DBO vs. KMAY

Last updated Aug 5, 2026

DBO (Invesco DB Oil Fund) and KMAY (Innovator U.S. Small Cap Power Buffer ETF - May) are both exchange-traded funds - DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return, while KMAY is a Defined Outcome fund actively managed by Innovator. DBO is passively managed, while KMAY is actively managed. Over the past year, DBO returned 44.25% vs 15.83% for KMAY. Their -0.27 correlation means they have often moved in opposite directions in the past. DBO charges 0.78%/yr vs 0.79%/yr for KMAY.

Performance

DBO vs. KMAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DB Oil Fund (DBO) and Innovator U.S. Small Cap Power Buffer ETF - May (KMAY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DBO achieves a 57.21% return, which is significantly higher than KMAY's 8.49% return.

DBO

• 1D: -5.70%
• 1M: 11.00%
• 6M: 40.20%
• YTD: 57.21%
• 1Y: 44.25%
• 3Y*: 10.15%
• 5Y*: 11.90%
• 10Y*: 10.78%
• ALL TIME*: -0.08%

KMAY

• 1D: 0.94%
• 1M: 1.26%
• 6M: 7.06%
• YTD: 8.49%
• 1Y: 15.83%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 18.49%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DBO Invesco DB Oil Fund	$11.97M	$10.83M	$13.36M
KMAY Innovator U.S. Small Cap Power Buffer ETF - May	$124.50K	$270.14K	$883.03K

DBO vs. KMAY - Yearly Performance Comparison

	2026 (YTD)	2025
DBO Invesco DB Oil Fund	57.21%	5.20%
KMAY Innovator U.S. Small Cap Power Buffer ETF - May	8.49%	14.13%

Correlation

The correlation between DBO and KMAY is -0.31, 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.	-0.31
Correlation (All Time) Calculated using the full available price history since May 1, 2025	-0.27

Return for Risk

DBO vs. KMAY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

DBO

DBO Risk / Return Rank: 40
DBO Sharpe Ratio Rank: 40
DBO Sortino Ratio Rank: 41
DBO Omega Ratio Rank: 39
DBO Calmar Ratio Rank: 40
DBO Martin Ratio Rank: 40

KMAY

KMAY Risk / Return Rank: 94
KMAY Sharpe Ratio Rank: 90
KMAY Sortino Ratio Rank: 92
KMAY Omega Ratio Rank: 93
KMAY Calmar Ratio Rank: 96
KMAY Martin Ratio Rank: 96

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

DBO vs. KMAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DB Oil Fund (DBO) and Innovator U.S. Small Cap Power Buffer ETF - May (KMAY). 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.

	DBO	KMAY	Difference
Sharpe ratio: Return per unit of total volatility	1.13	2.44	-1.31
Sortino ratio: Return per unit of downside risk	1.70	3.71	-2.01
Omega ratio: Gain probability vs. loss probability	1.21	1.51	-0.30
Calmar ratio: Return relative to maximum drawdown	1.60	6.69	-5.09
Martin ratio: Return relative to average drawdown	4.82	27.32	-22.50

DBO vs. KMAY - Sharpe Ratio Comparison

The current DBO Sharpe Ratio is 1.13, which is lower than the KMAY Sharpe Ratio of 2.44. The chart below compares the historical Sharpe Ratios of DBO and KMAY, 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

DBO vs. KMAY - Drawdown Comparison

The maximum DBO drawdown since its inception was -90.18%, which is greater than KMAY's maximum drawdown of -2.38%. Use the drawdown chart below to compare losses from any high point for DBO and KMAY.

Drawdown Indicators

	DBO	KMAY	Difference
Max Drawdown Largest peak-to-trough decline	-90.18%	-2.38%	-87.80%
Max Drawdown (1Y) Largest decline over 1 year	-27.73%	-2.38%	-25.35%
Max Drawdown (3Y) Largest decline over 3 years	-28.20%	—	—
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	-58.63%	0.00%	-58.63%
Average Drawdown Average peak-to-trough decline	-62.19%	-0.37%	-61.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.22%	0.58%	+8.64%

Volatility

DBO vs. KMAY - Volatility Comparison

Invesco DB Oil Fund (DBO) has a higher volatility of 20.12% compared to Innovator U.S. Small Cap Power Buffer ETF - May (KMAY) at 2.14%. This indicates that DBO's price experiences larger fluctuations and is considered to be riskier than KMAY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DBO	KMAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.12%	2.14%	+17.98%
Volatility (6M) Calculated over the trailing 6-month period	34.37%	5.26%	+29.11%
Volatility (1Y) Calculated over the trailing 1-year period	39.23%	6.56%	+32.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.50%	6.95%	+26.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.29%	6.95%	+25.34%

DBO vs. KMAY - Expense Ratio Comparison

DBO has a 0.78% expense ratio, which is lower than KMAY's 0.79% expense ratio.

Dividends

DBO vs. KMAY - Dividend Comparison

DBO's dividend yield for the trailing twelve months is around 2.23%, while KMAY has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBO Invesco DB Oil Fund	2.23%	3.51%	4.68%	4.59%	0.66%	0.00%	0.00%	1.63%	1.58%
KMAY Innovator U.S. Small Cap Power Buffer ETF - May	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DBO and KMAY in my portfolio?

DBO and KMAY have a correlation of -0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DBO or KMAY?

DBO has higher volatility (20.12%) compared to KMAY (2.14%). In terms of maximum drawdown, DBO dropped -90.18% vs KMAY's -2.38%.

Which ETF is better, DBO or KMAY?

On 1-year performance, DBO leads with 44.25% vs 15.83% for KMAY. On fees, DBO is cheaper at 0.78% per year. On volatility, KMAY has been the lower-risk option at 2.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DBO or KMAY?

Over the 1-year period, DBO has performed better with a 44.25% return vs 15.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DBO or KMAY?

DBO is cheaper with a 0.78% expense ratio, compared with 0.79% for KMAY.

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

DBO has the higher dividend yield at 2.23%, compared with 0.00% for KMAY.

What is the main difference between DBO and KMAY?

DBO is categorized as Oil & Gas, while KMAY is Defined Outcome. They also come from different issuers: Invesco and Innovator. Their fees differ too: 0.78% for DBO and 0.79% for KMAY.

Which has better risk-adjusted returns?

KMAY currently has the higher Sharpe Ratio (2.44 vs 1.13), 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.