DBO vs. XMAY

Last updated Jun 25, 2026

DBO (Invesco DB Oil Fund) and XMAY (FT Vest U.S. Equity Enhance & Moderate Buffer ETF - May) are both exchange-traded funds - DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return, while XMAY is a Defined Outcome fund actively managed by First Trust. DBO is passively managed, while XMAY is actively managed. Over the past year, DBO returned 37.25% vs 8.30% for XMAY. At a correlation of -0.05, they often move in opposite directions. DBO charges 0.78%/yr vs 0.85%/yr for XMAY.

Performance

DBO vs. XMAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DB Oil Fund (DBO) and FT Vest U.S. Equity Enhance & Moderate Buffer ETF - May (XMAY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DBO achieves a 43.93% return, which is significantly higher than XMAY's 2.62% return.

DBO

• 1D: -4.15%
• 1M: -21.96%
• YTD: 43.93%
• 6M: 41.96%
• 1Y: 37.25%
• 3Y*: 12.72%
• 5Y*: 9.10%
• 10Y*: 8.76%

XMAY

• 1D: -0.09%
• 1M: -0.28%
• YTD: 2.62%
• 6M: 2.58%
• 1Y: 8.30%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DBO vs. XMAY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DBO Invesco DB Oil Fund	43.93%	-11.71%	-3.21%
XMAY FT Vest U.S. Equity Enhance & Moderate Buffer ETF - May	2.62%	10.44%	6.22%

Correlation

The correlation between DBO and XMAY is -0.19, 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	-0.19
Correlation (All Time) Calculated using the full available price history since May 20, 2024	-0.05

The correlation between DBO and XMAY shifts across timeframes, from -0.19 (1 year) to -0.05 (all time), reflecting how their relationship changes across market environments.

Return for Risk

DBO vs. XMAY — Risk / Return Rank

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

DBO

DBO Risk / Return Rank: 32
DBO Sharpe Ratio Rank: 33
DBO Sortino Ratio Rank: 34
DBO Omega Ratio Rank: 31
DBO Calmar Ratio Rank: 31
DBO Martin Ratio Rank: 32

XMAY

XMAY Risk / Return Rank: 88
XMAY Sharpe Ratio Rank: 81
XMAY Sortino Ratio Rank: 84
XMAY Omega Ratio Rank: 89
XMAY Calmar Ratio Rank: 89
XMAY Martin Ratio Rank: 94

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. XMAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DB Oil Fund (DBO) and FT Vest U.S. Equity Enhance & Moderate Buffer ETF - May (XMAY). 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	XMAY	Difference
Sharpe ratio: Return per unit of total volatility	1.09	2.21	-1.12
Sortino ratio: Return per unit of downside risk	1.65	3.26	-1.61
Omega ratio: Gain probability vs. loss probability	1.20	1.49	-0.29
Calmar ratio: Return relative to maximum drawdown	1.43	4.68	-3.26
Martin ratio: Return relative to average drawdown	4.33	23.29	-18.96

DBO vs. XMAY - Sharpe Ratio Comparison

The current DBO Sharpe Ratio is 1.09, which is lower than the XMAY Sharpe Ratio of 2.21. The chart below compares the historical Sharpe Ratios of DBO and XMAY, 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. XMAY - Drawdown Comparison

The maximum DBO drawdown since its inception was -90.18%, which is greater than XMAY's maximum drawdown of -8.24%. Use the drawdown chart below to compare losses from any high point for DBO and XMAY.

Drawdown Indicators

	DBO	XMAY	Difference
Max Drawdown Largest peak-to-trough decline	-90.18%	-8.24%	-81.94%
Max Drawdown (1Y) Largest decline over 1 year	-26.22%	-1.78%	-24.44%
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	-62.12%	-0.95%	-61.17%
Average Drawdown Average peak-to-trough decline	-62.22%	-0.42%	-61.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.63%	0.36%	+8.27%

Volatility

DBO vs. XMAY - Volatility Comparison

Invesco DB Oil Fund (DBO) has a higher volatility of 10.78% compared to FT Vest U.S. Equity Enhance & Moderate Buffer ETF - May (XMAY) at 1.91%. This indicates that DBO's price experiences larger fluctuations and is considered to be riskier than XMAY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DBO	XMAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.78%	1.91%	+8.87%
Volatility (6M) Calculated over the trailing 6-month period	29.70%	3.12%	+26.58%
Volatility (1Y) Calculated over the trailing 1-year period	34.63%	3.79%	+30.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.59%	7.47%	+25.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.84%	7.47%	+24.37%

DBO vs. XMAY - Expense Ratio Comparison

DBO has a 0.78% expense ratio, which is lower than XMAY's 0.85% expense ratio.

Dividends

DBO vs. XMAY - Dividend Comparison

DBO's dividend yield for the trailing twelve months is around 2.44%, while XMAY has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBO Invesco DB Oil Fund	2.44%	3.51%	4.68%	4.59%	0.66%	0.00%	0.00%	1.63%	1.58%
XMAY FT Vest U.S. Equity Enhance & Moderate Buffer ETF - May	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DBO and XMAY in my portfolio?

DBO and XMAY have a correlation of -0.19, 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 XMAY?

DBO has higher volatility (10.78%) compared to XMAY (1.91%). In terms of maximum drawdown, DBO dropped -90.18% vs XMAY's -8.24%.

Which ETF is better, DBO or XMAY?

On 1-year performance, DBO leads with 37.25% vs 8.30% for XMAY. On fees, DBO is cheaper at 0.78% per year. On volatility, XMAY has been the lower-risk option at 1.91%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DBO or XMAY?

Over the 1-year period, DBO has performed better with a 37.25% return vs 8.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DBO or XMAY?

DBO is cheaper with a 0.78% expense ratio, compared with 0.85% for XMAY.

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

DBO has the higher dividend yield at 2.44%, compared with 0.00% for XMAY.

What is the main difference between DBO and XMAY?

DBO is categorized as Oil & Gas, while XMAY is Defined Outcome. They also come from different issuers: Invesco and First Trust. Their fees differ too: 0.78% for DBO and 0.85% for XMAY.

Which has better risk-adjusted returns?

XMAY currently has the higher Sharpe Ratio (2.21 vs 1.09), 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.