FNDX vs. DBO

Last updated Aug 4, 2026

FNDX (Schwab Fundamental U.S. Large Company Index ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - FNDX is a Large Cap Value Equities fund tracking the RAFI Fundamental High Liquidity US Large 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, FNDX returned 14.22%/yr vs 11.43%/yr for DBO. Their 0.29 correlation means their historical movements had little consistent relationship. FNDX charges 0.25%/yr vs 0.78%/yr for DBO.

Performance

FNDX vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab Fundamental U.S. Large Company Index ETF (FNDX) 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, FNDX achieves a 18.49% return, which is significantly lower than DBO's 66.72% return. Over the past 10 years, FNDX has outperformed DBO with an annualized return of 14.22%, while DBO has yielded a comparatively lower 11.43% annualized return.

FNDX

• 1D: 0.79%
• 1M: 2.30%
• 6M: 12.65%
• YTD: 18.49%
• 1Y: 33.39%
• 3Y*: 19.99%
• 5Y*: 14.07%
• 10Y*: 14.22%
• ALL TIME*: 13.17%

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
FNDX Schwab Fundamental U.S. Large Company Index ETF	$78.80M	$81.53M	$109.49M

FNDX vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FNDX Schwab Fundamental U.S. Large Company Index ETF	18.49%	16.94%	16.77%	18.23%	-6.92%	31.73%	9.12%	28.65%	-7.30%	17.12%
DBO Invesco DB Oil Fund	66.72%	-11.71%	7.85%	-4.44%	13.04%	60.74%	-20.99%	28.05%	-15.22%	4.86%

Correlation

The correlation between FNDX and DBO is -0.21, 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.	-0.21
Correlation (3Y) Balances recent behavior with more history.	-0.01
Correlation (5Y) Shows whether the relationship held over a longer period.	0.15
Correlation (10Y) Provides a long-term view across more market conditions.	0.26
Correlation (All Time) Calculated using the full available price history since Aug 15, 2013	0.29

The correlation between FNDX and DBO shifts across timeframes, from -0.21 (1 year) to 0.29 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FNDX vs. DBO — Risk / Return Rank

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

FNDX

FNDX Risk / Return Rank: 96
FNDX Sharpe Ratio Rank: 97
FNDX Sortino Ratio Rank: 96
FNDX Omega Ratio Rank: 96
FNDX Calmar Ratio Rank: 95
FNDX Martin Ratio Rank: 95

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.

FNDX vs. DBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab Fundamental U.S. Large Company Index ETF (FNDX) 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.

	FNDX	DBO	Difference
Sharpe ratio: Return per unit of total volatility	3.29	1.33	+1.95
Sortino ratio: Return per unit of downside risk	4.54	1.92	+2.62
Omega ratio: Gain probability vs. loss probability	1.62	1.23	+0.38
Calmar ratio: Return relative to maximum drawdown	5.53	1.86	+3.67
Martin ratio: Return relative to average drawdown	22.12	5.64	+16.48

FNDX vs. DBO - Sharpe Ratio Comparison

The current FNDX Sharpe Ratio is 3.29, which is higher than the DBO Sharpe Ratio of 1.33. The chart below compares the historical Sharpe Ratios of FNDX 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

FNDX vs. DBO - Drawdown Comparison

The maximum FNDX drawdown since its inception was -37.72%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for FNDX and DBO.

Drawdown Indicators

	FNDX	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-37.72%	-90.18%	+52.46%
Max Drawdown (1Y) Largest decline over 1 year	-6.06%	-27.73%	+21.67%
Max Drawdown (3Y) Largest decline over 3 years	-16.30%	-28.20%	+11.90%
Max Drawdown (5Y) Largest decline over 5 years	-19.06%	-37.68%	+18.62%
Max Drawdown (10Y) Largest decline over 10 years	-37.72%	-61.69%	+23.97%
Current Drawdown Current decline from peak	0.00%	-56.13%	+56.13%
Average Drawdown Average peak-to-trough decline	-3.52%	-62.20%	+58.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.51%	9.16%	-7.65%

Volatility

FNDX vs. DBO - Volatility Comparison

The current volatility for Schwab Fundamental U.S. Large Company Index ETF (FNDX) is 2.44%, while Invesco DB Oil Fund (DBO) has a volatility of 18.99%. This indicates that FNDX 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

	FNDX	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.44%	18.99%	-16.55%
Volatility (6M) Calculated over the trailing 6-month period	7.37%	34.30%	-26.93%
Volatility (1Y) Calculated over the trailing 1-year period	10.23%	38.86%	-28.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.08%	33.43%	-18.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.45%	32.24%	-14.79%

FNDX vs. DBO - Expense Ratio Comparison

FNDX has a 0.25% expense ratio, which is lower than DBO's 0.78% expense ratio.

Dividends

FNDX vs. DBO - Dividend Comparison

FNDX's dividend yield for the trailing twelve months is around 1.44%, less than DBO's 2.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DBO Invesco DB Oil Fund	2.11%	3.51%	4.68%	4.59%	0.66%	0.00%	0.00%	1.63%	1.58%	0.00%	0.00%	0.00%
FNDX Schwab Fundamental U.S. Large Company Index ETF	1.44%	1.63%	1.76%	1.82%	2.07%	1.64%	2.29%	2.23%	2.40%	1.86%	2.01%	2.01%

Frequently Asked Questions

Can I hold both FNDX and DBO in my portfolio?

FNDX 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, FNDX or DBO?

DBO has higher volatility (18.99%) compared to FNDX (2.44%). In terms of maximum drawdown, FNDX dropped -37.72% vs DBO's -90.18%.

Which ETF is better, FNDX or DBO?

On 10-year performance, FNDX leads with 14.22% vs 11.43% for DBO. On fees, FNDX is cheaper at 0.25% per year. On volatility, FNDX has been the lower-risk option at 2.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FNDX or DBO?

Over the 10-year period, FNDX has performed better with a 14.22% return vs 11.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FNDX or DBO?

FNDX is cheaper with a 0.25% expense ratio, compared with 0.78% for DBO.

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

DBO has the higher dividend yield at 2.11%, compared with 1.44% for FNDX.

What is the main difference between FNDX and DBO?

FNDX is categorized as Large Cap Value Equities, while DBO is Oil & Gas. FNDX tracks RAFI Fundamental High Liquidity US Large Index, while DBO tracks DBIQ Optimum Yield Crude Oil Index Excess Return. They also come from different issuers: Charles Schwab and Invesco. Their fees differ too: 0.25% for FNDX and 0.78% for DBO.

Which has better risk-adjusted returns?

FNDX currently has the higher Sharpe Ratio (3.29 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.