PSFM vs. DBO

Last updated Jun 4, 2026

PSFM (Pacer Swan SOS Flex (April) ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - PSFM is a Defined Outcome fund actively managed by Pacer, while DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return. PSFM is actively managed, while DBO is passively managed. Over the past 5 years, PSFM returned 10.00%/yr vs 15.98%/yr for DBO. At a 0.08 correlation, their price movements are largely independent. PSFM charges 0.61%/yr vs 0.78%/yr for DBO.

Performance

PSFM vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pacer Swan SOS Flex (April) ETF (PSFM) 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, PSFM achieves a 9.21% return, which is significantly lower than DBO's 84.75% return.

PSFM

• 1D: -0.16%
• 1M: 1.92%
• YTD: 9.21%
• 6M: 10.00%
• 1Y: 17.37%
• 3Y*: 13.46%
• 5Y*: 10.00%
• 10Y*: —

DBO

• 1D: 2.27%
• 1M: -2.34%
• YTD: 84.75%
• 6M: 81.10%
• 1Y: 80.26%
• 3Y*: 21.86%
• 5Y*: 15.98%
• 10Y*: 11.37%

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

PSFM vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
PSFM Pacer Swan SOS Flex (April) ETF	9.21%	7.28%	14.18%	18.32%	-5.23%	11.65%
DBO Invesco DB Oil Fund	84.75%	-11.71%	7.85%	-4.44%	13.04%	24.20%

Correlation

The correlation between PSFM and DBO is -0.24, 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	-0.24
Correlation (3Y) Calculated over the trailing 3-year period	-0.02
Correlation (5Y) Calculated over the trailing 5-year period	0.09
Correlation (All Time) Calculated using the full available price history since Apr 5, 2021	0.08

The correlation between PSFM and DBO shifts across timeframes, from -0.24 (1 year) to 0.09 (5 years), reflecting how their relationship changes across market environments.

PSFM vs. DBO - Sectors Allocation Comparison

Sectors	PSFM	DBO
Technology	33.2%	-
Financial Services	12.5%	116.0%
Communication Services	10.3%	-
Consumer Cyclical	10.0%	-
Healthcare	9.6%	-
Industrials	8.4%	-
Consumer Defensive	5.4%	-
Energy	4.2%	-
Utilities	2.6%	-
Real Estate	2.0%	-
Basic Materials	1.9%	-

Return for Risk

PSFM vs. DBO — Risk / Return Rank

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

PSFM

PSFM Risk / Return Rank: 98
PSFM Sharpe Ratio Rank: 96
PSFM Sortino Ratio Rank: 98
PSFM Omega Ratio Rank: 98
PSFM Calmar Ratio Rank: 98
PSFM Martin Ratio Rank: 98

DBO

DBO Risk / Return Rank: 65
DBO Sharpe Ratio Rank: 70
DBO Sortino Ratio Rank: 62
DBO Omega Ratio Rank: 60
DBO Calmar Ratio Rank: 83
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.

PSFM vs. DBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pacer Swan SOS Flex (April) ETF (PSFM) 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.

	PSFM	DBO	Difference
Sharpe ratio: Return per unit of total volatility	4.37	2.34	+2.03
Sortino ratio: Return per unit of downside risk	7.81	2.94	+4.88
Omega ratio: Gain probability vs. loss probability	2.03	1.38	+0.66
Calmar ratio: Return relative to maximum drawdown	13.28	4.44	+8.85
Martin ratio: Return relative to average drawdown	70.48	9.02	+61.45
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PSFM vs. DBO - Sharpe Ratio Comparison

The current PSFM Sharpe Ratio is 4.37, which is higher than the DBO Sharpe Ratio of 2.34. The chart below compares the historical Sharpe Ratios of PSFM 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

	PSFM	DBO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.37	2.34	+2.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.95	0.50	+0.45
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.36	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.00	0.02	+0.98

Drawdowns

PSFM vs. DBO - Drawdown Comparison

The maximum PSFM drawdown since its inception was -14.33%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for PSFM and DBO.

Drawdown Indicators

	PSFM	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-14.33%	-90.18%	+75.85%
Max Drawdown (1Y) Largest decline over 1 year	-1.31%	-18.19%	+16.88%
Max Drawdown (3Y) Largest decline over 3 years	-14.12%	-28.20%	+14.08%
Max Drawdown (5Y) Largest decline over 5 years	-14.33%	-37.68%	+23.35%
Max Drawdown (10Y) Largest decline over 10 years	—	-61.69%	—
Current Drawdown Current decline from peak	-0.16%	-51.38%	+51.22%
Average Drawdown Average peak-to-trough decline	-2.27%	-62.25%	+59.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.25%	8.92%	-8.67%

Volatility

PSFM vs. DBO - Volatility Comparison

The current volatility for Pacer Swan SOS Flex (April) ETF (PSFM) is 0.86%, while Invesco DB Oil Fund (DBO) has a volatility of 12.61%. This indicates that PSFM 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

	PSFM	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.86%	12.61%	-11.75%
Volatility (6M) Calculated over the trailing 6-month period	2.88%	28.20%	-25.32%
Volatility (1Y) Calculated over the trailing 1-year period	4.01%	34.46%	-30.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.57%	32.29%	-21.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.51%	31.78%	-21.27%

PSFM vs. DBO - Expense Ratio Comparison

PSFM has a 0.61% expense ratio, which is lower than DBO's 0.78% expense ratio.

Dividends

PSFM vs. DBO - Dividend Comparison

PSFM has not paid dividends to shareholders, while DBO's dividend yield for the trailing twelve months is around 1.90%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBO Invesco DB Oil Fund	1.90%	3.51%	4.68%	4.59%	0.66%	0.00%	0.00%	1.63%	1.58%
PSFM Pacer Swan SOS Flex (April) ETF	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 PSFM and DBO in my portfolio?

PSFM and DBO have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PSFM or DBO?

DBO has higher volatility (12.61%) compared to PSFM (0.86%). In terms of maximum drawdown, PSFM dropped -14.33% vs DBO's -90.18%.

Which ETF is better, PSFM or DBO?

On 5-year performance, DBO leads with 15.98% vs 10.00% for PSFM. On fees, PSFM is cheaper at 0.61% per year. On volatility, PSFM has been the lower-risk option at 0.86%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PSFM or DBO?

Over the 5-year period, DBO has performed better with a 15.98% return vs 10.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PSFM or DBO?

PSFM is cheaper with a 0.61% expense ratio, compared with 0.78% for DBO.

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

DBO has the higher dividend yield at 1.90%, compared with 0.00% for PSFM.

What is the main difference between PSFM and DBO?

PSFM is categorized as Defined Outcome, while DBO is Oil & Gas. They also come from different issuers: Pacer and Invesco. Their fees differ too: 0.61% for PSFM and 0.78% for DBO.

Which has better risk-adjusted returns?

PSFM currently has the higher Sharpe Ratio (4.37 vs 2.34), 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.