DMX vs. DBO

Last updated Jun 4, 2026

DMX (DoubleLine Multi-Sector Income ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - DMX is a Multisector Bonds fund actively managed by DoubleLine, while DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return. DMX is actively managed, while DBO is passively managed. Over the past year, DMX returned 6.47% vs 80.26% for DBO. At a correlation of -0.17, they often move in opposite directions. DMX charges 0.50%/yr vs 0.78%/yr for DBO.

Performance

DMX vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DoubleLine Multi-Sector Income ETF (DMX) 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, DMX achieves a 1.46% return, which is significantly lower than DBO's 84.75% return.

DMX

• 1D: -0.03%
• 1M: 0.47%
• YTD: 1.46%
• 6M: 2.02%
• 1Y: 6.47%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DBO

• 1D: 2.27%
• 1M: -2.34%
• YTD: 84.75%
• 6M: 81.10%
• 1Y: 80.26%
• 3Y*: 21.86%
• 5Y*: 15.98%
• 10Y*: 11.37%

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

DMX vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DMX DoubleLine Multi-Sector Income ETF	1.46%	7.23%	-0.04%
DBO Invesco DB Oil Fund	84.75%	-11.71%	3.04%

Correlation

The correlation between DMX and DBO is -0.33, 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	-0.33
Correlation (All Time) Calculated using the full available price history since Dec 4, 2024	-0.17

The correlation between DMX and DBO shifts across timeframes, from -0.33 (1 year) to -0.17 (all time), reflecting how their relationship changes across market environments.

Return for Risk

DMX vs. DBO — Risk / Return Rank

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

DMX

DMX Risk / Return Rank: 90
DMX Sharpe Ratio Rank: 86
DMX Sortino Ratio Rank: 92
DMX Omega Ratio Rank: 92
DMX Calmar Ratio Rank: 88
DMX Martin Ratio Rank: 91

DBO

DBO Risk / Return Rank: 65
DBO Sharpe Ratio Rank: 70
DBO Sortino Ratio Rank: 62
DBO Omega Ratio Rank: 60
DBO Calmar Ratio Rank: 83
DBO Martin Ratio Rank: 52

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.

DMX vs. DBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DoubleLine Multi-Sector Income ETF (DMX) 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.

	DMX	DBO	Difference
Sharpe ratio: Return per unit of total volatility	2.83	2.34	+0.49
Sortino ratio: Return per unit of downside risk	4.51	2.94	+1.57
Omega ratio: Gain probability vs. loss probability	1.62	1.38	+0.24
Calmar ratio: Return relative to maximum drawdown	5.06	4.44	+0.62
Martin ratio: Return relative to average drawdown	21.23	9.02	+12.21
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DMX vs. DBO - Sharpe Ratio Comparison

The current DMX Sharpe Ratio is 2.83, which is comparable to the DBO Sharpe Ratio of 2.34. The chart below compares the historical Sharpe Ratios of DMX 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.

Sharpe Ratios by Period

	DMX	DBO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.83	2.34	+0.49
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.50	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.36	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.85	0.02	+1.83

Drawdowns

DMX vs. DBO - Drawdown Comparison

The maximum DMX drawdown since its inception was -2.65%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for DMX and DBO.

Drawdown Indicators

	DMX	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-2.65%	-90.18%	+87.53%
Max Drawdown (1Y) Largest decline over 1 year	-1.28%	-18.19%	+16.91%
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	-0.14%	-51.38%	+51.24%
Average Drawdown Average peak-to-trough decline	-0.24%	-62.25%	+62.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.31%	8.92%	-8.61%

Volatility

DMX vs. DBO - Volatility Comparison

The current volatility for DoubleLine Multi-Sector Income ETF (DMX) is 0.87%, while Invesco DB Oil Fund (DBO) has a volatility of 12.61%. This indicates that DMX 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

	DMX	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.87%	12.61%	-11.74%
Volatility (6M) Calculated over the trailing 6-month period	1.69%	28.20%	-26.51%
Volatility (1Y) Calculated over the trailing 1-year period	2.30%	34.46%	-32.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.14%	32.29%	-29.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.14%	31.78%	-28.64%

DMX vs. DBO - Expense Ratio Comparison

DMX has a 0.50% expense ratio, which is lower than DBO's 0.78% expense ratio.

Dividends

DMX vs. DBO - Dividend Comparison

DMX's dividend yield for the trailing twelve months is around 5.90%, more than DBO's 1.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBO Invesco DB Oil Fund	1.90%	3.51%	4.68%	4.59%	0.66%	0.00%	0.00%	1.63%	1.58%
DMX DoubleLine Multi-Sector Income ETF	5.90%	5.96%	0.42%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DMX and DBO in my portfolio?

DMX and DBO have a correlation of -0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DMX or DBO?

DBO has higher volatility (12.61%) compared to DMX (0.87%). In terms of maximum drawdown, DMX dropped -2.65% vs DBO's -90.18%.

Which ETF is better, DMX or DBO?

On 1-year performance, DBO leads with 80.26% vs 6.47% for DMX. On fees, DMX is cheaper at 0.50% per year. On volatility, DMX has been the lower-risk option at 0.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DMX or DBO?

Over the 1-year period, DBO has performed better with a 80.26% return vs 6.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DMX or DBO?

DMX is cheaper with a 0.50% expense ratio, compared with 0.78% for DBO.

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

DMX has the higher dividend yield at 5.90%, compared with 1.90% for DBO.

What is the main difference between DMX and DBO?

DMX is categorized as Multisector Bonds, while DBO is Oil & Gas. They also come from different issuers: DoubleLine and Invesco. Their fees differ too: 0.50% for DMX and 0.78% for DBO.

Which has better risk-adjusted returns?

DMX currently has the higher Sharpe Ratio (2.83 vs 2.34), 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.