Full Waveform Inversion (FWI), while now widely practiced industrially, is less robust than many conventional velocity model-building techniques, such as travel time tomography, due to its high non-linearity. Different objective functions in FWI have different degrees of nonlinearity. In this study, we investigate the behavior of FWI with different objective functions and propose a new one based on semblance defined in the data domain. Preliminary tests suggest that this objective function is convex for a large range of candidate models. Semblancebased optimization schemes are therefore likely to be more robust than for the standard least-squares formulation; nevertheless, the resolving power of waveform inversion is mostly retained.