FBDC vs. DBO

Last updated Jun 23, 2026

FBDC (FT Confluence BDC & Specialty Finance Income ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - FBDC is a Financials Equities fund actively managed by First Trust, while DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return. FBDC is actively managed, while DBO is passively managed. At a correlation of -0.07, they often move in opposite directions. FBDC charges 1.35%/yr vs 0.78%/yr for DBO.

Performance

FBDC vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Confluence BDC & Specialty Finance Income ETF (FBDC) 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, FBDC achieves a -10.66% return, which is significantly lower than DBO's 50.16% return.

FBDC

• 1D: -1.16%
• 1M: -1.54%
• YTD: -10.66%
• 6M: -9.44%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

DBO

• 1D: -1.13%
• 1M: -18.58%
• YTD: 50.16%
• 6M: 47.74%
• 1Y: 36.30%
• 3Y*: 14.32%
• 5Y*: 10.16%
• 10Y*: 9.22%

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

FBDC vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025
FBDC FT Confluence BDC & Specialty Finance Income ETF	-10.66%	-2.66%
DBO Invesco DB Oil Fund	50.16%	-4.28%

Correlation

The correlation between FBDC and DBO is -0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 30, 2025	-0.07

Return for Risk

FBDC vs. DBO — Risk / Return Rank

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

FBDC

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

DBO

DBO Risk / Return Rank: 31
DBO Sharpe Ratio Rank: 31
DBO Sortino Ratio Rank: 31
DBO Omega Ratio Rank: 30
DBO Calmar Ratio Rank: 33
DBO Martin Ratio Rank: 31

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.

FBDC vs. DBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Confluence BDC & Specialty Finance Income ETF (FBDC) 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.

	FBDC	DBO	Difference
Sharpe ratio: Return per unit of total volatility	—	1.06	—
Sortino ratio: Return per unit of downside risk	—	1.61	—
Omega ratio: Gain probability vs. loss probability	—	1.19	—
Calmar ratio: Return relative to maximum drawdown	—	1.58	—
Martin ratio: Return relative to average drawdown	—	4.29	—

Drawdowns

FBDC vs. DBO - Drawdown Comparison

The maximum FBDC drawdown since its inception was -20.60%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for FBDC and DBO.

Drawdown Indicators

	FBDC	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-20.60%	-90.18%	+69.58%
Max Drawdown (1Y) Largest decline over 1 year	—	-23.03%	—
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	-18.29%	-60.48%	+42.19%
Average Drawdown Average peak-to-trough decline	-10.41%	-62.22%	+51.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	8.51%	—

Volatility

Volatility by Period

	FBDC	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	10.29%	—
Volatility (6M) Calculated over the trailing 6-month period	—	29.36%	—
Volatility (1Y) Calculated over the trailing 1-year period	18.03%	34.89%	-16.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.03%	32.54%	-14.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.03%	31.81%	-13.78%

FBDC vs. DBO - Expense Ratio Comparison

FBDC has a 1.35% expense ratio, which is higher than DBO's 0.78% expense ratio.

Dividends

FBDC vs. DBO - Dividend Comparison

FBDC's dividend yield for the trailing twelve months is around 11.67%, more than DBO's 2.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBO Invesco DB Oil Fund	2.34%	3.51%	4.68%	4.59%	0.66%	0.00%	0.00%	1.63%	1.58%
FBDC FT Confluence BDC & Specialty Finance Income ETF	11.67%	5.41%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FBDC and DBO in my portfolio?

FBDC and DBO have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FBDC or DBO?

On fees, DBO is cheaper at 0.78% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FBDC or DBO?

DBO is cheaper with a 0.78% expense ratio, compared with 1.35% for FBDC.

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

FBDC has the higher dividend yield at 11.67%, compared with 2.34% for DBO.

What is the main difference between FBDC and DBO?

FBDC is categorized as Financials Equities, while DBO is Oil & Gas. They also come from different issuers: First Trust and Invesco. Their fees differ too: 1.35% for FBDC and 0.78% for DBO.