PZA vs. DBO

Last updated Jun 4, 2026

PZA (Invesco National AMT-Free Municipal Bond ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - PZA is a Municipal Bonds fund tracking the BofA ML National Long-Term Core Plus Municipal Securities Index, while DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return. Both are passively managed. Over the past 10 years, PZA returned 1.86%/yr vs 11.37%/yr for DBO. At a correlation of -0.11, they often move in opposite directions. PZA charges 0.28%/yr vs 0.78%/yr for DBO.

Performance

PZA vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco National AMT-Free Municipal Bond ETF (PZA) 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, PZA achieves a 2.34% return, which is significantly lower than DBO's 84.75% return. Over the past 10 years, PZA has underperformed DBO with an annualized return of 1.86%, while DBO has yielded a comparatively higher 11.37% annualized return.

PZA

• 1D: -0.13%
• 1M: 0.79%
• YTD: 2.34%
• 6M: 2.56%
• 1Y: 9.00%
• 3Y*: 3.28%
• 5Y*: -0.02%
• 10Y*: 1.86%

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)

PZA vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PZA Invesco National AMT-Free Municipal Bond ETF	2.34%	1.81%	0.81%	8.64%	-13.17%	2.37%	5.07%	9.00%	-0.09%	6.95%
DBO Invesco DB Oil Fund	84.75%	-11.71%	7.85%	-4.44%	13.04%	60.74%	-20.99%	28.05%	-15.22%	4.86%

Correlation

The correlation between PZA and DBO is -0.23, 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	-0.23
Correlation (3Y) Calculated over the trailing 3-year period	-0.12
Correlation (5Y) Calculated over the trailing 5-year period	-0.07
Correlation (10Y) Calculated over the trailing 10-year period	-0.08
Correlation (All Time) Calculated using the full available price history since Oct 19, 2007	-0.11

The correlation between PZA and DBO shifts across timeframes, from -0.23 (1 year) to -0.07 (5 years), reflecting how their relationship changes across market environments.

PZA vs. DBO - Sectors Allocation Comparison

Sectors	PZA	DBO
Financial Services	1.2%	116.0%
Consumer Cyclical	0.1%	-
Technology	0.0%	-
Industrials	0.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

PZA vs. DBO — Risk / Return Rank

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

PZA

PZA Risk / Return Rank: 64
PZA Sharpe Ratio Rank: 64
PZA Sortino Ratio Rank: 67
PZA Omega Ratio Rank: 77
PZA Calmar Ratio Rank: 57
PZA Martin Ratio Rank: 57

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.

PZA vs. DBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco National AMT-Free Municipal Bond ETF (PZA) 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.

	PZA	DBO	Difference
Sharpe ratio: Return per unit of total volatility	2.14	2.34	-0.20
Sortino ratio: Return per unit of downside risk	3.11	2.94	+0.18
Omega ratio: Gain probability vs. loss probability	1.46	1.38	+0.09
Calmar ratio: Return relative to maximum drawdown	2.84	4.44	-1.59
Martin ratio: Return relative to average drawdown	10.04	9.02	+1.02
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PZA vs. DBO - Sharpe Ratio Comparison

The current PZA Sharpe Ratio is 2.14, which is comparable to the DBO Sharpe Ratio of 2.34. The chart below compares the historical Sharpe Ratios of PZA 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

	PZA	DBO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.14	2.34	-0.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.00	0.50	-0.50
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.26	0.36	-0.10
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	0.02	+0.41

Drawdowns

PZA vs. DBO - Drawdown Comparison

The maximum PZA drawdown since its inception was -24.49%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for PZA and DBO.

Drawdown Indicators

	PZA	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-24.49%	-90.18%	+65.69%
Max Drawdown (1Y) Largest decline over 1 year	-3.18%	-18.19%	+15.01%
Max Drawdown (3Y) Largest decline over 3 years	-7.89%	-28.20%	+20.31%
Max Drawdown (5Y) Largest decline over 5 years	-18.55%	-37.68%	+19.13%
Max Drawdown (10Y) Largest decline over 10 years	-21.69%	-61.69%	+40.00%
Current Drawdown Current decline from peak	-1.23%	-51.38%	+50.15%
Average Drawdown Average peak-to-trough decline	-3.95%	-62.25%	+58.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.90%	8.92%	-8.02%

Volatility

PZA vs. DBO - Volatility Comparison

The current volatility for Invesco National AMT-Free Municipal Bond ETF (PZA) is 1.48%, while Invesco DB Oil Fund (DBO) has a volatility of 12.61%. This indicates that PZA 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

	PZA	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.48%	12.61%	-11.13%
Volatility (6M) Calculated over the trailing 6-month period	2.89%	28.20%	-25.31%
Volatility (1Y) Calculated over the trailing 1-year period	4.22%	34.46%	-30.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.00%	32.29%	-26.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.08%	31.78%	-24.70%

PZA vs. DBO - Expense Ratio Comparison

PZA has a 0.28% expense ratio, which is lower than DBO's 0.78% expense ratio.

Dividends

PZA vs. DBO - Dividend Comparison

PZA's dividend yield for the trailing twelve months is around 3.64%, more than DBO's 1.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DBO Invesco DB Oil Fund	1.90%	3.51%	4.68%	4.59%	0.66%	0.00%	0.00%	1.63%	1.58%	0.00%	0.00%	0.00%
PZA Invesco National AMT-Free Municipal Bond ETF	3.64%	3.55%	3.22%	2.91%	2.68%	2.34%	2.44%	2.81%	3.19%	3.04%	3.23%	3.59%

Frequently Asked Questions

Can I hold both PZA and DBO in my portfolio?

PZA and DBO have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PZA or DBO?

DBO has higher volatility (12.61%) compared to PZA (1.48%). In terms of maximum drawdown, PZA dropped -24.49% vs DBO's -90.18%.

Which ETF is better, PZA or DBO?

On 10-year performance, DBO leads with 11.37% vs 1.86% for PZA. On fees, PZA is cheaper at 0.28% per year. On volatility, PZA has been the lower-risk option at 1.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PZA or DBO?

Over the 10-year period, DBO has performed better with a 11.37% return vs 1.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PZA or DBO?

PZA is cheaper with a 0.28% expense ratio, compared with 0.78% for DBO.

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

PZA has the higher dividend yield at 3.64%, compared with 1.90% for DBO.

What is the main difference between PZA and DBO?

PZA is categorized as Municipal Bonds, while DBO is Oil & Gas. PZA tracks BofA ML National Long-Term Core Plus Municipal Securities Index, while DBO tracks DBIQ Optimum Yield Crude Oil Index Excess Return. Their fees differ too: 0.28% for PZA and 0.78% for DBO.

Which has better risk-adjusted returns?

DBO currently has the higher Sharpe Ratio (2.34 vs 2.14), 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.