DBO vs. AAL

Last updated Apr 2, 2026

Compare and contrast key facts about Invesco DB Oil Fund (DBO) and American Airlines Group Inc. (AAL).

DBO is a passively managed fund by Invesco that tracks the performance of the DBIQ Optimum Yield Crude Oil Index Excess Return. It was launched on Jan 5, 2007.

Performance

DBO vs. AAL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DB Oil Fund (DBO) and American Airlines Group Inc. (AAL). The values are adjusted to include any dividend payments, if applicable.

DBO vs. AAL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DBO Invesco DB Oil Fund	55.98%	-11.71%	7.85%	-4.44%	13.04%	60.74%	-20.99%	28.05%	-15.22%	4.86%
AAL American Airlines Group Inc.	-27.40%	-12.05%	26.86%	8.02%	-29.18%	13.89%	-44.81%	-9.57%	-37.69%	12.40%

Returns By Period

In the year-to-date period, DBO achieves a 55.98% return, which is significantly higher than AAL's -27.40% return. Over the past 10 years, DBO has outperformed AAL with an annualized return of 11.62%, while AAL has yielded a comparatively lower -11.53% annualized return.

DBO

• 1D: -3.25%
• 1M: 23.41%
• YTD: 55.98%
• 6M: 47.63%
• 1Y: 37.53%
• 3Y*: 14.00%
• 5Y*: 14.79%
• 10Y*: 11.62%

AAL

• 1D: 3.63%
• 1M: -11.10%
• YTD: -27.40%
• 6M: -1.24%
• 1Y: 8.06%
• 3Y*: -8.96%
• 5Y*: -14.15%
• 10Y*: -11.53%

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

Return for Risk

DBO vs. AAL — Risk / Return Rank

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

DBO

DBO Risk / Return Rank: 56
DBO Sharpe Ratio Rank: 57
DBO Sortino Ratio Rank: 61
DBO Omega Ratio Rank: 51
DBO Calmar Ratio Rank: 75
DBO Martin Ratio Rank: 38

AAL

AAL Risk / Return Rank: 45
AAL Sharpe Ratio Rank: 45
AAL Sortino Ratio Rank: 44
AAL Omega Ratio Rank: 43
AAL Calmar Ratio Rank: 45
AAL Martin Ratio Rank: 46

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.

DBO vs. AAL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DB Oil Fund (DBO) and American Airlines Group Inc. (AAL). 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.

	DBO	AAL	Difference
Sharpe ratio Return per unit of total volatility	1.05	0.15	+0.90
Sortino ratio Return per unit of downside risk	1.62	0.63	+0.99
Omega ratio Gain probability vs. loss probability	1.20	1.08	+0.12
Calmar ratio Return relative to maximum drawdown	2.06	0.15	+1.92
Martin ratio Return relative to average drawdown	3.69	0.42	+3.28
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DBO vs. AAL - Sharpe Ratio Comparison

The current DBO Sharpe Ratio is 1.05, which is higher than the AAL Sharpe Ratio of 0.15. The chart below compares the historical Sharpe Ratios of DBO and AAL, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	DBO	AAL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.05	0.15	+0.90
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	-0.30	+0.77
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.37	-0.22	+0.59
Sharpe Ratio (All Time) Calculated using the full available price history	-0.01	-0.04	+0.03

Correlation

The correlation between DBO and AAL is -0.01. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

DBO vs. AAL - Dividend Comparison

DBO's dividend yield for the trailing twelve months is around 2.25%, while AAL has not paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DBO Invesco DB Oil Fund	2.25%	3.51%	4.68%	4.59%	0.66%	0.00%	0.00%	1.63%	1.58%	0.00%	0.00%	0.00%
AAL American Airlines Group Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.63%	1.39%	1.25%	0.77%	0.86%	0.94%

Drawdowns

DBO vs. AAL - Drawdown Comparison

The maximum DBO drawdown since its inception was -90.18%, smaller than the maximum AAL drawdown of -97.20%. Use the drawdown chart below to compare losses from any high point for DBO and AAL.

Drawdown Indicators

	DBO	AAL	Difference
Max Drawdown Largest peak-to-trough decline	-90.18%	-97.20%	+7.02%
Max Drawdown (1Y) Largest decline over 1 year	-18.19%	-37.39%	+19.20%
Max Drawdown (5Y) Largest decline over 5 years	-37.68%	-64.87%	+27.19%
Max Drawdown (10Y) Largest decline over 10 years	-61.69%	-84.14%	+22.45%
Current Drawdown Current decline from peak	-58.95%	-81.25%	+22.30%
Average Drawdown Average peak-to-trough decline	-62.32%	-60.27%	-2.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.16%	13.16%	-3.00%

Volatility

DBO vs. AAL - Volatility Comparison

Invesco DB Oil Fund (DBO) has a higher volatility of 16.15% compared to American Airlines Group Inc. (AAL) at 14.23%. This indicates that DBO's price experiences larger fluctuations and is considered to be riskier than AAL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DBO	AAL	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.15%	14.23%	+1.92%
Volatility (6M) Calculated over the trailing 6-month period	25.38%	33.38%	-8.00%
Volatility (1Y) Calculated over the trailing 1-year period	36.04%	55.39%	-19.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.73%	47.71%	-15.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.53%	52.71%	-21.18%