DBO vs. AVSF
DBO (Invesco DB Oil Fund) and AVSF (Avantis Short-Term Fixed Income ETF) are both exchange-traded funds - DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return, while AVSF is a Short-Term Bond fund actively managed by Avantis. DBO is passively managed, while AVSF is actively managed. Over the past 5 years, DBO returned 14.88%/yr vs 1.85%/yr for AVSF. At a correlation of -0.12, they often move in opposite directions. DBO charges 0.78%/yr vs 0.15%/yr for AVSF.
Performance
DBO vs. AVSF - Performance Comparison
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Returns By Period
In the year-to-date period, DBO achieves a 76.15% return, which is significantly higher than AVSF's 0.55% return.
DBO
- 1D
- -2.05%
- 1M
- 1.22%
- YTD
- 76.15%
- 6M
- 69.63%
- 1Y
- 72.26%
- 3Y*
- 20.11%
- 5Y*
- 14.88%
- 10Y*
- 10.48%
AVSF
- 1D
- 0.12%
- 1M
- 0.16%
- YTD
- 0.55%
- 6M
- 0.94%
- 1Y
- 3.99%
- 3Y*
- 4.84%
- 5Y*
- 1.85%
- 10Y*
- —
DBO vs. AVSF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
DBO Invesco DB Oil Fund | 76.15% | -11.71% | 7.85% | -4.44% | 13.04% | 60.74% | 14.85% |
AVSF Avantis Short-Term Fixed Income ETF | 0.55% | 6.57% | 3.81% | 5.25% | -5.52% | -1.17% | 0.53% |
Correlation
The correlation between DBO and AVSF is -0.42, 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 | -0.42 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.20 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.13 |
Correlation (All Time) Calculated using the full available price history since Oct 16, 2020 | -0.12 |
Over the past year, the inverse relationship between DBO and AVSF has strengthened: their correlation has moved from -0.12 to -0.42, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
DBO vs. AVSF — Risk / Return Rank
DBO
AVSF
DBO vs. AVSF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB Oil Fund (DBO) and Avantis Short-Term Fixed Income ETF (AVSF). 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 | AVSF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.04 | ||
| Sortino ratioReturn per unit of downside risk | -0.55 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.40 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 3.99 | 2.83 | +1.17 |
| Martin ratioReturn relative to average drawdown | 8.09 | 10.73 | -2.63 |
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
| DBO | AVSF | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.10 | 2.14 | -0.04 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.46 | 0.70 | -0.24 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.33 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.01 | 0.67 | -0.66 |
Drawdowns
DBO vs. AVSF - Drawdown Comparison
The maximum DBO drawdown since its inception was -90.18%, which is greater than AVSF's maximum drawdown of -8.85%. Use the drawdown chart below to compare losses from any high point for DBO and AVSF.
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Drawdown Indicators
| DBO | AVSF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -90.18% | -8.85% | -81.33% |
Max Drawdown (1Y)Largest decline over 1 year | -18.19% | -1.42% | -16.77% |
Max Drawdown (3Y)Largest decline over 3 years | -28.20% | -1.42% | -26.78% |
Max Drawdown (5Y)Largest decline over 5 years | -37.68% | -8.85% | -28.83% |
Max Drawdown (10Y)Largest decline over 10 years | -61.69% | — | — |
Current DrawdownCurrent decline from peak | -53.65% | -0.43% | -53.22% |
Average DrawdownAverage peak-to-trough decline | -62.25% | -2.20% | -60.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.96% | 0.37% | +8.59% |
Volatility
DBO vs. AVSF - Volatility Comparison
Invesco DB Oil Fund (DBO) has a higher volatility of 11.00% compared to Avantis Short-Term Fixed Income ETF (AVSF) at 0.57%. This indicates that DBO's price experiences larger fluctuations and is considered to be riskier than AVSF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DBO | AVSF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.00% | 0.57% | +10.43% |
Volatility (6M)Calculated over the trailing 6-month period | 28.43% | 1.35% | +27.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 34.63% | 1.88% | +32.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 32.31% | 2.65% | +29.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 31.79% | 2.52% | +29.27% |
DBO vs. AVSF - Expense Ratio Comparison
DBO has a 0.78% expense ratio, which is higher than AVSF's 0.15% expense ratio.
Dividends
DBO vs. AVSF - Dividend Comparison
DBO's dividend yield for the trailing twelve months is around 1.99%, less than AVSF's 4.36% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
AVSF Avantis Short-Term Fixed Income ETF | 4.36% | 4.31% | 4.34% | 3.93% | 1.78% | 0.48% | 0.10% | 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
DBO and AVSF have a correlation of -0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBO has higher volatility (11.00%) compared to AVSF (0.57%). In terms of maximum drawdown, DBO dropped -90.18% vs AVSF's -8.85%.
On 5-year performance, DBO leads with 14.88% vs 1.85% for AVSF. On fees, AVSF is cheaper at 0.15% per year. On volatility, AVSF has been the lower-risk option at 0.57%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, DBO has performed better with a 14.88% return vs 1.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
AVSF is cheaper with a 0.15% expense ratio, compared with 0.78% for DBO.
AVSF has the higher dividend yield at 4.36%, compared with 1.99% for DBO.
DBO is categorized as Oil & Gas, while AVSF is Short-Term Bond. They also come from different issuers: Invesco and Avantis. Their fees differ too: 0.78% for DBO and 0.15% for AVSF.
AVSF currently has the higher Sharpe Ratio (2.14 vs 2.10), 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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