MARW vs. DBO
MARW (Allianzim U.S. Large Cap Buffer20 Mar ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - MARW is a Options Trading fund actively managed by Allianz, while DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return. MARW is actively managed, while DBO is passively managed. Over the past 3 years, MARW returned 10.56%/yr vs 12.33%/yr for DBO. Their -0.03 correlation means they have often moved in opposite directions in the past. MARW charges 0.74%/yr vs 0.78%/yr for DBO.
Performance
MARW vs. DBO - Performance Comparison
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Returns By Period
In the year-to-date period, MARW achieves a 5.79% return, which is significantly lower than DBO's 66.72% return.
MARW
- 1D
- 0.32%
- 1M
- 0.58%
- 6M
- 5.12%
- YTD
- 5.79%
- 1Y
- 11.12%
- 3Y*
- 10.56%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 11.48%
DBO
- 1D
- -5.53%
- 1M
- 17.71%
- 6M
- 53.16%
- YTD
- 66.72%
- 1Y
- 51.44%
- 3Y*
- 12.33%
- 5Y*
- 13.64%
- 10Y*
- 11.43%
- ALL TIME*
- 0.22%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $11.34M | $10.71M | $13.49M | |
| $29.15K | $32.33K | $85.28K |
MARW vs. DBO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
MARW Allianzim U.S. Large Cap Buffer20 Mar ETF | 5.79% | 10.61% | 11.11% | 11.51% |
DBO Invesco DB Oil Fund | 66.72% | -11.71% | 7.85% | -1.06% |
Correlation
The correlation between MARW and DBO is -0.28, 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. | -0.28 |
Correlation (3Y) Balances recent behavior with more history. | -0.08 |
Correlation (All Time) Calculated using the full available price history since Mar 1, 2023 | -0.03 |
Over the past year, the inverse relationship between MARW and DBO has strengthened: their correlation has moved from -0.03 to -0.28, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
MARW vs. DBO — Risk / Return Rank
MARW
DBO
MARW vs. DBO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Allianzim U.S. Large Cap Buffer20 Mar ETF (MARW) 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.
| MARW | DBO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.08 | ||
| Sortino ratioReturn per unit of downside risk | +1.56 | ||
| Omega ratioGain probability vs. loss probability | 1.53 | 1.23 | +0.29 |
| Calmar ratioReturn relative to maximum drawdown | 3.13 | 1.86 | +1.27 |
| Martin ratioReturn relative to average drawdown | 17.82 | 5.64 | +12.17 |
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Drawdowns
MARW vs. DBO - Drawdown Comparison
The maximum MARW drawdown since its inception was -7.58%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for MARW and DBO.
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Drawdown Indicators
| MARW | DBO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -7.58% | -90.18% | +82.60% |
Max Drawdown (1Y)Largest decline over 1 year | -3.39% | -27.73% | +24.34% |
Max Drawdown (3Y)Largest decline over 3 years | -7.58% | -28.20% | +20.62% |
Max Drawdown (5Y)Largest decline over 5 years | — | -37.68% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -61.69% | — |
Current DrawdownCurrent decline from peak | 0.00% | -56.13% | +56.13% |
Average DrawdownAverage peak-to-trough decline | -0.47% | -62.20% | +61.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.59% | 9.16% | -8.57% |
Volatility
MARW vs. DBO - Volatility Comparison
The current volatility for Allianzim U.S. Large Cap Buffer20 Mar ETF (MARW) is 1.21%, while Invesco DB Oil Fund (DBO) has a volatility of 18.99%. This indicates that MARW 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.
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Volatility by Period
| MARW | DBO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.21% | 18.99% | -17.78% |
Volatility (6M)Calculated over the trailing 6-month period | 3.70% | 34.30% | -30.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.40% | 38.86% | -34.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.03% | 33.43% | -27.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.03% | 32.24% | -26.21% |
MARW vs. DBO - Expense Ratio Comparison
MARW has a 0.74% expense ratio, which is lower than DBO's 0.78% expense ratio.
Dividends
MARW vs. DBO - Dividend Comparison
MARW has not paid dividends to shareholders, while DBO's dividend yield for the trailing twelve months is around 2.11%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBO Invesco DB Oil Fund | 2.11% | 3.51% | 4.68% | 4.59% | 0.66% | 0.00% | 0.00% | 1.63% | 1.58% |
MARW Allianzim U.S. Large Cap Buffer20 Mar ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
MARW and DBO have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBO has higher volatility (18.99%) compared to MARW (1.21%). In terms of maximum drawdown, MARW dropped -7.58% vs DBO's -90.18%.
On 3-year performance, DBO leads with 12.33% vs 10.56% for MARW. On fees, MARW is cheaper at 0.74% per year. On volatility, MARW has been the lower-risk option at 1.21%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, DBO has performed better with a 12.33% return vs 10.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MARW is cheaper with a 0.74% expense ratio, compared with 0.78% for DBO.
DBO has the higher dividend yield at 2.11%, compared with 0.00% for MARW.
MARW is categorized as Options Trading, while DBO is Oil & Gas. They also come from different issuers: Allianz and Invesco. Their fees differ too: 0.74% for MARW and 0.78% for DBO.
MARW currently has the higher Sharpe Ratio (2.41 vs 1.33), 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.
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