DFGX vs. DBO

Last updated Aug 4, 2026

DFGX (Dimensional Global Ex US Core Fixed Income ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - DFGX is a Global Bonds fund actively managed by Dimensional, while DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return. DFGX is actively managed, while DBO is passively managed. Over the past year, DFGX returned 1.91% vs 51.44% for DBO. Their -0.27 correlation means they have often moved in opposite directions in the past. DFGX charges 0.20%/yr vs 0.78%/yr for DBO.

Performance

DFGX vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dimensional Global Ex US Core Fixed Income ETF (DFGX) and Invesco DB Oil Fund (DBO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DFGX achieves a 0.87% return, which is significantly lower than DBO's 66.72% return.

DFGX

• 1D: 0.38%
• 1M: -0.67%
• 6M: 0.17%
• YTD: 0.87%
• 1Y: 1.91%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.79%

DBO

• 1D: -5.53%
• 1M: 17.71%
• 6M: 53.16%
• YTD: 66.72%
• 1Y: 51.44%
• 3Y*: 12.33%
• 5Y*: 13.64%
• 10Y*: 11.43%
• ALL TIME*: 0.22%

*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	$11.34M	$10.71M	$13.49M
DFGX Dimensional Global Ex US Core Fixed Income ETF	$7.93M	$8.08M	$8.45M

DFGX vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
DFGX Dimensional Global Ex US Core Fixed Income ETF	0.87%	3.46%	3.75%	4.95%
DBO Invesco DB Oil Fund	66.72%	-11.71%	7.85%	-8.19%

Correlation

The correlation between DFGX and DBO is -0.51, 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.	-0.51
Correlation (All Time) Calculated using the full available price history since Nov 8, 2023	-0.27

Over the past year, the inverse relationship between DFGX and DBO has strengthened: their correlation has moved from -0.27 to -0.51, meaning they now move in opposite directions more often than their long-term average.

Return for Risk

DFGX vs. DBO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

DFGX

DFGX Risk / Return Rank: 21
DFGX Sharpe Ratio Rank: 22
DFGX Sortino Ratio Rank: 20
DFGX Omega Ratio Rank: 19
DFGX Calmar Ratio Rank: 21
DFGX Martin Ratio Rank: 22

DBO

DBO Risk / Return Rank: 51
DBO Sharpe Ratio Rank: 53
DBO Sortino Ratio Rank: 53
DBO Omega Ratio Rank: 50
DBO Calmar Ratio Rank: 51
DBO Martin Ratio Rank: 48

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.

DFGX vs. DBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dimensional Global Ex US Core Fixed Income ETF (DFGX) and Invesco DB Oil Fund (DBO). 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.

	DFGX	DBO	Difference
Sharpe ratio: Return per unit of total volatility	0.46	1.33	-0.87
Sortino ratio: Return per unit of downside risk	0.69	1.92	-1.23
Omega ratio: Gain probability vs. loss probability	1.08	1.23	-0.15
Calmar ratio: Return relative to maximum drawdown	0.58	1.86	-1.29
Martin ratio: Return relative to average drawdown	1.57	5.64	-4.07

DFGX vs. DBO - Sharpe Ratio Comparison

The current DFGX Sharpe Ratio is 0.46, which is lower than the DBO Sharpe Ratio of 1.33. The chart below compares the historical Sharpe Ratios of DFGX and DBO, 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

DFGX vs. DBO - Drawdown Comparison

The maximum DFGX drawdown since its inception was -3.32%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for DFGX and DBO.

Drawdown Indicators

	DFGX	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-3.32%	-90.18%	+86.86%
Max Drawdown (1Y) Largest decline over 1 year	-3.32%	-27.73%	+24.41%
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	-1.27%	-56.13%	+54.86%
Average Drawdown Average peak-to-trough decline	-0.79%	-62.20%	+61.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.22%	9.16%	-7.94%

Volatility

DFGX vs. DBO - Volatility Comparison

The current volatility for Dimensional Global Ex US Core Fixed Income ETF (DFGX) is 1.12%, while Invesco DB Oil Fund (DBO) has a volatility of 18.99%. This indicates that DFGX experiences smaller price fluctuations and is considered to be less risky than DBO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFGX	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.12%	18.99%	-17.87%
Volatility (6M) Calculated over the trailing 6-month period	3.54%	34.30%	-30.76%
Volatility (1Y) Calculated over the trailing 1-year period	4.15%	38.86%	-34.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.61%	33.43%	-28.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.61%	32.24%	-27.63%

DFGX vs. DBO - Expense Ratio Comparison

DFGX has a 0.20% expense ratio, which is lower than DBO's 0.78% expense ratio.

Dividends

DFGX vs. DBO - Dividend Comparison

DFGX's dividend yield for the trailing twelve months is around 4.12%, more than DBO's 2.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBO Invesco DB Oil Fund	2.11%	3.51%	4.68%	4.59%	0.66%	0.00%	0.00%	1.63%	1.58%
DFGX Dimensional Global Ex US Core Fixed Income ETF	4.12%	2.84%	4.61%	0.49%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DFGX and DBO in my portfolio?

DFGX and DBO have a correlation of -0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DFGX or DBO?

DBO has higher volatility (18.99%) compared to DFGX (1.12%). In terms of maximum drawdown, DFGX dropped -3.32% vs DBO's -90.18%.

Which ETF is better, DFGX or DBO?

On 1-year performance, DBO leads with 51.44% vs 1.91% for DFGX. On fees, DFGX is cheaper at 0.20% per year. On volatility, DFGX has been the lower-risk option at 1.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DFGX or DBO?

Over the 1-year period, DBO has performed better with a 51.44% return vs 1.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFGX or DBO?

DFGX is cheaper with a 0.20% expense ratio, compared with 0.78% for DBO.

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

DFGX has the higher dividend yield at 4.12%, compared with 2.11% for DBO.

What is the main difference between DFGX and DBO?

DFGX is categorized as Global Bonds, while DBO is Oil & Gas. They also come from different issuers: Dimensional and Invesco. Their fees differ too: 0.20% for DFGX and 0.78% for DBO.

Which has better risk-adjusted returns?

DBO currently has the higher Sharpe Ratio (1.33 vs 0.46), 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.