SEPU vs. DBO

Last updated Jun 23, 2026

SEPU (AllianzIM U.S. Equity Buffer15 Uncapped Sep ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - SEPU is a Defined Outcome fund actively managed by Allianz, while DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return. SEPU is actively managed, while DBO is passively managed. Over the past year, SEPU returned 19.41% vs 29.75% for DBO. At a correlation of -0.09, they often move in opposite directions. SEPU charges 0.74%/yr vs 0.78%/yr for DBO.

Performance

SEPU vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AllianzIM U.S. Equity Buffer15 Uncapped Sep ETF (SEPU) 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, SEPU achieves a 6.96% return, which is significantly lower than DBO's 51.89% return.

SEPU

• 1D: -0.47%
• 1M: -0.16%
• YTD: 6.96%
• 6M: 6.75%
• 1Y: 19.41%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DBO

• 1D: -1.91%
• 1M: -17.64%
• YTD: 51.89%
• 6M: 50.65%
• 1Y: 29.75%
• 3Y*: 14.76%
• 5Y*: 10.50%
• 10Y*: 9.34%

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

SEPU vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SEPU AllianzIM U.S. Equity Buffer15 Uncapped Sep ETF	6.96%	12.32%	3.08%
DBO Invesco DB Oil Fund	51.89%	-11.71%	2.19%

Correlation

The correlation between SEPU and DBO is -0.24, 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	-0.24
Correlation (All Time) Calculated using the full available price history since Sep 3, 2024	-0.09

The correlation between SEPU and DBO shifts across timeframes, from -0.24 (1 year) to -0.09 (all time), reflecting how their relationship changes across market environments.

Return for Risk

SEPU vs. DBO — Risk / Return Rank

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

SEPU

SEPU Risk / Return Rank: 62
SEPU Sharpe Ratio Rank: 60
SEPU Sortino Ratio Rank: 57
SEPU Omega Ratio Rank: 60
SEPU Calmar Ratio Rank: 65
SEPU Martin Ratio Rank: 68

DBO

DBO Risk / Return Rank: 26
DBO Sharpe Ratio Rank: 25
DBO Sortino Ratio Rank: 25
DBO Omega Ratio Rank: 24
DBO Calmar Ratio Rank: 28
DBO Martin Ratio Rank: 27

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.

SEPU vs. DBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AllianzIM U.S. Equity Buffer15 Uncapped Sep ETF (SEPU) 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.

	SEPU	DBO	Difference
Sharpe ratio: Return per unit of total volatility	1.94	0.86	+1.08
Sortino ratio: Return per unit of downside risk	2.63	1.36	+1.27
Omega ratio: Gain probability vs. loss probability	1.35	1.17	+0.19
Calmar ratio: Return relative to maximum drawdown	3.13	1.35	+1.78
Martin ratio: Return relative to average drawdown	12.02	3.56	+8.47

SEPU vs. DBO - Sharpe Ratio Comparison

The current SEPU Sharpe Ratio is 1.94, which is higher than the DBO Sharpe Ratio of 0.86. The chart below compares the historical Sharpe Ratios of SEPU 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

SEPU vs. DBO - Drawdown Comparison

The maximum SEPU drawdown since its inception was -11.76%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for SEPU and DBO.

Drawdown Indicators

	SEPU	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-11.76%	-90.18%	+78.42%
Max Drawdown (1Y) Largest decline over 1 year	-6.23%	-22.14%	+15.91%
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	-1.87%	-60.03%	+58.16%
Average Drawdown Average peak-to-trough decline	-1.75%	-62.22%	+60.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.62%	9.52%	-7.90%

Volatility

SEPU vs. DBO - Volatility Comparison

The current volatility for AllianzIM U.S. Equity Buffer15 Uncapped Sep ETF (SEPU) is 4.28%, while Invesco DB Oil Fund (DBO) has a volatility of 10.39%. This indicates that SEPU 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

	SEPU	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.28%	10.39%	-6.11%
Volatility (6M) Calculated over the trailing 6-month period	7.75%	29.37%	-21.62%
Volatility (1Y) Calculated over the trailing 1-year period	10.08%	34.94%	-24.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.06%	32.53%	-21.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.06%	31.84%	-20.78%

SEPU vs. DBO - Expense Ratio Comparison

SEPU has a 0.74% expense ratio, which is lower than DBO's 0.78% expense ratio.

Dividends

SEPU vs. DBO - Dividend Comparison

SEPU has not paid dividends to shareholders, while DBO's dividend yield for the trailing twelve months is around 2.31%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBO Invesco DB Oil Fund	2.31%	3.51%	4.68%	4.59%	0.66%	0.00%	0.00%	1.63%	1.58%
SEPU AllianzIM U.S. Equity Buffer15 Uncapped Sep 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 SEPU and DBO in my portfolio?

SEPU and DBO have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SEPU or DBO?

DBO has higher volatility (10.39%) compared to SEPU (4.28%). In terms of maximum drawdown, SEPU dropped -11.76% vs DBO's -90.18%.

Which ETF is better, SEPU or DBO?

On 1-year performance, DBO leads with 29.75% vs 19.41% for SEPU. On fees, SEPU is cheaper at 0.74% per year. On volatility, SEPU has been the lower-risk option at 4.28%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SEPU or DBO?

Over the 1-year period, DBO has performed better with a 29.75% return vs 19.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SEPU or DBO?

SEPU is cheaper with a 0.74% expense ratio, compared with 0.78% for DBO.

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

DBO has the higher dividend yield at 2.31%, compared with 0.00% for SEPU.

What is the main difference between SEPU and DBO?

SEPU is categorized as Defined Outcome, while DBO is Oil & Gas. They also come from different issuers: Allianz and Invesco. Their fees differ too: 0.74% for SEPU and 0.78% for DBO.

Which has better risk-adjusted returns?

SEPU currently has the higher Sharpe Ratio (1.94 vs 0.86), 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.