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DBO vs. MUB
Performance
Return for Risk
Drawdowns
Volatility
Dividends

DBO vs. MUB

Last updated Jun 4, 2026

DBO (Invesco DB Oil Fund) and MUB (iShares National AMT-Free Muni Bond ETF) are both exchange-traded funds - DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return, while MUB is a Municipal Bonds fund tracking the S&P National AMT-Free Municipal Bond Index. Both are passively managed. Over the past 10 years, DBO returned 11.37%/yr vs 2.00%/yr for MUB. At a correlation of -0.10, they often move in opposite directions. DBO charges 0.78%/yr vs 0.07%/yr for MUB.

Performance

DBO vs. MUB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DB Oil Fund (DBO) and iShares National AMT-Free Muni Bond ETF (MUB). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, DBO achieves a 84.75% return, which is significantly higher than MUB's 1.24% return. Over the past 10 years, DBO has outperformed MUB with an annualized return of 11.37%, while MUB has yielded a comparatively lower 2.00% annualized return.

DBO

1D
2.27%
1M
-2.34%
YTD
84.75%
6M
81.10%
1Y
80.26%
3Y*
21.86%
5Y*
15.98%
10Y*
11.37%

MUB

1D
-0.08%
1M
0.56%
YTD
1.24%
6M
1.74%
1Y
6.95%
3Y*
3.43%
5Y*
0.86%
10Y*
2.00%
*Multi-year figures are annualized to reflect compound growth (CAGR)

DBO vs. MUB - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
DBO
Invesco DB Oil Fund		84.75%-11.71%7.85%-4.44%13.04%60.74%-20.99%28.05%-15.22%4.86%
MUB
iShares National AMT-Free Muni Bond ETF		1.24%3.78%1.26%5.56%-7.34%1.02%5.12%7.06%0.93%4.72%

Correlation

The correlation between DBO and MUB is -0.34, 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

-0.34

Correlation (3Y)
Calculated over the trailing 3-year period

-0.16

Correlation (5Y)
Calculated over the trailing 5-year period

-0.12

Correlation (10Y)
Calculated over the trailing 10-year period

-0.11

Correlation (All Time)
Calculated using the full available price history since Sep 11, 2007

-0.10

Over the past year, the inverse relationship between DBO and MUB has strengthened: their correlation has moved from -0.10 to -0.34, meaning they now move in opposite directions more often than their long-term average.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Invesco DB Oil Fund

iShares National AMT-Free Muni Bond ETF

Often compared with DBO:
DBO vs. USODBO vs. USLDBO vs. OILKDBO vs. OIHDBO vs. xleDBO vs. TPLDBO vs. KSA
Often compared with MUB:
MUB vs. VTEBMUB vs. SUBMUB vs. CMFMUB vs. NYFMUB vs. MUNIMUB vs. HYDMUB vs. VWIUX

Return for Risk

DBO vs. MUB — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
DBO
DBO Risk / Return Rank: 6565
Overall Rank
DBO Sharpe Ratio Rank: 7070
Sharpe Ratio Rank
DBO Sortino Ratio Rank: 6262
Sortino Ratio Rank
DBO Omega Ratio Rank: 6060
Omega Ratio Rank
DBO Calmar Ratio Rank: 8383
Calmar Ratio Rank
DBO Martin Ratio Rank: 5252
Martin Ratio Rank
MUB
MUB Risk / Return Rank: 6666
Overall Rank
MUB Sharpe Ratio Rank: 7272
Sharpe Ratio Rank
MUB Sortino Ratio Rank: 7676
Sortino Ratio Rank
MUB Omega Ratio Rank: 8181
Omega Ratio Rank
MUB Calmar Ratio Rank: 5050
Calmar Ratio Rank
MUB Martin Ratio Rank: 5151
Martin Ratio Rank
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. MUB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DB Oil Fund (DBO) and iShares National AMT-Free Muni Bond ETF (MUB). 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.

