APLY vs. DBO

Last updated Aug 2, 2026

APLY (YieldMax AAPL Option Income Strategy ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - APLY is a Derivative Income fund actively managed by YieldMax, while DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return. APLY is actively managed, while DBO is passively managed. Over the past 3 years, APLY returned 8.35%/yr vs 14.86%/yr for DBO. Their -0.07 correlation means they have often moved in opposite directions in the past. APLY charges 1.04%/yr vs 0.78%/yr for DBO.

Performance

APLY vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax AAPL Option Income Strategy ETF (APLY) 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, APLY achieves a 7.08% return, which is significantly lower than DBO's 76.48% return.

APLY

• 1D: -7.10%
• 1M: -1.04%
• 6M: 11.70%
• YTD: 7.08%
• 1Y: 31.95%
• 3Y*: 8.35%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 12.72%

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%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
APLY YieldMax AAPL Option Income Strategy ETF	$2.55M	$1.69M	$1.63M
DBO Invesco DB Oil Fund	$11.01M	$10.23M	$13.95M

APLY vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
APLY YieldMax AAPL Option Income Strategy ETF	7.08%	4.69%	18.62%	11.43%
DBO Invesco DB Oil Fund	76.48%	-11.71%	7.85%	-5.56%

Correlation

The correlation between APLY and DBO is -0.24, 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.	-0.24
Correlation (3Y) Balances recent behavior with more history.	-0.07
Correlation (All Time) Calculated using the full available price history since Apr 18, 2023	-0.07

The correlation between APLY and DBO shifts across timeframes, from -0.24 (1 year) to -0.07 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

APLY vs. DBO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

APLY

APLY Risk / Return Rank: 60
APLY Sharpe Ratio Rank: 57
APLY Sortino Ratio Rank: 52
APLY Omega Ratio Rank: 65
APLY Calmar Ratio Rank: 72
APLY Martin Ratio Rank: 52

DBO

DBO Risk / Return Rank: 58
DBO Sharpe Ratio Rank: 62
DBO Sortino Ratio Rank: 61
DBO Omega Ratio Rank: 57
DBO Calmar Ratio Rank: 57
DBO Martin Ratio Rank: 52

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

APLY vs. DBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax AAPL Option Income Strategy ETF (APLY) 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.

	APLY	DBO	Difference
Sharpe ratio: Return per unit of total volatility	1.36	1.45	-0.08
Sortino ratio: Return per unit of downside risk	1.84	2.05	-0.21
Omega ratio: Gain probability vs. loss probability	1.27	1.25	+0.03
Calmar ratio: Return relative to maximum drawdown	2.51	2.01	+0.50
Martin ratio: Return relative to average drawdown	6.00	6.09	-0.09

APLY vs. DBO - Sharpe Ratio Comparison

The current APLY Sharpe Ratio is 1.36, which is comparable to the DBO Sharpe Ratio of 1.45. The chart below compares the historical Sharpe Ratios of APLY 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.

Drawdowns

APLY vs. DBO - Drawdown Comparison

The maximum APLY drawdown since its inception was -30.41%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for APLY and DBO.

Drawdown Indicators

	APLY	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-30.41%	-90.18%	+59.77%
Max Drawdown (1Y) Largest decline over 1 year	-11.76%	-27.73%	+15.97%
Max Drawdown (3Y) Largest decline over 3 years	-30.41%	-28.20%	-2.21%
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	-8.69%	-53.56%	+44.87%
Average Drawdown Average peak-to-trough decline	-6.75%	-62.20%	+55.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.90%	9.96%	-5.06%

Volatility

APLY vs. DBO - Volatility Comparison

The current volatility for YieldMax AAPL Option Income Strategy ETF (APLY) is 10.36%, while Invesco DB Oil Fund (DBO) has a volatility of 17.75%. This indicates that APLY 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

	APLY	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.36%	17.75%	-7.39%
Volatility (6M) Calculated over the trailing 6-month period	17.85%	33.77%	-15.92%
Volatility (1Y) Calculated over the trailing 1-year period	21.66%	38.53%	-16.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.73%	33.35%	-11.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.73%	32.20%	-10.47%

APLY vs. DBO - Expense Ratio Comparison

APLY has a 1.04% expense ratio, which is higher than DBO's 0.78% expense ratio.

Dividends

APLY vs. DBO - Dividend Comparison

APLY's dividend yield for the trailing twelve months is around 36.59%, more than DBO's 1.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
APLY YieldMax AAPL Option Income Strategy ETF	36.59%	36.38%	24.95%	14.36%	0.00%	0.00%	0.00%	0.00%	0.00%
DBO Invesco DB Oil Fund	1.99%	3.51%	4.68%	4.59%	0.66%	0.00%	0.00%	1.63%	1.58%

Frequently Asked Questions

Can I hold both APLY and DBO in my portfolio?

APLY 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, APLY or DBO?

DBO has higher volatility (17.75%) compared to APLY (10.36%). In terms of maximum drawdown, APLY dropped -30.41% vs DBO's -90.18%.

Which ETF is better, APLY or DBO?

On 3-year performance, DBO leads with 14.86% vs 8.35% for APLY. On fees, DBO is cheaper at 0.78% per year. On volatility, APLY has been the lower-risk option at 10.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, APLY or DBO?

Over the 3-year period, DBO has performed better with a 14.86% return vs 8.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, APLY or DBO?

DBO is cheaper with a 0.78% expense ratio, compared with 1.04% for APLY.

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

APLY has the higher dividend yield at 36.59%, compared with 1.99% for DBO.

What is the main difference between APLY and DBO?

APLY is categorized as Derivative Income, while DBO is Oil & Gas. They also come from different issuers: YieldMax and Invesco. Their fees differ too: 1.04% for APLY and 0.78% for DBO.

Which has better risk-adjusted returns?

DBO currently has the higher Sharpe Ratio (1.45 vs 1.36), 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.