OBTC vs. DBO
OBTC (Osprey Bitcoin Trust) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - OBTC is a Cryptocurrency fund tracking the Bitcoin (BTC), 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, OBTC returned 7.86%/yr vs 15.36%/yr for DBO. At a 0.04 correlation, their price movements are largely independent. OBTC charges 0.49%/yr vs 0.78%/yr for DBO.
Performance
OBTC vs. DBO - Performance Comparison
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Returns By Period
In the year-to-date period, OBTC achieves a -27.42% return, which is significantly lower than DBO's 79.84% return.
OBTC
- 1D
- -2.64%
- 1M
- -22.08%
- YTD
- -27.42%
- 6M
- -26.99%
- 1Y
- -30.40%
- 3Y*
- 55.47%
- 5Y*
- 7.86%
- 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%
OBTC vs. DBO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
OBTC Osprey Bitcoin Trust | -27.42% | -1.87% | 130.89% | 277.81% | -73.93% | -74.76% |
DBO Invesco DB Oil Fund | 79.84% | -11.71% | 7.85% | -4.44% | 13.04% | 32.45% |
Correlation
The correlation between OBTC and DBO is -0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.07 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.03 |
Correlation (All Time) Calculated using the full available price history since Feb 16, 2021 | 0.04 |
The correlation between OBTC and DBO shifts across timeframes, from -0.07 (1 year) to 0.04 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
OBTC vs. DBO — Risk / Return Rank
OBTC
DBO
OBTC vs. DBO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Osprey Bitcoin Trust (OBTC) 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.
| OBTC | DBO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.94 | ||
| Sortino ratioReturn per unit of downside risk | -3.68 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.36 | -0.46 |
| Calmar ratioReturn relative to maximum drawdown | -0.67 | 4.28 | -4.95 |
| Martin ratioReturn relative to average drawdown | -1.21 | 8.69 | -9.89 |
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
| OBTC | DBO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.69 | 2.25 | -2.94 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.14 | 0.48 | -0.34 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.34 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.22 | 0.02 | -0.24 |
Drawdowns
OBTC vs. DBO - Drawdown Comparison
The maximum OBTC drawdown since its inception was -94.50%, roughly equal to the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for OBTC and DBO.
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Drawdown Indicators
| OBTC | DBO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.50% | -90.18% | -4.32% |
Max Drawdown (1Y)Largest decline over 1 year | -45.41% | -18.19% | -27.22% |
Max Drawdown (3Y)Largest decline over 3 years | -45.41% | -28.20% | -17.21% |
Max Drawdown (5Y)Largest decline over 5 years | -83.76% | -37.68% | -46.08% |
Max Drawdown (10Y)Largest decline over 10 years | — | -61.69% | — |
Current DrawdownCurrent decline from peak | -63.75% | -52.68% | -11.07% |
Average DrawdownAverage peak-to-trough decline | -69.63% | -62.25% | -7.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 25.22% | 8.94% | +16.28% |
Volatility
OBTC vs. DBO - Volatility Comparison
The current volatility for Osprey Bitcoin Trust (OBTC) is 9.14%, while Invesco DB Oil Fund (DBO) has a volatility of 12.79%. This indicates that OBTC 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
| OBTC | DBO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.14% | 12.79% | -3.65% |
Volatility (6M)Calculated over the trailing 6-month period | 34.13% | 28.32% | +5.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.29% | 34.58% | +9.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 58.12% | 32.31% | +25.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.54% | 31.79% | +39.75% |
OBTC vs. DBO - Expense Ratio Comparison
OBTC has a 0.49% expense ratio, which is lower than DBO's 0.78% expense ratio.
Dividends
OBTC vs. DBO - Dividend Comparison
OBTC has not paid dividends to shareholders, while DBO's dividend yield for the trailing twelve months is around 1.95%.
| 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% |
OBTC Osprey Bitcoin Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
OBTC and DBO have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBO has higher volatility (12.79%) compared to OBTC (9.14%). In terms of maximum drawdown, OBTC dropped -94.50% vs DBO's -90.18%.
On 5-year performance, DBO leads with 15.36% vs 7.86% for OBTC. On fees, OBTC is cheaper at 0.49% per year. On volatility, OBTC has been the lower-risk option at 9.14%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, DBO has performed better with a 15.36% return vs 7.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
OBTC is cheaper with a 0.49% expense ratio, compared with 0.78% for DBO.
DBO has the higher dividend yield at 1.95%, compared with 0.00% for OBTC.
OBTC is categorized as Cryptocurrency, while DBO is Oil & Gas. OBTC tracks Bitcoin (BTC), while DBO tracks DBIQ Optimum Yield Crude Oil Index Excess Return. They also come from different issuers: Osprey Funds and Invesco. Their fees differ too: 0.49% for OBTC and 0.78% for DBO.
DBO currently has the higher Sharpe Ratio (2.25 vs -0.69), 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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