MSTB vs. DBO

Last updated Jun 4, 2026

MSTB (LHA Market State Tactical Beta ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - MSTB is a Equity Hedged fund tracking the S&P 500® Index, while DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return. Both are passively managed. Over the past 5 years, MSTB returned 8.55%/yr vs 15.98%/yr for DBO. At a 0.11 correlation, their price movements are largely independent. MSTB charges 1.40%/yr vs 0.78%/yr for DBO.

Performance

MSTB vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in LHA Market State Tactical Beta ETF (MSTB) 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, MSTB achieves a 8.71% return, which is significantly lower than DBO's 84.75% return.

MSTB

• 1D: -0.60%
• 1M: 3.88%
• YTD: 8.71%
• 6M: 8.70%
• 1Y: 20.33%
• 3Y*: 18.51%
• 5Y*: 8.55%
• 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)

MSTB vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
MSTB LHA Market State Tactical Beta ETF	8.71%	18.57%	18.82%	16.94%	-22.72%	21.89%	9.45%
DBO Invesco DB Oil Fund	84.75%	-11.71%	7.85%	-4.44%	13.04%	60.74%	17.25%

Correlation

The correlation between MSTB and DBO is -0.27, 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	-0.27
Correlation (3Y) Calculated over the trailing 3-year period	-0.04
Correlation (5Y) Calculated over the trailing 5-year period	0.09
Correlation (All Time) Calculated using the full available price history since Oct 1, 2020	0.11

The correlation between MSTB and DBO shifts across timeframes, from -0.27 (1 year) to 0.11 (all time), reflecting how their relationship changes across market environments.

MSTB vs. DBO - Sectors Allocation Comparison

Sectors	MSTB	DBO
Technology	36.1%	-
Financial Services	11.9%	116.0%
Communication Services	10.9%	-
Consumer Cyclical	10.1%	-
Healthcare	8.4%	-
Industrials	8.2%	-
Consumer Defensive	4.9%	-
Energy	3.5%	-
Utilities	2.3%	-
Real Estate	1.9%	-
Basic Materials	1.8%	-

Return for Risk

MSTB vs. DBO — Risk / Return Rank

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

MSTB

MSTB Risk / Return Rank: 56
MSTB Sharpe Ratio Rank: 59
MSTB Sortino Ratio Rank: 58
MSTB Omega Ratio Rank: 60
MSTB Calmar Ratio Rank: 50
MSTB Martin Ratio Rank: 55

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.

MSTB vs. DBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for LHA Market State Tactical Beta ETF (MSTB) 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.

	MSTB	DBO	Difference
Sharpe ratio: Return per unit of total volatility	2.00	2.34	-0.34
Sortino ratio: Return per unit of downside risk	2.75	2.94	-0.18
Omega ratio: Gain probability vs. loss probability	1.37	1.38	-0.01
Calmar ratio: Return relative to maximum drawdown	2.46	4.44	-1.98
Martin ratio: Return relative to average drawdown	9.32	9.02	+0.30
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MSTB vs. DBO - Sharpe Ratio Comparison

The current MSTB Sharpe Ratio is 2.00, which is comparable to the DBO Sharpe Ratio of 2.34. The chart below compares the historical Sharpe Ratios of MSTB 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

	MSTB	DBO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.00	2.34	-0.34
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.62	0.50	+0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.36	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.83	0.02	+0.81

Drawdowns

MSTB vs. DBO - Drawdown Comparison

The maximum MSTB drawdown since its inception was -25.64%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for MSTB and DBO.

Drawdown Indicators

	MSTB	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-25.64%	-90.18%	+64.54%
Max Drawdown (1Y) Largest decline over 1 year	-8.31%	-18.19%	+9.88%
Max Drawdown (3Y) Largest decline over 3 years	-10.81%	-28.20%	+17.39%
Max Drawdown (5Y) Largest decline over 5 years	-25.64%	-37.68%	+12.04%
Max Drawdown (10Y) Largest decline over 10 years	—	-61.69%	—
Current Drawdown Current decline from peak	-0.60%	-51.38%	+50.78%
Average Drawdown Average peak-to-trough decline	-7.18%	-62.25%	+55.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.19%	8.92%	-6.73%

Volatility

MSTB vs. DBO - Volatility Comparison

The current volatility for LHA Market State Tactical Beta ETF (MSTB) is 2.56%, while Invesco DB Oil Fund (DBO) has a volatility of 12.61%. This indicates that MSTB 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

	MSTB	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.56%	12.61%	-10.05%
Volatility (6M) Calculated over the trailing 6-month period	7.43%	28.20%	-20.77%
Volatility (1Y) Calculated over the trailing 1-year period	10.21%	34.46%	-24.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.97%	32.29%	-18.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.84%	31.78%	-17.94%

MSTB vs. DBO - Expense Ratio Comparison

MSTB has a 1.40% expense ratio, which is higher than DBO's 0.78% expense ratio.

Dividends

MSTB vs. DBO - Dividend Comparison

MSTB's dividend yield for the trailing twelve months is around 0.38%, less 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%
MSTB LHA Market State Tactical Beta ETF	0.38%	0.41%	0.95%	0.16%	1.34%	2.20%	1.78%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MSTB and DBO in my portfolio?

MSTB and DBO have a correlation of -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MSTB or DBO?

DBO has higher volatility (12.61%) compared to MSTB (2.56%). In terms of maximum drawdown, MSTB dropped -25.64% vs DBO's -90.18%.

Which ETF is better, MSTB or DBO?

On 5-year performance, DBO leads with 15.98% vs 8.55% for MSTB. On fees, DBO is cheaper at 0.78% per year. On volatility, MSTB has been the lower-risk option at 2.56%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MSTB or DBO?

Over the 5-year period, DBO has performed better with a 15.98% return vs 8.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSTB or DBO?

DBO is cheaper with a 0.78% expense ratio, compared with 1.40% for MSTB.

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

DBO has the higher dividend yield at 1.90%, compared with 0.38% for MSTB.

What is the main difference between MSTB and DBO?

MSTB is categorized as Equity Hedged, while DBO is Oil & Gas. MSTB tracks S&P 500® Index, while DBO tracks DBIQ Optimum Yield Crude Oil Index Excess Return. They also come from different issuers: Little Harbor Advisors and Invesco. Their fees differ too: 1.40% for MSTB and 0.78% for DBO.

Which has better risk-adjusted returns?

DBO currently has the higher Sharpe Ratio (2.34 vs 2.00), 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.