LSAF vs. DBO
LSAF (LeaderShares AlphaFactor US Core Equity ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - LSAF is a Mid Cap Blend Equities fund tracking the AlphaFactor US Core Equity 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, LSAF returned 10.90%/yr vs 13.46%/yr for DBO. Their 0.21 correlation means their historical movements had little consistent relationship. LSAF charges 0.75%/yr vs 0.78%/yr for DBO.
Performance
LSAF vs. DBO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, LSAF achieves a 19.96% return, which is significantly lower than DBO's 76.48% return.
LSAF
- 1D
- -0.55%
- 1M
- 2.49%
- 6M
- 17.23%
- YTD
- 19.96%
- 1Y
- 30.03%
- 3Y*
- 18.58%
- 5Y*
- 10.90%
- 10Y*
- —
- ALL TIME*
- 11.02%
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%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $11.01M | $10.23M | $13.95M | |
| $265.84K | $205.64K | $201.86K |
LSAF vs. DBO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
LSAF LeaderShares AlphaFactor US Core Equity ETF | 19.96% | 12.01% | 18.09% | 15.48% | -13.12% | 22.75% | 6.92% | 28.35% | -15.47% |
DBO Invesco DB Oil Fund | 76.48% | -11.71% | 7.85% | -4.44% | 13.04% | 60.74% | -20.99% | 28.05% | -38.09% |
Correlation
The correlation between LSAF and DBO is -0.30, 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. | -0.30 |
Correlation (3Y) Balances recent behavior with more history. | -0.06 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.12 |
Correlation (All Time) Calculated using the full available price history since Oct 2, 2018 | 0.21 |
The correlation between LSAF and DBO shifts across timeframes, from -0.30 (1 year) to 0.21 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
LSAF vs. DBO — Risk / Return Rank
LSAF
DBO
LSAF vs. DBO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for LeaderShares AlphaFactor US Core Equity ETF (LSAF) 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.
| LSAF | DBO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.58 | ||
| Sortino ratioReturn per unit of downside risk | +0.93 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.25 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 4.41 | 2.01 | +2.41 |
| Martin ratioReturn relative to average drawdown | 14.86 | 6.09 | +8.77 |
Loading charts...
Drawdowns
LSAF vs. DBO - Drawdown Comparison
The maximum LSAF drawdown since its inception was -41.67%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for LSAF and DBO.
Loading charts...
Drawdown Indicators
| LSAF | DBO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.67% | -90.18% | +48.51% |
Max Drawdown (1Y)Largest decline over 1 year | -6.58% | -27.73% | +21.15% |
Max Drawdown (3Y)Largest decline over 3 years | -20.26% | -28.20% | +7.94% |
Max Drawdown (5Y)Largest decline over 5 years | -24.94% | -37.68% | +12.74% |
Max Drawdown (10Y)Largest decline over 10 years | — | -61.69% | — |
Current DrawdownCurrent decline from peak | -1.48% | -53.56% | +52.08% |
Average DrawdownAverage peak-to-trough decline | -6.21% | -62.20% | +55.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.95% | 9.96% | -8.01% |
Volatility
LSAF vs. DBO - Volatility Comparison
The current volatility for LeaderShares AlphaFactor US Core Equity ETF (LSAF) is 4.21%, while Invesco DB Oil Fund (DBO) has a volatility of 17.75%. This indicates that LSAF 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.
Loading charts...
Volatility by Period
| LSAF | DBO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.21% | 17.75% | -13.54% |
Volatility (6M)Calculated over the trailing 6-month period | 10.49% | 33.77% | -23.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.36% | 38.53% | -24.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.38% | 33.35% | -14.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.73% | 32.20% | -10.47% |
LSAF vs. DBO - Expense Ratio Comparison
LSAF has a 0.75% expense ratio, which is lower than DBO's 0.78% expense ratio.
Dividends
LSAF vs. DBO - Dividend Comparison
LSAF's dividend yield for the trailing twelve months is around 0.57%, less than DBO's 1.99% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBO Invesco DB Oil Fund | 1.99% | 3.51% | 4.68% | 4.59% | 0.66% | 0.00% | 0.00% | 1.63% | 1.58% |
LSAF LeaderShares AlphaFactor US Core Equity ETF | 0.57% | 0.69% | 0.42% | 0.84% | 0.96% | 0.37% | 0.53% | 0.71% | 0.20% |
Frequently Asked Questions
LSAF and DBO have a correlation of -0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBO has higher volatility (17.75%) compared to LSAF (4.21%). In terms of maximum drawdown, LSAF dropped -41.67% vs DBO's -90.18%.
On 5-year performance, DBO leads with 13.46% vs 10.90% for LSAF. On fees, LSAF is cheaper at 0.75% per year. On volatility, LSAF has been the lower-risk option at 4.21%. 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 13.46% return vs 10.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
LSAF is cheaper with a 0.75% expense ratio, compared with 0.78% for DBO.
DBO has the higher dividend yield at 1.99%, compared with 0.57% for LSAF.
LSAF is categorized as Mid Cap Blend Equities, while DBO is Oil & Gas. LSAF tracks AlphaFactor US Core Equity Index, while DBO tracks DBIQ Optimum Yield Crude Oil Index Excess Return. They also come from different issuers: Redwood and Invesco. Their fees differ too: 0.75% for LSAF and 0.78% for DBO.
LSAF currently has the higher Sharpe Ratio (2.03 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.
Find the right allocation for LSAF and DBO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer