RFIX vs. DBO

Last updated Jun 4, 2026

RFIX (Simplify Bond Bull ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - RFIX is a Nontraditional Bonds fund actively managed by Simplify, while DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return. RFIX is actively managed, while DBO is passively managed. Over the past year, RFIX returned -14.76% vs 80.26% for DBO. At a correlation of -0.18, they often move in opposite directions. RFIX charges 0.50%/yr vs 0.78%/yr for DBO.

Performance

RFIX vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify Bond Bull ETF (RFIX) 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, RFIX achieves a 7.97% return, which is significantly lower than DBO's 84.75% return.

RFIX

• 1D: 0.99%
• 1M: -2.56%
• YTD: 7.97%
• 6M: -2.48%
• 1Y: -14.76%
• 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)

RFIX vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
RFIX Simplify Bond Bull ETF	7.97%	-28.43%	-12.32%
DBO Invesco DB Oil Fund	84.75%	-11.71%	5.43%

Correlation

The correlation between RFIX and DBO is -0.17, 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	-0.17
Correlation (All Time) Calculated using the full available price history since Dec 11, 2024	-0.18

Return for Risk

RFIX vs. DBO — Risk / Return Rank

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

RFIX

RFIX Risk / Return Rank: 4
RFIX Sharpe Ratio Rank: 4
RFIX Sortino Ratio Rank: 4
RFIX Omega Ratio Rank: 5
RFIX Calmar Ratio Rank: 4
RFIX Martin Ratio Rank: 4

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.

RFIX vs. DBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify Bond Bull ETF (RFIX) 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.

	RFIX	DBO	Difference
Sharpe ratio: Return per unit of total volatility	-0.50	2.34	-2.84
Sortino ratio: Return per unit of downside risk	-0.55	2.94	-3.48
Omega ratio: Gain probability vs. loss probability	0.94	1.38	-0.43
Calmar ratio: Return relative to maximum drawdown	-0.58	4.44	-5.02
Martin ratio: Return relative to average drawdown	-1.01	9.02	-10.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RFIX vs. DBO - Sharpe Ratio Comparison

The current RFIX Sharpe Ratio is -0.50, which is lower than the DBO Sharpe Ratio of 2.34. The chart below compares the historical Sharpe Ratios of RFIX 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

	RFIX	DBO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.50	2.34	-2.84
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	-0.76	0.02	-0.78

Drawdowns

RFIX vs. DBO - Drawdown Comparison

The maximum RFIX drawdown since its inception was -38.79%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for RFIX and DBO.

Drawdown Indicators

	RFIX	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-38.79%	-90.18%	+51.39%
Max Drawdown (1Y) Largest decline over 1 year	-25.48%	-18.19%	-7.29%
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	-32.25%	-51.38%	+19.13%
Average Drawdown Average peak-to-trough decline	-24.11%	-62.25%	+38.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.70%	8.92%	+5.78%

Volatility

RFIX vs. DBO - Volatility Comparison

The current volatility for Simplify Bond Bull ETF (RFIX) is 5.47%, while Invesco DB Oil Fund (DBO) has a volatility of 12.61%. This indicates that RFIX 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

	RFIX	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.47%	12.61%	-7.14%
Volatility (6M) Calculated over the trailing 6-month period	20.35%	28.20%	-7.85%
Volatility (1Y) Calculated over the trailing 1-year period	29.75%	34.46%	-4.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.90%	32.29%	-1.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.90%	31.78%	-0.88%

RFIX vs. DBO - Expense Ratio Comparison

RFIX has a 0.50% expense ratio, which is lower than DBO's 0.78% expense ratio.

Dividends

RFIX vs. DBO - Dividend Comparison

RFIX's dividend yield for the trailing twelve months is around 4.63%, more 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%
RFIX Simplify Bond Bull ETF	4.63%	5.07%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both RFIX and DBO in my portfolio?

RFIX and DBO have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RFIX or DBO?

DBO has higher volatility (12.61%) compared to RFIX (5.47%). In terms of maximum drawdown, RFIX dropped -38.79% vs DBO's -90.18%.

Which ETF is better, RFIX or DBO?

On 1-year performance, DBO leads with 80.26% vs -14.76% for RFIX. On fees, RFIX is cheaper at 0.50% per year. On volatility, RFIX has been the lower-risk option at 5.47%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RFIX or DBO?

Over the 1-year period, DBO has performed better with a 80.26% return vs -14.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RFIX or DBO?

RFIX is cheaper with a 0.50% expense ratio, compared with 0.78% for DBO.

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

RFIX has the higher dividend yield at 4.63%, compared with 1.90% for DBO.

What is the main difference between RFIX and DBO?

RFIX is categorized as Nontraditional Bonds, while DBO is Oil & Gas. They also come from different issuers: Simplify and Invesco. Their fees differ too: 0.50% for RFIX and 0.78% for DBO.

Which has better risk-adjusted returns?

DBO currently has the higher Sharpe Ratio (2.34 vs -0.50), 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.