FSEP vs. DBO
FSEP (FT Cboe Vest U.S. Equity Buffer ETF - September) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - FSEP is a Options Trading fund tracking the Cboe S&P 500 Buffer Protect Index September, 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, FSEP returned 10.20%/yr vs 13.64%/yr for DBO. Their 0.07 correlation means their historical movements had little consistent relationship. FSEP charges 0.85%/yr vs 0.78%/yr for DBO.
Performance
FSEP vs. DBO - Performance Comparison
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Returns By Period
In the year-to-date period, FSEP achieves a 8.36% return, which is significantly lower than DBO's 66.72% return.
FSEP
- 1D
- 0.63%
- 1M
- 1.42%
- 6M
- 7.02%
- YTD
- 8.36%
- 1Y
- 15.51%
- 3Y*
- 13.53%
- 5Y*
- 10.20%
- 10Y*
- —
- ALL TIME*
- 11.55%
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 | |
| $980.77K | $991.65K | $2.90M |
FSEP vs. DBO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
FSEP FT Cboe Vest U.S. Equity Buffer ETF - September | 8.36% | 12.83% | 13.56% | 20.23% | -7.05% | 11.61% | 9.64% |
DBO Invesco DB Oil Fund | 66.72% | -11.71% | 7.85% | -4.44% | 13.04% | 60.74% | 14.54% |
Correlation
The correlation between FSEP and DBO is -0.26, 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. | -0.26 |
Correlation (3Y) Balances recent behavior with more history. | -0.08 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.05 |
Correlation (All Time) Calculated using the full available price history since Sep 21, 2020 | 0.07 |
The correlation between FSEP and DBO shifts across timeframes, from -0.26 (1 year) to 0.07 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
FSEP vs. DBO — Risk / Return Rank
FSEP
DBO
FSEP vs. DBO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for FT Cboe Vest U.S. Equity Buffer ETF - September (FSEP) 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.
| FSEP | DBO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.70 | ||
| Sortino ratioReturn per unit of downside risk | +1.00 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.23 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 2.77 | 1.86 | +0.91 |
| Martin ratioReturn relative to average drawdown | 13.70 | 5.64 | +8.05 |
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Drawdowns
FSEP vs. DBO - Drawdown Comparison
The maximum FSEP drawdown since its inception was -13.79%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for FSEP and DBO.
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Drawdown Indicators
| FSEP | DBO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.79% | -90.18% | +76.39% |
Max Drawdown (1Y)Largest decline over 1 year | -5.62% | -27.73% | +22.11% |
Max Drawdown (3Y)Largest decline over 3 years | -12.37% | -28.20% | +15.83% |
Max Drawdown (5Y)Largest decline over 5 years | -13.79% | -37.68% | +23.89% |
Max Drawdown (10Y)Largest decline over 10 years | — | -61.69% | — |
Current DrawdownCurrent decline from peak | 0.00% | -56.13% | +56.13% |
Average DrawdownAverage peak-to-trough decline | -2.09% | -62.20% | +60.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.13% | 9.16% | -8.03% |
Volatility
FSEP vs. DBO - Volatility Comparison
The current volatility for FT Cboe Vest U.S. Equity Buffer ETF - September (FSEP) is 1.97%, while Invesco DB Oil Fund (DBO) has a volatility of 18.99%. This indicates that FSEP 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
| FSEP | DBO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.97% | 18.99% | -17.02% |
Volatility (6M)Calculated over the trailing 6-month period | 6.07% | 34.30% | -28.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.69% | 38.86% | -31.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.87% | 33.43% | -22.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.46% | 32.24% | -21.78% |
FSEP vs. DBO - Expense Ratio Comparison
FSEP has a 0.85% expense ratio, which is higher than DBO's 0.78% expense ratio.
Dividends
FSEP vs. DBO - Dividend Comparison
FSEP 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% |
FSEP FT Cboe Vest U.S. Equity Buffer ETF - September | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FSEP and DBO have a correlation of -0.26, 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 FSEP (1.97%). In terms of maximum drawdown, FSEP dropped -13.79% vs DBO's -90.18%.
On 5-year performance, DBO leads with 13.64% vs 10.20% for FSEP. On fees, DBO is cheaper at 0.78% per year. On volatility, FSEP has been the lower-risk option at 1.97%. 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 10.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DBO is cheaper with a 0.78% expense ratio, compared with 0.85% for FSEP.
DBO has the higher dividend yield at 2.11%, compared with 0.00% for FSEP.
FSEP is categorized as Options Trading, while DBO is Oil & Gas. FSEP tracks Cboe S&P 500 Buffer Protect Index September, while DBO tracks DBIQ Optimum Yield Crude Oil Index Excess Return. They also come from different issuers: FT Vest and Invesco. Their fees differ too: 0.85% for FSEP and 0.78% for DBO.
FSEP currently has the higher Sharpe Ratio (2.03 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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