BOUT vs. DBO

Last updated Jun 5, 2026

BOUT (Innovator IBD Breakout Opportunities ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - BOUT is a Mid Cap Growth Equities fund tracking the IBD Breakout Stocks Total Return 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 5 years, BOUT returned 8.21%/yr vs 15.36%/yr for DBO. At a 0.19 correlation, their price movements are largely independent. BOUT charges 0.80%/yr vs 0.78%/yr for DBO.

Performance

BOUT vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator IBD Breakout Opportunities ETF (BOUT) 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, BOUT achieves a 31.14% return, which is significantly lower than DBO's 79.84% return.

BOUT

• 1D: -0.19%
• 1M: 2.96%
• YTD: 31.14%
• 6M: 29.42%
• 1Y: 34.29%
• 3Y*: 17.47%
• 5Y*: 8.21%
• 10Y*: —

DBO

• 1D: -2.66%
• 1M: -3.39%
• YTD: 79.84%
• 6M: 74.51%
• 1Y: 77.38%
• 3Y*: 20.83%
• 5Y*: 15.36%
• 10Y*: 10.89%

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

BOUT vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
BOUT Innovator IBD Breakout Opportunities ETF	31.14%	-6.77%	18.82%	13.27%	-22.60%	22.69%	50.56%	20.59%	-29.80%
DBO Invesco DB Oil Fund	79.84%	-11.71%	7.85%	-4.44%	13.04%	60.74%	-20.99%	28.05%	-31.86%

Correlation

The correlation between BOUT and DBO is -0.16, 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	-0.16
Correlation (3Y) Calculated over the trailing 3-year period	-0.01
Correlation (5Y) Calculated over the trailing 5-year period	0.14
Correlation (All Time) Calculated using the full available price history since Sep 14, 2018	0.19

The correlation between BOUT and DBO shifts across timeframes, from -0.16 (1 year) to 0.19 (all time), reflecting how their relationship changes across market environments.

BOUT vs. DBO - Sectors Allocation Comparison

Sectors	BOUT	DBO
Technology	28.4%	-
Financial Services	22.9%	116.0%
Basic Materials	9.9%	-
Consumer Defensive	9.7%	-
Industrials	9.7%	-
Consumer Cyclical	8.5%	-
Utilities	7.0%	-
Real Estate	3.5%	-
Energy	3.1%	-
Healthcare	2.6%	-
Communication Services	2.0%	-

Return for Risk

BOUT vs. DBO — Risk / Return Rank

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

BOUT

BOUT Risk / Return Rank: 51
BOUT Sharpe Ratio Rank: 49
BOUT Sortino Ratio Rank: 47
BOUT Omega Ratio Rank: 46
BOUT Calmar Ratio Rank: 60
BOUT Martin Ratio Rank: 52

DBO

DBO Risk / Return Rank: 65
DBO Sharpe Ratio Rank: 70
DBO Sortino Ratio Rank: 62
DBO Omega Ratio Rank: 61
DBO Calmar Ratio Rank: 82
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.

BOUT vs. DBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator IBD Breakout Opportunities ETF (BOUT) 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.

	BOUT	DBO	Difference
Sharpe ratio: Return per unit of total volatility	1.66	2.25	-0.59
Sortino ratio: Return per unit of downside risk	2.28	2.85	-0.57
Omega ratio: Gain probability vs. loss probability	1.29	1.36	-0.07
Calmar ratio: Return relative to maximum drawdown	2.93	4.28	-1.35
Martin ratio: Return relative to average drawdown	8.75	8.69	+0.06
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BOUT vs. DBO - Sharpe Ratio Comparison

The current BOUT Sharpe Ratio is 1.66, which is comparable to the DBO Sharpe Ratio of 2.25. The chart below compares the historical Sharpe Ratios of BOUT 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

	BOUT	DBO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.66	2.25	-0.59
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.42	0.48	-0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.34	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.41	0.02	+0.39

Drawdowns

BOUT vs. DBO - Drawdown Comparison

The maximum BOUT drawdown since its inception was -36.75%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for BOUT and DBO.

Drawdown Indicators

	BOUT	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-36.75%	-90.18%	+53.43%
Max Drawdown (1Y) Largest decline over 1 year	-11.76%	-18.19%	+6.43%
Max Drawdown (3Y) Largest decline over 3 years	-25.31%	-28.20%	+2.89%
Max Drawdown (5Y) Largest decline over 5 years	-28.28%	-37.68%	+9.40%
Max Drawdown (10Y) Largest decline over 10 years	—	-61.69%	—
Current Drawdown Current decline from peak	-0.19%	-52.68%	+52.49%
Average Drawdown Average peak-to-trough decline	-12.29%	-62.25%	+49.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.93%	8.94%	-5.01%

Volatility

BOUT vs. DBO - Volatility Comparison

The current volatility for Innovator IBD Breakout Opportunities ETF (BOUT) is 5.46%, while Invesco DB Oil Fund (DBO) has a volatility of 12.79%. This indicates that BOUT 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

	BOUT	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.46%	12.79%	-7.33%
Volatility (6M) Calculated over the trailing 6-month period	16.00%	28.32%	-12.32%
Volatility (1Y) Calculated over the trailing 1-year period	20.78%	34.58%	-13.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.48%	32.31%	-12.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.93%	31.79%	-8.86%

BOUT vs. DBO - Expense Ratio Comparison

BOUT has a 0.80% expense ratio, which is higher than DBO's 0.78% expense ratio.

Dividends

BOUT vs. DBO - Dividend Comparison

BOUT's dividend yield for the trailing twelve months is around 0.26%, less than DBO's 1.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
BOUT Innovator IBD Breakout Opportunities ETF	0.26%	0.34%	0.60%	1.32%	1.35%	0.00%	0.00%	0.00%	0.22%
DBO Invesco DB Oil Fund	1.95%	3.51%	4.68%	4.59%	0.66%	0.00%	0.00%	1.63%	1.58%

Frequently Asked Questions

Can I hold both BOUT and DBO in my portfolio?

BOUT and DBO have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BOUT or DBO?

DBO has higher volatility (12.79%) compared to BOUT (5.46%). In terms of maximum drawdown, BOUT dropped -36.75% vs DBO's -90.18%.

Which ETF is better, BOUT or DBO?

On 5-year performance, DBO leads with 15.36% vs 8.21% for BOUT. On fees, DBO is cheaper at 0.78% per year. On volatility, BOUT has been the lower-risk option at 5.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BOUT or DBO?

Over the 5-year period, DBO has performed better with a 15.36% return vs 8.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BOUT or DBO?

DBO is cheaper with a 0.78% expense ratio, compared with 0.80% for BOUT.

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

DBO has the higher dividend yield at 1.95%, compared with 0.26% for BOUT.

What is the main difference between BOUT and DBO?

BOUT is categorized as Mid Cap Growth Equities, while DBO is Oil & Gas. BOUT tracks IBD Breakout Stocks Total Return Index, while DBO tracks DBIQ Optimum Yield Crude Oil Index Excess Return. They also come from different issuers: Innovator and Invesco. Their fees differ too: 0.80% for BOUT and 0.78% for DBO.

Which has better risk-adjusted returns?

DBO currently has the higher Sharpe Ratio (2.25 vs 1.66), 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.