XEMD vs. DBO
XEMD (BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - XEMD is a Emerging Markets Bonds fund tracking the JP Morgan EMBI Global Diversified Liquid 1-10 Y Maturity Index - Benchmark TR Gross, 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, XEMD returned 10.14%/yr vs 14.86%/yr for DBO. Their -0.03 correlation means they have often moved in opposite directions in the past. XEMD charges 0.29%/yr vs 0.78%/yr for DBO.
Performance
XEMD vs. DBO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, XEMD achieves a 2.49% return, which is significantly lower than DBO's 76.48% return.
XEMD
- 1D
- 0.02%
- 1M
- -0.82%
- 6M
- 1.43%
- YTD
- 2.49%
- 1Y
- 8.65%
- 3Y*
- 10.14%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 9.24%
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%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $11.01M | $10.23M | $13.95M | |
| $5.44M | $11.46M | $8.01M |
XEMD vs. DBO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
XEMD BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF | 2.49% | 13.98% | 8.77% | 10.26% | 2.40% |
DBO Invesco DB Oil Fund | 76.48% | -11.71% | 7.85% | -4.44% | -18.66% |
Correlation
The correlation between XEMD and DBO is -0.38, 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. | -0.38 |
Correlation (3Y) Balances recent behavior with more history. | -0.15 |
Correlation (All Time) Calculated using the full available price history since Jun 30, 2022 | -0.03 |
Over the past year, the inverse relationship between XEMD and DBO has strengthened: their correlation has moved from -0.03 to -0.38, meaning they now move in opposite directions more often than their long-term average.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
XEMD vs. DBO — Risk / Return Rank
XEMD
DBO
XEMD vs. DBO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF (XEMD) 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.
| XEMD | DBO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.44 | ||
| Sortino ratioReturn per unit of downside risk | +0.79 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.25 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 2.53 | 2.01 | +0.53 |
| Martin ratioReturn relative to average drawdown | 10.95 | 6.09 | +4.86 |
Loading charts...
Drawdowns
XEMD vs. DBO - Drawdown Comparison
The maximum XEMD drawdown since its inception was -10.01%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for XEMD and DBO.
Loading charts...
Drawdown Indicators
| XEMD | DBO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -10.01% | -90.18% | +80.17% |
Max Drawdown (1Y)Largest decline over 1 year | -3.52% | -27.73% | +24.21% |
Max Drawdown (3Y)Largest decline over 3 years | -4.23% | -28.20% | +23.97% |
Max Drawdown (5Y)Largest decline over 5 years | — | -37.68% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -61.69% | — |
Current DrawdownCurrent decline from peak | -0.96% | -53.56% | +52.60% |
Average DrawdownAverage peak-to-trough decline | -1.23% | -62.20% | +60.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.81% | 9.96% | -9.15% |
Volatility
XEMD vs. DBO - Volatility Comparison
The current volatility for BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF (XEMD) is 0.96%, while Invesco DB Oil Fund (DBO) has a volatility of 17.75%. This indicates that XEMD 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.
Loading charts...
Volatility by Period
| XEMD | DBO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.96% | 17.75% | -16.79% |
Volatility (6M)Calculated over the trailing 6-month period | 3.80% | 33.77% | -29.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.74% | 38.53% | -33.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.80% | 33.35% | -26.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.80% | 32.20% | -25.40% |
XEMD vs. DBO - Expense Ratio Comparison
XEMD has a 0.29% expense ratio, which is lower than DBO's 0.78% expense ratio.
Dividends
XEMD vs. DBO - Dividend Comparison
XEMD's dividend yield for the trailing twelve months is around 5.82%, more 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% |
XEMD BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF | 5.24% | 6.15% | 6.30% | 6.19% | 3.08% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
XEMD and DBO have a correlation of -0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBO has higher volatility (17.75%) compared to XEMD (0.96%). In terms of maximum drawdown, XEMD dropped -10.01% vs DBO's -90.18%.
On 3-year performance, DBO leads with 14.86% vs 10.14% for XEMD. On fees, XEMD is cheaper at 0.29% per year. On volatility, XEMD has been the lower-risk option at 0.96%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, DBO has performed better with a 14.86% return vs 10.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XEMD is cheaper with a 0.29% expense ratio, compared with 0.78% for DBO.
XEMD has the higher dividend yield at 5.24%, compared with 1.99% for DBO.
XEMD is categorized as Emerging Markets Bonds, while DBO is Oil & Gas. XEMD tracks JP Morgan EMBI Global Diversified Liquid 1-10 Y Maturity Index - Benchmark TR Gross, while DBO tracks DBIQ Optimum Yield Crude Oil Index Excess Return. They also come from different issuers: BondBloxx and Invesco. Their fees differ too: 0.29% for XEMD and 0.78% for DBO.
XEMD currently has the higher Sharpe Ratio (1.88 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.
Find the right allocation for XEMD and DBO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer