RAYJ vs. DBO

Last updated Aug 2, 2026

RAYJ (Rayliant SMDAM Japan Equity ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - RAYJ is a Japan Equities fund actively managed by Rayliant, while DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return. RAYJ is actively managed, while DBO is passively managed. RAYJ charges 0.72%/yr vs 0.78%/yr for DBO.

Performance

RAYJ vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Rayliant SMDAM Japan Equity ETF (RAYJ) and Invesco DB Oil Fund (DBO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

RAYJ

• 1D: 0.00%
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

DBO

• 1D: 1.56%
• 1M: 24.59%
• 6M: 53.46%
• YTD: 76.48%
• 1Y: 60.30%
• 3Y*: 14.86%
• 5Y*: 13.46%
• 10Y*: 12.59%
• ALL TIME*: 0.52%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DBO Invesco DB Oil Fund	$11.01M	$10.23M	$13.95M
RAYJ Rayliant SMDAM Japan Equity ETF	$0.00	$0.00	$0.00

RAYJ vs. DBO - Yearly Performance Comparison

	2026 (YTD)
RAYJ Rayliant SMDAM Japan Equity ETF	0.00%
DBO Invesco DB Oil Fund	1.56%

Return for Risk

RAYJ vs. DBO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

RAYJ

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

DBO

DBO Risk / Return Rank: 58
DBO Sharpe Ratio Rank: 62
DBO Sortino Ratio Rank: 61
DBO Omega Ratio Rank: 57
DBO Calmar Ratio Rank: 57
DBO Martin Ratio Rank: 52

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

RAYJ vs. DBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Rayliant SMDAM Japan Equity ETF (RAYJ) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	RAYJ	DBO	Difference
Sharpe ratio: Return per unit of total volatility	—	1.45	—
Sortino ratio: Return per unit of downside risk	—	2.05	—
Omega ratio: Gain probability vs. loss probability	—	1.25	—
Calmar ratio: Return relative to maximum drawdown	—	2.01	—
Martin ratio: Return relative to average drawdown	—	6.09	—

Drawdowns

RAYJ vs. DBO - Drawdown Comparison

The maximum RAYJ drawdown since its inception was 0.00%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for RAYJ and DBO.

Drawdown Indicators

	RAYJ	DBO	Difference
Max Drawdown Largest peak-to-trough decline	0.00%	-90.18%	+90.18%
Max Drawdown (1Y) Largest decline over 1 year	—	-27.73%	—
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	0.00%	-53.56%	+53.56%
Average Drawdown Average peak-to-trough decline	0.00%	-62.20%	+62.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	9.96%	—

Volatility

Volatility by Period

	RAYJ	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	17.75%	—
Volatility (6M) Calculated over the trailing 6-month period	—	33.77%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	38.53%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	33.35%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	32.20%	—

RAYJ vs. DBO - Expense Ratio Comparison

RAYJ has a 0.72% expense ratio, which is lower than DBO's 0.78% expense ratio.

Dividends

RAYJ vs. DBO - Dividend Comparison

RAYJ has not paid dividends to shareholders, while DBO's dividend yield for the trailing twelve months is around 1.99%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBO Invesco DB Oil Fund	1.99%	3.51%	4.68%	4.59%	0.66%	0.00%	0.00%	1.63%	1.58%
RAYJ Rayliant SMDAM Japan Equity ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Which ETF is better, RAYJ or DBO?

On fees, RAYJ is cheaper at 0.72% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, RAYJ or DBO?

RAYJ is cheaper with a 0.72% expense ratio, compared with 0.78% for DBO.

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

DBO has the higher dividend yield at 1.99%, compared with 0.00% for RAYJ.

What is the main difference between RAYJ and DBO?

RAYJ is categorized as Japan Equities, while DBO is Oil & Gas. They also come from different issuers: Rayliant and Invesco. Their fees differ too: 0.72% for RAYJ and 0.78% for DBO.