MAMB vs. DBO

Last updated Jun 4, 2026

MAMB (Monarch Ambassador Income ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - MAMB is a Intermediate Core-Plus Bond fund tracking the Monarch Ambassador Income 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, MAMB returned 0.72%/yr vs 15.98%/yr for DBO. At a correlation of -0.05, they often move in opposite directions. MAMB charges 1.49%/yr vs 0.78%/yr for DBO.

Performance

MAMB vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Monarch Ambassador Income ETF (MAMB) 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, MAMB achieves a 2.01% return, which is significantly lower than DBO's 84.75% return.

MAMB

• 1D: -0.26%
• 1M: 0.63%
• YTD: 2.01%
• 6M: 1.90%
• 1Y: 9.37%
• 3Y*: 5.37%
• 5Y*: 0.72%
• 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)

MAMB vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
MAMB Monarch Ambassador Income ETF	2.01%	10.69%	1.32%	4.90%	-13.02%	1.46%
DBO Invesco DB Oil Fund	84.75%	-11.71%	7.85%	-4.44%	13.04%	26.05%

Correlation

The correlation between MAMB and DBO is -0.32, 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	-0.32
Correlation (3Y) Calculated over the trailing 3-year period	-0.14
Correlation (5Y) Calculated over the trailing 5-year period	-0.06
Correlation (All Time) Calculated using the full available price history since Mar 25, 2021	-0.05

Over the past year, the inverse relationship between MAMB and DBO has strengthened: their correlation has moved from -0.05 to -0.32, meaning they now move in opposite directions more often than their long-term average.

MAMB vs. DBO - Sectors Allocation Comparison

Sectors	MAMB	DBO
Financial Services	100.0%	116.0%
Utilities	70.8%	-
Healthcare	19.5%	-
Industrials	8.5%	-
Consumer Cyclical	1.1%	-
Communication Services	0.2%	-
Basic Materials	-	-
Consumer Defensive	-	-
Energy	-	-
Real Estate	-	-
Technology	-	-

Return for Risk

MAMB vs. DBO — Risk / Return Rank

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

MAMB

MAMB Risk / Return Rank: 48
MAMB Sharpe Ratio Rank: 48
MAMB Sortino Ratio Rank: 47
MAMB Omega Ratio Rank: 47
MAMB Calmar Ratio Rank: 53
MAMB 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.

MAMB vs. DBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Monarch Ambassador Income ETF (MAMB) 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.

	MAMB	DBO	Difference
Sharpe ratio: Return per unit of total volatility	1.66	2.34	-0.68
Sortino ratio: Return per unit of downside risk	2.33	2.94	-0.61
Omega ratio: Gain probability vs. loss probability	1.29	1.38	-0.08
Calmar ratio: Return relative to maximum drawdown	2.65	4.44	-1.79
Martin ratio: Return relative to average drawdown	7.49	9.02	-1.54
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MAMB vs. DBO - Sharpe Ratio Comparison

The current MAMB Sharpe Ratio is 1.66, which is comparable to the DBO Sharpe Ratio of 2.34. The chart below compares the historical Sharpe Ratios of MAMB 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

	MAMB	DBO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.66	2.34	-0.68
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.10	0.50	-0.39
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.36	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.16	0.02	+0.14

Drawdowns

MAMB vs. DBO - Drawdown Comparison

The maximum MAMB drawdown since its inception was -19.33%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for MAMB and DBO.

Drawdown Indicators

	MAMB	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-19.33%	-90.18%	+70.85%
Max Drawdown (1Y) Largest decline over 1 year	-3.55%	-18.19%	+14.64%
Max Drawdown (3Y) Largest decline over 3 years	-7.38%	-28.20%	+20.82%
Max Drawdown (5Y) Largest decline over 5 years	-19.33%	-37.68%	+18.35%
Max Drawdown (10Y) Largest decline over 10 years	—	-61.69%	—
Current Drawdown Current decline from peak	-1.65%	-51.38%	+49.73%
Average Drawdown Average peak-to-trough decline	-7.50%	-62.25%	+54.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.25%	8.92%	-7.67%

Volatility

MAMB vs. DBO - Volatility Comparison

The current volatility for Monarch Ambassador Income ETF (MAMB) is 1.72%, while Invesco DB Oil Fund (DBO) has a volatility of 12.61%. This indicates that MAMB 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

	MAMB	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.72%	12.61%	-10.89%
Volatility (6M) Calculated over the trailing 6-month period	4.21%	28.20%	-23.99%
Volatility (1Y) Calculated over the trailing 1-year period	5.67%	34.46%	-28.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.99%	32.29%	-25.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.91%	31.78%	-24.87%

MAMB vs. DBO - Expense Ratio Comparison

MAMB has a 1.49% expense ratio, which is higher than DBO's 0.78% expense ratio.

Dividends

MAMB vs. DBO - Dividend Comparison

MAMB's dividend yield for the trailing twelve months is around 2.44%, more than DBO's 1.90% yield.

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%
MAMB Monarch Ambassador Income ETF	2.44%	2.47%	2.11%	1.73%	0.92%	0.56%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MAMB and DBO in my portfolio?

MAMB and DBO have a correlation of -0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MAMB or DBO?

DBO has higher volatility (12.61%) compared to MAMB (1.72%). In terms of maximum drawdown, MAMB dropped -19.33% vs DBO's -90.18%.

Which ETF is better, MAMB or DBO?

On 5-year performance, DBO leads with 15.98% vs 0.72% for MAMB. On fees, DBO is cheaper at 0.78% per year. On volatility, MAMB has been the lower-risk option at 1.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MAMB or DBO?

Over the 5-year period, DBO has performed better with a 15.98% return vs 0.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MAMB or DBO?

DBO is cheaper with a 0.78% expense ratio, compared with 1.49% for MAMB.

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

MAMB has the higher dividend yield at 2.44%, compared with 1.90% for DBO.

What is the main difference between MAMB and DBO?

MAMB is categorized as Intermediate Core-Plus Bond, while DBO is Oil & Gas. MAMB tracks Monarch Ambassador Income Index, while DBO tracks DBIQ Optimum Yield Crude Oil Index Excess Return. They also come from different issuers: Monarch and Invesco. Their fees differ too: 1.49% for MAMB and 0.78% for DBO.

Which has better risk-adjusted returns?

DBO currently has the higher Sharpe Ratio (2.34 vs 1.66), 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.