GPZ vs. DBO

Last updated Aug 4, 2026

GPZ (VanEck Alternative Asset Manager ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - GPZ is a Financials Equities fund tracking the MarketVector Alternative Asset Managers 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 year, GPZ returned -11.39% vs 51.44% for DBO. Their -0.25 correlation means they have often moved in opposite directions in the past. GPZ charges 0.40%/yr vs 0.78%/yr for DBO.

Performance

GPZ vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Alternative Asset Manager ETF (GPZ) 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, GPZ achieves a -10.76% return, which is significantly lower than DBO's 66.72% return.

GPZ

• 1D: 3.99%
• 1M: 10.24%
• 6M: -7.66%
• YTD: -10.76%
• 1Y: -11.39%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -2.17%

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
GPZ VanEck Alternative Asset Manager ETF	$3.65M	$3.76M	$4.22M

GPZ vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025
GPZ VanEck Alternative Asset Manager ETF	-10.76%	9.24%
DBO Invesco DB Oil Fund	66.72%	-1.37%

Correlation

The correlation between GPZ 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 (All Time) Calculated using the full available price history since Jun 5, 2025	-0.25

Return for Risk

GPZ vs. DBO — Risk / Return Rank

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

GPZ

GPZ Risk / Return Rank: 6
GPZ Sharpe Ratio Rank: 6
GPZ Sortino Ratio Rank: 6
GPZ Omega Ratio Rank: 6
GPZ Calmar Ratio Rank: 6
GPZ Martin Ratio Rank: 7

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.

GPZ vs. DBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Alternative Asset Manager ETF (GPZ) 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.

	GPZ	DBO	Difference
Sharpe ratio: Return per unit of total volatility	-0.41	1.33	-1.74
Sortino ratio: Return per unit of downside risk	-0.39	1.92	-2.31
Omega ratio: Gain probability vs. loss probability	0.95	1.23	-0.28
Calmar ratio: Return relative to maximum drawdown	-0.36	1.86	-2.22
Martin ratio: Return relative to average drawdown	-0.64	5.64	-6.28

GPZ vs. DBO - Sharpe Ratio Comparison

The current GPZ Sharpe Ratio is -0.41, which is lower than the DBO Sharpe Ratio of 1.33. The chart below compares the historical Sharpe Ratios of GPZ 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

GPZ vs. DBO - Drawdown Comparison

The maximum GPZ drawdown since its inception was -31.72%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for GPZ and DBO.

Drawdown Indicators

	GPZ	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-31.72%	-90.18%	+58.46%
Max Drawdown (1Y) Largest decline over 1 year	-31.72%	-27.73%	-3.99%
Max Drawdown (3Y) Largest decline over 3 years	—	-28.20%	—
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	-18.02%	-56.13%	+38.11%
Average Drawdown Average peak-to-trough decline	-13.43%	-62.20%	+48.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.76%	9.16%	+8.60%

Volatility

GPZ vs. DBO - Volatility Comparison

The current volatility for VanEck Alternative Asset Manager ETF (GPZ) is 7.78%, while Invesco DB Oil Fund (DBO) has a volatility of 18.99%. This indicates that GPZ 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

	GPZ	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.78%	18.99%	-11.21%
Volatility (6M) Calculated over the trailing 6-month period	22.75%	34.30%	-11.55%
Volatility (1Y) Calculated over the trailing 1-year period	28.06%	38.86%	-10.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.57%	33.43%	-5.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.57%	32.24%	-4.67%

GPZ vs. DBO - Expense Ratio Comparison

GPZ has a 0.40% expense ratio, which is lower than DBO's 0.78% expense ratio.

Dividends

GPZ vs. DBO - Dividend Comparison

GPZ's dividend yield for the trailing twelve months is around 0.93%, less than DBO's 2.11% yield.

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%
GPZ VanEck Alternative Asset Manager ETF	0.93%	0.83%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GPZ and DBO in my portfolio?

GPZ 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.

Which is riskier, GPZ or DBO?

DBO has higher volatility (18.99%) compared to GPZ (7.78%). In terms of maximum drawdown, GPZ dropped -31.72% vs DBO's -90.18%.

Which ETF is better, GPZ or DBO?

On 1-year performance, DBO leads with 51.44% vs -11.39% for GPZ. On fees, GPZ is cheaper at 0.40% per year. On volatility, GPZ has been the lower-risk option at 7.78%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GPZ or DBO?

Over the 1-year period, DBO has performed better with a 51.44% return vs -11.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GPZ or DBO?

GPZ is cheaper with a 0.40% expense ratio, compared with 0.78% for DBO.

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

DBO has the higher dividend yield at 2.11%, compared with 0.93% for GPZ.

What is the main difference between GPZ and DBO?

GPZ is categorized as Financials Equities, while DBO is Oil & Gas. GPZ tracks MarketVector Alternative Asset Managers Index, while DBO tracks DBIQ Optimum Yield Crude Oil Index Excess Return. They also come from different issuers: VanEck and Invesco. Their fees differ too: 0.40% for GPZ and 0.78% for DBO.

Which has better risk-adjusted returns?

DBO currently has the higher Sharpe Ratio (1.33 vs -0.41), 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.