MBNE vs. DBO

Last updated Jun 4, 2026

MBNE (SPDR Nuveen Municipal Bond ESG ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - MBNE is a Municipal Bonds fund actively managed by State Street, while DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return. MBNE is actively managed, while DBO is passively managed. Over the past 3 years, MBNE returned 2.97%/yr vs 21.86%/yr for DBO. At a correlation of -0.10, they often move in opposite directions. MBNE charges 0.43%/yr vs 0.78%/yr for DBO.

Performance

MBNE vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Nuveen Municipal Bond ESG ETF (MBNE) 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, MBNE achieves a 0.84% return, which is significantly lower than DBO's 84.75% return.

MBNE

• 1D: 0.00%
• 1M: 0.22%
• YTD: 0.84%
• 6M: 0.96%
• 1Y: 5.09%
• 3Y*: 2.97%
• 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)

MBNE vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
MBNE SPDR Nuveen Municipal Bond ESG ETF	0.84%	2.45%	1.27%	5.82%	-0.71%
DBO Invesco DB Oil Fund	84.75%	-11.71%	7.85%	-4.44%	-13.80%

Correlation

The correlation between MBNE 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 (3Y) Calculated over the trailing 3-year period	-0.15
Correlation (All Time) Calculated using the full available price history since Apr 6, 2022	-0.10

The correlation between MBNE and DBO shifts across timeframes, from -0.22 (1 year) to -0.10 (all time), reflecting how their relationship changes across market environments.

Return for Risk

MBNE vs. DBO — Risk / Return Rank

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

MBNE

MBNE Risk / Return Rank: 54
MBNE Sharpe Ratio Rank: 53
MBNE Sortino Ratio Rank: 53
MBNE Omega Ratio Rank: 65
MBNE Calmar Ratio Rank: 52
MBNE Martin Ratio Rank: 48

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.

MBNE vs. DBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Nuveen Municipal Bond ESG ETF (MBNE) 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.

	MBNE	DBO	Difference
Sharpe ratio Return per unit of total volatility	1.79	2.34	-0.55
Sortino ratio Return per unit of downside risk	2.52	2.94	-0.42
Omega ratio Gain probability vs. loss probability	1.39	1.38	+0.01
Calmar ratio Return relative to maximum drawdown	2.53	4.44	-1.90
Martin ratio Return relative to average drawdown	7.79	9.02	-1.23
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MBNE vs. DBO - Sharpe Ratio Comparison

The current MBNE Sharpe Ratio is 1.79, which is comparable to the DBO Sharpe Ratio of 2.34. The chart below compares the historical Sharpe Ratios of MBNE 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

	MBNE	DBO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.79	2.34	-0.55
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	0.63	0.02	+0.60

Drawdowns

MBNE vs. DBO - Drawdown Comparison

The maximum MBNE drawdown since its inception was -6.19%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for MBNE and DBO.

Drawdown Indicators

	MBNE	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-6.19%	-90.18%	+83.99%
Max Drawdown (1Y) Largest decline over 1 year	-2.02%	-18.19%	+16.17%
Max Drawdown (3Y) Largest decline over 3 years	-4.98%	-28.20%	+23.22%
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	-1.04%	-51.38%	+50.34%
Average Drawdown Average peak-to-trough decline	-1.41%	-62.25%	+60.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.65%	8.92%	-8.27%

Volatility

MBNE vs. DBO - Volatility Comparison

The current volatility for SPDR Nuveen Municipal Bond ESG ETF (MBNE) is 0.37%, while Invesco DB Oil Fund (DBO) has a volatility of 12.61%. This indicates that MBNE 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

	MBNE	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.37%	12.61%	-12.24%
Volatility (6M) Calculated over the trailing 6-month period	2.05%	28.20%	-26.15%
Volatility (1Y) Calculated over the trailing 1-year period	2.86%	34.46%	-31.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.70%	32.29%	-28.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.70%	31.78%	-28.08%

MBNE vs. DBO - Expense Ratio Comparison

MBNE has a 0.43% expense ratio, which is lower than DBO's 0.78% expense ratio.

Dividends

MBNE vs. DBO - Dividend Comparison

MBNE's dividend yield for the trailing twelve months is around 3.15%, 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%
MBNE SPDR Nuveen Municipal Bond ESG ETF	3.15%	3.63%	3.32%	3.01%	1.81%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MBNE and DBO in my portfolio?

MBNE 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, MBNE or DBO?

DBO has higher volatility (12.61%) compared to MBNE (0.37%). In terms of maximum drawdown, MBNE dropped -6.19% vs DBO's -90.18%.

Which ETF is better, MBNE or DBO?

On 3-year performance, DBO leads with 21.86% vs 2.97% for MBNE. On fees, MBNE is cheaper at 0.43% per year. On volatility, MBNE has been the lower-risk option at 0.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MBNE or DBO?

Over the 3-year period, DBO has performed better with a 21.86% return vs 2.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MBNE or DBO?

MBNE is cheaper with a 0.43% expense ratio, compared with 0.78% for DBO.

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

MBNE has the higher dividend yield at 3.15%, compared with 1.90% for DBO.

What is the main difference between MBNE and DBO?

MBNE is categorized as Municipal Bonds, while DBO is Oil & Gas. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.43% for MBNE and 0.78% for DBO.

Which has better risk-adjusted returns?

DBO currently has the higher Sharpe Ratio (2.34 vs 1.79), 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.