FAPR vs. DBO

Last updated Jun 5, 2026

FAPR (FT Vest U.S. Equity Buffer ETF - April) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - FAPR is a Defined Outcome fund tracking the S&P 500, while DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return. Both are passively managed. Over the past 5 years, FAPR returned 9.00%/yr vs 15.36%/yr for DBO. At a 0.09 correlation, their price movements are largely independent. FAPR charges 0.85%/yr vs 0.78%/yr for DBO.

Performance

FAPR vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest U.S. Equity Buffer ETF - April (FAPR) 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, FAPR achieves a 5.40% return, which is significantly lower than DBO's 79.84% return.

FAPR

• 1D: 0.21%
• 1M: 2.38%
• YTD: 5.40%
• 6M: 6.20%
• 1Y: 12.96%
• 3Y*: 13.58%
• 5Y*: 9.00%
• 10Y*: —

DBO

• 1D: -2.66%
• 1M: -3.39%
• YTD: 79.84%
• 6M: 74.51%
• 1Y: 77.38%
• 3Y*: 20.83%
• 5Y*: 15.36%
• 10Y*: 10.89%

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

FAPR vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FAPR FT Vest U.S. Equity Buffer ETF - April	5.40%	7.58%	18.14%	19.50%	-10.33%	8.65%
DBO Invesco DB Oil Fund	79.84%	-11.71%	7.85%	-4.44%	13.04%	20.55%

Correlation

The correlation between FAPR and DBO is -0.27, 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	-0.27
Correlation (3Y) Calculated over the trailing 3-year period	-0.05
Correlation (5Y) Calculated over the trailing 5-year period	0.09
Correlation (All Time) Calculated using the full available price history since Apr 20, 2021	0.09

The correlation between FAPR and DBO shifts across timeframes, from -0.27 (1 year) to 0.09 (5 years), reflecting how their relationship changes across market environments.

FAPR vs. DBO - Sectors Allocation Comparison

Sectors	FAPR	DBO
Technology	36.2%	-
Financial Services	11.9%	116.0%
Communication Services	10.9%	-
Consumer Cyclical	10.1%	-
Healthcare	8.4%	-
Industrials	8.1%	-
Consumer Defensive	4.9%	-
Energy	3.5%	-
Utilities	2.3%	-
Real Estate	1.9%	-
Basic Materials	1.8%	-

Return for Risk

FAPR vs. DBO — Risk / Return Rank

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

FAPR

FAPR Risk / Return Rank: 96
FAPR Sharpe Ratio Rank: 93
FAPR Sortino Ratio Rank: 96
FAPR Omega Ratio Rank: 96
FAPR Calmar Ratio Rank: 97
FAPR Martin Ratio Rank: 97

DBO

DBO Risk / Return Rank: 65
DBO Sharpe Ratio Rank: 70
DBO Sortino Ratio Rank: 62
DBO Omega Ratio Rank: 61
DBO Calmar Ratio Rank: 82
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.

FAPR vs. DBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest U.S. Equity Buffer ETF - April (FAPR) 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.

	FAPR	DBO	Difference
Sharpe ratio: Return per unit of total volatility	3.45	2.25	+1.19
Sortino ratio: Return per unit of downside risk	5.60	2.85	+2.76
Omega ratio: Gain probability vs. loss probability	1.77	1.36	+0.41
Calmar ratio: Return relative to maximum drawdown	11.36	4.28	+7.08
Martin ratio: Return relative to average drawdown	50.24	8.69	+41.55
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FAPR vs. DBO - Sharpe Ratio Comparison

The current FAPR Sharpe Ratio is 3.45, which is higher than the DBO Sharpe Ratio of 2.25. The chart below compares the historical Sharpe Ratios of FAPR 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

	FAPR	DBO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.45	2.25	+1.19
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.86	0.48	+0.38
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.34	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.87	0.02	+0.85

Drawdowns

FAPR vs. DBO - Drawdown Comparison

The maximum FAPR drawdown since its inception was -15.96%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for FAPR and DBO.

Drawdown Indicators

	FAPR	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-15.96%	-90.18%	+74.22%
Max Drawdown (1Y) Largest decline over 1 year	-1.15%	-18.19%	+17.04%
Max Drawdown (3Y) Largest decline over 3 years	-11.64%	-28.20%	+16.56%
Max Drawdown (5Y) Largest decline over 5 years	-15.96%	-37.68%	+21.72%
Max Drawdown (10Y) Largest decline over 10 years	—	-61.69%	—
Current Drawdown Current decline from peak	-0.04%	-52.68%	+52.64%
Average Drawdown Average peak-to-trough decline	-2.71%	-62.25%	+59.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.26%	8.94%	-8.68%

Volatility

FAPR vs. DBO - Volatility Comparison

The current volatility for FT Vest U.S. Equity Buffer ETF - April (FAPR) is 1.40%, while Invesco DB Oil Fund (DBO) has a volatility of 12.79%. This indicates that FAPR 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

	FAPR	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.40%	12.79%	-11.39%
Volatility (6M) Calculated over the trailing 6-month period	2.84%	28.32%	-25.48%
Volatility (1Y) Calculated over the trailing 1-year period	3.78%	34.58%	-30.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.49%	32.31%	-21.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.43%	31.79%	-21.36%

FAPR vs. DBO - Expense Ratio Comparison

FAPR has a 0.85% expense ratio, which is higher than DBO's 0.78% expense ratio.

Dividends

FAPR vs. DBO - Dividend Comparison

FAPR has not paid dividends to shareholders, while DBO's dividend yield for the trailing twelve months is around 1.95%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBO Invesco DB Oil Fund	1.95%	3.51%	4.68%	4.59%	0.66%	0.00%	0.00%	1.63%	1.58%
FAPR FT Vest U.S. Equity Buffer ETF - April	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 FAPR and DBO in my portfolio?

FAPR and DBO have a correlation of -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FAPR or DBO?

DBO has higher volatility (12.79%) compared to FAPR (1.40%). In terms of maximum drawdown, FAPR dropped -15.96% vs DBO's -90.18%.

Which ETF is better, FAPR or DBO?

On 5-year performance, DBO leads with 15.36% vs 9.00% for FAPR. On fees, DBO is cheaper at 0.78% per year. On volatility, FAPR has been the lower-risk option at 1.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FAPR or DBO?

Over the 5-year period, DBO has performed better with a 15.36% return vs 9.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FAPR or DBO?

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

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

DBO has the higher dividend yield at 1.95%, compared with 0.00% for FAPR.

What is the main difference between FAPR and DBO?

FAPR is categorized as Defined Outcome, while DBO is Oil & Gas. FAPR tracks S&P 500, while DBO tracks DBIQ Optimum Yield Crude Oil Index Excess Return. They also come from different issuers: FT Vest and Invesco. Their fees differ too: 0.85% for FAPR and 0.78% for DBO.

Which has better risk-adjusted returns?

FAPR currently has the higher Sharpe Ratio (3.45 vs 2.25), 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.