GSWO vs. DBO
GSWO (Goldman Sachs ActiveBeta World Equity ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - GSWO is a Global Equities fund tracking the Goldman Sachs ActiveBeta World Low Vol Plus Equity Index - Benchmark TR Net, while DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return. Both are passively managed. Over the past 3 years, GSWO returned 18.70%/yr vs 21.86%/yr for DBO. At a 0.01 correlation, their price movements are largely independent. GSWO charges 0.25%/yr vs 0.78%/yr for DBO.
Performance
GSWO vs. DBO - Performance Comparison
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Returns By Period
In the year-to-date period, GSWO achieves a 11.00% return, which is significantly lower than DBO's 84.75% return.
GSWO
- 1D
- -0.71%
- 1M
- 4.81%
- YTD
- 11.00%
- 6M
- 11.56%
- 1Y
- 20.17%
- 3Y*
- 18.70%
- 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%
GSWO vs. DBO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
GSWO Goldman Sachs ActiveBeta World Equity ETF | 11.00% | 18.97% | 15.29% | 16.28% | -6.15% |
DBO Invesco DB Oil Fund | 84.75% | -11.71% | 7.85% | -4.44% | -9.37% |
Correlation
The correlation between GSWO and DBO is -0.35, 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 | -0.35 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.12 |
Correlation (All Time) Calculated using the full available price history since Mar 18, 2022 | 0.01 |
The correlation between GSWO and DBO shifts across timeframes, from -0.35 (1 year) to 0.01 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
GSWO vs. DBO — Risk / Return Rank
GSWO
DBO
GSWO vs. DBO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs ActiveBeta World Equity ETF (GSWO) 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.
| GSWO | DBO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.46 | ||
| Sortino ratioReturn per unit of downside risk | -0.17 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.38 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.27 | 4.44 | -2.17 |
| Martin ratioReturn relative to average drawdown | 10.87 | 9.02 | +1.84 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| GSWO | DBO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.88 | 2.34 | -0.46 |
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 | 0.99 | 0.02 | +0.97 |
Drawdowns
GSWO vs. DBO - Drawdown Comparison
The maximum GSWO drawdown since its inception was -17.77%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for GSWO and DBO.
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Drawdown Indicators
| GSWO | DBO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.77% | -90.18% | +72.41% |
Max Drawdown (1Y)Largest decline over 1 year | -8.93% | -18.19% | +9.26% |
Max Drawdown (3Y)Largest decline over 3 years | -9.97% | -28.20% | +18.23% |
Max Drawdown (5Y)Largest decline over 5 years | — | -37.68% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -61.69% | — |
Current DrawdownCurrent decline from peak | -0.71% | -51.38% | +50.67% |
Average DrawdownAverage peak-to-trough decline | -3.25% | -62.25% | +59.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.86% | 8.92% | -7.06% |
Volatility
GSWO vs. DBO - Volatility Comparison
The current volatility for Goldman Sachs ActiveBeta World Equity ETF (GSWO) is 3.22%, while Invesco DB Oil Fund (DBO) has a volatility of 12.61%. This indicates that GSWO 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
| GSWO | DBO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.22% | 12.61% | -9.39% |
Volatility (6M)Calculated over the trailing 6-month period | 9.02% | 28.20% | -19.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.75% | 34.46% | -23.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.96% | 32.29% | -19.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.96% | 31.78% | -18.82% |
GSWO vs. DBO - Expense Ratio Comparison
GSWO has a 0.25% expense ratio, which is lower than DBO's 0.78% expense ratio.
Dividends
GSWO vs. DBO - Dividend Comparison
GSWO's dividend yield for the trailing twelve months is around 1.61%, less than DBO's 1.90% yield.
| 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% |
GSWO Goldman Sachs ActiveBeta World Equity ETF | 1.61% | 1.74% | 1.75% | 2.06% | 1.73% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
GSWO and DBO have a correlation of -0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBO has higher volatility (12.61%) compared to GSWO (3.22%). In terms of maximum drawdown, GSWO dropped -17.77% vs DBO's -90.18%.
On 3-year performance, DBO leads with 21.86% vs 18.70% for GSWO. On fees, GSWO is cheaper at 0.25% per year. On volatility, GSWO has been the lower-risk option at 3.22%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, DBO has performed better with a 21.86% return vs 18.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GSWO is cheaper with a 0.25% expense ratio, compared with 0.78% for DBO.
DBO has the higher dividend yield at 1.90%, compared with 1.61% for GSWO.
GSWO is categorized as Global Equities, while DBO is Oil & Gas. GSWO tracks Goldman Sachs ActiveBeta World Low Vol Plus Equity Index - Benchmark TR Net, while DBO tracks DBIQ Optimum Yield Crude Oil Index Excess Return. They also come from different issuers: Goldman Sachs and Invesco. Their fees differ too: 0.25% for GSWO and 0.78% for DBO.
DBO currently has the higher Sharpe Ratio (2.34 vs 1.88), 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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