QLTI vs. DBO

Last updated Jun 4, 2026

QLTI (GMO International Quality ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - QLTI is a Foreign Large Cap Equities fund actively managed by GMO, while DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return. QLTI is actively managed, while DBO is passively managed. Over the past year, QLTI returned 3.61% vs 80.26% for DBO. At a correlation of -0.24, they often move in opposite directions. QLTI charges 0.60%/yr vs 0.78%/yr for DBO.

Performance

QLTI vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GMO International Quality ETF (QLTI) 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, QLTI achieves a -1.50% return, which is significantly lower than DBO's 84.75% return.

QLTI

• 1D: -0.57%
• 1M: 2.60%
• YTD: -1.50%
• 6M: 0.16%
• 1Y: 3.61%
• 3Y*: —
• 5Y*: —
• 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)

QLTI vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
QLTI GMO International Quality ETF	-1.50%	17.12%	-8.17%
DBO Invesco DB Oil Fund	84.75%	-11.71%	8.32%

Correlation

The correlation between QLTI and DBO is -0.39, 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	-0.39
Correlation (All Time) Calculated using the full available price history since Oct 30, 2024	-0.24

The correlation between QLTI and DBO shifts across timeframes, from -0.39 (1 year) to -0.24 (all time), reflecting how their relationship changes across market environments.

Return for Risk

QLTI vs. DBO — Risk / Return Rank

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

QLTI

QLTI Risk / Return Rank: 12
QLTI Sharpe Ratio Rank: 12
QLTI Sortino Ratio Rank: 12
QLTI Omega Ratio Rank: 12
QLTI Calmar Ratio Rank: 12
QLTI Martin Ratio Rank: 13

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.

QLTI vs. DBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GMO International Quality ETF (QLTI) 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.

	QLTI	DBO	Difference
Sharpe ratio: Return per unit of total volatility	0.24	2.34	-2.10
Sortino ratio: Return per unit of downside risk	0.45	2.94	-2.49
Omega ratio: Gain probability vs. loss probability	1.05	1.38	-0.32
Calmar ratio: Return relative to maximum drawdown	0.26	4.44	-4.17
Martin ratio: Return relative to average drawdown	0.76	9.02	-8.27
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QLTI vs. DBO - Sharpe Ratio Comparison

The current QLTI Sharpe Ratio is 0.24, which is lower than the DBO Sharpe Ratio of 2.34. The chart below compares the historical Sharpe Ratios of QLTI 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

	QLTI	DBO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.24	2.34	-2.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.50	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.36	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.22	0.02	+0.20

Drawdowns

QLTI vs. DBO - Drawdown Comparison

The maximum QLTI drawdown since its inception was -14.82%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for QLTI and DBO.

Drawdown Indicators

	QLTI	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-14.82%	-90.18%	+75.36%
Max Drawdown (1Y) Largest decline over 1 year	-13.72%	-18.19%	+4.47%
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	-6.89%	-51.38%	+44.49%
Average Drawdown Average peak-to-trough decline	-3.77%	-62.25%	+58.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.77%	8.92%	-4.15%

Volatility

QLTI vs. DBO - Volatility Comparison

The current volatility for GMO International Quality ETF (QLTI) is 4.91%, while Invesco DB Oil Fund (DBO) has a volatility of 12.61%. This indicates that QLTI 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

	QLTI	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.91%	12.61%	-7.70%
Volatility (6M) Calculated over the trailing 6-month period	12.38%	28.20%	-15.82%
Volatility (1Y) Calculated over the trailing 1-year period	15.30%	34.46%	-19.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.69%	32.29%	-15.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.69%	31.78%	-15.09%

QLTI vs. DBO - Expense Ratio Comparison

QLTI has a 0.60% expense ratio, which is lower than DBO's 0.78% expense ratio.

Dividends

QLTI vs. DBO - Dividend Comparison

QLTI's dividend yield for the trailing twelve months is around 0.53%, less than DBO's 1.90% yield.

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%
QLTI GMO International Quality ETF	0.53%	0.52%	0.19%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both QLTI and DBO in my portfolio?

QLTI and DBO have a correlation of -0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QLTI or DBO?

DBO has higher volatility (12.61%) compared to QLTI (4.91%). In terms of maximum drawdown, QLTI dropped -14.82% vs DBO's -90.18%.

Which ETF is better, QLTI or DBO?

On 1-year performance, DBO leads with 80.26% vs 3.61% for QLTI. On fees, QLTI is cheaper at 0.60% per year. On volatility, QLTI has been the lower-risk option at 4.91%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QLTI or DBO?

Over the 1-year period, DBO has performed better with a 80.26% return vs 3.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QLTI or DBO?

QLTI is cheaper with a 0.60% expense ratio, compared with 0.78% for DBO.

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

DBO has the higher dividend yield at 1.90%, compared with 0.53% for QLTI.

What is the main difference between QLTI and DBO?

QLTI is categorized as Foreign Large Cap Equities, while DBO is Oil & Gas. They also come from different issuers: GMO and Invesco. Their fees differ too: 0.60% for QLTI and 0.78% for DBO.

Which has better risk-adjusted returns?

DBO currently has the higher Sharpe Ratio (2.34 vs 0.24), 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.