GTO vs. DBO

Last updated Jun 4, 2026

GTO (Invesco Total Return Bond ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - GTO is a Intermediate Core-Plus Bond fund actively managed by Invesco, while DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return. GTO is actively managed, while DBO is passively managed. Over the past 10 years, GTO returned 2.93%/yr vs 11.37%/yr for DBO. At a correlation of -0.10, they often move in opposite directions. GTO charges 0.35%/yr vs 0.78%/yr for DBO.

Performance

GTO vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Total Return Bond ETF (GTO) 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, GTO achieves a 0.68% return, which is significantly lower than DBO's 84.75% return. Over the past 10 years, GTO has underperformed DBO with an annualized return of 2.93%, while DBO has yielded a comparatively higher 11.37% annualized return.

GTO

• 1D: -0.15%
• 1M: 0.49%
• YTD: 0.68%
• 6M: 0.69%
• 1Y: 6.41%
• 3Y*: 4.86%
• 5Y*: 0.07%
• 10Y*: 2.93%

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)

GTO vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GTO Invesco Total Return Bond ETF	0.68%	7.17%	2.63%	5.95%	-14.77%	-0.38%	10.86%	11.65%	-0.26%	7.41%
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 GTO and DBO is -0.41, 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	-0.41
Correlation (3Y) Calculated over the trailing 3-year period	-0.19
Correlation (5Y) Calculated over the trailing 5-year period	-0.13
Correlation (10Y) Calculated over the trailing 10-year period	-0.10
Correlation (All Time) Calculated using the full available price history since Feb 11, 2016	-0.10

Over the past year, the inverse relationship between GTO and DBO has strengthened: their correlation has moved from -0.10 to -0.41, meaning they now move in opposite directions more often than their long-term average.

GTO vs. DBO - Sectors Allocation Comparison

Sectors	GTO	DBO
Technology	24.2%	-
Healthcare	13.6%	-
Financial Services	13.5%	116.0%
Consumer Cyclical	12.5%	-
Communication Services	10.8%	-
Industrials	8.8%	-
Consumer Defensive	7.0%	-
Utilities	2.8%	-
Real Estate	2.4%	-
Energy	2.3%	-
Basic Materials	2.3%	-

Return for Risk

GTO vs. DBO — Risk / Return Rank

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

GTO

GTO Risk / Return Rank: 53
GTO Sharpe Ratio Rank: 55
GTO Sortino Ratio Rank: 59
GTO Omega Ratio Rank: 56
GTO Calmar Ratio Rank: 47
GTO Martin Ratio Rank: 46

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.

GTO vs. DBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Total Return Bond ETF (GTO) 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.

	GTO	DBO	Difference
Sharpe ratio: Return per unit of total volatility	1.88	2.34	-0.47
Sortino ratio: Return per unit of downside risk	2.80	2.94	-0.14
Omega ratio: Gain probability vs. loss probability	1.35	1.38	-0.03
Calmar ratio: Return relative to maximum drawdown	2.36	4.44	-2.08
Martin ratio: Return relative to average drawdown	7.50	9.02	-1.53
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GTO vs. DBO - Sharpe Ratio Comparison

The current GTO Sharpe Ratio is 1.88, which is comparable to the DBO Sharpe Ratio of 2.34. The chart below compares the historical Sharpe Ratios of GTO 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

	GTO	DBO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.88	2.34	-0.47
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.01	0.50	-0.49
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.53	0.36	+0.17
Sharpe Ratio (All Time) Calculated using the full available price history	0.52	0.02	+0.50

Drawdowns

GTO vs. DBO - Drawdown Comparison

The maximum GTO drawdown since its inception was -20.61%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for GTO and DBO.

Drawdown Indicators

	GTO	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-20.61%	-90.18%	+69.57%
Max Drawdown (1Y) Largest decline over 1 year	-2.73%	-18.19%	+15.46%
Max Drawdown (3Y) Largest decline over 3 years	-5.98%	-28.20%	+22.22%
Max Drawdown (5Y) Largest decline over 5 years	-20.61%	-37.68%	+17.07%
Max Drawdown (10Y) Largest decline over 10 years	-20.61%	-61.69%	+41.08%
Current Drawdown Current decline from peak	-1.62%	-51.38%	+49.76%
Average Drawdown Average peak-to-trough decline	-4.80%	-62.25%	+57.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.86%	8.92%	-8.06%

Volatility

GTO vs. DBO - Volatility Comparison

The current volatility for Invesco Total Return Bond ETF (GTO) is 1.19%, while Invesco DB Oil Fund (DBO) has a volatility of 12.61%. This indicates that GTO 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

	GTO	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.19%	12.61%	-11.42%
Volatility (6M) Calculated over the trailing 6-month period	2.50%	28.20%	-25.70%
Volatility (1Y) Calculated over the trailing 1-year period	3.43%	34.46%	-31.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.68%	32.29%	-26.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.58%	31.78%	-26.20%

GTO vs. DBO - Expense Ratio Comparison

GTO has a 0.35% expense ratio, which is lower than DBO's 0.78% expense ratio.

Dividends

GTO vs. DBO - Dividend Comparison

GTO's dividend yield for the trailing twelve months is around 4.76%, more than DBO's 1.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%
GTO Invesco Total Return Bond ETF	4.76%	4.70%	4.42%	4.05%	3.47%	1.93%	4.04%	2.97%	5.25%	2.81%	2.57%

Frequently Asked Questions

Can I hold both GTO and DBO in my portfolio?

GTO and DBO have a correlation of -0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GTO or DBO?

DBO has higher volatility (12.61%) compared to GTO (1.19%). In terms of maximum drawdown, GTO dropped -20.61% vs DBO's -90.18%.

Which ETF is better, GTO or DBO?

On 10-year performance, DBO leads with 11.37% vs 2.93% for GTO. On fees, GTO is cheaper at 0.35% per year. On volatility, GTO has been the lower-risk option at 1.19%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GTO or DBO?

Over the 10-year period, DBO has performed better with a 11.37% return vs 2.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GTO or DBO?

GTO is cheaper with a 0.35% expense ratio, compared with 0.78% for DBO.

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

GTO has the higher dividend yield at 4.76%, compared with 1.90% for DBO.

What is the main difference between GTO and DBO?

GTO is categorized as Intermediate Core-Plus Bond, while DBO is Oil & Gas. Their fees differ too: 0.35% for GTO and 0.78% for DBO.

Which has better risk-adjusted returns?

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.