FCTE vs. DBO

Last updated Jun 6, 2026

FCTE (SMI 3Fourteen Full-Cycle Trend ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - FCTE is a Large Cap Blend Equities fund actively managed by SMI 3Fourteen, while DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return. FCTE is actively managed, while DBO is passively managed. Over the past year, FCTE returned 2.91% vs 72.26% for DBO. At a correlation of -0.11, they often move in opposite directions. FCTE charges 0.85%/yr vs 0.78%/yr for DBO.

Performance

FCTE vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SMI 3Fourteen Full-Cycle Trend ETF (FCTE) 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, FCTE achieves a 8.91% return, which is significantly lower than DBO's 76.15% return.

FCTE

• 1D: -0.88%
• 1M: -0.24%
• YTD: 8.91%
• 6M: 7.45%
• 1Y: 2.91%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DBO

• 1D: -2.05%
• 1M: 1.22%
• YTD: 76.15%
• 6M: 69.63%
• 1Y: 72.26%
• 3Y*: 20.11%
• 5Y*: 14.88%
• 10Y*: 10.48%

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

FCTE vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FCTE SMI 3Fourteen Full-Cycle Trend ETF	8.91%	-3.80%	5.47%
DBO Invesco DB Oil Fund	76.15%	-11.71%	-7.05%

Correlation

The correlation between FCTE and DBO is -0.29, 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	-0.29
Correlation (All Time) Calculated using the full available price history since Jul 3, 2024	-0.11

The correlation between FCTE and DBO shifts across timeframes, from -0.29 (1 year) to -0.11 (all time), reflecting how their relationship changes across market environments.

FCTE vs. DBO - Sectors Allocation Comparison

Sectors	FCTE	DBO
Technology	44.1%	-
Healthcare	21.8%	-
Industrials	13.8%	-
Consumer Cyclical	9.3%	-
Communication Services	6.1%	-
Consumer Defensive	4.8%	-
Basic Materials	-	-
Energy	-	-
Financial Services	-	116.0%
Real Estate	-	-
Utilities	-	-

Return for Risk

FCTE vs. DBO — Risk / Return Rank

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

FCTE

FCTE Risk / Return Rank: 12
FCTE Sharpe Ratio Rank: 12
FCTE Sortino Ratio Rank: 12
FCTE Omega Ratio Rank: 12
FCTE Calmar Ratio Rank: 12
FCTE Martin Ratio Rank: 12

DBO

DBO Risk / Return Rank: 62
DBO Sharpe Ratio Rank: 66
DBO Sortino Ratio Rank: 60
DBO Omega Ratio Rank: 57
DBO Calmar Ratio Rank: 80
DBO Martin Ratio Rank: 50

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.

FCTE vs. DBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SMI 3Fourteen Full-Cycle Trend ETF (FCTE) 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.

	FCTE	DBO	Difference
Sharpe ratio: Return per unit of total volatility	0.20	2.10	-1.90
Sortino ratio: Return per unit of downside risk	0.38	2.71	-2.32
Omega ratio: Gain probability vs. loss probability	1.05	1.34	-0.30
Calmar ratio: Return relative to maximum drawdown	0.23	3.99	-3.77
Martin ratio: Return relative to average drawdown	0.63	8.09	-7.47
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FCTE vs. DBO - Sharpe Ratio Comparison

The current FCTE Sharpe Ratio is 0.20, which is lower than the DBO Sharpe Ratio of 2.10. The chart below compares the historical Sharpe Ratios of FCTE 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

	FCTE	DBO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.20	2.10	-1.90
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.46	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.33	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.29	0.01	+0.27

Drawdowns

FCTE vs. DBO - Drawdown Comparison

The maximum FCTE drawdown since its inception was -19.68%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for FCTE and DBO.

Drawdown Indicators

	FCTE	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-19.68%	-90.18%	+70.50%
Max Drawdown (1Y) Largest decline over 1 year	-12.85%	-18.19%	+5.34%
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	-3.10%	-53.65%	+50.55%
Average Drawdown Average peak-to-trough decline	-6.01%	-62.25%	+56.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.66%	8.96%	-4.30%

Volatility

FCTE vs. DBO - Volatility Comparison

The current volatility for SMI 3Fourteen Full-Cycle Trend ETF (FCTE) is 3.77%, while Invesco DB Oil Fund (DBO) has a volatility of 11.00%. This indicates that FCTE 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

	FCTE	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.77%	11.00%	-7.23%
Volatility (6M) Calculated over the trailing 6-month period	12.35%	28.43%	-16.08%
Volatility (1Y) Calculated over the trailing 1-year period	14.99%	34.63%	-19.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.68%	32.31%	-13.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.68%	31.79%	-13.11%

FCTE vs. DBO - Expense Ratio Comparison

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

Dividends

FCTE vs. DBO - Dividend Comparison

FCTE's dividend yield for the trailing twelve months is around 0.08%, less 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%
FCTE SMI 3Fourteen Full-Cycle Trend ETF	0.08%	0.18%	0.18%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FCTE and DBO in my portfolio?

FCTE and DBO have a correlation of -0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FCTE or DBO?

DBO has higher volatility (11.00%) compared to FCTE (3.77%). In terms of maximum drawdown, FCTE dropped -19.68% vs DBO's -90.18%.

Which ETF is better, FCTE or DBO?

On 1-year performance, DBO leads with 72.26% vs 2.91% for FCTE. On fees, DBO is cheaper at 0.78% per year. On volatility, FCTE has been the lower-risk option at 3.77%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FCTE or DBO?

Over the 1-year period, DBO has performed better with a 72.26% return vs 2.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FCTE or DBO?

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

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

DBO has the higher dividend yield at 1.99%, compared with 0.08% for FCTE.

What is the main difference between FCTE and DBO?

FCTE is categorized as Large Cap Blend Equities, while DBO is Oil & Gas. They also come from different issuers: SMI 3Fourteen and Invesco. Their fees differ too: 0.85% for FCTE and 0.78% for DBO.

Which has better risk-adjusted returns?

DBO currently has the higher Sharpe Ratio (2.10 vs 0.20), 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.