QCJL vs. DBO

Last updated Jun 5, 2026

QCJL (FT Vest Nasdaq-100 Conservative Buffer ETF - July) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - QCJL is a Nasdaq-100 fund actively managed by First Trust, while DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return. QCJL is actively managed, while DBO is passively managed. Over the past year, QCJL returned 14.55% vs 77.38% for DBO. At a correlation of -0.04, they often move in opposite directions. QCJL charges 0.90%/yr vs 0.78%/yr for DBO.

Performance

QCJL vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest Nasdaq-100 Conservative Buffer ETF - July (QCJL) 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, QCJL achieves a 5.19% return, which is significantly lower than DBO's 79.84% return.

QCJL

• 1D: 0.04%
• 1M: 1.18%
• YTD: 5.19%
• 6M: 5.63%
• 1Y: 14.55%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DBO

• 1D: -2.66%
• 1M: -3.39%
• YTD: 79.84%
• 6M: 74.51%
• 1Y: 77.38%
• 3Y*: 20.83%
• 5Y*: 15.36%
• 10Y*: 10.89%

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

QCJL vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
QCJL FT Vest Nasdaq-100 Conservative Buffer ETF - July	5.19%	13.10%	4.12%
DBO Invesco DB Oil Fund	79.84%	-11.71%	-2.46%

Correlation

The correlation between QCJL and DBO is -0.25, 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	-0.25
Correlation (All Time) Calculated using the full available price history since Jul 23, 2024	-0.04

Over the past year, the inverse relationship between QCJL and DBO has strengthened: their correlation has moved from -0.04 to -0.25, meaning they now move in opposite directions more often than their long-term average.

Return for Risk

QCJL vs. DBO — Risk / Return Rank

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

QCJL

QCJL Risk / Return Rank: 81
QCJL Sharpe Ratio Rank: 78
QCJL Sortino Ratio Rank: 82
QCJL Omega Ratio Rank: 84
QCJL Calmar Ratio Rank: 74
QCJL Martin Ratio Rank: 87

DBO

DBO Risk / Return Rank: 65
DBO Sharpe Ratio Rank: 70
DBO Sortino Ratio Rank: 62
DBO Omega Ratio Rank: 61
DBO Calmar Ratio Rank: 82
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.

QCJL vs. DBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest Nasdaq-100 Conservative Buffer ETF - July (QCJL) 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.

	QCJL	DBO	Difference
Sharpe ratio: Return per unit of total volatility	2.49	2.25	+0.23
Sortino ratio: Return per unit of downside risk	3.63	2.85	+0.79
Omega ratio: Gain probability vs. loss probability	1.50	1.36	+0.14
Calmar ratio: Return relative to maximum drawdown	3.65	4.28	-0.63
Martin ratio: Return relative to average drawdown	18.55	8.69	+9.87
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QCJL vs. DBO - Sharpe Ratio Comparison

The current QCJL Sharpe Ratio is 2.49, which is comparable to the DBO Sharpe Ratio of 2.25. The chart below compares the historical Sharpe Ratios of QCJL 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

	QCJL	DBO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.49	2.25	+0.23
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.48	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.34	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.29	0.02	+1.27

Drawdowns

QCJL vs. DBO - Drawdown Comparison

The maximum QCJL drawdown since its inception was -11.18%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for QCJL and DBO.

Drawdown Indicators

	QCJL	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-11.18%	-90.18%	+79.00%
Max Drawdown (1Y) Largest decline over 1 year	-4.00%	-18.19%	+14.19%
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	-0.02%	-52.68%	+52.66%
Average Drawdown Average peak-to-trough decline	-1.07%	-62.25%	+61.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.79%	8.94%	-8.15%

Volatility

QCJL vs. DBO - Volatility Comparison

The current volatility for FT Vest Nasdaq-100 Conservative Buffer ETF - July (QCJL) is 0.39%, while Invesco DB Oil Fund (DBO) has a volatility of 12.79%. This indicates that QCJL 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

	QCJL	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.39%	12.79%	-12.40%
Volatility (6M) Calculated over the trailing 6-month period	4.31%	28.32%	-24.01%
Volatility (1Y) Calculated over the trailing 1-year period	5.88%	34.58%	-28.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.47%	32.31%	-22.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.47%	31.79%	-22.32%

QCJL vs. DBO - Expense Ratio Comparison

QCJL has a 0.90% expense ratio, which is higher than DBO's 0.78% expense ratio.

Dividends

QCJL vs. DBO - Dividend Comparison

QCJL has not paid dividends to shareholders, while DBO's dividend yield for the trailing twelve months is around 1.95%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBO Invesco DB Oil Fund	1.95%	3.51%	4.68%	4.59%	0.66%	0.00%	0.00%	1.63%	1.58%
QCJL FT Vest Nasdaq-100 Conservative Buffer ETF - July	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 QCJL and DBO in my portfolio?

QCJL and DBO have a correlation of -0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QCJL or DBO?

DBO has higher volatility (12.79%) compared to QCJL (0.39%). In terms of maximum drawdown, QCJL dropped -11.18% vs DBO's -90.18%.

Which ETF is better, QCJL or DBO?

On 1-year performance, DBO leads with 77.38% vs 14.55% for QCJL. On fees, DBO is cheaper at 0.78% per year. On volatility, QCJL has been the lower-risk option at 0.39%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QCJL or DBO?

Over the 1-year period, DBO has performed better with a 77.38% return vs 14.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QCJL or DBO?

DBO is cheaper with a 0.78% expense ratio, compared with 0.90% for QCJL.

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

DBO has the higher dividend yield at 1.95%, compared with 0.00% for QCJL.

What is the main difference between QCJL and DBO?

QCJL is categorized as Nasdaq-100, while DBO is Oil & Gas. They also come from different issuers: First Trust and Invesco. Their fees differ too: 0.90% for QCJL and 0.78% for DBO.

Which has better risk-adjusted returns?

QCJL currently has the higher Sharpe Ratio (2.49 vs 2.25), 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.