PSMR vs. DBO

Last updated Jun 4, 2026

PSMR (Pacer Swan SOS Moderate (April) ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - PSMR 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. PSMR is actively managed, while DBO is passively managed. Over the past 5 years, PSMR returned 8.52%/yr vs 15.98%/yr for DBO. At a 0.09 correlation, their price movements are largely independent. PSMR charges 0.61%/yr vs 0.78%/yr for DBO.

Performance

PSMR vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pacer Swan SOS Moderate (April) ETF (PSMR) 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, PSMR achieves a 7.68% return, which is significantly lower than DBO's 84.75% return.

PSMR

• 1D: -0.15%
• 1M: 1.54%
• YTD: 7.68%
• 6M: 8.38%
• 1Y: 14.83%
• 3Y*: 11.71%
• 5Y*: 8.52%
• 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)

PSMR vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
PSMR Pacer Swan SOS Moderate (April) ETF	7.68%	6.74%	11.99%	16.85%	-4.11%	7.37%
DBO Invesco DB Oil Fund	84.75%	-11.71%	7.85%	-4.44%	13.04%	24.20%

Correlation

The correlation between PSMR and DBO is -0.21, 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	-0.21
Correlation (3Y) Calculated over the trailing 3-year period	0.00
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	0.09

The correlation between PSMR and DBO shifts across timeframes, from -0.21 (1 year) to 0.09 (5 years), reflecting how their relationship changes across market environments.

PSMR vs. DBO - Sectors Allocation Comparison

Sectors	PSMR	DBO
Technology	33.1%	-
Financial Services	12.3%	116.0%
Communication Services	10.7%	-
Consumer Cyclical	10.1%	-
Healthcare	9.8%	-
Industrials	8.7%	-
Consumer Defensive	5.4%	-
Energy	3.5%	-
Utilities	2.5%	-
Real Estate	2.0%	-
Basic Materials	1.9%	-

Return for Risk

PSMR vs. DBO — Risk / Return Rank

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

PSMR

PSMR Risk / Return Rank: 97
PSMR Sharpe Ratio Rank: 96
PSMR Sortino Ratio Rank: 98
PSMR Omega Ratio Rank: 97
PSMR Calmar Ratio Rank: 98
PSMR 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.

PSMR vs. DBO - Risk-Adjusted Trends Comparison

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

	PSMR	DBO	Difference
Sharpe ratio: Return per unit of total volatility	4.23	2.34	+1.88
Sortino ratio: Return per unit of downside risk	7.28	2.94	+4.35
Omega ratio: Gain probability vs. loss probability	1.96	1.38	+0.59
Calmar ratio: Return relative to maximum drawdown	15.03	4.44	+10.60
Martin ratio: Return relative to average drawdown	73.58	9.02	+64.56
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PSMR vs. DBO - Sharpe Ratio Comparison

The current PSMR Sharpe Ratio is 4.23, which is higher than the DBO Sharpe Ratio of 2.34. The chart below compares the historical Sharpe Ratios of PSMR 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

	PSMR	DBO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.23	2.34	+1.88
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.01	0.50	+0.51
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.36	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.05	0.02	+1.03

Drawdowns

PSMR vs. DBO - Drawdown Comparison

The maximum PSMR drawdown since its inception was -11.78%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for PSMR and DBO.

Drawdown Indicators

	PSMR	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-11.78%	-90.18%	+78.40%
Max Drawdown (1Y) Largest decline over 1 year	-0.99%	-18.19%	+17.20%
Max Drawdown (3Y) Largest decline over 3 years	-11.78%	-28.20%	+16.42%
Max Drawdown (5Y) Largest decline over 5 years	-11.78%	-37.68%	+25.90%
Max Drawdown (10Y) Largest decline over 10 years	—	-61.69%	—
Current Drawdown Current decline from peak	-0.15%	-51.38%	+51.23%
Average Drawdown Average peak-to-trough decline	-1.67%	-62.25%	+60.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.20%	8.92%	-8.72%

Volatility

PSMR vs. DBO - Volatility Comparison

The current volatility for Pacer Swan SOS Moderate (April) ETF (PSMR) is 0.71%, while Invesco DB Oil Fund (DBO) has a volatility of 12.61%. This indicates that PSMR 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

	PSMR	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.71%	12.61%	-11.90%
Volatility (6M) Calculated over the trailing 6-month period	2.48%	28.20%	-25.72%
Volatility (1Y) Calculated over the trailing 1-year period	3.53%	34.46%	-30.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.48%	32.29%	-23.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.41%	31.78%	-23.37%

PSMR vs. DBO - Expense Ratio Comparison

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

Dividends

PSMR vs. DBO - Dividend Comparison

PSMR 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%
PSMR Pacer Swan SOS Moderate (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 PSMR and DBO in my portfolio?

PSMR and DBO have a correlation of -0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PSMR or DBO?

DBO has higher volatility (12.61%) compared to PSMR (0.71%). In terms of maximum drawdown, PSMR dropped -11.78% vs DBO's -90.18%.

Which ETF is better, PSMR or DBO?

On 5-year performance, DBO leads with 15.98% vs 8.52% for PSMR. On fees, PSMR is cheaper at 0.61% per year. On volatility, PSMR has been the lower-risk option at 0.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PSMR or DBO?

Over the 5-year period, DBO has performed better with a 15.98% return vs 8.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PSMR or DBO?

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

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

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

What is the main difference between PSMR and DBO?

PSMR 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 PSMR and 0.78% for DBO.

Which has better risk-adjusted returns?

PSMR currently has the higher Sharpe Ratio (4.23 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.