FTSM vs. DBO

Last updated Jun 4, 2026

FTSM (First Trust Enhanced Short Maturity ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - FTSM is a Ultrashort Bond fund actively managed by First Trust, while DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return. FTSM is actively managed, while DBO is passively managed. Over the past 10 years, FTSM returned 2.54%/yr vs 11.37%/yr for DBO. At a correlation of -0.04, they often move in opposite directions. FTSM charges 0.44%/yr vs 0.78%/yr for DBO.

Performance

FTSM vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Enhanced Short Maturity ETF (FTSM) 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, FTSM achieves a 1.43% return, which is significantly lower than DBO's 84.75% return. Over the past 10 years, FTSM has underperformed DBO with an annualized return of 2.54%, while DBO has yielded a comparatively higher 11.37% annualized return.

FTSM

• 1D: -0.05%
• 1M: 0.33%
• YTD: 1.43%
• 6M: 1.77%
• 1Y: 4.16%
• 3Y*: 4.84%
• 5Y*: 3.45%
• 10Y*: 2.54%

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)

FTSM vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FTSM First Trust Enhanced Short Maturity ETF	1.43%	4.66%	5.22%	5.12%	1.02%	-0.01%	1.12%	2.82%	1.94%	1.57%
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 FTSM and DBO is -0.38, 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	-0.38
Correlation (3Y) Calculated over the trailing 3-year period	-0.17
Correlation (5Y) Calculated over the trailing 5-year period	-0.11
Correlation (10Y) Calculated over the trailing 10-year period	-0.06
Correlation (All Time) Calculated using the full available price history since Aug 7, 2014	-0.04

Over the past year, the inverse relationship between FTSM and DBO has strengthened: their correlation has moved from -0.04 to -0.38, meaning they now move in opposite directions more often than their long-term average.

FTSM vs. DBO - Sectors Allocation Comparison

Sectors	FTSM	DBO
Real Estate	100.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	116.0%
Healthcare	-	-
Industrials	-	-
Technology	-	-
Utilities	-	-

Return for Risk

FTSM vs. DBO — Risk / Return Rank

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

FTSM

FTSM Risk / Return Rank: 99
FTSM Sharpe Ratio Rank: 99
FTSM Sortino Ratio Rank: 99
FTSM Omega Ratio Rank: 99
FTSM Calmar Ratio Rank: 99
FTSM Martin Ratio Rank: 99

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.

FTSM vs. DBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Enhanced Short Maturity ETF (FTSM) 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.

	FTSM	DBO	Difference
Sharpe ratio: Return per unit of total volatility	8.78	2.34	+6.43
Sortino ratio: Return per unit of downside risk	20.68	2.94	+17.75
Omega ratio: Gain probability vs. loss probability	4.37	1.38	+3.00
Calmar ratio: Return relative to maximum drawdown	35.73	4.44	+31.29
Martin ratio: Return relative to average drawdown	177.67	9.02	+168.64
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FTSM vs. DBO - Sharpe Ratio Comparison

The current FTSM Sharpe Ratio is 8.78, which is higher than the DBO Sharpe Ratio of 2.34. The chart below compares the historical Sharpe Ratios of FTSM 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

	FTSM	DBO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	8.78	2.34	+6.43
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	7.02	0.50	+6.52
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	2.89	0.36	+2.53
Sharpe Ratio (All Time) Calculated using the full available price history	1.96	0.02	+1.93

Drawdowns

FTSM vs. DBO - Drawdown Comparison

The maximum FTSM drawdown since its inception was -4.12%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for FTSM and DBO.

Drawdown Indicators

	FTSM	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-4.12%	-90.18%	+86.06%
Max Drawdown (1Y) Largest decline over 1 year	-0.12%	-18.19%	+18.07%
Max Drawdown (3Y) Largest decline over 3 years	-0.15%	-28.20%	+28.05%
Max Drawdown (5Y) Largest decline over 5 years	-0.65%	-37.68%	+37.03%
Max Drawdown (10Y) Largest decline over 10 years	-4.12%	-61.69%	+57.57%
Current Drawdown Current decline from peak	-0.05%	-51.38%	+51.33%
Average Drawdown Average peak-to-trough decline	-0.22%	-62.25%	+62.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.02%	8.92%	-8.90%

Volatility

FTSM vs. DBO - Volatility Comparison

The current volatility for First Trust Enhanced Short Maturity ETF (FTSM) is 0.16%, while Invesco DB Oil Fund (DBO) has a volatility of 12.61%. This indicates that FTSM 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

	FTSM	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.16%	12.61%	-12.45%
Volatility (6M) Calculated over the trailing 6-month period	0.35%	28.20%	-27.85%
Volatility (1Y) Calculated over the trailing 1-year period	0.48%	34.46%	-33.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.49%	32.29%	-31.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.88%	31.78%	-30.90%

FTSM vs. DBO - Expense Ratio Comparison

FTSM has a 0.44% expense ratio, which is lower than DBO's 0.78% expense ratio.

Dividends

FTSM vs. DBO - Dividend Comparison

FTSM's dividend yield for the trailing twelve months is around 4.16%, more 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%
FTSM First Trust Enhanced Short Maturity ETF	4.16%	4.28%	4.91%	4.62%	1.62%	0.39%	1.20%	2.38%	2.14%	1.49%	1.03%	0.48%

Frequently Asked Questions

Can I hold both FTSM and DBO in my portfolio?

FTSM and DBO have a correlation of -0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FTSM or DBO?

DBO has higher volatility (12.61%) compared to FTSM (0.16%). In terms of maximum drawdown, FTSM dropped -4.12% vs DBO's -90.18%.

Which ETF is better, FTSM or DBO?

On 10-year performance, DBO leads with 11.37% vs 2.54% for FTSM. On fees, FTSM is cheaper at 0.44% per year. On volatility, FTSM has been the lower-risk option at 0.16%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FTSM or DBO?

Over the 10-year period, DBO has performed better with a 11.37% return vs 2.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FTSM or DBO?

FTSM is cheaper with a 0.44% expense ratio, compared with 0.78% for DBO.

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

FTSM has the higher dividend yield at 4.16%, compared with 1.90% for DBO.

What is the main difference between FTSM and DBO?

FTSM is categorized as Ultrashort Bond, while DBO is Oil & Gas. They also come from different issuers: First Trust and Invesco. Their fees differ too: 0.44% for FTSM and 0.78% for DBO.

Which has better risk-adjusted returns?

FTSM currently has the higher Sharpe Ratio (8.78 vs 2.34), 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.