DFSD vs. DBO

Last updated Aug 2, 2026

DFSD (Dimensional Short-Duration Fixed Income ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - DFSD is a Short-Term Bond fund actively managed by Dimensional, while DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return. DFSD is actively managed, while DBO is passively managed. Over the past 3 years, DFSD returned 5.18%/yr vs 14.86%/yr for DBO. Their -0.18 correlation means they have often moved in opposite directions in the past. DFSD charges 0.16%/yr vs 0.78%/yr for DBO.

Performance

DFSD vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dimensional Short-Duration Fixed Income ETF (DFSD) 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, DFSD achieves a 0.79% return, which is significantly lower than DBO's 76.48% return.

DFSD

• 1D: -0.06%
• 1M: -0.23%
• 6M: 0.35%
• YTD: 0.79%
• 1Y: 2.80%
• 3Y*: 5.18%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 2.47%

DBO

• 1D: 1.56%
• 1M: 24.59%
• 6M: 53.46%
• YTD: 76.48%
• 1Y: 60.30%
• 3Y*: 14.86%
• 5Y*: 13.46%
• 10Y*: 12.59%
• ALL TIME*: 0.52%

*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	$11.01M	$10.23M	$13.95M
DFSD Dimensional Short-Duration Fixed Income ETF	$24.91M	$26.60M	$25.77M

DFSD vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
DFSD Dimensional Short-Duration Fixed Income ETF	0.79%	6.59%	4.60%	6.09%	-5.87%	-0.05%
DBO Invesco DB Oil Fund	76.48%	-11.71%	7.85%	-4.44%	13.04%	-8.26%

Correlation

The correlation between DFSD and DBO 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 (3Y) Balances recent behavior with more history.	-0.26
Correlation (All Time) Calculated using the full available price history since Nov 16, 2021	-0.18

Over the past year, the inverse relationship between DFSD and DBO has strengthened: their correlation has moved from -0.18 to -0.44, meaning they now move in opposite directions more often than their long-term average.

Return for Risk

DFSD vs. DBO — Risk / Return Rank

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

DFSD

DFSD Risk / Return Rank: 73
DFSD Sharpe Ratio Rank: 76
DFSD Sortino Ratio Rank: 80
DFSD Omega Ratio Rank: 78
DFSD Calmar Ratio Rank: 65
DFSD Martin Ratio Rank: 69

DBO

DBO Risk / Return Rank: 58
DBO Sharpe Ratio Rank: 62
DBO Sortino Ratio Rank: 61
DBO Omega Ratio Rank: 57
DBO Calmar Ratio Rank: 57
DBO Martin Ratio Rank: 52

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.

DFSD vs. DBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dimensional Short-Duration Fixed Income ETF (DFSD) 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.

	DFSD	DBO	Difference
Sharpe ratio: Return per unit of total volatility	1.71	1.45	+0.27
Sortino ratio: Return per unit of downside risk	2.57	2.05	+0.52
Omega ratio: Gain probability vs. loss probability	1.32	1.25	+0.08
Calmar ratio: Return relative to maximum drawdown	2.27	2.01	+0.26
Martin ratio: Return relative to average drawdown	8.33	6.09	+2.24

DFSD vs. DBO - Sharpe Ratio Comparison

The current DFSD Sharpe Ratio is 1.71, which is comparable to the DBO Sharpe Ratio of 1.45. The chart below compares the historical Sharpe Ratios of DFSD 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

DFSD vs. DBO - Drawdown Comparison

The maximum DFSD drawdown since its inception was -8.45%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for DFSD and DBO.

Drawdown Indicators

	DFSD	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-8.45%	-90.18%	+81.73%
Max Drawdown (1Y) Largest decline over 1 year	-1.47%	-27.73%	+26.26%
Max Drawdown (3Y) Largest decline over 3 years	-1.47%	-28.20%	+26.73%
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	-0.35%	-53.56%	+53.21%
Average Drawdown Average peak-to-trough decline	-2.01%	-62.20%	+60.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.40%	9.96%	-9.56%

Volatility

DFSD vs. DBO - Volatility Comparison

The current volatility for Dimensional Short-Duration Fixed Income ETF (DFSD) is 0.52%, while Invesco DB Oil Fund (DBO) has a volatility of 17.75%. This indicates that DFSD 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

	DFSD	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.52%	17.75%	-17.23%
Volatility (6M) Calculated over the trailing 6-month period	1.59%	33.77%	-32.18%
Volatility (1Y) Calculated over the trailing 1-year period	1.94%	38.53%	-36.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.75%	33.35%	-30.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.75%	32.20%	-29.45%

DFSD vs. DBO - Expense Ratio Comparison

DFSD has a 0.16% expense ratio, which is lower than DBO's 0.78% expense ratio.

Dividends

DFSD vs. DBO - Dividend Comparison

DFSD's dividend yield for the trailing twelve months is around 4.59%, more than DBO's 1.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBO Invesco DB Oil Fund	1.99%	3.51%	4.68%	4.59%	0.66%	0.00%	0.00%	1.63%	1.58%
DFSD Dimensional Short-Duration Fixed Income ETF	4.59%	4.12%	4.81%	3.89%	2.12%	0.11%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DFSD and DBO in my portfolio?

DFSD and DBO 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, DFSD or DBO?

DBO has higher volatility (17.75%) compared to DFSD (0.52%). In terms of maximum drawdown, DFSD dropped -8.45% vs DBO's -90.18%.

Which ETF is better, DFSD or DBO?

On 3-year performance, DBO leads with 14.86% vs 5.18% for DFSD. On fees, DFSD is cheaper at 0.16% per year. On volatility, DFSD has been the lower-risk option at 0.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DFSD or DBO?

Over the 3-year period, DBO has performed better with a 14.86% return vs 5.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFSD or DBO?

DFSD is cheaper with a 0.16% expense ratio, compared with 0.78% for DBO.

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

DFSD has the higher dividend yield at 4.59%, compared with 1.99% for DBO.

What is the main difference between DFSD and DBO?

DFSD is categorized as Short-Term Bond, while DBO is Oil & Gas. They also come from different issuers: Dimensional and Invesco. Their fees differ too: 0.16% for DFSD and 0.78% for DBO.

Which has better risk-adjusted returns?

DFSD currently has the higher Sharpe Ratio (1.71 vs 1.45), 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.