ONOF vs. DBO

Last updated Jun 5, 2026

ONOF (Global X Adaptive U.S. Risk Management ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - ONOF is a Tactical Allocation fund tracking the Adaptive Wealth Strategies U.S. Risk Management 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, ONOF returned 9.43%/yr vs 15.36%/yr for DBO. At a 0.05 correlation, their price movements are largely independent. ONOF charges 0.39%/yr vs 0.78%/yr for DBO.

Performance

ONOF vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X Adaptive U.S. Risk Management ETF (ONOF) 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, ONOF achieves a 7.72% return, which is significantly lower than DBO's 79.84% return.

ONOF

• 1D: 0.37%
• 1M: 4.79%
• YTD: 7.72%
• 6M: 7.66%
• 1Y: 24.03%
• 3Y*: 13.94%
• 5Y*: 9.43%
• 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)

ONOF vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
ONOF Global X Adaptive U.S. Risk Management ETF	7.72%	8.90%	19.45%	11.57%	-11.89%	25.18%
DBO Invesco DB Oil Fund	79.84%	-11.71%	7.85%	-4.44%	13.04%	47.12%

Correlation

The correlation between ONOF and DBO is -0.25, 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	-0.25
Correlation (3Y) Calculated over the trailing 3-year period	-0.05
Correlation (5Y) Calculated over the trailing 5-year period	0.04
Correlation (All Time) Calculated using the full available price history since Jan 14, 2021	0.05

The correlation between ONOF and DBO shifts across timeframes, from -0.25 (1 year) to 0.05 (all time), reflecting how their relationship changes across market environments.

ONOF vs. DBO - Sectors Allocation Comparison

Sectors	ONOF	DBO
Technology	35.6%	-
Communication Services	11.6%	-
Financial Services	11.5%	116.0%
Consumer Cyclical	10.1%	-
Healthcare	8.6%	-
Industrials	8.3%	-
Consumer Defensive	4.8%	-
Energy	3.6%	-
Utilities	2.3%	-
Basic Materials	1.8%	-
Real Estate	1.8%	-

Return for Risk

ONOF vs. DBO — Risk / Return Rank

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

ONOF

ONOF Risk / Return Rank: 66
ONOF Sharpe Ratio Rank: 66
ONOF Sortino Ratio Rank: 63
ONOF Omega Ratio Rank: 64
ONOF Calmar Ratio Rank: 71
ONOF Martin Ratio Rank: 67

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.

ONOF vs. DBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Adaptive U.S. Risk Management ETF (ONOF) 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.

	ONOF	DBO	Difference
Sharpe ratio: Return per unit of total volatility	2.15	2.25	-0.10
Sortino ratio: Return per unit of downside risk	2.90	2.85	+0.06
Omega ratio: Gain probability vs. loss probability	1.38	1.36	+0.02
Calmar ratio: Return relative to maximum drawdown	3.52	4.28	-0.76
Martin ratio: Return relative to average drawdown	12.10	8.69	+3.41
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ONOF vs. DBO - Sharpe Ratio Comparison

The current ONOF Sharpe Ratio is 2.15, which is comparable to the DBO Sharpe Ratio of 2.25. The chart below compares the historical Sharpe Ratios of ONOF 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

	ONOF	DBO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.15	2.25	-0.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.66	0.48	+0.18
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.34	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.75	0.02	+0.73

Drawdowns

ONOF vs. DBO - Drawdown Comparison

The maximum ONOF drawdown since its inception was -26.21%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for ONOF and DBO.

Drawdown Indicators

	ONOF	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-26.21%	-90.18%	+63.97%
Max Drawdown (1Y) Largest decline over 1 year	-6.86%	-18.19%	+11.33%
Max Drawdown (3Y) Largest decline over 3 years	-21.67%	-28.20%	+6.53%
Max Drawdown (5Y) Largest decline over 5 years	-26.21%	-37.68%	+11.47%
Max Drawdown (10Y) Largest decline over 10 years	—	-61.69%	—
Current Drawdown Current decline from peak	-0.31%	-52.68%	+52.37%
Average Drawdown Average peak-to-trough decline	-6.15%	-62.25%	+56.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.99%	8.94%	-6.95%

Volatility

ONOF vs. DBO - Volatility Comparison

The current volatility for Global X Adaptive U.S. Risk Management ETF (ONOF) is 2.97%, while Invesco DB Oil Fund (DBO) has a volatility of 12.79%. This indicates that ONOF 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

	ONOF	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.97%	12.79%	-9.82%
Volatility (6M) Calculated over the trailing 6-month period	7.95%	28.32%	-20.37%
Volatility (1Y) Calculated over the trailing 1-year period	11.23%	34.58%	-23.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.29%	32.31%	-18.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.33%	31.79%	-17.46%

ONOF vs. DBO - Expense Ratio Comparison

ONOF has a 0.39% expense ratio, which is lower than DBO's 0.78% expense ratio.

Dividends

ONOF vs. DBO - Dividend Comparison

ONOF's dividend yield for the trailing twelve months is around 1.28%, less 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%
ONOF Global X Adaptive U.S. Risk Management ETF	1.28%	1.38%	0.93%	1.37%	1.92%	0.69%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ONOF and DBO in my portfolio?

ONOF and DBO have a correlation of -0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ONOF or DBO?

DBO has higher volatility (12.79%) compared to ONOF (2.97%). In terms of maximum drawdown, ONOF dropped -26.21% vs DBO's -90.18%.

Which ETF is better, ONOF or DBO?

On 5-year performance, DBO leads with 15.36% vs 9.43% for ONOF. On fees, ONOF is cheaper at 0.39% per year. On volatility, ONOF has been the lower-risk option at 2.97%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ONOF or DBO?

Over the 5-year period, DBO has performed better with a 15.36% return vs 9.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ONOF or DBO?

ONOF is cheaper with a 0.39% expense ratio, compared with 0.78% for DBO.

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

DBO has the higher dividend yield at 1.95%, compared with 1.28% for ONOF.

What is the main difference between ONOF and DBO?

ONOF is categorized as Tactical Allocation, while DBO is Oil & Gas. ONOF tracks Adaptive Wealth Strategies U.S. Risk Management Index, while DBO tracks DBIQ Optimum Yield Crude Oil Index Excess Return. They also come from different issuers: Global X and Invesco. Their fees differ too: 0.39% for ONOF and 0.78% for DBO.

Which has better risk-adjusted returns?

DBO currently has the higher Sharpe Ratio (2.25 vs 2.15), 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.