DJIA vs. DBO

Last updated Aug 4, 2026

DJIA (Global X Dow 30 Covered Call ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - DJIA is a Derivative Income fund tracking the DJIA Cboe BuyWrite v2 Index, while DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return. Both are passively managed. Over the past 3 years, DJIA returned 11.08%/yr vs 12.33%/yr for DBO. Their -0.00 correlation means they have often moved in opposite directions in the past. DJIA charges 0.60%/yr vs 0.78%/yr for DBO.

Performance

DJIA vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X Dow 30 Covered Call ETF (DJIA) 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, DJIA achieves a 7.93% return, which is significantly lower than DBO's 66.72% return.

DJIA

• 1D: 0.71%
• 1M: 2.69%
• 6M: 5.53%
• YTD: 7.93%
• 1Y: 18.10%
• 3Y*: 11.08%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 8.84%

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
DJIA Global X Dow 30 Covered Call ETF	$1.48M	$1.32M	$1.41M

DJIA vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
DJIA Global X Dow 30 Covered Call ETF	7.93%	9.11%	14.52%	9.15%	-1.07%
DBO Invesco DB Oil Fund	66.72%	-11.71%	7.85%	-4.44%	-4.09%

Correlation

The correlation between DJIA and DBO is -0.30, 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.	-0.30
Correlation (3Y) Balances recent behavior with more history.	-0.09
Correlation (All Time) Calculated using the full available price history since Feb 24, 2022	-0.00

Over the past year, the inverse relationship between DJIA and DBO has strengthened: their correlation has moved from -0.00 to -0.30, meaning they now move in opposite directions more often than their long-term average.

Return for Risk

DJIA vs. DBO — Risk / Return Rank

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

DJIA

DJIA Risk / Return Rank: 84
DJIA Sharpe Ratio Rank: 91
DJIA Sortino Ratio Rank: 92
DJIA Omega Ratio Rank: 93
DJIA Calmar Ratio Rank: 69
DJIA Martin Ratio Rank: 73

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.

DJIA vs. DBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Dow 30 Covered Call ETF (DJIA) 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.

	DJIA	DBO	Difference
Sharpe ratio: Return per unit of total volatility	2.38	1.33	+1.04
Sortino ratio: Return per unit of downside risk	3.37	1.92	+1.44
Omega ratio: Gain probability vs. loss probability	1.49	1.23	+0.25
Calmar ratio: Return relative to maximum drawdown	2.48	1.86	+0.61
Martin ratio: Return relative to average drawdown	9.22	5.64	+3.58

DJIA vs. DBO - Sharpe Ratio Comparison

The current DJIA Sharpe Ratio is 2.38, which is higher than the DBO Sharpe Ratio of 1.33. The chart below compares the historical Sharpe Ratios of DJIA 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

DJIA vs. DBO - Drawdown Comparison

The maximum DJIA drawdown since its inception was -16.91%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for DJIA and DBO.

Drawdown Indicators

	DJIA	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-16.91%	-90.18%	+73.27%
Max Drawdown (1Y) Largest decline over 1 year	-7.34%	-27.73%	+20.39%
Max Drawdown (3Y) Largest decline over 3 years	-12.09%	-28.20%	+16.11%
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	0.00%	-56.13%	+56.13%
Average Drawdown Average peak-to-trough decline	-3.46%	-62.20%	+58.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.97%	9.16%	-7.19%

Volatility

DJIA vs. DBO - Volatility Comparison

The current volatility for Global X Dow 30 Covered Call ETF (DJIA) is 2.41%, while Invesco DB Oil Fund (DBO) has a volatility of 18.99%. This indicates that DJIA 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

	DJIA	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.41%	18.99%	-16.58%
Volatility (6M) Calculated over the trailing 6-month period	6.50%	34.30%	-27.80%
Volatility (1Y) Calculated over the trailing 1-year period	7.66%	38.86%	-31.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.09%	33.43%	-22.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.09%	32.24%	-21.15%

DJIA vs. DBO - Expense Ratio Comparison

DJIA has a 0.60% expense ratio, which is lower than DBO's 0.78% expense ratio.

Dividends

DJIA vs. DBO - Dividend Comparison

DJIA's dividend yield for the trailing twelve months is around 10.37%, 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%
DJIA Global X Dow 30 Covered Call ETF	10.37%	10.60%	11.44%	7.16%	9.18%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DJIA and DBO in my portfolio?

DJIA and DBO have a correlation of -0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DJIA or DBO?

DBO has higher volatility (18.99%) compared to DJIA (2.41%). In terms of maximum drawdown, DJIA dropped -16.91% vs DBO's -90.18%.

Which ETF is better, DJIA or DBO?

On 3-year performance, DBO leads with 12.33% vs 11.08% for DJIA. On fees, DJIA is cheaper at 0.60% per year. On volatility, DJIA has been the lower-risk option at 2.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DJIA or DBO?

Over the 3-year period, DBO has performed better with a 12.33% return vs 11.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DJIA or DBO?

DJIA is cheaper with a 0.60% expense ratio, compared with 0.78% for DBO.

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

DJIA has the higher dividend yield at 10.37%, compared with 2.11% for DBO.

What is the main difference between DJIA and DBO?

DJIA is categorized as Derivative Income, while DBO is Oil & Gas. DJIA tracks DJIA Cboe BuyWrite v2 Index, while DBO tracks DBIQ Optimum Yield Crude Oil Index Excess Return. They also come from different issuers: Global X and Invesco. Their fees differ too: 0.60% for DJIA and 0.78% for DBO.

Which has better risk-adjusted returns?

DJIA currently has the higher Sharpe Ratio (2.38 vs 1.33), 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.