FFSM vs. DBO
FFSM (Fidelity Fundamental Small-Mid Cap ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - FFSM is a Mid Cap Blend Equities fund actively managed by Fidelity, while DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return. FFSM is actively managed, while DBO is passively managed. Over the past 5 years, FFSM returned 10.93%/yr vs 13.64%/yr for DBO. Their 0.13 correlation means their historical movements had little consistent relationship. FFSM charges 0.43%/yr vs 0.78%/yr for DBO.
Performance
FFSM vs. DBO - Performance Comparison
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Returns By Period
In the year-to-date period, FFSM achieves a 21.43% return, which is significantly lower than DBO's 66.72% return.
FFSM
- 1D
- 1.20%
- 1M
- -0.08%
- 6M
- 14.38%
- YTD
- 21.43%
- 1Y
- 37.13%
- 3Y*
- 19.05%
- 5Y*
- 10.93%
- 10Y*
- —
- ALL TIME*
- 12.24%
DBO
- 1D
- -5.53%
- 1M
- 17.71%
- 6M
- 53.16%
- YTD
- 66.72%
- 1Y
- 51.44%
- 3Y*
- 12.33%
- 5Y*
- 13.64%
- 10Y*
- 11.43%
- ALL TIME*
- 0.22%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $11.34M | $10.71M | $13.49M | |
| $11.20M | $10.45M | $7.00M |
FFSM vs. DBO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
FFSM Fidelity Fundamental Small-Mid Cap ETF | 21.43% | 14.89% | 14.38% | 17.30% | -16.35% | 20.44% |
DBO Invesco DB Oil Fund | 66.72% | -11.71% | 7.85% | -4.44% | 13.04% | 40.12% |
Correlation
The correlation between FFSM and DBO is -0.25, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.25 |
Correlation (3Y) Balances recent behavior with more history. | -0.03 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.12 |
Correlation (All Time) Calculated using the full available price history since Feb 4, 2021 | 0.13 |
The correlation between FFSM and DBO shifts across timeframes, from -0.25 (1 year) to 0.13 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
FFSM vs. DBO — Risk / Return Rank
FFSM
DBO
FFSM vs. DBO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Fundamental Small-Mid Cap ETF (FFSM) 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.
| FFSM | DBO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.65 | ||
| Sortino ratioReturn per unit of downside risk | +0.87 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.23 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 3.60 | 1.86 | +1.73 |
| Martin ratioReturn relative to average drawdown | 13.42 | 5.64 | +7.77 |
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Drawdowns
FFSM vs. DBO - Drawdown Comparison
The maximum FFSM drawdown since its inception was -26.65%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for FFSM and DBO.
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Drawdown Indicators
| FFSM | DBO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.65% | -90.18% | +63.53% |
Max Drawdown (1Y)Largest decline over 1 year | -10.37% | -27.73% | +17.36% |
Max Drawdown (3Y)Largest decline over 3 years | -24.78% | -28.20% | +3.42% |
Max Drawdown (5Y)Largest decline over 5 years | -26.65% | -37.68% | +11.03% |
Max Drawdown (10Y)Largest decline over 10 years | — | -61.69% | — |
Current DrawdownCurrent decline from peak | -2.70% | -56.13% | +53.43% |
Average DrawdownAverage peak-to-trough decline | -7.69% | -62.20% | +54.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.77% | 9.16% | -6.39% |
Volatility
FFSM vs. DBO - Volatility Comparison
The current volatility for Fidelity Fundamental Small-Mid Cap ETF (FFSM) is 4.27%, while Invesco DB Oil Fund (DBO) has a volatility of 18.99%. This indicates that FFSM 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.
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Volatility by Period
| FFSM | DBO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.27% | 18.99% | -14.72% |
Volatility (6M)Calculated over the trailing 6-month period | 14.76% | 34.30% | -19.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.88% | 38.86% | -19.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.74% | 33.43% | -12.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.53% | 32.24% | -11.71% |
FFSM vs. DBO - Expense Ratio Comparison
FFSM has a 0.43% expense ratio, which is lower than DBO's 0.78% expense ratio.
Dividends
FFSM vs. DBO - Dividend Comparison
FFSM's dividend yield for the trailing twelve months is around 0.44%, less than DBO's 2.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBO Invesco DB Oil Fund | 2.11% | 3.51% | 4.68% | 4.59% | 0.66% | 0.00% | 0.00% | 1.63% | 1.58% |
FFSM Fidelity Fundamental Small-Mid Cap ETF | 0.44% | 0.56% | 0.62% | 0.56% | 0.58% | 0.37% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FFSM and DBO have a correlation of -0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBO has higher volatility (18.99%) compared to FFSM (4.27%). In terms of maximum drawdown, FFSM dropped -26.65% vs DBO's -90.18%.
On 5-year performance, DBO leads with 13.64% vs 10.93% for FFSM. On fees, FFSM is cheaper at 0.43% per year. On volatility, FFSM has been the lower-risk option at 4.27%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, DBO has performed better with a 13.64% return vs 10.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FFSM is cheaper with a 0.43% expense ratio, compared with 0.78% for DBO.
DBO has the higher dividend yield at 2.11%, compared with 0.44% for FFSM.
FFSM is categorized as Mid Cap Blend Equities, while DBO is Oil & Gas. They also come from different issuers: Fidelity and Invesco. Their fees differ too: 0.43% for FFSM and 0.78% for DBO.
FFSM currently has the higher Sharpe Ratio (1.98 vs 1.33), 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.
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