GDMA vs. DBO

Last updated Jun 5, 2026

GDMA (Gadsden Dynamic Multi-Asset ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - GDMA is a Hedge Fund fund actively managed by Gadsden, while DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return. GDMA is actively managed, while DBO is passively managed. Over the past 5 years, GDMA returned 7.48%/yr vs 15.36%/yr for DBO. At a 0.21 correlation, their price movements are largely independent. GDMA charges 0.77%/yr vs 0.78%/yr for DBO.

Performance

GDMA vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Gadsden Dynamic Multi-Asset ETF (GDMA) 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, GDMA achieves a 10.22% return, which is significantly lower than DBO's 79.84% return.

GDMA

• 1D: -0.86%
• 1M: 0.84%
• YTD: 10.22%
• 6M: 12.96%
• 1Y: 30.55%
• 3Y*: 16.47%
• 5Y*: 7.48%
• 10Y*: —

DBO

• 1D: -2.66%
• 1M: -3.39%
• YTD: 79.84%
• 6M: 74.51%
• 1Y: 77.38%
• 3Y*: 20.83%
• 5Y*: 15.36%
• 10Y*: 10.89%

*Multi-year figures are annualized to reflect compound growth (CAGR)

GDMA vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
GDMA Gadsden Dynamic Multi-Asset ETF	10.22%	25.29%	7.44%	1.72%	-2.08%	3.95%	21.08%	11.59%	-3.93%
DBO Invesco DB Oil Fund	79.84%	-11.71%	7.85%	-4.44%	13.04%	60.74%	-20.99%	28.05%	-18.81%

Correlation

The correlation between GDMA and DBO is -0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.09
Correlation (3Y) Calculated over the trailing 3-year period	0.05
Correlation (5Y) Calculated over the trailing 5-year period	0.16
Correlation (All Time) Calculated using the full available price history since Nov 16, 2018	0.21

The correlation between GDMA and DBO shifts across timeframes, from -0.09 (1 year) to 0.21 (all time), reflecting how their relationship changes across market environments.

GDMA vs. DBO - Sectors Allocation Comparison

Sectors	GDMA	DBO
Technology	23.4%	-
Financial Services	14.5%	116.0%
Industrials	14.4%	-
Energy	10.0%	-
Basic Materials	9.0%	-
Consumer Cyclical	8.8%	-
Communication Services	7.0%	-
Healthcare	5.5%	-
Consumer Defensive	3.5%	-
Utilities	2.4%	-
Real Estate	1.6%	-

Return for Risk

GDMA vs. DBO — Risk / Return Rank

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

GDMA

GDMA Risk / Return Rank: 72
GDMA Sharpe Ratio Rank: 72
GDMA Sortino Ratio Rank: 68
GDMA Omega Ratio Rank: 75
GDMA Calmar Ratio Rank: 80
GDMA Martin Ratio Rank: 63

DBO

DBO Risk / Return Rank: 65
DBO Sharpe Ratio Rank: 70
DBO Sortino Ratio Rank: 62
DBO Omega Ratio Rank: 61
DBO Calmar Ratio Rank: 82
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.

GDMA vs. DBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Gadsden Dynamic Multi-Asset ETF (GDMA) 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.

	GDMA	DBO	Difference
Sharpe ratio: Return per unit of total volatility	2.33	2.25	+0.08
Sortino ratio: Return per unit of downside risk	3.05	2.85	+0.20
Omega ratio: Gain probability vs. loss probability	1.44	1.36	+0.08
Calmar ratio: Return relative to maximum drawdown	4.07	4.28	-0.20
Martin ratio: Return relative to average drawdown	11.28	8.69	+2.59
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GDMA vs. DBO - Sharpe Ratio Comparison

The current GDMA Sharpe Ratio is 2.33, which is comparable to the DBO Sharpe Ratio of 2.25. The chart below compares the historical Sharpe Ratios of GDMA 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

	GDMA	DBO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.33	2.25	+0.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.78	0.48	+0.30
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.34	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.88	0.02	+0.86

Drawdowns

GDMA vs. DBO - Drawdown Comparison

The maximum GDMA drawdown since its inception was -16.66%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for GDMA and DBO.

Drawdown Indicators

	GDMA	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-16.66%	-90.18%	+73.52%
Max Drawdown (1Y) Largest decline over 1 year	-7.53%	-18.19%	+10.66%
Max Drawdown (3Y) Largest decline over 3 years	-7.53%	-28.20%	+20.67%
Max Drawdown (5Y) Largest decline over 5 years	-12.74%	-37.68%	+24.94%
Max Drawdown (10Y) Largest decline over 10 years	—	-61.69%	—
Current Drawdown Current decline from peak	-1.92%	-52.68%	+50.76%
Average Drawdown Average peak-to-trough decline	-3.78%	-62.25%	+58.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.72%	8.94%	-6.22%

Volatility

GDMA vs. DBO - Volatility Comparison

The current volatility for Gadsden Dynamic Multi-Asset ETF (GDMA) is 6.25%, while Invesco DB Oil Fund (DBO) has a volatility of 12.79%. This indicates that GDMA 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

	GDMA	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.25%	12.79%	-6.54%
Volatility (6M) Calculated over the trailing 6-month period	10.08%	28.32%	-18.24%
Volatility (1Y) Calculated over the trailing 1-year period	13.16%	34.58%	-21.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.68%	32.31%	-22.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.98%	31.79%	-20.81%

GDMA vs. DBO - Expense Ratio Comparison

GDMA has a 0.77% expense ratio, which is lower than DBO's 0.78% expense ratio.

Dividends

GDMA vs. DBO - Dividend Comparison

GDMA's dividend yield for the trailing twelve months is around 2.53%, more than DBO's 1.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBO Invesco DB Oil Fund	1.95%	3.51%	4.68%	4.59%	0.66%	0.00%	0.00%	1.63%	1.58%
GDMA Gadsden Dynamic Multi-Asset ETF	2.53%	2.79%	2.32%	4.14%	1.18%	2.10%	0.62%	3.17%	0.00%

Frequently Asked Questions

Can I hold both GDMA and DBO in my portfolio?

GDMA and DBO have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GDMA or DBO?

DBO has higher volatility (12.79%) compared to GDMA (6.25%). In terms of maximum drawdown, GDMA dropped -16.66% vs DBO's -90.18%.

Which ETF is better, GDMA or DBO?

On 5-year performance, DBO leads with 15.36% vs 7.48% for GDMA. On fees, GDMA is cheaper at 0.77% per year. On volatility, GDMA has been the lower-risk option at 6.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GDMA or DBO?

Over the 5-year period, DBO has performed better with a 15.36% return vs 7.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GDMA or DBO?

GDMA is cheaper with a 0.77% expense ratio, compared with 0.78% for DBO.

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

GDMA has the higher dividend yield at 2.53%, compared with 1.95% for DBO.

What is the main difference between GDMA and DBO?

GDMA is categorized as Hedge Fund, while DBO is Oil & Gas. They also come from different issuers: Gadsden and Invesco. Their fees differ too: 0.77% for GDMA and 0.78% for DBO.

Which has better risk-adjusted returns?

GDMA currently has the higher Sharpe Ratio (2.33 vs 2.25), 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.