SEPW vs. DBO

Last updated Aug 2, 2026

SEPW (AllianzIM U.S. Large Cap Buffer20 Sep ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - SEPW is a Options Trading fund actively managed by Allianz, while DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return. SEPW is actively managed, while DBO is passively managed. Over the past year, SEPW returned 10.80% vs 60.30% for DBO. Their -0.07 correlation means they have often moved in opposite directions in the past. SEPW charges 0.74%/yr vs 0.78%/yr for DBO.

Performance

SEPW vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AllianzIM U.S. Large Cap Buffer20 Sep ETF (SEPW) 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, SEPW achieves a 5.47% return, which is significantly lower than DBO's 76.48% return.

SEPW

• 1D: 0.25%
• 1M: 0.76%
• 6M: 4.86%
• YTD: 5.47%
• 1Y: 10.80%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 10.53%

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
SEPW AllianzIM U.S. Large Cap Buffer20 Sep ETF	$388.80K	$265.35K	$2.00M

SEPW vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SEPW AllianzIM U.S. Large Cap Buffer20 Sep ETF	5.47%	10.42%	11.05%	3.50%
DBO Invesco DB Oil Fund	76.48%	-11.71%	7.85%	-12.18%

Correlation

The correlation between SEPW and DBO is -0.23, 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.	-0.23
Correlation (All Time) Calculated using the full available price history since Sep 1, 2023	-0.07

The correlation between SEPW and DBO shifts across timeframes, from -0.23 (1 year) to -0.07 (all time), reflecting how their relationship changes across market environments.

Return for Risk

SEPW vs. DBO — Risk / Return Rank

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

SEPW

SEPW Risk / Return Rank: 89
SEPW Sharpe Ratio Rank: 89
SEPW Sortino Ratio Rank: 90
SEPW Omega Ratio Rank: 92
SEPW Calmar Ratio Rank: 84
SEPW Martin Ratio Rank: 92

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.

SEPW vs. DBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AllianzIM U.S. Large Cap Buffer20 Sep ETF (SEPW) 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.

	SEPW	DBO	Difference
Sharpe ratio: Return per unit of total volatility	2.21	1.45	+0.77
Sortino ratio: Return per unit of downside risk	3.18	2.05	+1.13
Omega ratio: Gain probability vs. loss probability	1.45	1.25	+0.20
Calmar ratio: Return relative to maximum drawdown	3.20	2.01	+1.19
Martin ratio: Return relative to average drawdown	16.51	6.09	+10.42

SEPW vs. DBO - Sharpe Ratio Comparison

The current SEPW Sharpe Ratio is 2.21, which is higher than the DBO Sharpe Ratio of 1.45. The chart below compares the historical Sharpe Ratios of SEPW 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

SEPW vs. DBO - Drawdown Comparison

The maximum SEPW drawdown since its inception was -8.43%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for SEPW and DBO.

Drawdown Indicators

	SEPW	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-8.43%	-90.18%	+81.75%
Max Drawdown (1Y) Largest decline over 1 year	-3.19%	-27.73%	+24.54%
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	-0.63%	-62.20%	+61.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.62%	9.96%	-9.34%

Volatility

SEPW vs. DBO - Volatility Comparison

The current volatility for AllianzIM U.S. Large Cap Buffer20 Sep ETF (SEPW) is 0.85%, while Invesco DB Oil Fund (DBO) has a volatility of 17.75%. This indicates that SEPW 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

	SEPW	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.85%	17.75%	-16.90%
Volatility (6M) Calculated over the trailing 6-month period	3.36%	33.77%	-30.41%
Volatility (1Y) Calculated over the trailing 1-year period	4.61%	38.53%	-33.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.32%	33.35%	-27.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.32%	32.20%	-25.88%

SEPW vs. DBO - Expense Ratio Comparison

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

Dividends

SEPW vs. DBO - Dividend Comparison

SEPW 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%
SEPW AllianzIM U.S. Large Cap Buffer20 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 SEPW and DBO in my portfolio?

SEPW and DBO have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SEPW or DBO?

DBO has higher volatility (17.75%) compared to SEPW (0.85%). In terms of maximum drawdown, SEPW dropped -8.43% vs DBO's -90.18%.

Which ETF is better, SEPW or DBO?

On 1-year performance, DBO leads with 60.30% vs 10.80% for SEPW. On fees, SEPW is cheaper at 0.74% per year. On volatility, SEPW has been the lower-risk option at 0.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SEPW or DBO?

Over the 1-year period, DBO has performed better with a 60.30% return vs 10.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SEPW or DBO?

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

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

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

What is the main difference between SEPW and DBO?

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

Which has better risk-adjusted returns?

SEPW currently has the higher Sharpe Ratio (2.21 vs 1.45), 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.