SAGP vs. DBO
SAGP (Strategas Global Policy Opportunities ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - SAGP is a Global Equities fund actively managed by Strategas, while DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return. SAGP is actively managed, while DBO is passively managed. Over the past 3 years, SAGP returned 15.13%/yr vs 14.86%/yr for DBO. Their 0.03 correlation means their historical movements had little consistent relationship. SAGP charges 0.65%/yr vs 0.78%/yr for DBO.
Performance
SAGP vs. DBO - Performance Comparison
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Returns By Period
In the year-to-date period, SAGP achieves a 7.89% return, which is significantly lower than DBO's 76.48% return.
SAGP
- 1D
- -0.89%
- 1M
- 1.03%
- 6M
- 2.80%
- YTD
- 7.89%
- 1Y
- 16.76%
- 3Y*
- 15.13%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 10.87%
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%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $11.01M | $10.23M | $13.95M | |
| $90.74K | $96.37K | $122.55K |
SAGP vs. DBO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
SAGP Strategas Global Policy Opportunities ETF | 7.89% | 23.02% | 12.03% | 11.26% | -3.70% |
DBO Invesco DB Oil Fund | 76.48% | -11.71% | 7.85% | -4.44% | 3.77% |
Correlation
The correlation between SAGP and DBO is -0.26, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.26 |
Correlation (3Y) Balances recent behavior with more history. | -0.09 |
Correlation (All Time) Calculated using the full available price history since Jan 25, 2022 | 0.03 |
The correlation between SAGP and DBO shifts across timeframes, from -0.26 (1 year) to 0.03 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SAGP vs. DBO — Risk / Return Rank
SAGP
DBO
SAGP vs. DBO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Strategas Global Policy Opportunities ETF (SAGP) 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.
| SAGP | DBO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.26 | ||
| Sortino ratioReturn per unit of downside risk | -0.29 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.25 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.74 | 2.01 | -0.27 |
| Martin ratioReturn relative to average drawdown | 4.52 | 6.09 | -1.57 |
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Drawdowns
SAGP vs. DBO - Drawdown Comparison
The maximum SAGP drawdown since its inception was -22.90%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for SAGP and DBO.
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Drawdown Indicators
| SAGP | DBO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.90% | -90.18% | +67.28% |
Max Drawdown (1Y)Largest decline over 1 year | -8.90% | -27.73% | +18.83% |
Max Drawdown (3Y)Largest decline over 3 years | -11.47% | -28.20% | +16.73% |
Max Drawdown (5Y)Largest decline over 5 years | — | -37.68% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -61.69% | — |
Current DrawdownCurrent decline from peak | -1.08% | -53.56% | +52.48% |
Average DrawdownAverage peak-to-trough decline | -4.97% | -62.20% | +57.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.41% | 9.96% | -6.55% |
Volatility
SAGP vs. DBO - Volatility Comparison
The current volatility for Strategas Global Policy Opportunities ETF (SAGP) is 3.22%, while Invesco DB Oil Fund (DBO) has a volatility of 17.75%. This indicates that SAGP 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.
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Volatility by Period
| SAGP | DBO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.22% | 17.75% | -14.53% |
Volatility (6M)Calculated over the trailing 6-month period | 9.64% | 33.77% | -24.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.05% | 38.53% | -25.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.40% | 33.35% | -17.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.40% | 32.20% | -16.80% |
SAGP vs. DBO - Expense Ratio Comparison
SAGP has a 0.65% expense ratio, which is lower than DBO's 0.78% expense ratio.
Dividends
SAGP vs. DBO - Dividend Comparison
SAGP's dividend yield for the trailing twelve months is around 3.20%, more than DBO's 1.99% yield.
| 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% |
SAGP Strategas Global Policy Opportunities ETF | 3.20% | 3.45% | 2.23% | 0.94% | 0.51% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SAGP and DBO have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBO has higher volatility (17.75%) compared to SAGP (3.22%). In terms of maximum drawdown, SAGP dropped -22.90% vs DBO's -90.18%.
On 3-year performance, SAGP leads with 15.13% vs 14.86% for DBO. On fees, SAGP is cheaper at 0.65% per year. On volatility, SAGP has been the lower-risk option at 3.22%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, SAGP has performed better with a 15.13% return vs 14.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SAGP is cheaper with a 0.65% expense ratio, compared with 0.78% for DBO.
SAGP has the higher dividend yield at 3.20%, compared with 1.99% for DBO.
SAGP is categorized as Global Equities, while DBO is Oil & Gas. They also come from different issuers: Strategas and Invesco. Their fees differ too: 0.65% for SAGP and 0.78% for DBO.
DBO currently has the higher Sharpe Ratio (1.45 vs 1.19), 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.
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