FNCL vs. DBO

Last updated Jun 4, 2026

FNCL (Fidelity MSCI Financials Index ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - FNCL is a Financials Equities fund tracking the MSCI USA IMI Financials Index, while DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return. Both are passively managed. Over the past 10 years, FNCL returned 12.14%/yr vs 11.37%/yr for DBO. At a 0.21 correlation, their price movements are largely independent. FNCL charges 0.08%/yr vs 0.78%/yr for DBO.

Performance

FNCL vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity MSCI Financials Index ETF (FNCL) 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, FNCL achieves a -6.43% return, which is significantly lower than DBO's 84.75% return. Over the past 10 years, FNCL has outperformed DBO with an annualized return of 12.14%, while DBO has yielded a comparatively lower 11.37% annualized return.

FNCL

• 1D: -1.42%
• 1M: -1.74%
• YTD: -6.43%
• 6M: -3.99%
• 1Y: 2.36%
• 3Y*: 18.42%
• 5Y*: 7.79%
• 10Y*: 12.14%

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)

FNCL vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FNCL Fidelity MSCI Financials Index ETF	-6.43%	14.94%	30.44%	14.10%	-12.28%	34.92%	-2.19%	31.59%	-13.44%	19.99%
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 FNCL and DBO is -0.21, 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	-0.21
Correlation (3Y) Calculated over the trailing 3-year period	-0.04
Correlation (5Y) Calculated over the trailing 5-year period	0.12
Correlation (10Y) Calculated over the trailing 10-year period	0.19
Correlation (All Time) Calculated using the full available price history since Oct 25, 2013	0.21

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

FNCL vs. DBO - Sectors Allocation Comparison

Sectors	FNCL	DBO
Financial Services	96.9%	116.0%
Technology	2.1%	-
Real Estate	0.7%	-
Industrials	0.2%	-
Healthcare	0.0%	-
Communication Services	0.0%	-
Consumer Cyclical	0.0%	-
Basic Materials	-	-
Consumer Defensive	-	-
Energy	-	-
Utilities	-	-

Return for Risk

FNCL vs. DBO — Risk / Return Rank

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

FNCL

FNCL Risk / Return Rank: 10
FNCL Sharpe Ratio Rank: 11
FNCL Sortino Ratio Rank: 10
FNCL Omega Ratio Rank: 10
FNCL Calmar Ratio Rank: 10
FNCL Martin Ratio Rank: 11

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.

FNCL vs. DBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity MSCI Financials Index ETF (FNCL) 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.

	FNCL	DBO	Difference
Sharpe ratio: Return per unit of total volatility	0.16	2.34	-2.18
Sortino ratio: Return per unit of downside risk	0.32	2.94	-2.62
Omega ratio: Gain probability vs. loss probability	1.04	1.38	-0.34
Calmar ratio: Return relative to maximum drawdown	0.16	4.44	-4.28
Martin ratio: Return relative to average drawdown	0.43	9.02	-8.60
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FNCL vs. DBO - Sharpe Ratio Comparison

The current FNCL Sharpe Ratio is 0.16, which is lower than the DBO Sharpe Ratio of 2.34. The chart below compares the historical Sharpe Ratios of FNCL 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

	FNCL	DBO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.16	2.34	-2.18
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.41	0.50	-0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	0.36	+0.19
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	0.02	+0.51

Drawdowns

FNCL vs. DBO - Drawdown Comparison

The maximum FNCL drawdown since its inception was -44.38%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for FNCL and DBO.

Drawdown Indicators

	FNCL	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-44.38%	-90.18%	+45.80%
Max Drawdown (1Y) Largest decline over 1 year	-14.78%	-18.19%	+3.41%
Max Drawdown (3Y) Largest decline over 3 years	-17.29%	-28.20%	+10.91%
Max Drawdown (5Y) Largest decline over 5 years	-25.68%	-37.68%	+12.00%
Max Drawdown (10Y) Largest decline over 10 years	-44.38%	-61.69%	+17.31%
Current Drawdown Current decline from peak	-9.28%	-51.38%	+42.10%
Average Drawdown Average peak-to-trough decline	-6.90%	-62.25%	+55.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.56%	8.92%	-3.36%

Volatility

FNCL vs. DBO - Volatility Comparison

The current volatility for Fidelity MSCI Financials Index ETF (FNCL) is 3.26%, while Invesco DB Oil Fund (DBO) has a volatility of 12.61%. This indicates that FNCL 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

	FNCL	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.26%	12.61%	-9.35%
Volatility (6M) Calculated over the trailing 6-month period	11.03%	28.20%	-17.17%
Volatility (1Y) Calculated over the trailing 1-year period	14.76%	34.46%	-19.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.26%	32.29%	-13.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.34%	31.78%	-9.44%

FNCL vs. DBO - Expense Ratio Comparison

FNCL has a 0.08% expense ratio, which is lower than DBO's 0.78% expense ratio.

Dividends

FNCL vs. DBO - Dividend Comparison

FNCL's dividend yield for the trailing twelve months is around 1.70%, less than DBO's 1.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%
FNCL Fidelity MSCI Financials Index ETF	1.70%	1.45%	1.52%	1.91%	2.29%	1.75%	2.26%	2.17%	2.37%	1.60%	1.81%	2.17%

Frequently Asked Questions

Can I hold both FNCL and DBO in my portfolio?

FNCL and DBO have a correlation of -0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FNCL or DBO?

DBO has higher volatility (12.61%) compared to FNCL (3.26%). In terms of maximum drawdown, FNCL dropped -44.38% vs DBO's -90.18%.

Which ETF is better, FNCL or DBO?

On 10-year performance, FNCL leads with 12.14% vs 11.37% for DBO. On fees, FNCL is cheaper at 0.08% per year. On volatility, FNCL has been the lower-risk option at 3.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FNCL or DBO?

Over the 10-year period, FNCL has performed better with a 12.14% return vs 11.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FNCL or DBO?

FNCL is cheaper with a 0.08% expense ratio, compared with 0.78% for DBO.

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

DBO has the higher dividend yield at 1.90%, compared with 1.70% for FNCL.

What is the main difference between FNCL and DBO?

FNCL is categorized as Financials Equities, while DBO is Oil & Gas. FNCL tracks MSCI USA IMI Financials Index, while DBO tracks DBIQ Optimum Yield Crude Oil Index Excess Return. They also come from different issuers: Fidelity and Invesco. Their fees differ too: 0.08% for FNCL and 0.78% for DBO.

Which has better risk-adjusted returns?

DBO currently has the higher Sharpe Ratio (2.34 vs 0.16), 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.