MGMT vs. DBO

Last updated Jun 5, 2026

MGMT (Ballast Small/Mid Cap ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - MGMT is a Mid Cap Blend Equities fund actively managed by Inverdale Capital Management LLC, while DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return. MGMT is actively managed, while DBO is passively managed. Over the past 5 years, MGMT returned 7.20%/yr vs 15.36%/yr for DBO. At a 0.19 correlation, their price movements are largely independent. MGMT charges 1.10%/yr vs 0.78%/yr for DBO.

Performance

MGMT vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Ballast Small/Mid Cap ETF (MGMT) 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, MGMT achieves a 11.12% return, which is significantly lower than DBO's 79.84% return.

MGMT

• 1D: 1.21%
• 1M: 1.18%
• YTD: 11.12%
• 6M: 10.84%
• 1Y: 28.05%
• 3Y*: 14.69%
• 5Y*: 7.20%
• 10Y*: —

DBO

• 1D: -2.66%
• 1M: -3.39%
• YTD: 79.84%
• 6M: 74.51%
• 1Y: 77.38%
• 3Y*: 20.83%
• 5Y*: 15.36%
• 10Y*: 10.89%

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

MGMT vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
MGMT Ballast Small/Mid Cap ETF	11.12%	6.96%	12.95%	17.87%	-14.54%	40.77%	5.36%
DBO Invesco DB Oil Fund	79.84%	-11.71%	7.85%	-4.44%	13.04%	60.74%	5.51%

Correlation

The correlation between MGMT and DBO is -0.19, 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	-0.19
Correlation (3Y) Calculated over the trailing 3-year period	0.04
Correlation (5Y) Calculated over the trailing 5-year period	0.18
Correlation (All Time) Calculated using the full available price history since Dec 4, 2020	0.19

The correlation between MGMT and DBO shifts across timeframes, from -0.19 (1 year) to 0.19 (all time), reflecting how their relationship changes across market environments.

MGMT vs. DBO - Sectors Allocation Comparison

Sectors	MGMT	DBO
Industrials	23.1%	-
Energy	15.7%	-
Technology	13.6%	-
Basic Materials	13.4%	-
Financial Services	11.1%	116.0%
Consumer Cyclical	8.0%	-
Healthcare	6.2%	-
Consumer Defensive	3.5%	-
Communication Services	3.5%	-
Real Estate	1.8%	-
Utilities	-	-

Return for Risk

MGMT vs. DBO — Risk / Return Rank

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

MGMT

MGMT Risk / Return Rank: 46
MGMT Sharpe Ratio Rank: 47
MGMT Sortino Ratio Rank: 49
MGMT Omega Ratio Rank: 43
MGMT Calmar Ratio Rank: 47
MGMT Martin Ratio Rank: 43

DBO

DBO Risk / Return Rank: 65
DBO Sharpe Ratio Rank: 70
DBO Sortino Ratio Rank: 62
DBO Omega Ratio Rank: 61
DBO Calmar Ratio Rank: 82
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.

MGMT vs. DBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Ballast Small/Mid Cap ETF (MGMT) 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.

	MGMT	DBO	Difference
Sharpe ratio: Return per unit of total volatility	1.61	2.25	-0.64
Sortino ratio: Return per unit of downside risk	2.37	2.85	-0.48
Omega ratio: Gain probability vs. loss probability	1.27	1.36	-0.09
Calmar ratio: Return relative to maximum drawdown	2.29	4.28	-1.99
Martin ratio: Return relative to average drawdown	6.94	8.69	-1.75
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MGMT vs. DBO - Sharpe Ratio Comparison

The current MGMT Sharpe Ratio is 1.61, which is comparable to the DBO Sharpe Ratio of 2.25. The chart below compares the historical Sharpe Ratios of MGMT 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

	MGMT	DBO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.61	2.25	-0.64
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.37	0.48	-0.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.34	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.69	0.02	+0.68

Drawdowns

MGMT vs. DBO - Drawdown Comparison

The maximum MGMT drawdown since its inception was -24.95%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for MGMT and DBO.

Drawdown Indicators

	MGMT	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-24.95%	-90.18%	+65.23%
Max Drawdown (1Y) Largest decline over 1 year	-12.32%	-18.19%	+5.87%
Max Drawdown (3Y) Largest decline over 3 years	-23.76%	-28.20%	+4.44%
Max Drawdown (5Y) Largest decline over 5 years	-24.95%	-37.68%	+12.73%
Max Drawdown (10Y) Largest decline over 10 years	—	-61.69%	—
Current Drawdown Current decline from peak	-1.54%	-52.68%	+51.14%
Average Drawdown Average peak-to-trough decline	-6.74%	-62.25%	+55.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.05%	8.94%	-4.89%

Volatility

MGMT vs. DBO - Volatility Comparison

The current volatility for Ballast Small/Mid Cap ETF (MGMT) is 4.17%, while Invesco DB Oil Fund (DBO) has a volatility of 12.79%. This indicates that MGMT 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

	MGMT	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.17%	12.79%	-8.62%
Volatility (6M) Calculated over the trailing 6-month period	11.96%	28.32%	-16.36%
Volatility (1Y) Calculated over the trailing 1-year period	17.50%	34.58%	-17.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.54%	32.31%	-12.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.57%	31.79%	-12.22%

MGMT vs. DBO - Expense Ratio Comparison

MGMT has a 1.10% expense ratio, which is higher than DBO's 0.78% expense ratio.

Dividends

MGMT vs. DBO - Dividend Comparison

MGMT's dividend yield for the trailing twelve months is around 0.31%, less than DBO's 1.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBO Invesco DB Oil Fund	1.95%	3.51%	4.68%	4.59%	0.66%	0.00%	0.00%	1.63%	1.58%
MGMT Ballast Small/Mid Cap ETF	0.31%	0.34%	0.51%	1.16%	0.90%	0.26%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MGMT and DBO in my portfolio?

MGMT and DBO have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MGMT or DBO?

DBO has higher volatility (12.79%) compared to MGMT (4.17%). In terms of maximum drawdown, MGMT dropped -24.95% vs DBO's -90.18%.

Which ETF is better, MGMT or DBO?

On 5-year performance, DBO leads with 15.36% vs 7.20% for MGMT. On fees, DBO is cheaper at 0.78% per year. On volatility, MGMT has been the lower-risk option at 4.17%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MGMT or DBO?

Over the 5-year period, DBO has performed better with a 15.36% return vs 7.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MGMT or DBO?

DBO is cheaper with a 0.78% expense ratio, compared with 1.10% for MGMT.

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

DBO has the higher dividend yield at 1.95%, compared with 0.31% for MGMT.

What is the main difference between MGMT and DBO?

MGMT is categorized as Mid Cap Blend Equities, while DBO is Oil & Gas. They also come from different issuers: Inverdale Capital Management LLC and Invesco. Their fees differ too: 1.10% for MGMT and 0.78% for DBO.

Which has better risk-adjusted returns?

DBO currently has the higher Sharpe Ratio (2.25 vs 1.61), 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.