NACP vs. DBO

Last updated Jun 6, 2026

NACP (Impact Shares NAACP Minority Empowerment ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - NACP is a Large Cap Growth Equities fund tracking the Morningstar Minority Empowerment 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, NACP returned 15.10%/yr vs 14.88%/yr for DBO. At a 0.16 correlation, their price movements are largely independent. NACP charges 0.49%/yr vs 0.78%/yr for DBO.

Performance

NACP vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Impact Shares NAACP Minority Empowerment ETF (NACP) 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, NACP achieves a 17.60% return, which is significantly lower than DBO's 76.15% return.

NACP

• 1D: -3.88%
• 1M: 2.06%
• YTD: 17.60%
• 6M: 16.18%
• 1Y: 39.46%
• 3Y*: 25.64%
• 5Y*: 15.10%
• 10Y*: —

DBO

• 1D: -2.05%
• 1M: 1.22%
• YTD: 76.15%
• 6M: 69.63%
• 1Y: 72.26%
• 3Y*: 20.11%
• 5Y*: 14.88%
• 10Y*: 10.48%

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

NACP vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
NACP Impact Shares NAACP Minority Empowerment ETF	17.60%	21.38%	23.93%	29.69%	-23.05%	27.62%	26.00%	30.74%	-8.79%
DBO Invesco DB Oil Fund	76.15%	-11.71%	7.85%	-4.44%	13.04%	60.74%	-20.99%	28.05%	-27.68%

Correlation

The correlation between NACP and DBO is -0.22, 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	-0.22
Correlation (3Y) Calculated over the trailing 3-year period	-0.03
Correlation (5Y) Calculated over the trailing 5-year period	0.09
Correlation (All Time) Calculated using the full available price history since Jul 20, 2018	0.16

The correlation between NACP and DBO shifts across timeframes, from -0.22 (1 year) to 0.16 (all time), reflecting how their relationship changes across market environments.

NACP vs. DBO - Sectors Allocation Comparison

Sectors	NACP	DBO
Technology	35.8%	-
Consumer Cyclical	11.1%	-
Financial Services	10.6%	116.0%
Communication Services	9.8%	-
Healthcare	9.2%	-
Industrials	8.7%	-
Energy	5.0%	-
Consumer Defensive	3.6%	-
Utilities	3.4%	-
Basic Materials	1.5%	-
Real Estate	1.3%	-

Return for Risk

NACP vs. DBO — Risk / Return Rank

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

NACP

NACP Risk / Return Rank: 84
NACP Sharpe Ratio Rank: 87
NACP Sortino Ratio Rank: 83
NACP Omega Ratio Rank: 83
NACP Calmar Ratio Rank: 82
NACP Martin Ratio Rank: 87

DBO

DBO Risk / Return Rank: 62
DBO Sharpe Ratio Rank: 66
DBO Sortino Ratio Rank: 60
DBO Omega Ratio Rank: 57
DBO Calmar Ratio Rank: 80
DBO Martin Ratio Rank: 50

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.

NACP vs. DBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Impact Shares NAACP Minority Empowerment ETF (NACP) 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.

	NACP	DBO	Difference
Sharpe ratio: Return per unit of total volatility	2.72	2.10	+0.62
Sortino ratio: Return per unit of downside risk	3.53	2.71	+0.82
Omega ratio: Gain probability vs. loss probability	1.47	1.34	+0.13
Calmar ratio: Return relative to maximum drawdown	4.11	3.99	+0.12
Martin ratio: Return relative to average drawdown	17.94	8.09	+9.85
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NACP vs. DBO - Sharpe Ratio Comparison

The current NACP Sharpe Ratio is 2.72, which is comparable to the DBO Sharpe Ratio of 2.10. The chart below compares the historical Sharpe Ratios of NACP 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

	NACP	DBO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.72	2.10	+0.62
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.86	0.46	+0.40
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.33	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.90	0.01	+0.88

Drawdowns

NACP vs. DBO - Drawdown Comparison

The maximum NACP drawdown since its inception was -30.96%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for NACP and DBO.

Drawdown Indicators

	NACP	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-30.96%	-90.18%	+59.22%
Max Drawdown (1Y) Largest decline over 1 year	-9.65%	-18.19%	+8.54%
Max Drawdown (3Y) Largest decline over 3 years	-19.66%	-28.20%	+8.54%
Max Drawdown (5Y) Largest decline over 5 years	-27.89%	-37.68%	+9.79%
Max Drawdown (10Y) Largest decline over 10 years	—	-61.69%	—
Current Drawdown Current decline from peak	-3.88%	-53.65%	+49.77%
Average Drawdown Average peak-to-trough decline	-5.74%	-62.25%	+56.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.21%	8.96%	-6.75%

Volatility

NACP vs. DBO - Volatility Comparison

The current volatility for Impact Shares NAACP Minority Empowerment ETF (NACP) is 5.77%, while Invesco DB Oil Fund (DBO) has a volatility of 11.00%. This indicates that NACP 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

	NACP	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.77%	11.00%	-5.23%
Volatility (6M) Calculated over the trailing 6-month period	11.86%	28.43%	-16.57%
Volatility (1Y) Calculated over the trailing 1-year period	14.58%	34.63%	-20.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.55%	32.31%	-14.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.74%	31.79%	-13.05%

NACP vs. DBO - Expense Ratio Comparison

NACP has a 0.49% expense ratio, which is lower than DBO's 0.78% expense ratio.

Dividends

NACP vs. DBO - Dividend Comparison

NACP's dividend yield for the trailing twelve months is around 0.57%, less than DBO's 1.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBO Invesco DB Oil Fund	1.99%	3.51%	4.68%	4.59%	0.66%	0.00%	0.00%	1.63%	1.58%
NACP Impact Shares NAACP Minority Empowerment ETF	0.57%	0.62%	2.96%	1.28%	3.48%	3.06%	1.48%	1.22%	0.71%

Frequently Asked Questions

Can I hold both NACP and DBO in my portfolio?

NACP and DBO have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NACP or DBO?

DBO has higher volatility (11.00%) compared to NACP (5.77%). In terms of maximum drawdown, NACP dropped -30.96% vs DBO's -90.18%.

Which ETF is better, NACP or DBO?

On 5-year performance, NACP leads with 15.10% vs 14.88% for DBO. On fees, NACP is cheaper at 0.49% per year. On volatility, NACP has been the lower-risk option at 5.77%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NACP or DBO?

Over the 5-year period, NACP has performed better with a 15.10% return vs 14.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NACP or DBO?

NACP is cheaper with a 0.49% expense ratio, compared with 0.78% for DBO.

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

DBO has the higher dividend yield at 1.99%, compared with 0.57% for NACP.

What is the main difference between NACP and DBO?

NACP is categorized as Large Cap Growth Equities, while DBO is Oil & Gas. NACP tracks Morningstar Minority Empowerment Index, while DBO tracks DBIQ Optimum Yield Crude Oil Index Excess Return. They also come from different issuers: Impact Shares and Invesco. Their fees differ too: 0.49% for NACP and 0.78% for DBO.

Which has better risk-adjusted returns?

NACP currently has the higher Sharpe Ratio (2.72 vs 2.10), 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.