CPLB vs. DBO

Last updated Jun 24, 2026

CPLB (NYLI MacKay Core Plus Bond ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - CPLB is a Intermediate Core-Plus Bond fund actively managed by NYLI, while DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return. CPLB is actively managed, while DBO is passively managed. Over the past 3 years, CPLB returned 5.66%/yr vs 14.32%/yr for DBO. At a correlation of -0.14, they often move in opposite directions. CPLB charges 0.30%/yr vs 0.78%/yr for DBO.

Performance

CPLB vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NYLI MacKay Core Plus Bond ETF (CPLB) 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, CPLB achieves a 0.79% return, which is significantly lower than DBO's 50.16% return.

CPLB

• 1D: 0.05%
• 1M: 0.57%
• YTD: 0.79%
• 6M: 1.02%
• 1Y: 4.46%
• 3Y*: 5.66%
• 5Y*: —
• 10Y*: —

DBO

• 1D: -1.13%
• 1M: -18.58%
• YTD: 50.16%
• 6M: 47.74%
• 1Y: 36.30%
• 3Y*: 14.32%
• 5Y*: 10.16%
• 10Y*: 9.22%

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

CPLB vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
CPLB NYLI MacKay Core Plus Bond ETF	0.79%	7.76%	4.19%	7.16%	-14.44%	0.35%
DBO Invesco DB Oil Fund	50.16%	-11.71%	7.85%	-4.44%	13.04%	5.69%

Correlation

The correlation between CPLB 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	-0.19
Correlation (All Time) Calculated using the full available price history since Jun 29, 2021	-0.14

Over the past year, the inverse relationship between CPLB and DBO has strengthened: their correlation has moved from -0.14 to -0.37, meaning they now move in opposite directions more often than their long-term average.

Return for Risk

CPLB vs. DBO — Risk / Return Rank

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

CPLB

CPLB Risk / Return Rank: 36
CPLB Sharpe Ratio Rank: 37
CPLB Sortino Ratio Rank: 37
CPLB Omega Ratio Rank: 35
CPLB Calmar Ratio Rank: 37
CPLB Martin Ratio Rank: 35

DBO

DBO Risk / Return Rank: 31
DBO Sharpe Ratio Rank: 31
DBO Sortino Ratio Rank: 31
DBO Omega Ratio Rank: 30
DBO Calmar Ratio Rank: 33
DBO Martin Ratio Rank: 31

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.

CPLB vs. DBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NYLI MacKay Core Plus Bond ETF (CPLB) 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.

	CPLB	DBO	Difference
Sharpe ratio: Return per unit of total volatility	1.22	1.06	+0.16
Sortino ratio: Return per unit of downside risk	1.78	1.61	+0.17
Omega ratio: Gain probability vs. loss probability	1.22	1.19	+0.02
Calmar ratio: Return relative to maximum drawdown	1.72	1.58	+0.14
Martin ratio: Return relative to average drawdown	4.99	4.29	+0.70

CPLB vs. DBO - Sharpe Ratio Comparison

The current CPLB Sharpe Ratio is 1.22, which is comparable to the DBO Sharpe Ratio of 1.06. The chart below compares the historical Sharpe Ratios of CPLB 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

CPLB vs. DBO - Drawdown Comparison

The maximum CPLB drawdown since its inception was -18.96%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for CPLB and DBO.

Drawdown Indicators

	CPLB	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-18.96%	-90.18%	+71.22%
Max Drawdown (1Y) Largest decline over 1 year	-2.60%	-23.03%	+20.43%
Max Drawdown (3Y) Largest decline over 3 years	-5.90%	-28.20%	+22.30%
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	-1.15%	-60.48%	+59.33%
Average Drawdown Average peak-to-trough decline	-7.01%	-62.22%	+55.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.90%	8.51%	-7.61%

Volatility

CPLB vs. DBO - Volatility Comparison

The current volatility for NYLI MacKay Core Plus Bond ETF (CPLB) is 0.99%, while Invesco DB Oil Fund (DBO) has a volatility of 10.29%. This indicates that CPLB 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

	CPLB	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.99%	10.29%	-9.30%
Volatility (6M) Calculated over the trailing 6-month period	2.79%	29.36%	-26.57%
Volatility (1Y) Calculated over the trailing 1-year period	3.69%	34.89%	-31.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.02%	32.54%	-27.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.02%	31.81%	-26.79%

CPLB vs. DBO - Expense Ratio Comparison

CPLB has a 0.30% expense ratio, which is lower than DBO's 0.78% expense ratio.

Dividends

CPLB vs. DBO - Dividend Comparison

CPLB's dividend yield for the trailing twelve months is around 5.49%, more than DBO's 2.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
CPLB NYLI MacKay Core Plus Bond ETF	5.49%	5.46%	5.40%	4.82%	3.17%	0.95%	0.00%	0.00%	0.00%
DBO Invesco DB Oil Fund	2.34%	3.51%	4.68%	4.59%	0.66%	0.00%	0.00%	1.63%	1.58%

Frequently Asked Questions

Can I hold both CPLB and DBO in my portfolio?

CPLB 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, CPLB or DBO?

DBO has higher volatility (10.29%) compared to CPLB (0.99%). In terms of maximum drawdown, CPLB dropped -18.96% vs DBO's -90.18%.

Which ETF is better, CPLB or DBO?

On 3-year performance, DBO leads with 14.32% vs 5.66% for CPLB. On fees, CPLB is cheaper at 0.30% per year. On volatility, CPLB has been the lower-risk option at 0.99%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CPLB or DBO?

Over the 3-year period, DBO has performed better with a 14.32% return vs 5.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CPLB or DBO?

CPLB is cheaper with a 0.30% expense ratio, compared with 0.78% for DBO.

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

CPLB has the higher dividend yield at 5.49%, compared with 2.34% for DBO.

What is the main difference between CPLB and DBO?

CPLB is categorized as Intermediate Core-Plus Bond, while DBO is Oil & Gas. They also come from different issuers: NYLI and Invesco. Their fees differ too: 0.30% for CPLB and 0.78% for DBO.

Which has better risk-adjusted returns?

CPLB currently has the higher Sharpe Ratio (1.22 vs 1.06), 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.