MLN vs. DBO
MLN (VanEck Long Muni ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - MLN is a Municipal Bonds fund tracking the Bloomberg AMT-Free Long Continuous, while DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return. Both are passively managed. Over the past 10 years, MLN returned 1.49%/yr vs 11.37%/yr for DBO. At a correlation of -0.11, they often move in opposite directions. MLN charges 0.24%/yr vs 0.78%/yr for DBO.
Performance
MLN vs. DBO - Performance Comparison
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Returns By Period
In the year-to-date period, MLN achieves a 1.92% return, which is significantly lower than DBO's 84.75% return. Over the past 10 years, MLN has underperformed DBO with an annualized return of 1.49%, while DBO has yielded a comparatively higher 11.37% annualized return.
MLN
- 1D
- -0.26%
- 1M
- 0.46%
- YTD
- 1.92%
- 6M
- 2.58%
- 1Y
- 9.33%
- 3Y*
- 3.46%
- 5Y*
- -1.05%
- 10Y*
- 1.49%
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%
MLN vs. DBO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MLN VanEck Long Muni ETF | 1.92% | 1.82% | 1.54% | 8.05% | -17.20% | 2.20% | 6.22% | 10.72% | -0.77% | 8.19% |
DBO Invesco DB Oil Fund | 84.75% | -11.71% | 7.85% | -4.44% | 13.04% | 60.74% | -20.99% | 28.05% | -15.22% | 4.86% |
Correlation
The correlation between MLN and DBO is -0.21, 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 | -0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.11 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.07 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.09 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 2008 | -0.11 |
The correlation between MLN and DBO shifts across timeframes, from -0.21 (1 year) to -0.07 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
MLN vs. DBO — Risk / Return Rank
MLN
DBO
MLN vs. DBO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Long Muni ETF (MLN) 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.
| MLN | DBO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.24 | ||
| Sortino ratioReturn per unit of downside risk | +0.22 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 1.38 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 3.66 | 4.44 | -0.77 |
| Martin ratioReturn relative to average drawdown | 12.02 | 9.02 | +3.00 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| MLN | DBO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.11 | 2.34 | -0.24 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.14 | 0.50 | -0.64 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.17 | 0.36 | -0.19 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.32 | 0.02 | +0.30 |
Drawdowns
MLN vs. DBO - Drawdown Comparison
The maximum MLN drawdown since its inception was -28.36%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for MLN and DBO.
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Drawdown Indicators
| MLN | DBO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.36% | -90.18% | +61.82% |
Max Drawdown (1Y)Largest decline over 1 year | -2.56% | -18.19% | +15.63% |
Max Drawdown (3Y)Largest decline over 3 years | -9.84% | -28.20% | +18.36% |
Max Drawdown (5Y)Largest decline over 5 years | -24.46% | -37.68% | +13.22% |
Max Drawdown (10Y)Largest decline over 10 years | -24.46% | -61.69% | +37.23% |
Current DrawdownCurrent decline from peak | -6.58% | -51.38% | +44.80% |
Average DrawdownAverage peak-to-trough decline | -5.73% | -62.25% | +56.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.78% | 8.92% | -8.14% |
Volatility
MLN vs. DBO - Volatility Comparison
The current volatility for VanEck Long Muni ETF (MLN) is 1.56%, while Invesco DB Oil Fund (DBO) has a volatility of 12.61%. This indicates that MLN 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
| MLN | DBO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.56% | 12.61% | -11.05% |
Volatility (6M)Calculated over the trailing 6-month period | 3.19% | 28.20% | -25.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.45% | 34.46% | -30.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.31% | 32.29% | -24.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.88% | 31.78% | -22.90% |
MLN vs. DBO - Expense Ratio Comparison
MLN has a 0.24% expense ratio, which is lower than DBO's 0.78% expense ratio.
Dividends
MLN vs. DBO - Dividend Comparison
MLN's dividend yield for the trailing twelve months is around 3.71%, more than DBO's 1.90% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DBO Invesco DB Oil Fund | 1.90% | 3.51% | 4.68% | 4.59% | 0.66% | 0.00% | 0.00% | 1.63% | 1.58% | 0.00% | 0.00% | 0.00% |
MLN VanEck Long Muni ETF | 3.71% | 3.73% | 3.59% | 3.19% | 2.67% | 2.52% | 2.69% | 2.98% | 3.09% | 2.91% | 3.16% | 3.38% |
Frequently Asked Questions
MLN and DBO have a correlation of -0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBO has higher volatility (12.61%) compared to MLN (1.56%). In terms of maximum drawdown, MLN dropped -28.36% vs DBO's -90.18%.
On 10-year performance, DBO leads with 11.37% vs 1.49% for MLN. On fees, MLN is cheaper at 0.24% per year. On volatility, MLN has been the lower-risk option at 1.56%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DBO has performed better with a 11.37% return vs 1.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MLN is cheaper with a 0.24% expense ratio, compared with 0.78% for DBO.
MLN has the higher dividend yield at 3.71%, compared with 1.90% for DBO.
MLN is categorized as Municipal Bonds, while DBO is Oil & Gas. MLN tracks Bloomberg AMT-Free Long Continuous, while DBO tracks DBIQ Optimum Yield Crude Oil Index Excess Return. They also come from different issuers: VanEck and Invesco. Their fees differ too: 0.24% for MLN and 0.78% for DBO.
DBO currently has the higher Sharpe Ratio (2.34 vs 2.11), 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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