MAPP vs. DBO

Last updated Jun 4, 2026

MAPP (Harbor Multi-Asset Explorer ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - MAPP is a Global Allocation fund actively managed by Harbor, while DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return. MAPP is actively managed, while DBO is passively managed. Over the past year, MAPP returned 21.23% vs 80.26% for DBO. At a correlation of -0.03, they often move in opposite directions. MAPP charges 0.92%/yr vs 0.78%/yr for DBO.

Performance

MAPP vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Harbor Multi-Asset Explorer ETF (MAPP) 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, MAPP achieves a 7.25% return, which is significantly lower than DBO's 84.75% return.

MAPP

• 1D: -0.65%
• 1M: 2.82%
• YTD: 7.25%
• 6M: 8.20%
• 1Y: 21.23%
• 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)

MAPP vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
MAPP Harbor Multi-Asset Explorer ETF	7.25%	18.67%	14.25%	3.86%
DBO Invesco DB Oil Fund	84.75%	-11.71%	7.85%	-18.89%

Correlation

The correlation between MAPP and DBO is -0.29, 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	-0.29
Correlation (All Time) Calculated using the full available price history since Sep 15, 2023	-0.03

Over the past year, the inverse relationship between MAPP and DBO has strengthened: their correlation has moved from -0.03 to -0.29, meaning they now move in opposite directions more often than their long-term average.

MAPP vs. DBO - Sectors Allocation Comparison

Sectors	MAPP	DBO
Technology	36.9%	-
Financial Services	15.0%	116.0%
Communication Services	12.2%	-
Consumer Cyclical	8.3%	-
Industrials	8.2%	-
Consumer Defensive	5.4%	-
Healthcare	5.4%	-
Basic Materials	2.9%	-
Energy	2.3%	-
Utilities	1.8%	-
Real Estate	1.6%	-

Return for Risk

MAPP vs. DBO — Risk / Return Rank

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

MAPP

MAPP Risk / Return Rank: 73
MAPP Sharpe Ratio Rank: 74
MAPP Sortino Ratio Rank: 75
MAPP Omega Ratio Rank: 73
MAPP Calmar Ratio Rank: 70
MAPP Martin Ratio Rank: 73

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.

MAPP vs. DBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harbor Multi-Asset Explorer ETF (MAPP) 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.

	MAPP	DBO	Difference
Sharpe ratio: Return per unit of total volatility	2.39	2.34	+0.04
Sortino ratio: Return per unit of downside risk	3.37	2.94	+0.43
Omega ratio: Gain probability vs. loss probability	1.43	1.38	+0.06
Calmar ratio: Return relative to maximum drawdown	3.45	4.44	-0.98
Martin ratio: Return relative to average drawdown	13.70	9.02	+4.67
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MAPP vs. DBO - Sharpe Ratio Comparison

The current MAPP Sharpe Ratio is 2.39, which is comparable to the DBO Sharpe Ratio of 2.34. The chart below compares the historical Sharpe Ratios of MAPP 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

	MAPP	DBO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.39	2.34	+0.04
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	1.53	0.02	+1.51

Drawdowns

MAPP vs. DBO - Drawdown Comparison

The maximum MAPP drawdown since its inception was -12.92%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for MAPP and DBO.

Drawdown Indicators

	MAPP	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-12.92%	-90.18%	+77.26%
Max Drawdown (1Y) Largest decline over 1 year	-6.17%	-18.19%	+12.02%
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	-0.65%	-51.38%	+50.73%
Average Drawdown Average peak-to-trough decline	-1.38%	-62.25%	+60.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.55%	8.92%	-7.37%

Volatility

MAPP vs. DBO - Volatility Comparison

The current volatility for Harbor Multi-Asset Explorer ETF (MAPP) is 2.98%, while Invesco DB Oil Fund (DBO) has a volatility of 12.61%. This indicates that MAPP 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

	MAPP	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.98%	12.61%	-9.63%
Volatility (6M) Calculated over the trailing 6-month period	7.07%	28.20%	-21.13%
Volatility (1Y) Calculated over the trailing 1-year period	8.94%	34.46%	-25.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.75%	32.29%	-21.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.75%	31.78%	-21.03%

MAPP vs. DBO - Expense Ratio Comparison

MAPP has a 0.92% expense ratio, which is higher than DBO's 0.78% expense ratio.

Dividends

MAPP vs. DBO - Dividend Comparison

MAPP's dividend yield for the trailing twelve months is around 2.76%, 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%
MAPP Harbor Multi-Asset Explorer ETF	2.76%	2.96%	2.41%	2.78%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MAPP and DBO in my portfolio?

MAPP and DBO have a correlation of -0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MAPP or DBO?

DBO has higher volatility (12.61%) compared to MAPP (2.98%). In terms of maximum drawdown, MAPP dropped -12.92% vs DBO's -90.18%.

Which ETF is better, MAPP or DBO?

On 1-year performance, DBO leads with 80.26% vs 21.23% for MAPP. On fees, DBO is cheaper at 0.78% per year. On volatility, MAPP has been the lower-risk option at 2.98%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MAPP or DBO?

Over the 1-year period, DBO has performed better with a 80.26% return vs 21.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MAPP or DBO?

DBO is cheaper with a 0.78% expense ratio, compared with 0.92% for MAPP.

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

MAPP has the higher dividend yield at 2.76%, compared with 1.90% for DBO.

What is the main difference between MAPP and DBO?

MAPP is categorized as Global Allocation, while DBO is Oil & Gas. They also come from different issuers: Harbor and Invesco. Their fees differ too: 0.92% for MAPP and 0.78% for DBO.

Which has better risk-adjusted returns?

MAPP currently has the higher Sharpe Ratio (2.39 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.