GAPR vs. DBO

Last updated Jun 4, 2026

GAPR (FT Cboe Vest U.S. Equity Moderate Buffer ETF - April) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - GAPR is a Options Trading fund actively managed by FT Vest, while DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return. GAPR is actively managed, while DBO is passively managed. Over the past 3 years, GAPR returned 11.06%/yr vs 21.86%/yr for DBO. At a 0.00 correlation, their price movements are largely independent. GAPR charges 0.85%/yr vs 0.78%/yr for DBO.

Performance

GAPR vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Cboe Vest U.S. Equity Moderate Buffer ETF - April (GAPR) 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, GAPR achieves a 4.16% return, which is significantly lower than DBO's 84.75% return.

GAPR

• 1D: -0.13%
• 1M: 2.03%
• YTD: 4.16%
• 6M: 4.90%
• 1Y: 10.42%
• 3Y*: 11.06%
• 5Y*: —
• 10Y*: —

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)

GAPR vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
GAPR FT Cboe Vest U.S. Equity Moderate Buffer ETF - April	4.16%	6.68%	14.53%	10.07%
DBO Invesco DB Oil Fund	84.75%	-11.71%	7.85%	-3.94%

Correlation

The correlation between GAPR and DBO is -0.29, 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	-0.29
Correlation (3Y) Calculated over the trailing 3-year period	-0.03
Correlation (All Time) Calculated using the full available price history since Apr 25, 2023	0.00

The correlation between GAPR and DBO shifts across timeframes, from -0.29 (1 year) to 0.00 (all time), reflecting how their relationship changes across market environments.

GAPR vs. DBO - Sectors Allocation Comparison

Sectors	GAPR	DBO
Technology	35.9%	-
Financial Services	11.8%	116.0%
Communication Services	11.3%	-
Consumer Cyclical	10.3%	-
Healthcare	8.4%	-
Industrials	7.8%	-
Consumer Defensive	4.8%	-
Energy	3.6%	-
Utilities	2.4%	-
Real Estate	1.9%	-
Basic Materials	1.8%	-

Return for Risk

GAPR vs. DBO — Risk / Return Rank

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

GAPR

GAPR Risk / Return Rank: 97
GAPR Sharpe Ratio Rank: 95
GAPR Sortino Ratio Rank: 98
GAPR Omega Ratio Rank: 97
GAPR Calmar Ratio Rank: 97
GAPR Martin Ratio Rank: 98

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.

GAPR vs. DBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Cboe Vest U.S. Equity Moderate Buffer ETF - April (GAPR) 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.

	GAPR	DBO	Difference
Sharpe ratio: Return per unit of total volatility	3.97	2.34	+1.63
Sortino ratio: Return per unit of downside risk	6.89	2.94	+3.95
Omega ratio: Gain probability vs. loss probability	1.94	1.38	+0.57
Calmar ratio: Return relative to maximum drawdown	11.94	4.44	+7.51
Martin ratio: Return relative to average drawdown	62.55	9.02	+53.53
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GAPR vs. DBO - Sharpe Ratio Comparison

The current GAPR Sharpe Ratio is 3.97, which is higher than the DBO Sharpe Ratio of 2.34. The chart below compares the historical Sharpe Ratios of GAPR 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

	GAPR	DBO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.97	2.34	+1.63
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.50	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.36	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.64	0.02	+1.62

Drawdowns

GAPR vs. DBO - Drawdown Comparison

The maximum GAPR drawdown since its inception was -8.98%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for GAPR and DBO.

Drawdown Indicators

	GAPR	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-8.98%	-90.18%	+81.20%
Max Drawdown (1Y) Largest decline over 1 year	-0.88%	-18.19%	+17.31%
Max Drawdown (3Y) Largest decline over 3 years	-8.98%	-28.20%	+19.22%
Max Drawdown (5Y) Largest decline over 5 years	—	-37.68%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-61.69%	—
Current Drawdown Current decline from peak	-0.22%	-51.38%	+51.16%
Average Drawdown Average peak-to-trough decline	-0.53%	-62.25%	+61.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.17%	8.92%	-8.75%

Volatility

GAPR vs. DBO - Volatility Comparison

The current volatility for FT Cboe Vest U.S. Equity Moderate Buffer ETF - April (GAPR) is 0.93%, while Invesco DB Oil Fund (DBO) has a volatility of 12.61%. This indicates that GAPR 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

	GAPR	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.93%	12.61%	-11.68%
Volatility (6M) Calculated over the trailing 6-month period	1.84%	28.20%	-26.36%
Volatility (1Y) Calculated over the trailing 1-year period	2.63%	34.46%	-31.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.03%	32.29%	-25.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.03%	31.78%	-24.75%

GAPR vs. DBO - Expense Ratio Comparison

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

Dividends

GAPR vs. DBO - Dividend Comparison

GAPR has not paid dividends to shareholders, while DBO's dividend yield for the trailing twelve months is around 1.90%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBO Invesco DB Oil Fund	1.90%	3.51%	4.68%	4.59%	0.66%	0.00%	0.00%	1.63%	1.58%
GAPR FT Cboe Vest U.S. Equity Moderate Buffer ETF - April	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 GAPR and DBO in my portfolio?

GAPR and DBO have a correlation of -0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GAPR or DBO?

DBO has higher volatility (12.61%) compared to GAPR (0.93%). In terms of maximum drawdown, GAPR dropped -8.98% vs DBO's -90.18%.

Which ETF is better, GAPR or DBO?

On 3-year performance, DBO leads with 21.86% vs 11.06% for GAPR. On fees, DBO is cheaper at 0.78% per year. On volatility, GAPR has been the lower-risk option at 0.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GAPR or DBO?

Over the 3-year period, DBO has performed better with a 21.86% return vs 11.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GAPR or DBO?

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

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

DBO has the higher dividend yield at 1.90%, compared with 0.00% for GAPR.

What is the main difference between GAPR and DBO?

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

Which has better risk-adjusted returns?

GAPR currently has the higher Sharpe Ratio (3.97 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.