DBO vs. NCPB

Last updated Jul 17, 2026

DBO (Invesco DB Oil Fund) and NCPB (Nuveen Core Plus Bond ETF) are both exchange-traded funds - DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return, while NCPB is a Intermediate Core-Plus Bond fund actively managed by Nuveen. DBO is passively managed, while NCPB is actively managed. Over the past year, DBO returned 51.12% vs 5.31% for NCPB. At a correlation of -0.26, they often move in opposite directions. DBO charges 0.78%/yr vs 0.30%/yr for NCPB.

Performance

DBO vs. NCPB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DB Oil Fund (DBO) and Nuveen Core Plus Bond ETF (NCPB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DBO achieves a 62.54% return, which is significantly higher than NCPB's 0.55% return.

DBO

• 1D: -1.54%
• 1M: 4.37%
• 6M: 58.01%
• YTD: 62.54%
• 1Y: 51.12%
• 3Y*: 15.11%
• 5Y*: 12.25%
• 10Y*: 10.34%

NCPB

• 1D: -0.04%
• 1M: -0.48%
• 6M: 0.15%
• YTD: 0.55%
• 1Y: 5.31%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DBO vs. NCPB - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DBO Invesco DB Oil Fund	62.54%	-11.71%	2.61%
NCPB Nuveen Core Plus Bond ETF	0.55%	7.69%	3.53%

Correlation

The correlation between DBO and NCPB 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 (All Time) Calculated using the full available price history since Mar 6, 2024	-0.26

The correlation between DBO and NCPB shifts across timeframes, from -0.42 (1 year) to -0.26 (all time), reflecting how their relationship changes across market environments.

Return for Risk

DBO vs. NCPB — Risk / Return Rank

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

DBO

DBO Risk / Return Rank: 46
DBO Sharpe Ratio Rank: 51
DBO Sortino Ratio Rank: 51
DBO Omega Ratio Rank: 46
DBO Calmar Ratio Rank: 45
DBO Martin Ratio Rank: 39

NCPB

NCPB Risk / Return Rank: 51
NCPB Sharpe Ratio Rank: 56
NCPB Sortino Ratio Rank: 59
NCPB Omega Ratio Rank: 55
NCPB Calmar Ratio Rank: 44
NCPB Martin Ratio Rank: 43

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. NCPB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DB Oil Fund (DBO) and Nuveen Core Plus Bond ETF (NCPB). 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	NCPB	Difference
Sharpe ratio: Return per unit of total volatility	1.42	1.53	-0.11
Sortino ratio: Return per unit of downside risk	2.06	2.25	-0.19
Omega ratio: Gain probability vs. loss probability	1.24	1.28	-0.03
Calmar ratio: Return relative to maximum drawdown	1.85	1.85	0.00
Martin ratio: Return relative to average drawdown	4.96	5.50	-0.53

DBO vs. NCPB - Sharpe Ratio Comparison

The current DBO Sharpe Ratio is 1.42, which is comparable to the NCPB Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of DBO and NCPB, 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. NCPB - Drawdown Comparison

The maximum DBO drawdown since its inception was -90.18%, which is greater than NCPB's maximum drawdown of -3.59%. Use the drawdown chart below to compare losses from any high point for DBO and NCPB.

Drawdown Indicators

	DBO	NCPB	Difference
Max Drawdown Largest peak-to-trough decline	-90.18%	-3.59%	-86.59%
Max Drawdown (1Y) Largest decline over 1 year	-27.73%	-2.88%	-24.85%
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	-57.23%	-1.29%	-55.94%
Average Drawdown Average peak-to-trough decline	-62.22%	-0.93%	-61.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.33%	0.97%	+9.36%

Volatility

DBO vs. NCPB - Volatility Comparison

Invesco DB Oil Fund (DBO) has a higher volatility of 13.80% compared to Nuveen Core Plus Bond ETF (NCPB) at 1.00%. This indicates that DBO's price experiences larger fluctuations and is considered to be riskier than NCPB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DBO	NCPB	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.80%	1.00%	+12.80%
Volatility (6M) Calculated over the trailing 6-month period	31.15%	2.81%	+28.34%
Volatility (1Y) Calculated over the trailing 1-year period	36.05%	3.49%	+32.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.93%	4.31%	+28.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.92%	4.31%	+27.61%

DBO vs. NCPB - Expense Ratio Comparison

DBO has a 0.78% expense ratio, which is higher than NCPB's 0.30% expense ratio.

Dividends

DBO vs. NCPB - Dividend Comparison

DBO's dividend yield for the trailing twelve months is around 2.16%, less than NCPB's 5.30% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBO Invesco DB Oil Fund	2.16%	3.51%	4.68%	4.59%	0.66%	0.00%	0.00%	1.63%	1.58%
NCPB Nuveen Core Plus Bond ETF	5.30%	5.21%	5.14%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DBO and NCPB in my portfolio?

DBO and NCPB 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.

Which is riskier, DBO or NCPB?

DBO has higher volatility (13.80%) compared to NCPB (1.00%). In terms of maximum drawdown, DBO dropped -90.18% vs NCPB's -3.59%.

Which ETF is better, DBO or NCPB?

On 1-year performance, DBO leads with 51.12% vs 5.31% for NCPB. On fees, NCPB is cheaper at 0.30% per year. On volatility, NCPB has been the lower-risk option at 1.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DBO or NCPB?

Over the 1-year period, DBO has performed better with a 51.12% return vs 5.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DBO or NCPB?

NCPB is cheaper with a 0.30% expense ratio, compared with 0.78% for DBO.

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

NCPB has the higher dividend yield at 5.30%, compared with 2.16% for DBO.

What is the main difference between DBO and NCPB?

DBO is categorized as Oil & Gas, while NCPB is Intermediate Core-Plus Bond. They also come from different issuers: Invesco and Nuveen. Their fees differ too: 0.78% for DBO and 0.30% for NCPB.

Which has better risk-adjusted returns?

NCPB currently has the higher Sharpe Ratio (1.53 vs 1.42), 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.