BOND vs. DBO
BOND (PIMCO Active Bond ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - BOND is a Intermediate Core-Plus Bond fund actively managed by PIMCO, while DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return. BOND is actively managed, while DBO is passively managed. Over the past 10 years, BOND returned 1.96%/yr vs 12.59%/yr for DBO. Their -0.13 correlation means they have often moved in opposite directions in the past. BOND charges 0.54%/yr vs 0.78%/yr for DBO.
Performance
BOND vs. DBO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, BOND achieves a -0.31% return, which is significantly lower than DBO's 76.48% return. Over the past 10 years, BOND has underperformed DBO with an annualized return of 1.96%, while DBO has yielded a comparatively higher 12.59% annualized return.
BOND
- 1D
- -0.33%
- 1M
- -1.43%
- 6M
- -0.84%
- YTD
- -0.31%
- 1Y
- 3.01%
- 3Y*
- 4.85%
- 5Y*
- 0.00%
- 10Y*
- 1.96%
- ALL TIME*
- 2.88%
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%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $46.87M | $49.77M | $50.25M | |
| $11.01M | $10.23M | $13.95M |
BOND vs. DBO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BOND PIMCO Active Bond ETF | -0.31% | 8.39% | 2.77% | 6.48% | -14.57% | -0.77% | 7.80% | 8.54% | 0.08% | 4.76% |
DBO Invesco DB Oil Fund | 76.48% | -11.71% | 7.85% | -4.44% | 13.04% | 60.74% | -20.99% | 28.05% | -15.22% | 4.86% |
Correlation
The correlation between BOND and DBO is -0.45, 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. | -0.45 |
Correlation (3Y) Balances recent behavior with more history. | -0.24 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.12 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.11 |
Correlation (All Time) Calculated using the full available price history since Mar 1, 2012 | -0.13 |
Over the past year, the inverse relationship between BOND and DBO has strengthened: their correlation has moved from -0.13 to -0.45, meaning they now move in opposite directions more often than their long-term average.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
BOND vs. DBO — Risk / Return Rank
BOND
DBO
BOND vs. DBO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO Active Bond ETF (BOND) 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.
| BOND | DBO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.48 | ||
| Sortino ratioReturn per unit of downside risk | -0.66 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.25 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.28 | 2.01 | -0.72 |
| Martin ratioReturn relative to average drawdown | 3.47 | 6.09 | -2.62 |
Loading charts...
Drawdowns
BOND vs. DBO - Drawdown Comparison
The maximum BOND drawdown since its inception was -19.71%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for BOND and DBO.
Loading charts...
Drawdown Indicators
| BOND | DBO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.71% | -90.18% | +70.47% |
Max Drawdown (1Y)Largest decline over 1 year | -3.01% | -27.73% | +24.72% |
Max Drawdown (3Y)Largest decline over 3 years | -5.21% | -28.20% | +22.99% |
Max Drawdown (5Y)Largest decline over 5 years | -19.71% | -37.68% | +17.97% |
Max Drawdown (10Y)Largest decline over 10 years | -19.71% | -61.69% | +41.98% |
Current DrawdownCurrent decline from peak | -2.34% | -53.56% | +51.22% |
Average DrawdownAverage peak-to-trough decline | -3.48% | -62.20% | +58.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.11% | 9.96% | -8.85% |
Volatility
BOND vs. DBO - Volatility Comparison
The current volatility for PIMCO Active Bond ETF (BOND) is 1.15%, while Invesco DB Oil Fund (DBO) has a volatility of 17.75%. This indicates that BOND 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.
Loading charts...
Volatility by Period
| BOND | DBO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.15% | 17.75% | -16.60% |
Volatility (6M)Calculated over the trailing 6-month period | 3.22% | 33.77% | -30.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.01% | 38.53% | -34.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.80% | 33.35% | -27.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.10% | 32.20% | -27.10% |
BOND vs. DBO - Expense Ratio Comparison
BOND has a 0.54% expense ratio, which is lower than DBO's 0.78% expense ratio.
Dividends
BOND vs. DBO - Dividend Comparison
BOND's dividend yield for the trailing twelve months is around 5.25%, more than DBO's 1.99% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BOND PIMCO Active Bond ETF | 4.81% | 5.11% | 5.02% | 4.06% | 3.44% | 2.58% | 2.66% | 3.38% | 3.18% | 2.87% | 2.85% | 4.14% |
DBO Invesco DB Oil Fund | 1.99% | 3.51% | 4.68% | 4.59% | 0.66% | 0.00% | 0.00% | 1.63% | 1.58% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BOND and DBO have a correlation of -0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBO has higher volatility (17.75%) compared to BOND (1.15%). In terms of maximum drawdown, BOND dropped -19.71% vs DBO's -90.18%.
On 10-year performance, DBO leads with 12.59% vs 1.96% for BOND. On fees, BOND is cheaper at 0.54% per year. On volatility, BOND has been the lower-risk option at 1.15%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DBO has performed better with a 12.59% return vs 1.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BOND is cheaper with a 0.54% expense ratio, compared with 0.78% for DBO.
BOND has the higher dividend yield at 4.81%, compared with 1.99% for DBO.
BOND is categorized as Intermediate Core-Plus Bond, while DBO is Oil & Gas. They also come from different issuers: PIMCO and Invesco. Their fees differ too: 0.54% for BOND and 0.78% for DBO.
DBO currently has the higher Sharpe Ratio (1.45 vs 0.96), 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.
Find the right allocation for BOND and DBO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer