MSTI vs. DBO

Last updated Jun 5, 2026

MSTI (Madison Short-Term Strategic Income ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - MSTI is a Short-Term Bond fund actively managed by Madison, while DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return. MSTI is actively managed, while DBO is passively managed. Over the past year, MSTI returned 4.10% vs 77.38% for DBO. At a correlation of -0.16, they often move in opposite directions. MSTI charges 0.40%/yr vs 0.78%/yr for DBO.

Performance

MSTI vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Madison Short-Term Strategic Income ETF (MSTI) 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, MSTI achieves a 0.70% return, which is significantly lower than DBO's 79.84% return.

MSTI

• 1D: 0.07%
• 1M: 0.14%
• YTD: 0.70%
• 6M: 1.09%
• 1Y: 4.10%
• 3Y*: —
• 5Y*: —
• 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)

MSTI vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
MSTI Madison Short-Term Strategic Income ETF	0.70%	6.33%	4.84%	4.14%
DBO Invesco DB Oil Fund	79.84%	-11.71%	7.85%	-16.04%

Correlation

The correlation between MSTI and DBO is -0.31, 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	-0.31
Correlation (All Time) Calculated using the full available price history since Sep 7, 2023	-0.16

The correlation between MSTI and DBO shifts across timeframes, from -0.31 (1 year) to -0.16 (all time), reflecting how their relationship changes across market environments.

Return for Risk

MSTI vs. DBO — Risk / Return Rank

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

MSTI

MSTI Risk / Return Rank: 58
MSTI Sharpe Ratio Rank: 50
MSTI Sortino Ratio Rank: 53
MSTI Omega Ratio Rank: 56
MSTI Calmar Ratio Rank: 64
MSTI Martin Ratio Rank: 70

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.

MSTI vs. DBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Madison Short-Term Strategic Income ETF (MSTI) 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.

	MSTI	DBO	Difference
Sharpe ratio: Return per unit of total volatility	1.68	2.25	-0.57
Sortino ratio: Return per unit of downside risk	2.52	2.85	-0.33
Omega ratio: Gain probability vs. loss probability	1.34	1.36	-0.03
Calmar ratio: Return relative to maximum drawdown	3.12	4.28	-1.15
Martin ratio: Return relative to average drawdown	12.92	8.69	+4.23
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MSTI vs. DBO - Sharpe Ratio Comparison

The current MSTI Sharpe Ratio is 1.68, which is comparable to the DBO Sharpe Ratio of 2.25. The chart below compares the historical Sharpe Ratios of MSTI 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

	MSTI	DBO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.68	2.25	-0.57
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.48	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.34	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.18	0.02	+2.16

Drawdowns

MSTI vs. DBO - Drawdown Comparison

The maximum MSTI drawdown since its inception was -1.48%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for MSTI and DBO.

Drawdown Indicators

	MSTI	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-1.48%	-90.18%	+88.70%
Max Drawdown (1Y) Largest decline over 1 year	-1.32%	-18.19%	+16.87%
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 Drawdown Current decline from peak	-0.25%	-52.68%	+52.43%
Average Drawdown Average peak-to-trough decline	-0.29%	-62.25%	+61.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.32%	8.94%	-8.62%

Volatility

MSTI vs. DBO - Volatility Comparison

The current volatility for Madison Short-Term Strategic Income ETF (MSTI) is 0.58%, while Invesco DB Oil Fund (DBO) has a volatility of 12.79%. This indicates that MSTI 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

	MSTI	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.58%	12.79%	-12.21%
Volatility (6M) Calculated over the trailing 6-month period	1.61%	28.32%	-26.71%
Volatility (1Y) Calculated over the trailing 1-year period	2.46%	34.58%	-32.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.71%	32.31%	-29.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.71%	31.79%	-29.08%

MSTI vs. DBO - Expense Ratio Comparison

MSTI has a 0.40% expense ratio, which is lower than DBO's 0.78% expense ratio.

Dividends

MSTI vs. DBO - Dividend Comparison

MSTI's dividend yield for the trailing twelve months is around 5.33%, more 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%
MSTI Madison Short-Term Strategic Income ETF	5.33%	5.40%	5.48%	1.55%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MSTI and DBO in my portfolio?

MSTI and DBO have a correlation of -0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MSTI or DBO?

DBO has higher volatility (12.79%) compared to MSTI (0.58%). In terms of maximum drawdown, MSTI dropped -1.48% vs DBO's -90.18%.

Which ETF is better, MSTI or DBO?

On 1-year performance, DBO leads with 77.38% vs 4.10% for MSTI. On fees, MSTI is cheaper at 0.40% per year. On volatility, MSTI has been the lower-risk option at 0.58%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MSTI or DBO?

Over the 1-year period, DBO has performed better with a 77.38% return vs 4.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSTI or DBO?

MSTI is cheaper with a 0.40% expense ratio, compared with 0.78% for DBO.

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

MSTI has the higher dividend yield at 5.33%, compared with 1.95% for DBO.

What is the main difference between MSTI and DBO?

MSTI is categorized as Short-Term Bond, while DBO is Oil & Gas. They also come from different issuers: Madison and Invesco. Their fees differ too: 0.40% for MSTI and 0.78% for DBO.

Which has better risk-adjusted returns?

DBO currently has the higher Sharpe Ratio (2.25 vs 1.68), 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.