MAYU vs. DBO

Last updated Jun 26, 2026

MAYU (AllianzIM U.S. Equity Buffer15 Uncapped May ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - MAYU is a Defined Outcome fund actively managed by Allianz, while DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return. MAYU is actively managed, while DBO is passively managed. Over the past year, MAYU returned 18.16% vs 41.77% for DBO. At a correlation of -0.07, they often move in opposite directions. MAYU charges 0.74%/yr vs 0.78%/yr for DBO.

Performance

MAYU vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AllianzIM U.S. Equity Buffer15 Uncapped May ETF (MAYU) 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, MAYU achieves a 6.85% return, which is significantly lower than DBO's 48.11% return.

MAYU

• 1D: -0.06%
• 1M: -1.70%
• YTD: 6.85%
• 6M: 5.64%
• 1Y: 18.16%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DBO

• 1D: 2.90%
• 1M: -17.26%
• YTD: 48.11%
• 6M: 46.08%
• 1Y: 41.77%
• 3Y*: 13.64%
• 5Y*: 9.72%
• 10Y*: 9.19%

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

MAYU vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MAYU AllianzIM U.S. Equity Buffer15 Uncapped May ETF	6.85%	10.89%	13.50%
DBO Invesco DB Oil Fund	48.11%	-11.71%	-3.71%

Correlation

The correlation between MAYU and DBO is -0.22, 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	-0.22
Correlation (All Time) Calculated using the full available price history since May 1, 2024	-0.07

The correlation between MAYU and DBO shifts across timeframes, from -0.22 (1 year) to -0.07 (all time), reflecting how their relationship changes across market environments.

Return for Risk

MAYU vs. DBO — Risk / Return Rank

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

MAYU

MAYU Risk / Return Rank: 50
MAYU Sharpe Ratio Rank: 52
MAYU Sortino Ratio Rank: 51
MAYU Omega Ratio Rank: 50
MAYU Calmar Ratio Rank: 44
MAYU Martin Ratio Rank: 56

DBO

DBO Risk / Return Rank: 37
DBO Sharpe Ratio Rank: 38
DBO Sortino Ratio Rank: 38
DBO Omega Ratio Rank: 36
DBO Calmar Ratio Rank: 35
DBO Martin Ratio Rank: 36

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.

MAYU vs. DBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AllianzIM U.S. Equity Buffer15 Uncapped May ETF (MAYU) 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.

	MAYU	DBO	Difference
Sharpe ratio: Return per unit of total volatility	1.60	1.22	+0.37
Sortino ratio: Return per unit of downside risk	2.24	1.79	+0.45
Omega ratio: Gain probability vs. loss probability	1.29	1.22	+0.07
Calmar ratio: Return relative to maximum drawdown	2.00	1.60	+0.40
Martin ratio: Return relative to average drawdown	8.70	4.78	+3.92

MAYU vs. DBO - Sharpe Ratio Comparison

The current MAYU Sharpe Ratio is 1.60, which is higher than the DBO Sharpe Ratio of 1.22. The chart below compares the historical Sharpe Ratios of MAYU 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.

Drawdowns

MAYU vs. DBO - Drawdown Comparison

The maximum MAYU drawdown since its inception was -15.37%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for MAYU and DBO.

Drawdown Indicators

	MAYU	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-15.37%	-90.18%	+74.81%
Max Drawdown (1Y) Largest decline over 1 year	-9.14%	-26.22%	+17.08%
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	-2.78%	-61.02%	+58.24%
Average Drawdown Average peak-to-trough decline	-2.28%	-62.22%	+59.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.09%	8.77%	-6.68%

Volatility

MAYU vs. DBO - Volatility Comparison

The current volatility for AllianzIM U.S. Equity Buffer15 Uncapped May ETF (MAYU) is 3.50%, while Invesco DB Oil Fund (DBO) has a volatility of 11.32%. This indicates that MAYU 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

	MAYU	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.50%	11.32%	-7.82%
Volatility (6M) Calculated over the trailing 6-month period	8.99%	29.75%	-20.76%
Volatility (1Y) Calculated over the trailing 1-year period	11.43%	34.39%	-22.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.95%	32.61%	-19.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.95%	31.84%	-18.89%

MAYU vs. DBO - Expense Ratio Comparison

MAYU has a 0.74% expense ratio, which is lower than DBO's 0.78% expense ratio.

Dividends

MAYU vs. DBO - Dividend Comparison

MAYU has not paid dividends to shareholders, while DBO's dividend yield for the trailing twelve months is around 2.37%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBO Invesco DB Oil Fund	2.37%	3.51%	4.68%	4.59%	0.66%	0.00%	0.00%	1.63%	1.58%
MAYU AllianzIM U.S. Equity Buffer15 Uncapped May ETF	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 MAYU and DBO in my portfolio?

MAYU and DBO have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MAYU or DBO?

DBO has higher volatility (11.32%) compared to MAYU (3.50%). In terms of maximum drawdown, MAYU dropped -15.37% vs DBO's -90.18%.

Which ETF is better, MAYU or DBO?

On 1-year performance, DBO leads with 41.77% vs 18.16% for MAYU. On fees, MAYU is cheaper at 0.74% per year. On volatility, MAYU has been the lower-risk option at 3.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MAYU or DBO?

Over the 1-year period, DBO has performed better with a 41.77% return vs 18.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MAYU or DBO?

MAYU is cheaper with a 0.74% expense ratio, compared with 0.78% for DBO.

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

DBO has the higher dividend yield at 2.37%, compared with 0.00% for MAYU.

What is the main difference between MAYU and DBO?

MAYU is categorized as Defined Outcome, while DBO is Oil & Gas. They also come from different issuers: Allianz and Invesco. Their fees differ too: 0.74% for MAYU and 0.78% for DBO.

Which has better risk-adjusted returns?

MAYU currently has the higher Sharpe Ratio (1.60 vs 1.22), 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.