FMAR vs. DBO

Last updated Aug 4, 2026

FMAR (FT Vest U.S. Equity Buffer ETF - March) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - FMAR is a Defined Outcome fund actively managed by FT Vest, while DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return. FMAR is actively managed, while DBO is passively managed. Over the past 5 years, FMAR returned 10.60%/yr vs 13.64%/yr for DBO. Their 0.07 correlation means their historical movements had little consistent relationship. FMAR charges 0.85%/yr vs 0.78%/yr for DBO.

Performance

FMAR vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest U.S. Equity Buffer ETF - March (FMAR) 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, FMAR achieves a 11.43% return, which is significantly lower than DBO's 66.72% return.

FMAR

• 1D: 0.38%
• 1M: 1.12%
• 6M: 10.54%
• YTD: 11.43%
• 1Y: 17.38%
• 3Y*: 13.97%
• 5Y*: 10.60%
• 10Y*: —
• ALL TIME*: 11.35%

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%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DBO Invesco DB Oil Fund	$11.34M	$10.71M	$13.49M
FMAR FT Vest U.S. Equity Buffer ETF - March	$817.51K	$684.12K	$1.82M

FMAR vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FMAR FT Vest U.S. Equity Buffer ETF - March	11.43%	9.69%	14.61%	20.39%	-5.51%	11.71%
DBO Invesco DB Oil Fund	66.72%	-11.71%	7.85%	-4.44%	13.04%	25.58%

Correlation

The correlation between FMAR and DBO is -0.28, 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.	-0.28
Correlation (3Y) Balances recent behavior with more history.	-0.06
Correlation (5Y) Shows whether the relationship held over a longer period.	0.07
Correlation (All Time) Calculated using the full available price history since Mar 22, 2021	0.07

The correlation between FMAR and DBO shifts across timeframes, from -0.28 (1 year) to 0.07 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FMAR vs. DBO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FMAR

FMAR Risk / Return Rank: 97
FMAR Sharpe Ratio Rank: 97
FMAR Sortino Ratio Rank: 97
FMAR Omega Ratio Rank: 97
FMAR Calmar Ratio Rank: 97
FMAR Martin Ratio Rank: 98

DBO

DBO Risk / Return Rank: 51
DBO Sharpe Ratio Rank: 53
DBO Sortino Ratio Rank: 53
DBO Omega Ratio Rank: 50
DBO Calmar Ratio Rank: 51
DBO Martin Ratio Rank: 48

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FMAR vs. DBO - Risk-Adjusted Trends Comparison

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

	FMAR	DBO	Difference
Sharpe ratio: Return per unit of total volatility	3.35	1.33	+2.02
Sortino ratio: Return per unit of downside risk	5.34	1.92	+3.41
Omega ratio: Gain probability vs. loss probability	1.79	1.23	+0.55
Calmar ratio: Return relative to maximum drawdown	7.40	1.86	+5.53
Martin ratio: Return relative to average drawdown	43.08	5.64	+37.44

FMAR vs. DBO - Sharpe Ratio Comparison

The current FMAR Sharpe Ratio is 3.35, which is higher than the DBO Sharpe Ratio of 1.33. The chart below compares the historical Sharpe Ratios of FMAR 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.

Drawdowns

FMAR vs. DBO - Drawdown Comparison

The maximum FMAR drawdown since its inception was -14.36%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for FMAR and DBO.

Drawdown Indicators

	FMAR	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-14.36%	-90.18%	+75.82%
Max Drawdown (1Y) Largest decline over 1 year	-2.36%	-27.73%	+25.37%
Max Drawdown (3Y) Largest decline over 3 years	-12.37%	-28.20%	+15.83%
Max Drawdown (5Y) Largest decline over 5 years	-14.36%	-37.68%	+23.32%
Max Drawdown (10Y) Largest decline over 10 years	—	-61.69%	—
Current Drawdown Current decline from peak	0.00%	-56.13%	+56.13%
Average Drawdown Average peak-to-trough decline	-2.08%	-62.20%	+60.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.40%	9.16%	-8.76%

Volatility

FMAR vs. DBO - Volatility Comparison

The current volatility for FT Vest U.S. Equity Buffer ETF - March (FMAR) is 1.50%, while Invesco DB Oil Fund (DBO) has a volatility of 18.99%. This indicates that FMAR 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

	FMAR	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.50%	18.99%	-17.49%
Volatility (6M) Calculated over the trailing 6-month period	4.48%	34.30%	-29.82%
Volatility (1Y) Calculated over the trailing 1-year period	5.22%	38.86%	-33.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.45%	33.43%	-22.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.24%	32.24%	-22.00%

FMAR vs. DBO - Expense Ratio Comparison

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

Dividends

FMAR vs. DBO - Dividend Comparison

FMAR has not paid dividends to shareholders, while DBO's dividend yield for the trailing twelve months is around 2.11%.

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%
FMAR FT Vest U.S. Equity Buffer ETF - March	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 FMAR and DBO in my portfolio?

FMAR and DBO have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FMAR or DBO?

DBO has higher volatility (18.99%) compared to FMAR (1.50%). In terms of maximum drawdown, FMAR dropped -14.36% vs DBO's -90.18%.

Which ETF is better, FMAR or DBO?

On 5-year performance, DBO leads with 13.64% vs 10.60% for FMAR. On fees, DBO is cheaper at 0.78% per year. On volatility, FMAR has been the lower-risk option at 1.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FMAR or DBO?

Over the 5-year period, DBO has performed better with a 13.64% return vs 10.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FMAR or DBO?

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

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

DBO has the higher dividend yield at 2.11%, compared with 0.00% for FMAR.

What is the main difference between FMAR and DBO?

FMAR is categorized as Defined Outcome, while DBO is Oil & Gas. They also come from different issuers: FT Vest and Invesco. Their fees differ too: 0.85% for FMAR and 0.78% for DBO.

Which has better risk-adjusted returns?

FMAR currently has the higher Sharpe Ratio (3.35 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.