JULP vs. DBO

Last updated Jun 4, 2026

JULP (PGIM S&P 500 Buffer 12 ETF - July) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - JULP is a Defined Outcome fund actively managed by PGIM, while DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return. JULP is actively managed, while DBO is passively managed. Over the past year, JULP returned 17.08% vs 80.26% for DBO. At a correlation of -0.05, they often move in opposite directions. JULP charges 0.50%/yr vs 0.78%/yr for DBO.

Performance

JULP vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM S&P 500 Buffer 12 ETF - July (JULP) 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, JULP achieves a 5.33% return, which is significantly lower than DBO's 84.75% return.

JULP

• 1D: -0.02%
• 1M: 1.47%
• YTD: 5.33%
• 6M: 6.10%
• 1Y: 17.08%
• 3Y*: —
• 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%

*Multi-year figures are annualized to reflect compound growth (CAGR)

JULP vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
JULP PGIM S&P 500 Buffer 12 ETF - July	5.33%	13.68%	8.37%
DBO Invesco DB Oil Fund	84.75%	-11.71%	-1.95%

Correlation

The correlation between JULP and DBO is -0.24, 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	-0.24
Correlation (All Time) Calculated using the full available price history since May 9, 2024	-0.05

The correlation between JULP and DBO shifts across timeframes, from -0.24 (1 year) to -0.05 (all time), reflecting how their relationship changes across market environments.

Return for Risk

JULP vs. DBO — Risk / Return Rank

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

JULP

JULP Risk / Return Rank: 84
JULP Sharpe Ratio Rank: 81
JULP Sortino Ratio Rank: 86
JULP Omega Ratio Rank: 87
JULP Calmar Ratio Rank: 77
JULP Martin Ratio Rank: 90

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.

JULP vs. DBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM S&P 500 Buffer 12 ETF - July (JULP) 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.

	JULP	DBO	Difference
Sharpe ratio: Return per unit of total volatility	2.59	2.34	+0.25
Sortino ratio: Return per unit of downside risk	3.81	2.94	+0.88
Omega ratio: Gain probability vs. loss probability	1.54	1.38	+0.16
Calmar ratio: Return relative to maximum drawdown	3.84	4.44	-0.60
Martin ratio: Return relative to average drawdown	20.97	9.02	+11.94
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JULP vs. DBO - Sharpe Ratio Comparison

The current JULP Sharpe Ratio is 2.59, which is comparable to the DBO Sharpe Ratio of 2.34. The chart below compares the historical Sharpe Ratios of JULP 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

	JULP	DBO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.59	2.34	+0.25
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	1.38	0.02	+1.36

Drawdowns

JULP vs. DBO - Drawdown Comparison

The maximum JULP drawdown since its inception was -12.36%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for JULP and DBO.

Drawdown Indicators

	JULP	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-12.36%	-90.18%	+77.82%
Max Drawdown (1Y) Largest decline over 1 year	-4.47%	-18.19%	+13.72%
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	-0.02%	-51.38%	+51.36%
Average Drawdown Average peak-to-trough decline	-1.09%	-62.25%	+61.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.82%	8.92%	-8.10%

Volatility

JULP vs. DBO - Volatility Comparison

The current volatility for PGIM S&P 500 Buffer 12 ETF - July (JULP) is 1.06%, while Invesco DB Oil Fund (DBO) has a volatility of 12.61%. This indicates that JULP 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

	JULP	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.06%	12.61%	-11.55%
Volatility (6M) Calculated over the trailing 6-month period	4.87%	28.20%	-23.33%
Volatility (1Y) Calculated over the trailing 1-year period	6.65%	34.46%	-27.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.77%	32.29%	-22.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.77%	31.78%	-22.01%

JULP vs. DBO - Expense Ratio Comparison

JULP has a 0.50% expense ratio, which is lower than DBO's 0.78% expense ratio.

Dividends

JULP vs. DBO - Dividend Comparison

JULP has not paid dividends to shareholders, while DBO's dividend yield for the trailing twelve months is around 1.90%.

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%
JULP PGIM S&P 500 Buffer 12 ETF - July	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both JULP and DBO in my portfolio?

JULP and DBO have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JULP or DBO?

DBO has higher volatility (12.61%) compared to JULP (1.06%). In terms of maximum drawdown, JULP dropped -12.36% vs DBO's -90.18%.

Which ETF is better, JULP or DBO?

On 1-year performance, DBO leads with 80.26% vs 17.08% for JULP. On fees, JULP is cheaper at 0.50% per year. On volatility, JULP has been the lower-risk option at 1.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JULP or DBO?

Over the 1-year period, DBO has performed better with a 80.26% return vs 17.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JULP or DBO?

JULP is cheaper with a 0.50% expense ratio, compared with 0.78% for DBO.

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

DBO has the higher dividend yield at 1.90%, compared with 0.00% for JULP.

What is the main difference between JULP and DBO?

JULP is categorized as Defined Outcome, while DBO is Oil & Gas. They also come from different issuers: PGIM and Invesco. Their fees differ too: 0.50% for JULP and 0.78% for DBO.

Which has better risk-adjusted returns?

JULP currently has the higher Sharpe Ratio (2.59 vs 2.34), 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.