DBOMUBDifference
Sharpe ratioReturn per unit of total volatility
2.34
2.39

-0.05

Sortino ratioReturn per unit of downside risk
2.94
3.49

-0.56

Omega ratioGain probability vs. loss probability

1.38

1.50

-0.13

Calmar ratioReturn relative to maximum drawdown

4.44

2.50

+1.93

Martin ratioReturn relative to average drawdown

9.02

8.85

+0.18

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. MUB - Sharpe Ratio Comparison

The current DBO Sharpe Ratio is 2.34, which is comparable to the MUB Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of DBO and MUB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

DBOMUBDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.34

2.39

-0.05

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.50

0.21

+0.29

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.36

0.41

-0.05

Sharpe Ratio (All Time)

Calculated using the full available price history

0.02

0.58

-0.56

Drawdowns

DBO vs. MUB - Drawdown Comparison

The maximum DBO drawdown since its inception was -90.18%, which is greater than MUB's maximum drawdown of -13.68%. Use the drawdown chart below to compare losses from any high point for DBO and MUB.

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Drawdown Indicators

DBOMUBDifference

Max Drawdown

Largest peak-to-trough decline

-90.18%

-13.68%

-76.50%

Max Drawdown (1Y)

Largest decline over 1 year

-18.19%

-2.79%

-15.40%

Max Drawdown (3Y)

Largest decline over 3 years

-28.20%

-5.34%

-22.86%

Max Drawdown (5Y)

Largest decline over 5 years

-37.68%

-11.88%

-25.80%

Max Drawdown (10Y)

Largest decline over 10 years

-61.69%

-13.68%

-48.01%

Current Drawdown

Current decline from peak

-51.38%

-0.70%

-50.68%

Average Drawdown

Average peak-to-trough decline

-62.25%

-2.23%

-60.02%

Ulcer Index

Depth and duration of drawdowns from previous peaks

8.92%

0.79%

+8.13%

Volatility

DBO vs. MUB - Volatility Comparison

Invesco DB Oil Fund (DBO) has a higher volatility of 12.61% compared to iShares National AMT-Free Muni Bond ETF (MUB) at 0.97%. This indicates that DBO's price experiences larger fluctuations and is considered to be riskier than MUB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

DBOMUBDifference

Volatility (1M)

Calculated over the trailing 1-month period

12.61%

0.97%

+11.64%

Volatility (6M)

Calculated over the trailing 6-month period

28.20%

2.22%

+25.98%

Volatility (1Y)

Calculated over the trailing 1-year period

34.46%

2.92%

+31.54%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

32.29%

4.06%

+28.23%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

31.78%

4.92%

+26.86%

DBO vs. MUB - Expense Ratio Comparison

DBO has a 0.78% expense ratio, which is higher than MUB's 0.07% expense ratio.

Dividends

DBO vs. MUB - Dividend Comparison

DBO's dividend yield for the trailing twelve months is around 1.90%, less than MUB's 3.17% yield.

PositionTTM20252024202320222021202020192018201720162015
DBO
Invesco DB Oil Fund		1.90%3.51%4.68%4.59%0.66%0.00%0.00%1.63%1.58%0.00%0.00%0.00%
MUB
iShares National AMT-Free Muni Bond ETF		3.17%3.14%3.01%2.65%2.11%1.81%2.11%2.42%2.46%2.26%2.21%2.51%

Frequently Asked Questions

DBO and MUB have a correlation of -0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

DBO has higher volatility (12.61%) compared to MUB (0.97%). In terms of maximum drawdown, DBO dropped -90.18% vs MUB's -13.68%.

On 10-year performance, DBO leads with 11.37% vs 2.00% for MUB. On fees, MUB is cheaper at 0.07% per year. On volatility, MUB has been the lower-risk option at 0.97%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, DBO has performed better with a 11.37% return vs 2.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

MUB is cheaper with a 0.07% expense ratio, compared with 0.78% for DBO.

MUB has the higher dividend yield at 3.17%, compared with 1.90% for DBO.

DBO is categorized as Oil & Gas, while MUB is Municipal Bonds. DBO tracks DBIQ Optimum Yield Crude Oil Index Excess Return, while MUB tracks S&P National AMT-Free Municipal Bond Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.78% for DBO and 0.07% for MUB.

MUB currently has the higher Sharpe Ratio (2.39 vs 2.34), 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.

Portfolio Optimizer

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