AAPW vs. DBO

Last updated Jun 4, 2026

AAPW (AAPL WeeklyPay™ ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - AAPW is a Derivative Income fund actively managed by Roundhill, while DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return. AAPW is actively managed, while DBO is passively managed. Over the past year, AAPW returned 59.54% vs 80.26% for DBO. At a correlation of -0.07, they often move in opposite directions. AAPW charges 0.99%/yr vs 0.78%/yr for DBO.

Performance

AAPW vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AAPL WeeklyPay™ ETF (AAPW) 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, AAPW achieves a 15.21% return, which is significantly lower than DBO's 84.75% return.

AAPW

• 1D: -1.85%
• 1M: 14.30%
• YTD: 15.21%
• 6M: 9.47%
• 1Y: 59.54%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DBO

• 1D: 2.27%
• 1M: -2.34%
• YTD: 84.75%
• 6M: 81.10%
• 1Y: 80.26%
• 3Y*: 21.86%
• 5Y*: 15.98%
• 10Y*: 11.37%

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

AAPW vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025
AAPW AAPL WeeklyPay™ ETF	15.21%	8.56%
DBO Invesco DB Oil Fund	84.75%	-13.52%

Correlation

The correlation between AAPW and DBO is -0.24, 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	-0.24
Correlation (All Time) Calculated using the full available price history since Feb 20, 2025	-0.07

The correlation between AAPW and DBO shifts across timeframes, from -0.24 (1 year) to -0.07 (all time), reflecting how their relationship changes across market environments.

AAPW vs. DBO - Sectors Allocation Comparison

Sectors	AAPW	DBO
Technology	19.8%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	116.0%
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

AAPW vs. DBO — Risk / Return Rank

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

AAPW

AAPW Risk / Return Rank: 62
AAPW Sharpe Ratio Rank: 64
AAPW Sortino Ratio Rank: 64
AAPW Omega Ratio Rank: 62
AAPW Calmar Ratio Rank: 69
AAPW Martin Ratio Rank: 51

DBO

DBO Risk / Return Rank: 65
DBO Sharpe Ratio Rank: 70
DBO Sortino Ratio Rank: 62
DBO Omega Ratio Rank: 60
DBO Calmar Ratio Rank: 83
DBO Martin Ratio Rank: 52

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.

AAPW vs. DBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AAPL WeeklyPay™ ETF (AAPW) 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.

	AAPW	DBO	Difference
Sharpe ratio: Return per unit of total volatility	2.17	2.34	-0.17
Sortino ratio: Return per unit of downside risk	3.01	2.94	+0.07
Omega ratio: Gain probability vs. loss probability	1.38	1.38	+0.01
Calmar ratio: Return relative to maximum drawdown	3.45	4.44	-0.99
Martin ratio: Return relative to average drawdown	8.65	9.02	-0.38
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AAPW vs. DBO - Sharpe Ratio Comparison

The current AAPW Sharpe Ratio is 2.17, which is comparable to the DBO Sharpe Ratio of 2.34. The chart below compares the historical Sharpe Ratios of AAPW 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

	AAPW	DBO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.17	2.34	-0.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.50	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.36	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.55	0.02	+0.53

Drawdowns

AAPW vs. DBO - Drawdown Comparison

The maximum AAPW drawdown since its inception was -36.28%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for AAPW and DBO.

Drawdown Indicators

	AAPW	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-36.28%	-90.18%	+53.90%
Max Drawdown (1Y) Largest decline over 1 year	-17.36%	-18.19%	+0.83%
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	-1.85%	-51.38%	+49.53%
Average Drawdown Average peak-to-trough decline	-11.18%	-62.25%	+51.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.91%	8.92%	-2.01%

Volatility

AAPW vs. DBO - Volatility Comparison

The current volatility for AAPL WeeklyPay™ ETF (AAPW) is 6.61%, while Invesco DB Oil Fund (DBO) has a volatility of 12.61%. This indicates that AAPW 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

	AAPW	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.61%	12.61%	-6.00%
Volatility (6M) Calculated over the trailing 6-month period	19.54%	28.20%	-8.66%
Volatility (1Y) Calculated over the trailing 1-year period	27.56%	34.46%	-6.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.72%	32.29%	+2.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.72%	31.78%	+2.94%

AAPW vs. DBO - Expense Ratio Comparison

AAPW has a 0.99% expense ratio, which is higher than DBO's 0.78% expense ratio.

Dividends

AAPW vs. DBO - Dividend Comparison

AAPW's dividend yield for the trailing twelve months is around 31.37%, more than DBO's 1.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
AAPW AAPL WeeklyPay™ ETF	31.37%	28.83%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
DBO Invesco DB Oil Fund	1.90%	3.51%	4.68%	4.59%	0.66%	0.00%	0.00%	1.63%	1.58%

Frequently Asked Questions

Can I hold both AAPW and DBO in my portfolio?

AAPW and DBO have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AAPW or DBO?

DBO has higher volatility (12.61%) compared to AAPW (6.61%). In terms of maximum drawdown, AAPW dropped -36.28% vs DBO's -90.18%.

Which ETF is better, AAPW or DBO?

On 1-year performance, DBO leads with 80.26% vs 59.54% for AAPW. On fees, DBO is cheaper at 0.78% per year. On volatility, AAPW has been the lower-risk option at 6.61%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AAPW or DBO?

Over the 1-year period, DBO has performed better with a 80.26% return vs 59.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AAPW or DBO?

DBO is cheaper with a 0.78% expense ratio, compared with 0.99% for AAPW.

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

AAPW has the higher dividend yield at 31.37%, compared with 1.90% for DBO.

What is the main difference between AAPW and DBO?

AAPW is categorized as Derivative Income, while DBO is Oil & Gas. They also come from different issuers: Roundhill and Invesco. Their fees differ too: 0.99% for AAPW and 0.78% for DBO.

Which has better risk-adjusted returns?

DBO currently has the higher Sharpe Ratio (2.34 vs 2.17), 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.