BBLB vs. DBO

Last updated Jun 4, 2026

BBLB (JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - BBLB is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index, 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, BBLB returned -1.70%/yr vs 21.86%/yr for DBO. At a correlation of -0.21, they often move in opposite directions. BBLB charges 0.04%/yr vs 0.78%/yr for DBO.

Performance

BBLB vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF (BBLB) 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, BBLB achieves a -0.36% return, which is significantly lower than DBO's 84.75% return.

BBLB

• 1D: -0.40%
• 1M: 0.77%
• YTD: -0.36%
• 6M: -1.96%
• 1Y: 5.09%
• 3Y*: -1.70%
• 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)

BBLB vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BBLB JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF	-0.36%	4.26%	-7.84%	-2.91%
DBO Invesco DB Oil Fund	84.75%	-11.71%	7.85%	-1.33%

Correlation

The correlation between BBLB and DBO is -0.37, 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	-0.37
Correlation (3Y) Calculated over the trailing 3-year period	-0.21
Correlation (All Time) Calculated using the full available price history since Apr 21, 2023	-0.21

The correlation between BBLB and DBO shifts across timeframes, from -0.37 (1 year) to -0.21 (3 years), reflecting how their relationship changes across market environments.

BBLB vs. DBO - Sectors Allocation Comparison

Sectors	BBLB	DBO
Communication Services	99.9%	-
Basic Materials	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	116.0%
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

BBLB vs. DBO — Risk / Return Rank

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

BBLB

BBLB Risk / Return Rank: 17
BBLB Sharpe Ratio Rank: 17
BBLB Sortino Ratio Rank: 16
BBLB Omega Ratio Rank: 16
BBLB Calmar Ratio Rank: 17
BBLB Martin Ratio Rank: 17

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.

BBLB vs. DBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF (BBLB) 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.

	BBLB	DBO	Difference
Sharpe ratio: Return per unit of total volatility	0.52	2.34	-1.82
Sortino ratio: Return per unit of downside risk	0.82	2.94	-2.12
Omega ratio: Gain probability vs. loss probability	1.09	1.38	-0.28
Calmar ratio: Return relative to maximum drawdown	0.68	4.44	-3.76
Martin ratio: Return relative to average drawdown	1.70	9.02	-7.32
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BBLB vs. DBO - Sharpe Ratio Comparison

The current BBLB Sharpe Ratio is 0.52, which is lower than the DBO Sharpe Ratio of 2.34. The chart below compares the historical Sharpe Ratios of BBLB 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

	BBLB	DBO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.52	2.34	-1.82
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	-0.17	0.02	-0.19

Drawdowns

BBLB vs. DBO - Drawdown Comparison

The maximum BBLB drawdown since its inception was -21.06%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for BBLB and DBO.

Drawdown Indicators

	BBLB	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-21.06%	-90.18%	+69.12%
Max Drawdown (1Y) Largest decline over 1 year	-7.53%	-18.19%	+10.66%
Max Drawdown (3Y) Largest decline over 3 years	-18.95%	-28.20%	+9.25%
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	-8.93%	-51.38%	+42.45%
Average Drawdown Average peak-to-trough decline	-8.94%	-62.25%	+53.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.00%	8.92%	-5.92%

Volatility

BBLB vs. DBO - Volatility Comparison

The current volatility for JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF (BBLB) is 2.90%, while Invesco DB Oil Fund (DBO) has a volatility of 12.61%. This indicates that BBLB 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

	BBLB	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.90%	12.61%	-9.71%
Volatility (6M) Calculated over the trailing 6-month period	6.55%	28.20%	-21.65%
Volatility (1Y) Calculated over the trailing 1-year period	9.80%	34.46%	-24.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.83%	32.29%	-18.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.83%	31.78%	-17.95%

BBLB vs. DBO - Expense Ratio Comparison

BBLB has a 0.04% expense ratio, which is lower than DBO's 0.78% expense ratio.

Dividends

BBLB vs. DBO - Dividend Comparison

BBLB's dividend yield for the trailing twelve months is around 5.00%, more than DBO's 1.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
BBLB JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF	5.00%	5.03%	5.34%	2.82%	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 BBLB and DBO in my portfolio?

BBLB and DBO have a correlation of -0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BBLB or DBO?

DBO has higher volatility (12.61%) compared to BBLB (2.90%). In terms of maximum drawdown, BBLB dropped -21.06% vs DBO's -90.18%.

Which ETF is better, BBLB or DBO?

On 3-year performance, DBO leads with 21.86% vs -1.70% for BBLB. On fees, BBLB is cheaper at 0.04% per year. On volatility, BBLB has been the lower-risk option at 2.90%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BBLB or DBO?

Over the 3-year period, DBO has performed better with a 21.86% return vs -1.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BBLB or DBO?

BBLB is cheaper with a 0.04% expense ratio, compared with 0.78% for DBO.

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

BBLB has the higher dividend yield at 5.00%, compared with 1.90% for DBO.

What is the main difference between BBLB and DBO?

BBLB is categorized as Government Bonds, while DBO is Oil & Gas. BBLB tracks ICE U.S. Treasury 20+ Year Bond Index, while DBO tracks DBIQ Optimum Yield Crude Oil Index Excess Return. They also come from different issuers: JPMorgan and Invesco. Their fees differ too: 0.04% for BBLB and 0.78% for DBO.

Which has better risk-adjusted returns?

DBO currently has the higher Sharpe Ratio (2.34 vs 0.52), 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.