DBND vs. GTO
DBND (DoubleLine Opportunistic Bond ETF) and GTO (Invesco Total Return Bond ETF) are both Intermediate Core-Plus Bond funds. DBND is passively managed, while GTO is actively managed. Over the past 3 years, DBND returned 4.50%/yr vs 4.86%/yr for GTO. Their correlation of 0.91 suggests significant overlap in exposure. DBND charges 0.50%/yr vs 0.35%/yr for GTO.
Performance
DBND vs. GTO - Performance Comparison
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Returns By Period
In the year-to-date period, DBND achieves a -0.21% return, which is significantly lower than GTO's 0.68% return.
DBND
- 1D
- -0.11%
- 1M
- 0.03%
- YTD
- -0.21%
- 6M
- -0.07%
- 1Y
- 4.85%
- 3Y*
- 4.50%
- 5Y*
- —
- 10Y*
- —
GTO
- 1D
- -0.15%
- 1M
- 0.49%
- YTD
- 0.68%
- 6M
- 0.69%
- 1Y
- 6.41%
- 3Y*
- 4.86%
- 5Y*
- 0.07%
- 10Y*
- 2.93%
DBND vs. GTO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
DBND DoubleLine Opportunistic Bond ETF | -0.21% | 7.41% | 3.06% | 6.33% | -5.93% |
GTO Invesco Total Return Bond ETF | 0.68% | 7.17% | 2.63% | 5.95% | -8.03% |
Correlation
The correlation between DBND and GTO is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.95 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.94 |
Correlation (All Time) Calculated using the full available price history since Apr 6, 2022 | 0.91 |
The correlation between DBND and GTO has been stable across timeframes, ranging from 0.91 to 0.95 - a consistent structural relationship.
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Return for Risk
DBND vs. GTO — Risk / Return Rank
DBND
GTO
DBND vs. GTO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for DoubleLine Opportunistic Bond ETF (DBND) and Invesco Total Return Bond ETF (GTO). 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.
| DBND | GTO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.40 | ||
| Sortino ratioReturn per unit of downside risk | -0.57 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.35 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.72 | 2.36 | -0.64 |
| Martin ratioReturn relative to average drawdown | 5.10 | 7.50 | -2.40 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| DBND | GTO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.48 | 1.88 | -0.40 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.01 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.53 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.48 | 0.52 | -0.04 |
Drawdowns
DBND vs. GTO - Drawdown Comparison
The maximum DBND drawdown since its inception was -9.39%, smaller than the maximum GTO drawdown of -20.61%. Use the drawdown chart below to compare losses from any high point for DBND and GTO.
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Drawdown Indicators
| DBND | GTO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -9.39% | -20.61% | +11.22% |
Max Drawdown (1Y)Largest decline over 1 year | -2.83% | -2.73% | -0.10% |
Max Drawdown (3Y)Largest decline over 3 years | -6.25% | -5.98% | -0.27% |
Max Drawdown (5Y)Largest decline over 5 years | — | -20.61% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -20.61% | — |
Current DrawdownCurrent decline from peak | -1.80% | -1.62% | -0.18% |
Average DrawdownAverage peak-to-trough decline | -2.27% | -4.80% | +2.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.95% | 0.86% | +0.09% |
Volatility
DBND vs. GTO - Volatility Comparison
The current volatility for DoubleLine Opportunistic Bond ETF (DBND) is 1.07%, while Invesco Total Return Bond ETF (GTO) has a volatility of 1.19%. This indicates that DBND experiences smaller price fluctuations and is considered to be less risky than GTO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DBND | GTO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.07% | 1.19% | -0.12% |
Volatility (6M)Calculated over the trailing 6-month period | 2.33% | 2.50% | -0.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.30% | 3.43% | -0.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.09% | 5.68% | -0.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.09% | 5.58% | -0.49% |
DBND vs. GTO - Expense Ratio Comparison
DBND has a 0.50% expense ratio, which is higher than GTO's 0.35% expense ratio.
Dividends
DBND vs. GTO - Dividend Comparison
DBND's dividend yield for the trailing twelve months is around 4.79%, which matches GTO's 4.76% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
DBND DoubleLine Opportunistic Bond ETF | 4.79% | 4.78% | 5.19% | 4.39% | 2.74% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
GTO Invesco Total Return Bond ETF | 4.76% | 4.70% | 4.42% | 4.05% | 3.47% | 1.93% | 4.04% | 2.97% | 5.25% | 2.81% | 2.57% |
Frequently Asked Questions
With a correlation of 0.95, DBND and GTO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
GTO has higher volatility (1.19%) compared to DBND (1.07%). In terms of maximum drawdown, DBND dropped -9.39% vs GTO's -20.61%.
On 3-year performance, GTO leads with 4.86% vs 4.50% for DBND. On fees, GTO is cheaper at 0.35% per year. On volatility, DBND has been the lower-risk option at 1.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, GTO has performed better with a 4.86% return vs 4.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GTO is cheaper with a 0.35% expense ratio, compared with 0.50% for DBND.
DBND has the higher dividend yield at 4.79%, compared with 4.76% for GTO.
They also come from different issuers: DoubleLine and Invesco. Their fees differ too: 0.50% for DBND and 0.35% for GTO.
GTO currently has the higher Sharpe Ratio (1.88 vs 1.48), 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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