PSH vs. DBO

Last updated Aug 2, 2026

PSH (PGIM Short Duration High Yield ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - PSH is a High Yield Bonds fund actively managed by PGIM, while DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return. PSH is actively managed, while DBO is passively managed. Over the past year, PSH returned 5.16% vs 60.30% for DBO. Their -0.07 correlation means they have often moved in opposite directions in the past. PSH charges 0.45%/yr vs 0.78%/yr for DBO.

Performance

PSH vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM Short Duration High Yield ETF (PSH) 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, PSH achieves a 2.49% return, which is significantly lower than DBO's 76.48% return.

PSH

• 1D: 0.08%
• 1M: -0.06%
• 6M: 2.09%
• YTD: 2.49%
• 1Y: 5.16%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 6.94%

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%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DBO Invesco DB Oil Fund	$11.01M	$10.23M	$13.95M
PSH PGIM Short Duration High Yield ETF	$1.58M	$1.47M	$1.29M

PSH vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PSH PGIM Short Duration High Yield ETF	2.49%	7.34%	7.96%	0.35%
DBO Invesco DB Oil Fund	76.48%	-11.71%	7.85%	-3.27%

Correlation

The correlation between PSH and DBO is -0.24, 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.	-0.24
Correlation (All Time) Calculated using the full available price history since Dec 19, 2023	-0.07

The correlation between PSH and DBO shifts across timeframes, from -0.24 (1 year) to -0.07 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PSH vs. DBO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PSH

PSH Risk / Return Rank: 84
PSH Sharpe Ratio Rank: 78
PSH Sortino Ratio Rank: 84
PSH Omega Ratio Rank: 85
PSH Calmar Ratio Rank: 89
PSH Martin Ratio Rank: 82

DBO

DBO Risk / Return Rank: 58
DBO Sharpe Ratio Rank: 62
DBO Sortino Ratio Rank: 61
DBO Omega Ratio Rank: 57
DBO Calmar Ratio Rank: 57
DBO Martin Ratio Rank: 52

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PSH vs. DBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Short Duration High Yield ETF (PSH) 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.

	PSH	DBO	Difference
Sharpe ratio: Return per unit of total volatility	1.77	1.45	+0.33
Sortino ratio: Return per unit of downside risk	2.78	2.05	+0.73
Omega ratio: Gain probability vs. loss probability	1.37	1.25	+0.12
Calmar ratio: Return relative to maximum drawdown	3.69	2.01	+1.69
Martin ratio: Return relative to average drawdown	10.93	6.09	+4.84

PSH vs. DBO - Sharpe Ratio Comparison

The current PSH Sharpe Ratio is 1.77, which is comparable to the DBO Sharpe Ratio of 1.45. The chart below compares the historical Sharpe Ratios of PSH 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.

Drawdowns

PSH vs. DBO - Drawdown Comparison

The maximum PSH drawdown since its inception was -3.06%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for PSH and DBO.

Drawdown Indicators

	PSH	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-3.06%	-90.18%	+87.12%
Max Drawdown (1Y) Largest decline over 1 year	-1.42%	-27.73%	+26.31%
Max Drawdown (3Y) Largest decline over 3 years	—	-28.20%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-37.68%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-61.69%	—
Current Drawdown Current decline from peak	-0.16%	-53.56%	+53.40%
Average Drawdown Average peak-to-trough decline	-0.26%	-62.20%	+61.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.48%	9.96%	-9.48%

Volatility

PSH vs. DBO - Volatility Comparison

The current volatility for PGIM Short Duration High Yield ETF (PSH) is 0.65%, while Invesco DB Oil Fund (DBO) has a volatility of 17.75%. This indicates that PSH 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

	PSH	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.65%	17.75%	-17.10%
Volatility (6M) Calculated over the trailing 6-month period	2.17%	33.77%	-31.60%
Volatility (1Y) Calculated over the trailing 1-year period	2.95%	38.53%	-35.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.20%	33.35%	-30.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.20%	32.20%	-29.00%

PSH vs. DBO - Expense Ratio Comparison

PSH has a 0.45% expense ratio, which is lower than DBO's 0.78% expense ratio.

Dividends

PSH vs. DBO - Dividend Comparison

PSH's dividend yield for the trailing twelve months is around 7.09%, 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%
PSH PGIM Short Duration High Yield ETF	6.47%	6.62%	8.35%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PSH and DBO in my portfolio?

PSH 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, PSH or DBO?

DBO has higher volatility (17.75%) compared to PSH (0.65%). In terms of maximum drawdown, PSH dropped -3.06% vs DBO's -90.18%.

Which ETF is better, PSH or DBO?

On 1-year performance, DBO leads with 60.30% vs 5.16% for PSH. On fees, PSH is cheaper at 0.45% per year. On volatility, PSH has been the lower-risk option at 0.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PSH or DBO?

Over the 1-year period, DBO has performed better with a 60.30% return vs 5.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PSH or DBO?

PSH is cheaper with a 0.45% expense ratio, compared with 0.78% for DBO.

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

PSH has the higher dividend yield at 6.47%, compared with 1.99% for DBO.

What is the main difference between PSH and DBO?

PSH is categorized as High Yield Bonds, while DBO is Oil & Gas. They also come from different issuers: PGIM and Invesco. Their fees differ too: 0.45% for PSH and 0.78% for DBO.

Which has better risk-adjusted returns?

PSH currently has the higher Sharpe Ratio (1.77 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.