DBO vs. SPHQ
DBO (Invesco DB Oil Fund) and SPHQ (Invesco S&P 500 Quality ETF) are both exchange-traded funds - DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return, while SPHQ is a Quality Factor fund tracking the S&P 500 Quality Index. Both are passively managed. Over the past 10 years, DBO returned 10.78%/yr vs 14.84%/yr for SPHQ. Their 0.26 correlation means their historical movements had little consistent relationship. DBO charges 0.78%/yr vs 0.15%/yr for SPHQ.
Performance
DBO vs. SPHQ - Performance Comparison
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Returns By Period
In the year-to-date period, DBO achieves a 57.21% return, which is significantly higher than SPHQ's 16.79% return. Over the past 10 years, DBO has underperformed SPHQ with an annualized return of 10.78%, while SPHQ has yielded a comparatively higher 14.84% annualized 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%
SPHQ
- 1D
- 2.33%
- 1M
- -0.85%
- 6M
- 11.77%
- YTD
- 16.79%
- 1Y
- 22.93%
- 3Y*
- 20.84%
- 5Y*
- 13.22%
- 10Y*
- 14.84%
- ALL TIME*
- 10.16%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $11.97M | $10.83M | $13.36M | |
| $126.51M | $134.23M | $145.35M |
DBO vs. SPHQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DBO Invesco DB Oil Fund | 57.21% | -11.71% | 7.85% | -4.44% | 13.04% | 60.74% | -20.99% | 28.05% | -15.22% | 4.86% |
SPHQ Invesco S&P 500 Quality ETF | 16.79% | 13.25% | 25.44% | 24.83% | -15.76% | 28.03% | 17.36% | 33.64% | -7.10% | 19.10% |
Correlation
The correlation between DBO and SPHQ is -0.26, 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. | -0.26 |
Correlation (3Y) Balances recent behavior with more history. | -0.07 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.08 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.17 |
Correlation (All Time) Calculated using the full available price history since Jan 5, 2007 | 0.26 |
The correlation between DBO and SPHQ shifts across timeframes, from -0.26 (1 year) to 0.26 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
DBO vs. SPHQ — Risk / Return Rank
DBO
SPHQ
DBO vs. SPHQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB Oil Fund (DBO) and Invesco S&P 500 Quality ETF (SPHQ). 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 | SPHQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.44 | ||
| Sortino ratioReturn per unit of downside risk | -0.58 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.27 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 1.60 | 2.59 | -0.99 |
| Martin ratioReturn relative to average drawdown | 4.82 | 9.11 | -4.29 |
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Drawdowns
DBO vs. SPHQ - Drawdown Comparison
The maximum DBO drawdown since its inception was -90.18%, which is greater than SPHQ's maximum drawdown of -57.83%. Use the drawdown chart below to compare losses from any high point for DBO and SPHQ.
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Drawdown Indicators
| DBO | SPHQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -90.18% | -57.83% | -32.35% |
Max Drawdown (1Y)Largest decline over 1 year | -27.73% | -8.90% | -18.83% |
Max Drawdown (3Y)Largest decline over 3 years | -28.20% | -16.57% | -11.63% |
Max Drawdown (5Y)Largest decline over 5 years | -37.68% | -25.04% | -12.64% |
Max Drawdown (10Y)Largest decline over 10 years | -61.69% | -31.60% | -30.09% |
Current DrawdownCurrent decline from peak | -58.63% | -3.31% | -55.32% |
Average DrawdownAverage peak-to-trough decline | -62.19% | -10.64% | -51.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.22% | 2.52% | +6.70% |
Volatility
DBO vs. SPHQ - Volatility Comparison
Invesco DB Oil Fund (DBO) has a higher volatility of 20.12% compared to Invesco S&P 500 Quality ETF (SPHQ) at 5.31%. This indicates that DBO's price experiences larger fluctuations and is considered to be riskier than SPHQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DBO | SPHQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 20.12% | 5.31% | +14.81% |
Volatility (6M)Calculated over the trailing 6-month period | 34.37% | 12.47% | +21.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 39.23% | 14.65% | +24.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.50% | 16.77% | +16.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.29% | 17.99% | +14.30% |
DBO vs. SPHQ - Expense Ratio Comparison
DBO has a 0.78% expense ratio, which is higher than SPHQ's 0.15% expense ratio.
Dividends
DBO vs. SPHQ - Dividend Comparison
DBO's dividend yield for the trailing twelve months is around 2.23%, more than SPHQ's 1.07% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DBO Invesco DB Oil Fund | 2.23% | 3.51% | 4.68% | 4.59% | 0.66% | 0.00% | 0.00% | 1.63% | 1.58% | 0.00% | 0.00% | 0.00% |
SPHQ Invesco S&P 500 Quality ETF | 1.07% | 1.09% | 1.15% | 1.42% | 1.85% | 1.19% | 1.55% | 1.51% | 1.85% | 1.57% | 1.67% | 2.29% |
Frequently Asked Questions
DBO and SPHQ have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBO has higher volatility (20.12%) compared to SPHQ (5.31%). In terms of maximum drawdown, DBO dropped -90.18% vs SPHQ's -57.83%.
On 10-year performance, SPHQ leads with 14.84% vs 10.78% for DBO. On fees, SPHQ is cheaper at 0.15% per year. On volatility, SPHQ has been the lower-risk option at 5.31%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPHQ has performed better with a 14.84% return vs 10.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPHQ is cheaper with a 0.15% expense ratio, compared with 0.78% for DBO.
DBO has the higher dividend yield at 2.23%, compared with 1.07% for SPHQ.
DBO is categorized as Oil & Gas, while SPHQ is Quality Factor. DBO tracks DBIQ Optimum Yield Crude Oil Index Excess Return, while SPHQ tracks S&P 500 Quality Index. Their fees differ too: 0.78% for DBO and 0.15% for SPHQ.
SPHQ currently has the higher Sharpe Ratio (1.58 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.
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