CGMS vs. DBO
CGMS (Capital Group U.S. Multi-Sector Income ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - CGMS is a Multisector Bonds fund actively managed by Capital Group, while DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return. CGMS is actively managed, while DBO is passively managed. Over the past 3 years, CGMS returned 7.42%/yr vs 14.86%/yr for DBO. Their -0.08 correlation means they have often moved in opposite directions in the past. CGMS charges 0.39%/yr vs 0.78%/yr for DBO.
Performance
CGMS vs. DBO - Performance Comparison
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Returns By Period
In the year-to-date period, CGMS achieves a 1.10% return, which is significantly lower than DBO's 76.48% return.
CGMS
- 1D
- -0.11%
- 1M
- -0.81%
- 6M
- 0.59%
- YTD
- 1.10%
- 1Y
- 3.97%
- 3Y*
- 7.42%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 8.01%
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) |
|---|---|---|---|
| $34.85M | $28.44M | $28.60M | |
| $11.01M | $10.23M | $13.95M |
CGMS vs. DBO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
CGMS Capital Group U.S. Multi-Sector Income ETF | 1.10% | 7.52% | 7.24% | 11.51% | 2.77% |
DBO Invesco DB Oil Fund | 76.48% | -11.71% | 7.85% | -4.44% | -9.69% |
Correlation
The correlation between CGMS and DBO is -0.40, 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. | -0.40 |
Correlation (3Y) Balances recent behavior with more history. | -0.15 |
Correlation (All Time) Calculated using the full available price history since Oct 27, 2022 | -0.08 |
Over the past year, the inverse relationship between CGMS and DBO has strengthened: their correlation has moved from -0.08 to -0.40, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
CGMS vs. DBO — Risk / Return Rank
CGMS
DBO
CGMS vs. DBO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Capital Group U.S. Multi-Sector Income ETF (CGMS) 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.
| CGMS | DBO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.18 | ||
| Sortino ratioReturn per unit of downside risk | -0.17 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.25 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.78 | 2.01 | -0.22 |
| Martin ratioReturn relative to average drawdown | 7.52 | 6.09 | +1.42 |
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Drawdowns
CGMS vs. DBO - Drawdown Comparison
The maximum CGMS drawdown since its inception was -4.08%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for CGMS and DBO.
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Drawdown Indicators
| CGMS | DBO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.08% | -90.18% | +86.10% |
Max Drawdown (1Y)Largest decline over 1 year | -2.47% | -27.73% | +25.26% |
Max Drawdown (3Y)Largest decline over 3 years | -4.08% | -28.20% | +24.12% |
Max Drawdown (5Y)Largest decline over 5 years | — | -37.68% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -61.69% | — |
Current DrawdownCurrent decline from peak | -0.88% | -53.56% | +52.68% |
Average DrawdownAverage peak-to-trough decline | -0.66% | -62.20% | +61.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.59% | 9.96% | -9.37% |
Volatility
CGMS vs. DBO - Volatility Comparison
The current volatility for Capital Group U.S. Multi-Sector Income ETF (CGMS) is 0.82%, while Invesco DB Oil Fund (DBO) has a volatility of 17.75%. This indicates that CGMS 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.
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Volatility by Period
| CGMS | DBO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.82% | 17.75% | -16.93% |
Volatility (6M)Calculated over the trailing 6-month period | 2.85% | 33.77% | -30.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.49% | 38.53% | -35.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.07% | 33.35% | -28.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.07% | 32.20% | -27.13% |
CGMS vs. DBO - Expense Ratio Comparison
CGMS has a 0.39% expense ratio, which is lower than DBO's 0.78% expense ratio.
Dividends
CGMS vs. DBO - Dividend Comparison
CGMS's dividend yield for the trailing twelve months is around 6.11%, more than DBO's 1.99% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
CGMS Capital Group U.S. Multi-Sector Income ETF | 6.11% | 6.00% | 5.91% | 5.84% | 0.97% | 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
CGMS and DBO have a correlation of -0.40, 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 CGMS (0.82%). In terms of maximum drawdown, CGMS dropped -4.08% vs DBO's -90.18%.
On 3-year performance, DBO leads with 14.86% vs 7.42% for CGMS. On fees, CGMS is cheaper at 0.39% per year. On volatility, CGMS has been the lower-risk option at 0.82%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, DBO has performed better with a 14.86% return vs 7.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CGMS is cheaper with a 0.39% expense ratio, compared with 0.78% for DBO.
CGMS has the higher dividend yield at 6.11%, compared with 1.99% for DBO.
CGMS is categorized as Multisector Bonds, while DBO is Oil & Gas. They also come from different issuers: Capital Group and Invesco. Their fees differ too: 0.39% for CGMS and 0.78% for DBO.
DBO currently has the higher Sharpe Ratio (1.45 vs 1.26), 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.
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