ONEV vs. DBO
ONEV (SPDR Russell 1000 Low Volatility Focus ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - ONEV is a Low Volatility fund tracking the Russell 1000 Low Volatility Focused Factor (TR), while DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return. Both are passively managed. Over the past 10 years, ONEV returned 11.33%/yr vs 12.59%/yr for DBO. Their 0.15 correlation means their historical movements had little consistent relationship. ONEV charges 0.20%/yr vs 0.78%/yr for DBO.
Performance
ONEV vs. DBO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, ONEV achieves a 12.07% return, which is significantly lower than DBO's 76.48% return. Over the past 10 years, ONEV has underperformed DBO with an annualized return of 11.33%, while DBO has yielded a comparatively higher 12.59% annualized return.
ONEV
- 1D
- -0.50%
- 1M
- 1.18%
- 6M
- 8.72%
- YTD
- 12.07%
- 1Y
- 17.56%
- 3Y*
- 11.92%
- 5Y*
- 8.81%
- 10Y*
- 11.33%
- ALL TIME*
- 11.65%
DBO
- 1D
- 1.56%
- 1M
- 24.59%
- 6M
- 53.46%
- YTD
- 76.48%
- 1Y
- 60.30%
- 3Y*
- 14.86%
- 5Y*
- 13.46%
- 10Y*
- 12.59%
- ALL TIME*
- 0.52%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $11.01M | $10.23M | $13.95M | |
| $2.03M | $3.31M | $4.42M |
ONEV vs. DBO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ONEV SPDR Russell 1000 Low Volatility Focus ETF | 12.07% | 8.14% | 11.76% | 13.28% | -8.15% | 29.19% | 6.66% | 30.66% | -5.30% | 18.11% |
DBO Invesco DB Oil Fund | 76.48% | -11.71% | 7.85% | -4.44% | 13.04% | 60.74% | -20.99% | 28.05% | -15.22% | 4.86% |
Correlation
The correlation between ONEV and DBO is -0.26, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.26 |
Correlation (3Y) Balances recent behavior with more history. | -0.09 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.06 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.15 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2015 | 0.15 |
The correlation between ONEV and DBO shifts across timeframes, from -0.26 (1 year) to 0.15 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
ONEV vs. DBO — Risk / Return Rank
ONEV
DBO
ONEV vs. DBO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Russell 1000 Low Volatility Focus ETF (ONEV) 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.
| ONEV | DBO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.03 | ||
| Sortino ratioReturn per unit of downside risk | +0.22 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.25 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.19 | 2.01 | +0.18 |
| Martin ratioReturn relative to average drawdown | 7.57 | 6.09 | +1.48 |
Loading charts...
Drawdowns
ONEV vs. DBO - Drawdown Comparison
The maximum ONEV drawdown since its inception was -39.72%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for ONEV and DBO.
Loading charts...
Drawdown Indicators
| ONEV | DBO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.72% | -90.18% | +50.46% |
Max Drawdown (1Y)Largest decline over 1 year | -7.75% | -27.73% | +19.98% |
Max Drawdown (3Y)Largest decline over 3 years | -14.81% | -28.20% | +13.39% |
Max Drawdown (5Y)Largest decline over 5 years | -18.52% | -37.68% | +19.16% |
Max Drawdown (10Y)Largest decline over 10 years | -39.72% | -61.69% | +21.97% |
Current DrawdownCurrent decline from peak | -2.27% | -53.56% | +51.29% |
Average DrawdownAverage peak-to-trough decline | -3.85% | -62.20% | +58.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.24% | 9.96% | -7.72% |
Volatility
ONEV vs. DBO - Volatility Comparison
The current volatility for SPDR Russell 1000 Low Volatility Focus ETF (ONEV) is 4.58%, while Invesco DB Oil Fund (DBO) has a volatility of 17.75%. This indicates that ONEV 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.
Loading charts...
Volatility by Period
| ONEV | DBO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.58% | 17.75% | -13.17% |
Volatility (6M)Calculated over the trailing 6-month period | 8.49% | 33.77% | -25.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.54% | 38.53% | -26.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.59% | 33.35% | -18.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.03% | 32.20% | -15.17% |
ONEV vs. DBO - Expense Ratio Comparison
ONEV has a 0.20% expense ratio, which is lower than DBO's 0.78% expense ratio.
Dividends
ONEV vs. DBO - Dividend Comparison
ONEV's dividend yield for the trailing twelve months is around 1.80%, less than DBO's 1.99% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DBO Invesco DB Oil Fund | 1.99% | 3.51% | 4.68% | 4.59% | 0.66% | 0.00% | 0.00% | 1.63% | 1.58% | 0.00% | 0.00% | 0.00% |
ONEV SPDR Russell 1000 Low Volatility Focus ETF | 1.80% | 1.81% | 1.88% | 1.79% | 1.80% | 1.44% | 1.87% | 2.07% | 2.14% | 6.91% | 3.73% | 0.21% |
Frequently Asked Questions
ONEV and DBO have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBO has higher volatility (17.75%) compared to ONEV (4.58%). In terms of maximum drawdown, ONEV dropped -39.72% vs DBO's -90.18%.
On 10-year performance, DBO leads with 12.59% vs 11.33% for ONEV. On fees, ONEV is cheaper at 0.20% per year. On volatility, ONEV has been the lower-risk option at 4.58%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DBO has performed better with a 12.59% return vs 11.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ONEV is cheaper with a 0.20% expense ratio, compared with 0.78% for DBO.
DBO has the higher dividend yield at 1.99%, compared with 1.80% for ONEV.
ONEV is categorized as Low Volatility, while DBO is Oil & Gas. ONEV tracks Russell 1000 Low Volatility Focused Factor (TR), while DBO tracks DBIQ Optimum Yield Crude Oil Index Excess Return. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.20% for ONEV and 0.78% for DBO.
ONEV currently has the higher Sharpe Ratio (1.47 vs 1.45), 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.
Find the right allocation for ONEV and DBO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer