OCTP vs. DBO

Last updated Jun 24, 2026

OCTP (PGIM S&P 500 Buffer 12 ETF - October) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - OCTP is a Defined Outcome fund actively managed by PGIM, while DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return. OCTP is actively managed, while DBO is passively managed. Over the past year, OCTP returned 16.09% vs 36.30% for DBO. At a correlation of -0.05, they often move in opposite directions. OCTP charges 0.50%/yr vs 0.78%/yr for DBO.

Performance

OCTP vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM S&P 500 Buffer 12 ETF - October (OCTP) 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, OCTP achieves a 5.58% return, which is significantly lower than DBO's 50.16% return.

OCTP

• 1D: -0.50%
• 1M: 0.64%
• YTD: 5.58%
• 6M: 5.27%
• 1Y: 16.09%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DBO

• 1D: -1.13%
• 1M: -18.58%
• YTD: 50.16%
• 6M: 47.74%
• 1Y: 36.30%
• 3Y*: 14.32%
• 5Y*: 10.16%
• 10Y*: 9.22%

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

OCTP vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
OCTP PGIM S&P 500 Buffer 12 ETF - October	5.58%	13.14%	7.17%
DBO Invesco DB Oil Fund	50.16%	-11.71%	-2.39%

Correlation

The correlation between OCTP and DBO is -0.21, 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	-0.21
Correlation (All Time) Calculated using the full available price history since May 17, 2024	-0.05

The correlation between OCTP and DBO shifts across timeframes, from -0.21 (1 year) to -0.05 (all time), reflecting how their relationship changes across market environments.

Return for Risk

OCTP vs. DBO — Risk / Return Rank

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

OCTP

OCTP Risk / Return Rank: 78
OCTP Sharpe Ratio Rank: 77
OCTP Sortino Ratio Rank: 79
OCTP Omega Ratio Rank: 82
OCTP Calmar Ratio Rank: 68
OCTP Martin Ratio Rank: 83

DBO

DBO Risk / Return Rank: 31
DBO Sharpe Ratio Rank: 31
DBO Sortino Ratio Rank: 31
DBO Omega Ratio Rank: 30
DBO Calmar Ratio Rank: 33
DBO Martin Ratio Rank: 31

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.

OCTP vs. DBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM S&P 500 Buffer 12 ETF - October (OCTP) 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.

	OCTP	DBO	Difference
Sharpe ratio: Return per unit of total volatility	2.22	1.06	+1.16
Sortino ratio: Return per unit of downside risk	3.15	1.61	+1.54
Omega ratio: Gain probability vs. loss probability	1.44	1.19	+0.25
Calmar ratio: Return relative to maximum drawdown	3.10	1.58	+1.51
Martin ratio: Return relative to average drawdown	15.18	4.29	+10.88

OCTP vs. DBO - Sharpe Ratio Comparison

The current OCTP Sharpe Ratio is 2.22, which is higher than the DBO Sharpe Ratio of 1.06. The chart below compares the historical Sharpe Ratios of OCTP 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.

Drawdowns

OCTP vs. DBO - Drawdown Comparison

The maximum OCTP drawdown since its inception was -11.96%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for OCTP and DBO.

Drawdown Indicators

	OCTP	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-11.96%	-90.18%	+78.22%
Max Drawdown (1Y) Largest decline over 1 year	-5.22%	-23.03%	+17.81%
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	-0.77%	-60.48%	+59.71%
Average Drawdown Average peak-to-trough decline	-1.04%	-62.22%	+61.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.06%	8.51%	-7.45%

Volatility

OCTP vs. DBO - Volatility Comparison

The current volatility for PGIM S&P 500 Buffer 12 ETF - October (OCTP) is 2.16%, while Invesco DB Oil Fund (DBO) has a volatility of 10.29%. This indicates that OCTP 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

	OCTP	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.16%	10.29%	-8.13%
Volatility (6M) Calculated over the trailing 6-month period	5.72%	29.36%	-23.64%
Volatility (1Y) Calculated over the trailing 1-year period	7.31%	34.89%	-27.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.57%	32.54%	-22.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.57%	31.81%	-22.24%

OCTP vs. DBO - Expense Ratio Comparison

OCTP has a 0.50% expense ratio, which is lower than DBO's 0.78% expense ratio.

Dividends

OCTP vs. DBO - Dividend Comparison

OCTP has not paid dividends to shareholders, while DBO's dividend yield for the trailing twelve months is around 2.34%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBO Invesco DB Oil Fund	2.34%	3.51%	4.68%	4.59%	0.66%	0.00%	0.00%	1.63%	1.58%
OCTP PGIM S&P 500 Buffer 12 ETF - October	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both OCTP and DBO in my portfolio?

OCTP and DBO have a correlation of -0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OCTP or DBO?

DBO has higher volatility (10.29%) compared to OCTP (2.16%). In terms of maximum drawdown, OCTP dropped -11.96% vs DBO's -90.18%.

Which ETF is better, OCTP or DBO?

On 1-year performance, DBO leads with 36.30% vs 16.09% for OCTP. On fees, OCTP is cheaper at 0.50% per year. On volatility, OCTP has been the lower-risk option at 2.16%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OCTP or DBO?

Over the 1-year period, DBO has performed better with a 36.30% return vs 16.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OCTP or DBO?

OCTP is cheaper with a 0.50% expense ratio, compared with 0.78% for DBO.

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

DBO has the higher dividend yield at 2.34%, compared with 0.00% for OCTP.

What is the main difference between OCTP and DBO?

OCTP is categorized as Defined Outcome, while DBO is Oil & Gas. They also come from different issuers: PGIM and Invesco. Their fees differ too: 0.50% for OCTP and 0.78% for DBO.

Which has better risk-adjusted returns?

OCTP currently has the higher Sharpe Ratio (2.22 vs 1.06), 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.