HYMB vs. DBO

Last updated Aug 2, 2026

HYMB (State Street SPDR Nuveen ICE High Yield Municipal Bond ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - HYMB is a Municipal Bonds fund tracking the ICE US Select High Yield Crossover Municipal 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 10 years, HYMB returned 2.16%/yr vs 12.59%/yr for DBO. Their -0.08 correlation means they have often moved in opposite directions in the past. HYMB charges 0.35%/yr vs 0.78%/yr for DBO.

Performance

HYMB vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR Nuveen ICE High Yield Municipal Bond ETF (HYMB) 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, HYMB achieves a 2.11% return, which is significantly lower than DBO's 76.48% return. Over the past 10 years, HYMB has underperformed DBO with an annualized return of 2.16%, while DBO has yielded a comparatively higher 12.59% annualized return.

HYMB

• 1D: -0.16%
• 1M: -1.89%
• 6M: 1.46%
• YTD: 2.11%
• 1Y: 6.50%
• 3Y*: 4.39%
• 5Y*: 0.00%
• 10Y*: 2.16%
• ALL TIME*: 4.31%

DBO

• 1D: 1.56%
• 1M: 24.59%
• 6M: 53.46%
• YTD: 76.48%
• 1Y: 60.30%
• 3Y*: 14.86%
• 5Y*: 13.46%
• 10Y*: 12.59%
• ALL TIME*: 0.52%

*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	$11.01M	$10.23M	$13.95M
HYMB State Street SPDR Nuveen ICE High Yield Municipal Bond ETF	$51.30M	$37.83M	$29.23M

HYMB vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HYMB State Street SPDR Nuveen ICE High Yield Municipal Bond ETF	2.11%	2.04%	5.52%	7.73%	-15.54%	5.16%	3.74%	9.51%	4.91%	3.22%
DBO Invesco DB Oil Fund	76.48%	-11.71%	7.85%	-4.44%	13.04%	60.74%	-20.99%	28.05%	-15.22%	4.86%

Correlation

The correlation between HYMB and DBO is -0.38, 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.	-0.38
Correlation (3Y) Balances recent behavior with more history.	-0.19
Correlation (5Y) Shows whether the relationship held over a longer period.	-0.09
Correlation (10Y) Provides a long-term view across more market conditions.	-0.06
Correlation (All Time) Calculated using the full available price history since Apr 14, 2011	-0.08

Over the past year, the inverse relationship between HYMB and DBO has strengthened: their correlation has moved from -0.08 to -0.38, meaning they now move in opposite directions more often than their long-term average.

Return for Risk

HYMB vs. DBO — Risk / Return Rank

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

HYMB

HYMB Risk / Return Rank: 77
HYMB Sharpe Ratio Rank: 78
HYMB Sortino Ratio Rank: 79
HYMB Omega Ratio Rank: 84
HYMB Calmar Ratio Rank: 67
HYMB Martin Ratio Rank: 76

DBO

DBO Risk / Return Rank: 58
DBO Sharpe Ratio Rank: 62
DBO Sortino Ratio Rank: 61
DBO Omega Ratio Rank: 57
DBO Calmar Ratio Rank: 57
DBO Martin Ratio Rank: 52

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.

HYMB vs. DBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR Nuveen ICE High Yield Municipal Bond ETF (HYMB) 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.

	HYMB	DBO	Difference
Sharpe ratio: Return per unit of total volatility	1.79	1.45	+0.34
Sortino ratio: Return per unit of downside risk	2.55	2.05	+0.50
Omega ratio: Gain probability vs. loss probability	1.36	1.25	+0.11
Calmar ratio: Return relative to maximum drawdown	2.32	2.01	+0.32
Martin ratio: Return relative to average drawdown	9.52	6.09	+3.43

HYMB vs. DBO - Sharpe Ratio Comparison

The current HYMB Sharpe Ratio is 1.79, which is comparable to the DBO Sharpe Ratio of 1.45. The chart below compares the historical Sharpe Ratios of HYMB 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

HYMB vs. DBO - Drawdown Comparison

The maximum HYMB drawdown since its inception was -29.57%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for HYMB and DBO.

Drawdown Indicators

	HYMB	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-29.57%	-90.18%	+60.61%
Max Drawdown (1Y) Largest decline over 1 year	-3.11%	-27.73%	+24.62%
Max Drawdown (3Y) Largest decline over 3 years	-6.66%	-28.20%	+21.54%
Max Drawdown (5Y) Largest decline over 5 years	-20.10%	-37.68%	+17.58%
Max Drawdown (10Y) Largest decline over 10 years	-29.57%	-61.69%	+32.12%
Current Drawdown Current decline from peak	-1.89%	-53.56%	+51.67%
Average Drawdown Average peak-to-trough decline	-3.77%	-62.20%	+58.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.76%	9.96%	-9.20%

Volatility

HYMB vs. DBO - Volatility Comparison

The current volatility for State Street SPDR Nuveen ICE High Yield Municipal Bond ETF (HYMB) is 1.16%, while Invesco DB Oil Fund (DBO) has a volatility of 17.75%. This indicates that HYMB 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

	HYMB	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.16%	17.75%	-16.59%
Volatility (6M) Calculated over the trailing 6-month period	3.25%	33.77%	-30.52%
Volatility (1Y) Calculated over the trailing 1-year period	4.05%	38.53%	-34.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.68%	33.35%	-26.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.36%	32.20%	-20.84%

HYMB vs. DBO - Expense Ratio Comparison

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

Dividends

HYMB vs. DBO - Dividend Comparison

HYMB's dividend yield for the trailing twelve months is around 4.59%, more than DBO's 1.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DBO Invesco DB Oil Fund	1.99%	3.51%	4.68%	4.59%	0.66%	0.00%	0.00%	1.63%	1.58%	0.00%	0.00%	0.00%
HYMB State Street SPDR Nuveen ICE High Yield Municipal Bond ETF	4.21%	4.55%	4.29%	4.07%	3.77%	3.19%	3.55%	3.95%	4.03%	3.78%	4.08%	4.54%

Frequently Asked Questions

Can I hold both HYMB and DBO in my portfolio?

HYMB and DBO have a correlation of -0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HYMB or DBO?

DBO has higher volatility (17.75%) compared to HYMB (1.16%). In terms of maximum drawdown, HYMB dropped -29.57% vs DBO's -90.18%.

Which ETF is better, HYMB or DBO?

On 10-year performance, DBO leads with 12.59% vs 2.16% for HYMB. On fees, HYMB is cheaper at 0.35% per year. On volatility, HYMB has been the lower-risk option at 1.16%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HYMB or DBO?

Over the 10-year period, DBO has performed better with a 12.59% return vs 2.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HYMB or DBO?

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

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

HYMB has the higher dividend yield at 4.21%, compared with 1.99% for DBO.

What is the main difference between HYMB and DBO?

HYMB is categorized as Municipal Bonds, while DBO is Oil & Gas. HYMB tracks ICE US Select High Yield Crossover Municipal Index, while DBO tracks DBIQ Optimum Yield Crude Oil Index Excess Return. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.35% for HYMB and 0.78% for DBO.

Which has better risk-adjusted returns?

HYMB currently has the higher Sharpe Ratio (1.79 vs 1.45), 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.