DBO vs. SLDR

Last updated Aug 5, 2026

DBO (Invesco DB Oil Fund) and SLDR (Global X Short-Term Treasury Ladder ETF) are both exchange-traded funds - DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return, while SLDR is a Government Bonds fund tracking the FTSE US Treasury 1-3 Years Laddered Bond Index. Both are passively managed. Over the past year, DBO returned 44.25% vs 2.52% for SLDR. Their -0.33 correlation means they have often moved in opposite directions in the past. DBO charges 0.78%/yr vs 0.12%/yr for SLDR.

Performance

DBO vs. SLDR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DB Oil Fund (DBO) and Global X Short-Term Treasury Ladder ETF (SLDR). 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 SLDR's 0.73% 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%

SLDR

• 1D: 0.02%
• 1M: 0.15%
• 6M: 0.50%
• YTD: 0.73%
• 1Y: 2.52%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 3.15%

*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
SLDR Global X Short-Term Treasury Ladder ETF	$219.76K	$751.11K	$705.07K

DBO vs. SLDR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DBO Invesco DB Oil Fund	57.21%	-11.71%	9.03%
SLDR Global X Short-Term Treasury Ladder ETF	0.73%	4.60%	0.66%

Correlation

The correlation between DBO and SLDR is -0.44, 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.	-0.44
Correlation (All Time) Calculated using the full available price history since Sep 10, 2024	-0.33

The correlation between DBO and SLDR shifts across timeframes, from -0.44 (1 year) to -0.33 (all time), reflecting how their relationship changes across market environments.

Return for Risk

DBO vs. SLDR — 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

SLDR

SLDR Risk / Return Rank: 79
SLDR Sharpe Ratio Rank: 77
SLDR Sortino Ratio Rank: 80
SLDR Omega Ratio Rank: 89
SLDR Calmar Ratio Rank: 73
SLDR Martin Ratio Rank: 75

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. SLDR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DB Oil Fund (DBO) and Global X Short-Term Treasury Ladder ETF (SLDR). 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	SLDR	Difference
Sharpe ratio: Return per unit of total volatility	1.13	1.98	-0.85
Sortino ratio: Return per unit of downside risk	1.70	2.89	-1.20
Omega ratio: Gain probability vs. loss probability	1.21	1.44	-0.24
Calmar ratio: Return relative to maximum drawdown	1.60	2.89	-1.29
Martin ratio: Return relative to average drawdown	4.82	10.59	-5.77

DBO vs. SLDR - Sharpe Ratio Comparison

The current DBO Sharpe Ratio is 1.13, which is lower than the SLDR Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of DBO and SLDR, 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. SLDR - Drawdown Comparison

The maximum DBO drawdown since its inception was -90.18%, which is greater than SLDR's maximum drawdown of -0.87%. Use the drawdown chart below to compare losses from any high point for DBO and SLDR.

Drawdown Indicators

	DBO	SLDR	Difference
Max Drawdown Largest peak-to-trough decline	-90.18%	-0.87%	-89.31%
Max Drawdown (1Y) Largest decline over 1 year	-27.73%	-0.87%	-26.86%
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%	-0.14%	-62.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.22%	0.24%	+8.98%

Volatility

DBO vs. SLDR - Volatility Comparison

Invesco DB Oil Fund (DBO) has a higher volatility of 20.12% compared to Global X Short-Term Treasury Ladder ETF (SLDR) at 0.48%. This indicates that DBO's price experiences larger fluctuations and is considered to be riskier than SLDR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DBO	SLDR	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.12%	0.48%	+19.64%
Volatility (6M) Calculated over the trailing 6-month period	34.37%	1.02%	+33.35%
Volatility (1Y) Calculated over the trailing 1-year period	39.23%	1.27%	+37.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.50%	1.28%	+32.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.29%	1.28%	+31.01%

DBO vs. SLDR - Expense Ratio Comparison

DBO has a 0.78% expense ratio, which is higher than SLDR's 0.12% expense ratio.

Dividends

DBO vs. SLDR - Dividend Comparison

DBO's dividend yield for the trailing twelve months is around 2.23%, less than SLDR's 3.68% yield.

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%
SLDR Global X Short-Term Treasury Ladder ETF	3.68%	3.80%	0.98%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DBO and SLDR in my portfolio?

DBO and SLDR have a correlation of -0.44, 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 SLDR?

DBO has higher volatility (20.12%) compared to SLDR (0.48%). In terms of maximum drawdown, DBO dropped -90.18% vs SLDR's -0.87%.

Which ETF is better, DBO or SLDR?

On 1-year performance, DBO leads with 44.25% vs 2.52% for SLDR. On fees, SLDR is cheaper at 0.12% per year. On volatility, SLDR has been the lower-risk option at 0.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DBO or SLDR?

Over the 1-year period, DBO has performed better with a 44.25% return vs 2.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DBO or SLDR?

SLDR is cheaper with a 0.12% expense ratio, compared with 0.78% for DBO.

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

SLDR has the higher dividend yield at 3.68%, compared with 2.23% for DBO.

What is the main difference between DBO and SLDR?

DBO is categorized as Oil & Gas, while SLDR is Government Bonds. DBO tracks DBIQ Optimum Yield Crude Oil Index Excess Return, while SLDR tracks FTSE US Treasury 1-3 Years Laddered Bond Index. They also come from different issuers: Invesco and Global X. Their fees differ too: 0.78% for DBO and 0.12% for SLDR.

Which has better risk-adjusted returns?

SLDR currently has the higher Sharpe Ratio (1.98 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.