OSCV vs. DBO

Last updated Jun 3, 2026

OSCV (Opus Small Cap Value Plus ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - OSCV is a Small Cap Blend Equities fund actively managed by Aptus Capital Advisors, while DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return. OSCV is actively managed, while DBO is passively managed. Over the past 5 years, OSCV returned 5.36%/yr vs 15.57%/yr for DBO. At a 0.23 correlation, their price movements are largely independent. OSCV charges 0.79%/yr vs 0.78%/yr for DBO.

Performance

OSCV vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Opus Small Cap Value Plus ETF (OSCV) 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, OSCV achieves a 9.18% return, which is significantly lower than DBO's 80.66% return.

OSCV

• 1D: 0.45%
• 1M: -2.06%
• YTD: 9.18%
• 6M: 8.64%
• 1Y: 15.66%
• 3Y*: 10.33%
• 5Y*: 5.36%
• 10Y*: —

DBO

• 1D: 1.05%
• 1M: -0.09%
• YTD: 80.66%
• 6M: 78.46%
• 1Y: 78.18%
• 3Y*: 20.95%
• 5Y*: 15.57%
• 10Y*: 11.12%

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

OSCV vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
OSCV Opus Small Cap Value Plus ETF	9.18%	1.35%	11.66%	10.14%	-11.41%	27.69%	4.94%	27.51%	-13.52%
DBO Invesco DB Oil Fund	80.66%	-11.71%	7.85%	-4.44%	13.04%	60.74%	-20.99%	28.05%	-27.80%

Correlation

The correlation between OSCV and DBO is -0.17, 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	-0.17
Correlation (3Y) Calculated over the trailing 3-year period	0.04
Correlation (5Y) Calculated over the trailing 5-year period	0.18
Correlation (All Time) Calculated using the full available price history since Jul 19, 2018	0.23

The correlation between OSCV and DBO shifts across timeframes, from -0.17 (1 year) to 0.23 (all time), reflecting how their relationship changes across market environments.

OSCV vs. DBO - Sectors Allocation Comparison

Sectors	OSCV	DBO
Financial Services	27.6%	116.0%
Industrials	17.0%	-
Energy	11.3%	-
Consumer Cyclical	9.9%	-
Real Estate	8.5%	-
Healthcare	8.3%	-
Basic Materials	5.6%	-
Utilities	3.1%	-
Consumer Defensive	2.0%	-
Technology	2.0%	-
Communication Services	-	-

Return for Risk

OSCV vs. DBO — Risk / Return Rank

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

OSCV

OSCV Risk / Return Rank: 35
OSCV Sharpe Ratio Rank: 33
OSCV Sortino Ratio Rank: 35
OSCV Omega Ratio Rank: 31
OSCV Calmar Ratio Rank: 40
OSCV Martin Ratio Rank: 37

DBO

DBO Risk / Return Rank: 65
DBO Sharpe Ratio Rank: 68
DBO Sortino Ratio Rank: 61
DBO Omega Ratio Rank: 60
DBO Calmar Ratio Rank: 84
DBO Martin Ratio Rank: 54

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.

OSCV vs. DBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Opus Small Cap Value Plus ETF (OSCV) 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.

	OSCV	DBO	Difference
Sharpe ratio Return per unit of total volatility	1.18	2.28	-1.11
Sortino ratio Return per unit of downside risk	1.83	2.88	-1.05
Omega ratio Gain probability vs. loss probability	1.21	1.37	-0.16
Calmar ratio Return relative to maximum drawdown	2.02	4.62	-2.61
Martin ratio Return relative to average drawdown	5.97	9.43	-3.46
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

OSCV vs. DBO - Sharpe Ratio Comparison

The current OSCV Sharpe Ratio is 1.18, which is lower than the DBO Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of OSCV 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

	OSCV	DBO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.18	2.28	-1.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.31	0.49	-0.17
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.35	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.37	0.02	+0.35

Drawdowns

OSCV vs. DBO - Drawdown Comparison

The maximum OSCV drawdown since its inception was -42.40%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for OSCV and DBO.

Drawdown Indicators

	OSCV	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-42.40%	-90.18%	+47.78%
Max Drawdown (1Y) Largest decline over 1 year	-7.55%	-18.19%	+10.64%
Max Drawdown (3Y) Largest decline over 3 years	-22.92%	-28.20%	+5.28%
Max Drawdown (5Y) Largest decline over 5 years	-22.92%	-37.68%	+14.76%
Max Drawdown (10Y) Largest decline over 10 years	—	-61.69%	—
Current Drawdown Current decline from peak	-2.71%	-52.46%	+49.75%
Average Drawdown Average peak-to-trough decline	-7.60%	-62.25%	+54.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.55%	8.92%	-6.37%

Volatility

OSCV vs. DBO - Volatility Comparison

The current volatility for Opus Small Cap Value Plus ETF (OSCV) is 3.54%, while Invesco DB Oil Fund (DBO) has a volatility of 13.25%. This indicates that OSCV 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

	OSCV	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.54%	13.25%	-9.71%
Volatility (6M) Calculated over the trailing 6-month period	9.43%	28.15%	-18.72%
Volatility (1Y) Calculated over the trailing 1-year period	13.35%	34.54%	-21.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.25%	32.28%	-15.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.91%	31.78%	-10.87%

OSCV vs. DBO - Expense Ratio Comparison

OSCV has a 0.79% expense ratio, which is higher than DBO's 0.78% expense ratio.

Dividends

OSCV vs. DBO - Dividend Comparison

OSCV's dividend yield for the trailing twelve months is around 1.10%, less than DBO's 1.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBO Invesco DB Oil Fund	1.94%	3.51%	4.68%	4.59%	0.66%	0.00%	0.00%	1.63%	1.58%
OSCV Opus Small Cap Value Plus ETF	1.10%	1.23%	1.29%	1.55%	1.12%	1.06%	1.11%	1.75%	0.25%

Frequently Asked Questions

Can I hold both OSCV and DBO in my portfolio?

OSCV and DBO have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OSCV or DBO?

DBO has higher volatility (13.25%) compared to OSCV (3.54%). In terms of maximum drawdown, OSCV dropped -42.40% vs DBO's -90.18%.

Which ETF is better, OSCV or DBO?

On 5-year performance, DBO leads with 15.57% vs 5.36% for OSCV. On fees, DBO is cheaper at 0.78% per year. On volatility, OSCV has been the lower-risk option at 3.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OSCV or DBO?

Over the 5-year period, DBO has performed better with a 15.57% return vs 5.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OSCV or DBO?

DBO is cheaper with a 0.78% expense ratio, compared with 0.79% for OSCV.

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

DBO has the higher dividend yield at 1.94%, compared with 1.10% for OSCV.

What is the main difference between OSCV and DBO?

OSCV is categorized as Small Cap Blend Equities, while DBO is Oil & Gas. They also come from different issuers: Aptus Capital Advisors and Invesco. Their fees differ too: 0.79% for OSCV and 0.78% for DBO.

Which has better risk-adjusted returns?

DBO currently has the higher Sharpe Ratio (2.28 vs 1.18), 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.