FDRR vs. DBO

Last updated Jun 4, 2026

FDRR (Fidelity Dividend ETF for Rising Rates) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - FDRR is a Large Cap Growth Equities fund tracking the Fidelity Dividend Index for Rising Rates, 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, FDRR returned 12.34%/yr vs 15.98%/yr for DBO. At a 0.21 correlation, their price movements are largely independent. FDRR charges 0.29%/yr vs 0.78%/yr for DBO.

Performance

FDRR vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Dividend ETF for Rising Rates (FDRR) 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, FDRR achieves a 10.01% return, which is significantly lower than DBO's 84.75% return.

FDRR

• 1D: -0.99%
• 1M: 6.39%
• YTD: 10.01%
• 6M: 10.38%
• 1Y: 31.27%
• 3Y*: 21.03%
• 5Y*: 12.34%
• 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)

FDRR vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FDRR Fidelity Dividend ETF for Rising Rates	10.01%	21.70%	20.24%	13.66%	-9.73%	26.06%	8.23%	26.86%	-3.60%	19.29%
DBO Invesco DB Oil Fund	84.75%	-11.71%	7.85%	-4.44%	13.04%	60.74%	-20.99%	28.05%	-15.22%	4.86%

Correlation

The correlation between FDRR and DBO is -0.30, 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	-0.30
Correlation (3Y) Calculated over the trailing 3-year period	-0.03
Correlation (5Y) Calculated over the trailing 5-year period	0.12
Correlation (All Time) Calculated using the full available price history since Sep 16, 2016	0.21

The correlation between FDRR and DBO shifts across timeframes, from -0.30 (1 year) to 0.21 (all time), reflecting how their relationship changes across market environments.

FDRR vs. DBO - Sectors Allocation Comparison

Sectors	FDRR	DBO
Technology	34.5%	-
Financial Services	12.0%	116.0%
Communication Services	10.7%	-
Healthcare	9.4%	-
Consumer Cyclical	8.7%	-
Industrials	8.7%	-
Consumer Defensive	4.8%	-
Energy	3.6%	-
Real Estate	2.9%	-
Utilities	2.4%	-
Basic Materials	2.2%	-

Return for Risk

FDRR vs. DBO — Risk / Return Rank

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

FDRR

FDRR Risk / Return Rank: 82
FDRR Sharpe Ratio Rank: 85
FDRR Sortino Ratio Rank: 86
FDRR Omega Ratio Rank: 84
FDRR Calmar Ratio Rank: 73
FDRR Martin Ratio Rank: 79

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.

FDRR vs. DBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Dividend ETF for Rising Rates (FDRR) 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.

	FDRR	DBO	Difference
Sharpe ratio: Return per unit of total volatility	2.85	2.34	+0.51
Sortino ratio: Return per unit of downside risk	3.96	2.94	+1.02
Omega ratio: Gain probability vs. loss probability	1.52	1.38	+0.15
Calmar ratio: Return relative to maximum drawdown	3.69	4.44	-0.75
Martin ratio: Return relative to average drawdown	15.70	9.02	+6.68
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FDRR vs. DBO - Sharpe Ratio Comparison

The current FDRR Sharpe Ratio is 2.85, which is comparable to the DBO Sharpe Ratio of 2.34. The chart below compares the historical Sharpe Ratios of FDRR 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

	FDRR	DBO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.85	2.34	+0.51
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.83	0.50	+0.33
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.36	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.81	0.02	+0.79

Drawdowns

FDRR vs. DBO - Drawdown Comparison

The maximum FDRR drawdown since its inception was -36.52%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for FDRR and DBO.

Drawdown Indicators

	FDRR	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-36.52%	-90.18%	+53.66%
Max Drawdown (1Y) Largest decline over 1 year	-8.52%	-18.19%	+9.67%
Max Drawdown (3Y) Largest decline over 3 years	-18.04%	-28.20%	+10.16%
Max Drawdown (5Y) Largest decline over 5 years	-20.92%	-37.68%	+16.76%
Max Drawdown (10Y) Largest decline over 10 years	—	-61.69%	—
Current Drawdown Current decline from peak	-1.15%	-51.38%	+50.23%
Average Drawdown Average peak-to-trough decline	-4.00%	-62.25%	+58.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.00%	8.92%	-6.92%

Volatility

FDRR vs. DBO - Volatility Comparison

The current volatility for Fidelity Dividend ETF for Rising Rates (FDRR) is 3.08%, while Invesco DB Oil Fund (DBO) has a volatility of 12.61%. This indicates that FDRR 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

	FDRR	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.08%	12.61%	-9.53%
Volatility (6M) Calculated over the trailing 6-month period	8.31%	28.20%	-19.89%
Volatility (1Y) Calculated over the trailing 1-year period	11.04%	34.46%	-23.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.00%	32.29%	-17.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.88%	31.78%	-14.90%

FDRR vs. DBO - Expense Ratio Comparison

FDRR has a 0.29% expense ratio, which is lower than DBO's 0.78% expense ratio.

Dividends

FDRR vs. DBO - Dividend Comparison

FDRR's dividend yield for the trailing twelve months is around 2.10%, more than DBO's 1.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DBO Invesco DB Oil Fund	1.90%	3.51%	4.68%	4.59%	0.66%	0.00%	0.00%	1.63%	1.58%	0.00%	0.00%
FDRR Fidelity Dividend ETF for Rising Rates	2.10%	2.21%	2.61%	2.93%	2.75%	2.09%	2.85%	2.89%	3.20%	2.89%	0.61%

Frequently Asked Questions

Can I hold both FDRR and DBO in my portfolio?

FDRR 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, FDRR or DBO?

DBO has higher volatility (12.61%) compared to FDRR (3.08%). In terms of maximum drawdown, FDRR dropped -36.52% vs DBO's -90.18%.

Which ETF is better, FDRR or DBO?

On 5-year performance, DBO leads with 15.98% vs 12.34% for FDRR. On fees, FDRR is cheaper at 0.29% per year. On volatility, FDRR has been the lower-risk option at 3.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FDRR or DBO?

Over the 5-year period, DBO has performed better with a 15.98% return vs 12.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FDRR or DBO?

FDRR is cheaper with a 0.29% expense ratio, compared with 0.78% for DBO.

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

FDRR has the higher dividend yield at 2.10%, compared with 1.90% for DBO.

What is the main difference between FDRR and DBO?

FDRR is categorized as Large Cap Growth Equities, while DBO is Oil & Gas. FDRR tracks Fidelity Dividend Index for Rising Rates, while DBO tracks DBIQ Optimum Yield Crude Oil Index Excess Return. They also come from different issuers: Fidelity and Invesco. Their fees differ too: 0.29% for FDRR and 0.78% for DBO.

Which has better risk-adjusted returns?

FDRR currently has the higher Sharpe Ratio (2.85 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.