Downhole ranging from multiple wellbores. In one example, multiple transmitters and multiple receivers are disposed in multiple wellbores to exchange electromagnetic signals. By implementing a full compensation technique, a computer system determines multiple compensated signals. A compensated signal is determined from a signal received from a first wellbore and a second signal received from a second wellbore. In another example, a first transmitter is disposed in a first wellbore, a first receiver is disposed in a second wellbore, and either a second transmitter or a second receiver is disposed in either the first wellbore or the second wellbore. By implementing partial compensation techniques, a computer system determines compensated signals. Using the compensated signals, the computer system determines a position of a first wellbore relative to a second wellbore, and provides the position.