MSSM vs. DBO
MSSM (Morgan Stanley Pathway Small-Mid Cap Equity ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - MSSM is a Small Cap Blend Equities fund actively managed by Morgan Stanley, while DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return. MSSM is actively managed, while DBO is passively managed. Over the past year, MSSM returned 30.65% vs 51.44% for DBO. Their -0.08 correlation means they have often moved in opposite directions in the past. MSSM charges 0.62%/yr vs 0.78%/yr for DBO.
Performance
MSSM vs. DBO - Performance Comparison
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Returns By Period
In the year-to-date period, MSSM achieves a 17.02% return, which is significantly lower than DBO's 66.72% return.
MSSM
- 1D
- -0.21%
- 1M
- -2.59%
- 6M
- 10.95%
- YTD
- 17.02%
- 1Y
- 30.65%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 12.38%
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 | |
| $641.79K | $819.50K | $1.38M |
MSSM vs. DBO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
MSSM Morgan Stanley Pathway Small-Mid Cap Equity ETF | 17.02% | 11.33% | -7.04% |
DBO Invesco DB Oil Fund | 66.72% | -11.71% | 7.23% |
Correlation
The correlation between MSSM and DBO is -0.24, 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. | -0.24 |
Correlation (All Time) Calculated using the full available price history since Dec 9, 2024 | -0.08 |
The correlation between MSSM and DBO shifts across timeframes, from -0.24 (1 year) to -0.08 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
MSSM vs. DBO — Risk / Return Rank
MSSM
DBO
MSSM vs. DBO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Pathway Small-Mid Cap Equity ETF (MSSM) 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.
| MSSM | DBO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.27 | ||
| Sortino ratioReturn per unit of downside risk | +0.38 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.23 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 3.00 | 1.86 | +1.13 |
| Martin ratioReturn relative to average drawdown | 10.83 | 5.64 | +5.19 |
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Drawdowns
MSSM vs. DBO - Drawdown Comparison
The maximum MSSM drawdown since its inception was -25.16%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for MSSM and DBO.
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Drawdown Indicators
| MSSM | DBO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.16% | -90.18% | +65.02% |
Max Drawdown (1Y)Largest decline over 1 year | -9.50% | -27.73% | +18.23% |
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 DrawdownCurrent decline from peak | -4.43% | -56.13% | +51.70% |
Average DrawdownAverage peak-to-trough decline | -4.94% | -62.20% | +57.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.62% | 9.16% | -6.54% |
Volatility
MSSM vs. DBO - Volatility Comparison
The current volatility for Morgan Stanley Pathway Small-Mid Cap Equity ETF (MSSM) is 3.85%, while Invesco DB Oil Fund (DBO) has a volatility of 18.99%. This indicates that MSSM 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
| MSSM | DBO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.85% | 18.99% | -15.14% |
Volatility (6M)Calculated over the trailing 6-month period | 13.38% | 34.30% | -20.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.81% | 38.86% | -21.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.58% | 33.43% | -12.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.58% | 32.24% | -11.66% |
MSSM vs. DBO - Expense Ratio Comparison
MSSM has a 0.62% expense ratio, which is lower than DBO's 0.78% expense ratio.
Dividends
MSSM vs. DBO - Dividend Comparison
MSSM's dividend yield for the trailing twelve months is around 2.69%, more than DBO's 2.11% yield.
| 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% |
MSSM Morgan Stanley Pathway Small-Mid Cap Equity ETF | 2.69% | 3.15% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
MSSM and DBO have a correlation of -0.24, 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 MSSM (3.85%). In terms of maximum drawdown, MSSM dropped -25.16% vs DBO's -90.18%.
On 1-year performance, DBO leads with 51.44% vs 30.65% for MSSM. On fees, MSSM is cheaper at 0.62% per year. On volatility, MSSM has been the lower-risk option at 3.85%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, DBO has performed better with a 51.44% return vs 30.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MSSM is cheaper with a 0.62% expense ratio, compared with 0.78% for DBO.
MSSM has the higher dividend yield at 2.69%, compared with 2.11% for DBO.
MSSM is categorized as Small Cap Blend Equities, while DBO is Oil & Gas. They also come from different issuers: Morgan Stanley and Invesco. Their fees differ too: 0.62% for MSSM and 0.78% for DBO.
MSSM currently has the higher Sharpe Ratio (1.60 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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