DBO vs. PBOG
DBO (Invesco DB Oil Fund) and PBOG (Portfolio Building Block Integrated Oil & Gas and Exploration & Production Index ETF) are both Oil & Gas funds - DBO tracks the DBIQ Optimum Yield Crude Oil Index Excess Return while PBOG tracks the BITA Global Oil & Gas Select Index. Both are passively managed. A 0.72 correlation means they provide meaningful diversification when combined. DBO charges 0.78%/yr vs 0.13%/yr for PBOG.
Performance
DBO vs. PBOG - Performance Comparison
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Returns By Period
In the year-to-date period, DBO achieves a 84.75% return, which is significantly higher than PBOG's 32.22% 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%
PBOG
- 1D
- 1.23%
- 1M
- -2.32%
- YTD
- 32.22%
- 6M
- 29.70%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
DBO vs. PBOG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
DBO Invesco DB Oil Fund | 84.75% | -0.08% |
PBOG Portfolio Building Block Integrated Oil & Gas and Exploration & Production Index ETF | 32.22% | 1.62% |
Correlation
The correlation between DBO and PBOG is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Nov 26, 2025 | 0.72 |
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Return for Risk
DBO vs. PBOG — Risk / Return Rank
DBO
PBOG
DBO vs. PBOG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB Oil Fund (DBO) and Portfolio Building Block Integrated Oil & Gas and Exploration & Production Index ETF (PBOG). 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 | PBOG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.38 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 4.44 | — | — |
| Martin ratioReturn relative to average drawdown | 9.02 | — | — |
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 | PBOG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.34 | — | — |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.50 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.36 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.02 | 3.31 | -3.29 |
Drawdowns
DBO vs. PBOG - Drawdown Comparison
The maximum DBO drawdown since its inception was -90.18%, which is greater than PBOG's maximum drawdown of -11.45%. Use the drawdown chart below to compare losses from any high point for DBO and PBOG.
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Drawdown Indicators
| DBO | PBOG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -90.18% | -11.45% | -78.73% |
Max Drawdown (1Y)Largest decline over 1 year | -18.19% | — | — |
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 DrawdownCurrent decline from peak | -51.38% | -6.81% | -44.57% |
Average DrawdownAverage peak-to-trough decline | -62.25% | -3.10% | -59.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.92% | — | — |
Volatility
DBO vs. PBOG - Volatility Comparison
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Volatility by Period
| DBO | PBOG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.61% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 28.20% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 34.46% | 23.67% | +10.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 32.29% | 23.67% | +8.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 31.78% | 23.67% | +8.11% |
DBO vs. PBOG - Expense Ratio Comparison
DBO has a 0.78% expense ratio, which is higher than PBOG's 0.13% expense ratio.
Dividends
DBO vs. PBOG - Dividend Comparison
DBO's dividend yield for the trailing twelve months is around 1.90%, more than PBOG's 0.13% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBO Invesco DB Oil Fund | 1.90% | 3.51% | 4.68% | 4.59% | 0.66% | 0.00% | 0.00% | 1.63% | 1.58% |
PBOG Portfolio Building Block Integrated Oil & Gas and Exploration & Production Index ETF | 0.13% | 0.17% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
DBO and PBOG have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, PBOG is cheaper at 0.13% per year. The better choice depends on whether you care most about return, fees, risk, or income.
PBOG is cheaper with a 0.13% expense ratio, compared with 0.78% for DBO.
DBO has the higher dividend yield at 1.90%, compared with 0.13% for PBOG.
DBO tracks DBIQ Optimum Yield Crude Oil Index Excess Return, while PBOG tracks BITA Global Oil & Gas Select Index. They also come from different issuers: Invesco and Portfolio Building Blocks. Their fees differ too: 0.78% for DBO and 0.13% for PBOG.
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