RHRX vs. DBO

Last updated Jun 24, 2026

RHRX (RH Tactical Rotation ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - RHRX is a Tactical Allocation fund actively managed by Adaptive, while DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return. RHRX is actively managed, while DBO is passively managed. Over the past 3 years, RHRX returned 21.00%/yr vs 14.32%/yr for DBO. At a 0.06 correlation, their price movements are largely independent. RHRX charges 1.36%/yr vs 0.78%/yr for DBO.

Performance

RHRX vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in RH Tactical Rotation ETF (RHRX) 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, RHRX achieves a 18.02% return, which is significantly lower than DBO's 50.16% return.

RHRX

• 1D: -2.79%
• 1M: 0.50%
• YTD: 18.02%
• 6M: 17.04%
• 1Y: 35.22%
• 3Y*: 21.00%
• 5Y*: —
• 10Y*: —

DBO

• 1D: -1.13%
• 1M: -18.58%
• YTD: 50.16%
• 6M: 47.74%
• 1Y: 36.30%
• 3Y*: 14.32%
• 5Y*: 10.16%
• 10Y*: 9.22%

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

RHRX vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
RHRX RH Tactical Rotation ETF	18.02%	16.70%	22.21%	10.28%	-20.05%	1.33%
DBO Invesco DB Oil Fund	50.16%	-11.71%	7.85%	-4.44%	13.04%	-8.82%

Correlation

The correlation between RHRX 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 (3Y) Calculated over the trailing 3-year period	-0.01
Correlation (All Time) Calculated using the full available price history since Nov 8, 2021	0.06

The correlation between RHRX and DBO shifts across timeframes, from -0.17 (1 year) to 0.06 (all time), reflecting how their relationship changes across market environments.

Return for Risk

RHRX vs. DBO — Risk / Return Rank

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

RHRX

RHRX Risk / Return Rank: 85
RHRX Sharpe Ratio Rank: 84
RHRX Sortino Ratio Rank: 81
RHRX Omega Ratio Rank: 80
RHRX Calmar Ratio Rank: 90
RHRX Martin Ratio Rank: 90

DBO

DBO Risk / Return Rank: 31
DBO Sharpe Ratio Rank: 31
DBO Sortino Ratio Rank: 31
DBO Omega Ratio Rank: 30
DBO Calmar Ratio Rank: 33
DBO Martin Ratio Rank: 31

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.

RHRX vs. DBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for RH Tactical Rotation ETF (RHRX) 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.

	RHRX	DBO	Difference
Sharpe ratio: Return per unit of total volatility	2.49	1.06	+1.43
Sortino ratio: Return per unit of downside risk	3.31	1.61	+1.70
Omega ratio: Gain probability vs. loss probability	1.44	1.19	+0.24
Calmar ratio: Return relative to maximum drawdown	5.18	1.58	+3.60
Martin ratio: Return relative to average drawdown	19.38	4.29	+15.09

RHRX vs. DBO - Sharpe Ratio Comparison

The current RHRX Sharpe Ratio is 2.49, which is higher than the DBO Sharpe Ratio of 1.06. The chart below compares the historical Sharpe Ratios of RHRX 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.

Drawdowns

RHRX vs. DBO - Drawdown Comparison

The maximum RHRX drawdown since its inception was -25.33%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for RHRX and DBO.

Drawdown Indicators

	RHRX	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-25.33%	-90.18%	+64.85%
Max Drawdown (1Y) Largest decline over 1 year	-6.83%	-23.03%	+16.20%
Max Drawdown (3Y) Largest decline over 3 years	-21.90%	-28.20%	+6.30%
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	-3.34%	-60.48%	+57.14%
Average Drawdown Average peak-to-trough decline	-8.87%	-62.22%	+53.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.82%	8.51%	-6.69%

Volatility

RHRX vs. DBO - Volatility Comparison

The current volatility for RH Tactical Rotation ETF (RHRX) is 6.49%, while Invesco DB Oil Fund (DBO) has a volatility of 10.29%. This indicates that RHRX 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

	RHRX	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.49%	10.29%	-3.80%
Volatility (6M) Calculated over the trailing 6-month period	11.22%	29.36%	-18.14%
Volatility (1Y) Calculated over the trailing 1-year period	14.24%	34.89%	-20.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.12%	32.54%	-13.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.12%	31.81%	-12.69%

RHRX vs. DBO - Expense Ratio Comparison

RHRX has a 1.36% expense ratio, which is higher than DBO's 0.78% expense ratio.

Dividends

RHRX vs. DBO - Dividend Comparison

RHRX has not paid dividends to shareholders, while DBO's dividend yield for the trailing twelve months is around 2.34%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBO Invesco DB Oil Fund	2.34%	3.51%	4.68%	4.59%	0.66%	0.00%	0.00%	1.63%	1.58%
RHRX RH Tactical Rotation ETF	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 RHRX and DBO in my portfolio?

RHRX 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, RHRX or DBO?

DBO has higher volatility (10.29%) compared to RHRX (6.49%). In terms of maximum drawdown, RHRX dropped -25.33% vs DBO's -90.18%.

Which ETF is better, RHRX or DBO?

On 3-year performance, RHRX leads with 21.00% vs 14.32% for DBO. On fees, DBO is cheaper at 0.78% per year. On volatility, RHRX has been the lower-risk option at 6.49%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RHRX or DBO?

Over the 3-year period, RHRX has performed better with a 21.00% return vs 14.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RHRX or DBO?

DBO is cheaper with a 0.78% expense ratio, compared with 1.36% for RHRX.

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

DBO has the higher dividend yield at 2.34%, compared with 0.00% for RHRX.

What is the main difference between RHRX and DBO?

RHRX is categorized as Tactical Allocation, while DBO is Oil & Gas. They also come from different issuers: Adaptive and Invesco. Their fees differ too: 1.36% for RHRX and 0.78% for DBO.

Which has better risk-adjusted returns?

RHRX currently has the higher Sharpe Ratio (2.49 vs 1.06), 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.