QVMT vs. DBO

Last updated Jun 6, 2026

QVMT (Invesco S&P S&P 500 Concentrated QVM ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - QVMT is a S&P 500 fund tracking the S&P 500 Quality, Value & Momentum Multi-factor 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, QVMT returned 12.79%/yr vs 10.48%/yr for DBO. At a 0.25 correlation, their price movements are largely independent. QVMT charges 0.13%/yr vs 0.78%/yr for DBO.

Performance

QVMT vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P S&P 500 Concentrated QVM ETF (QVMT) 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, QVMT achieves a 16.07% return, which is significantly lower than DBO's 76.15% return. Over the past 10 years, QVMT has outperformed DBO with an annualized return of 12.79%, while DBO has yielded a comparatively lower 10.48% annualized return.

QVMT

• 1D: -1.55%
• 1M: 1.85%
• YTD: 16.07%
• 6M: 18.74%
• 1Y: 34.61%
• 3Y*: 21.89%
• 5Y*: 11.24%
• 10Y*: 12.79%

DBO

• 1D: -2.05%
• 1M: 1.22%
• YTD: 76.15%
• 6M: 69.63%
• 1Y: 72.26%
• 3Y*: 20.11%
• 5Y*: 14.88%
• 10Y*: 10.48%

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

QVMT vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
QVMT Invesco S&P S&P 500 Concentrated QVM ETF	16.07%	19.08%	14.40%	11.71%	-5.61%	35.27%	-9.98%	28.86%	-9.51%	18.77%
DBO Invesco DB Oil Fund	76.15%	-11.71%	7.85%	-4.44%	13.04%	60.74%	-20.99%	28.05%	-15.22%	4.86%

Correlation

The correlation between QVMT and DBO is -0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.10
Correlation (3Y) Calculated over the trailing 3-year period	0.10
Correlation (5Y) Calculated over the trailing 5-year period	0.22
Correlation (10Y) Calculated over the trailing 10-year period	0.26
Correlation (All Time) Calculated using the full available price history since Oct 12, 2015	0.25

The correlation between QVMT and DBO shifts across timeframes, from -0.10 (1 year) to 0.26 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

QVMT vs. DBO — Risk / Return Rank

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

QVMT

QVMT Risk / Return Rank: 88
QVMT Sharpe Ratio Rank: 88
QVMT Sortino Ratio Rank: 90
QVMT Omega Ratio Rank: 83
QVMT Calmar Ratio Rank: 91
QVMT Martin Ratio Rank: 90

DBO

DBO Risk / Return Rank: 62
DBO Sharpe Ratio Rank: 66
DBO Sortino Ratio Rank: 60
DBO Omega Ratio Rank: 57
DBO Calmar Ratio Rank: 80
DBO Martin Ratio Rank: 50

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.

QVMT vs. DBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P S&P 500 Concentrated QVM ETF (QVMT) 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.

	QVMT	DBO	Difference
Sharpe ratio: Return per unit of total volatility	2.77	2.10	+0.68
Sortino ratio: Return per unit of downside risk	3.93	2.71	+1.23
Omega ratio: Gain probability vs. loss probability	1.47	1.34	+0.13
Calmar ratio: Return relative to maximum drawdown	5.56	3.99	+1.57
Martin ratio: Return relative to average drawdown	19.73	8.09	+11.64
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QVMT vs. DBO - Sharpe Ratio Comparison

The current QVMT Sharpe Ratio is 2.77, which is higher than the DBO Sharpe Ratio of 2.10. The chart below compares the historical Sharpe Ratios of QVMT 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

	QVMT	DBO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.77	2.10	+0.68
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.65	0.46	+0.19
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.61	0.33	+0.28
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	0.01	+0.57

Drawdowns

QVMT vs. DBO - Drawdown Comparison

The maximum QVMT drawdown since its inception was -48.05%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for QVMT and DBO.

Drawdown Indicators

	QVMT	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-48.05%	-90.18%	+42.13%
Max Drawdown (1Y) Largest decline over 1 year	-6.25%	-18.19%	+11.94%
Max Drawdown (3Y) Largest decline over 3 years	-14.42%	-28.20%	+13.78%
Max Drawdown (5Y) Largest decline over 5 years	-21.95%	-37.68%	+15.73%
Max Drawdown (10Y) Largest decline over 10 years	-48.05%	-61.69%	+13.64%
Current Drawdown Current decline from peak	-1.55%	-53.65%	+52.10%
Average Drawdown Average peak-to-trough decline	-6.34%	-62.25%	+55.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.76%	8.96%	-7.20%

Volatility

QVMT vs. DBO - Volatility Comparison

The current volatility for Invesco S&P S&P 500 Concentrated QVM ETF (QVMT) is 3.36%, while Invesco DB Oil Fund (DBO) has a volatility of 11.00%. This indicates that QVMT 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

	QVMT	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.36%	11.00%	-7.64%
Volatility (6M) Calculated over the trailing 6-month period	9.09%	28.43%	-19.34%
Volatility (1Y) Calculated over the trailing 1-year period	12.53%	34.63%	-22.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.29%	32.31%	-15.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.05%	31.79%	-10.74%

QVMT vs. DBO - Expense Ratio Comparison

QVMT has a 0.13% expense ratio, which is lower than DBO's 0.78% expense ratio.

Dividends

QVMT vs. DBO - Dividend Comparison

QVMT's dividend yield for the trailing twelve months is around 2.07%, more than DBO's 1.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DBO Invesco DB Oil Fund	1.99%	3.51%	4.68%	4.59%	0.66%	0.00%	0.00%	1.63%	1.58%	0.00%	0.00%	0.00%
QVMT Invesco S&P S&P 500 Concentrated QVM ETF	2.07%	2.42%	2.71%	3.05%	2.49%	2.31%	2.70%	2.23%	2.48%	2.37%	1.11%	0.54%

Frequently Asked Questions

Can I hold both QVMT and DBO in my portfolio?

QVMT and DBO have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QVMT or DBO?

DBO has higher volatility (11.00%) compared to QVMT (3.36%). In terms of maximum drawdown, QVMT dropped -48.05% vs DBO's -90.18%.

Which ETF is better, QVMT or DBO?

On 10-year performance, QVMT leads with 12.79% vs 10.48% for DBO. On fees, QVMT is cheaper at 0.13% per year. On volatility, QVMT has been the lower-risk option at 3.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QVMT or DBO?

Over the 10-year period, QVMT has performed better with a 12.79% return vs 10.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QVMT or DBO?

QVMT is cheaper with a 0.13% expense ratio, compared with 0.78% for DBO.

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

QVMT has the higher dividend yield at 2.07%, compared with 1.99% for DBO.

What is the main difference between QVMT and DBO?

QVMT is categorized as S&P 500, while DBO is Oil & Gas. QVMT tracks S&P 500 Quality, Value & Momentum Multi-factor Index, while DBO tracks DBIQ Optimum Yield Crude Oil Index Excess Return. Their fees differ too: 0.13% for QVMT and 0.78% for DBO.

Which has better risk-adjusted returns?

QVMT currently has the higher Sharpe Ratio (2.77 vs 2.10), 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.