PBL vs. DBO
PBL (PGIM Portfolio Ballast ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - PBL is a Diversified Portfolio fund actively managed by PGIM, while DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return. PBL is actively managed, while DBO is passively managed. Over the past 3 years, PBL returned 12.88%/yr vs 14.86%/yr for DBO. Their -0.03 correlation means they have often moved in opposite directions in the past. PBL charges 0.45%/yr vs 0.78%/yr for DBO.
Performance
PBL vs. DBO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, PBL achieves a 7.12% return, which is significantly lower than DBO's 76.48% return.
PBL
- 1D
- 0.29%
- 1M
- -0.13%
- 6M
- 6.16%
- YTD
- 7.12%
- 1Y
- 14.76%
- 3Y*
- 12.88%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 12.65%
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 | |
| $12.25K | $21.73K | $132.25K |
PBL vs. DBO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
PBL PGIM Portfolio Ballast ETF | 7.12% | 12.35% | 16.70% | 14.28% | -4.02% |
DBO Invesco DB Oil Fund | 76.48% | -11.71% | 7.85% | -4.44% | 4.55% |
Correlation
The correlation between PBL 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. | -0.08 |
Correlation (All Time) Calculated using the full available price history since Dec 14, 2022 | -0.03 |
Over the past year, the inverse relationship between PBL and DBO has strengthened: their correlation has moved from -0.03 to -0.26, meaning they now move in opposite directions more often than their long-term average.
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
PBL vs. DBO — Risk / Return Rank
PBL
DBO
PBL vs. DBO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PGIM Portfolio Ballast ETF (PBL) 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.
| PBL | DBO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.04 | ||
| Sortino ratioReturn per unit of downside risk | -0.04 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.25 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 2.33 | 2.01 | +0.32 |
| Martin ratioReturn relative to average drawdown | 8.81 | 6.09 | +2.72 |
Loading charts...
Drawdowns
PBL vs. DBO - Drawdown Comparison
The maximum PBL drawdown since its inception was -11.69%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for PBL and DBO.
Loading charts...
Drawdown Indicators
| PBL | DBO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.69% | -90.18% | +78.49% |
Max Drawdown (1Y)Largest decline over 1 year | -5.82% | -27.73% | +21.91% |
Max Drawdown (3Y)Largest decline over 3 years | -11.69% | -28.20% | +16.51% |
Max Drawdown (5Y)Largest decline over 5 years | — | -37.68% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -61.69% | — |
Current DrawdownCurrent decline from peak | -1.18% | -53.56% | +52.38% |
Average DrawdownAverage peak-to-trough decline | -1.64% | -62.20% | +60.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.54% | 9.96% | -8.42% |
Volatility
PBL vs. DBO - Volatility Comparison
The current volatility for PGIM Portfolio Ballast ETF (PBL) is 2.82%, while Invesco DB Oil Fund (DBO) has a volatility of 17.75%. This indicates that PBL 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
| PBL | DBO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.82% | 17.75% | -14.93% |
Volatility (6M)Calculated over the trailing 6-month period | 7.32% | 33.77% | -26.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.66% | 38.53% | -28.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.91% | 33.35% | -23.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.91% | 32.20% | -22.29% |
PBL vs. DBO - Expense Ratio Comparison
PBL has a 0.45% expense ratio, which is lower than DBO's 0.78% expense ratio.
Dividends
PBL vs. DBO - Dividend Comparison
PBL's dividend yield for the trailing twelve months is around 2.07%, more than DBO's 1.99% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBO Invesco DB Oil Fund | 1.99% | 3.51% | 4.68% | 4.59% | 0.66% | 0.00% | 0.00% | 1.63% | 1.58% |
PBL PGIM Portfolio Ballast ETF | 2.07% | 2.21% | 6.89% | 7.92% | 0.16% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PBL 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 PBL (2.82%). In terms of maximum drawdown, PBL dropped -11.69% vs DBO's -90.18%.
On 3-year performance, DBO leads with 14.86% vs 12.88% for PBL. On fees, PBL is cheaper at 0.45% per year. On volatility, PBL has been the lower-risk option at 2.82%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, DBO has performed better with a 14.86% return vs 12.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PBL is cheaper with a 0.45% expense ratio, compared with 0.78% for DBO.
PBL has the higher dividend yield at 2.07%, compared with 1.99% for DBO.
PBL is categorized as Diversified Portfolio, while DBO is Oil & Gas. They also come from different issuers: PGIM and Invesco. Their fees differ too: 0.45% for PBL and 0.78% for DBO.
DBO currently has the higher Sharpe Ratio (1.45 vs 1.40), 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 PBL 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