year period, DBO has performed better with a 20.95% return vs 10.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XC or DBO?

XC is cheaper with a 0.32% expense ratio, compared with 0.78% for DBO.

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

XC has the higher dividend yield at 12.22%, compared with 1.94% for DBO.

What is the main difference between XC and DBO?

XC is categorized as Emerging Markets Diversified, while DBO is Oil & Gas. XC tracks WisdomTree Emerging Markets ex-China Index - Benchmark TR Net, while DBO tracks DBIQ Optimum Yield Crude Oil Index Excess Return. They also come from different issuers: WisdomTree and Invesco. Their fees differ too: 0.32% for XC and 0.78% for DBO.

Which has better risk-adjusted returns?

DBO currently has the higher Sharpe Ratio (2.28 vs 0.69), 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.