GXDW vs. DBO
GXDW (Global X Dorsey Wright Thematic ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - GXDW is a Systematic Trend fund tracking the Nasdaq Dorsey Wright Thematic Rotation Total Return 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 5 years, GXDW returned -12.06%/yr vs 12.44%/yr for DBO. At a 0.12 correlation, their price movements are largely independent. GXDW charges 0.50%/yr vs 0.78%/yr for DBO.
Performance
GXDW vs. DBO - Performance Comparison
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Returns By Period
In the year-to-date period, GXDW achieves a 1.70% return, which is significantly lower than DBO's 63.77% return.
GXDW
- 1D
- 1.18%
- 1M
- -11.94%
- 6M
- -5.62%
- YTD
- 1.70%
- 1Y
- -4.05%
- 3Y*
- -4.23%
- 5Y*
- -12.06%
- 10Y*
- —
DBO
- 1D
- 1.99%
- 1M
- -2.35%
- 6M
- 54.17%
- YTD
- 63.77%
- 1Y
- 51.26%
- 3Y*
- 14.96%
- 5Y*
- 12.44%
- 10Y*
- 10.29%
GXDW vs. DBO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
GXDW Global X Dorsey Wright Thematic ETF | 1.70% | 3.52% | -3.55% | 10.26% | -48.08% | 3.21% | 61.07% | 4.74% |
DBO Invesco DB Oil Fund | 63.77% | -11.71% | 7.85% | -4.44% | 13.04% | 60.74% | -20.99% | 9.34% |
Correlation
The correlation between GXDW and DBO is -0.15, 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 | -0.15 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.07 |
Correlation (All Time) Calculated using the full available price history since Nov 4, 2019 | 0.12 |
The correlation between GXDW and DBO shifts across timeframes, from -0.15 (1 year) to 0.12 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
GXDW vs. DBO — Risk / Return Rank
GXDW
DBO
GXDW vs. DBO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X Dorsey Wright Thematic ETF (GXDW) 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.
| GXDW | DBO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.57 | ||
| Sortino ratioReturn per unit of downside risk | -2.05 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.25 | -0.25 |
| Calmar ratioReturn relative to maximum drawdown | -0.17 | 1.86 | -2.02 |
| Martin ratioReturn relative to average drawdown | -0.36 | 5.02 | -5.38 |
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Drawdowns
GXDW vs. DBO - Drawdown Comparison
The maximum GXDW drawdown since its inception was -67.81%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for GXDW and DBO.
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Drawdown Indicators
| GXDW | DBO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -67.81% | -90.18% | +22.37% |
Max Drawdown (1Y)Largest decline over 1 year | -24.65% | -27.73% | +3.08% |
Max Drawdown (3Y)Largest decline over 3 years | -29.97% | -28.20% | -1.77% |
Max Drawdown (5Y)Largest decline over 5 years | -61.17% | -37.68% | -23.49% |
Max Drawdown (10Y)Largest decline over 10 years | — | -61.69% | — |
Current DrawdownCurrent decline from peak | -59.80% | -56.90% | -2.90% |
Average DrawdownAverage peak-to-trough decline | -43.27% | -62.22% | +18.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.33% | 10.23% | +1.10% |
Volatility
GXDW vs. DBO - Volatility Comparison
The current volatility for Global X Dorsey Wright Thematic ETF (GXDW) is 10.60%, while Invesco DB Oil Fund (DBO) has a volatility of 14.35%. This indicates that GXDW 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
| GXDW | DBO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.60% | 14.35% | -3.75% |
Volatility (6M)Calculated over the trailing 6-month period | 23.42% | 31.17% | -7.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.44% | 36.05% | -6.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 28.39% | 32.93% | -4.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.92% | 31.92% | -2.00% |
GXDW vs. DBO - Expense Ratio Comparison
GXDW has a 0.50% expense ratio, which is lower than DBO's 0.78% expense ratio.
Dividends
GXDW vs. DBO - Dividend Comparison
GXDW's dividend yield for the trailing twelve months is around 1.47%, less than DBO's 2.14% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBO Invesco DB Oil Fund | 2.14% | 3.51% | 4.68% | 4.59% | 0.66% | 0.00% | 0.00% | 1.63% | 1.58% |
GXDW Global X Dorsey Wright Thematic ETF | 1.47% | 1.40% | 1.08% | 1.99% | 1.48% | 1.56% | 0.48% | 0.31% | 0.00% |
Frequently Asked Questions
GXDW and DBO have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBO has higher volatility (14.35%) compared to GXDW (10.60%). In terms of maximum drawdown, GXDW dropped -67.81% vs DBO's -90.18%.
On 5-year performance, DBO leads with 12.44% vs -12.06% for GXDW. On fees, GXDW is cheaper at 0.50% per year. On volatility, GXDW has been the lower-risk option at 10.60%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, DBO has performed better with a 12.44% return vs -12.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GXDW is cheaper with a 0.50% expense ratio, compared with 0.78% for DBO.
DBO has the higher dividend yield at 2.14%, compared with 1.47% for GXDW.
GXDW is categorized as Systematic Trend, while DBO is Oil & Gas. GXDW tracks Nasdaq Dorsey Wright Thematic Rotation Total Return Index, while DBO tracks DBIQ Optimum Yield Crude Oil Index Excess Return. They also come from different issuers: Global X and Invesco. Their fees differ too: 0.50% for GXDW and 0.78% for DBO.
DBO currently has the higher Sharpe Ratio (1.43 vs -0.14), 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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