SHYD vs. DBO
SHYD (VanEck Short High Yield Muni ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - SHYD is a Municipal Bonds fund tracking the Bloomberg Municipal High Yield Short Duration, while DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return. Both are passively managed. Over the past 10 years, SHYD returned 1.98%/yr vs 11.43%/yr for DBO. Their -0.01 correlation means they have often moved in opposite directions in the past. SHYD charges 0.35%/yr vs 0.78%/yr for DBO.
Performance
SHYD vs. DBO - Performance Comparison
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Returns By Period
In the year-to-date period, SHYD achieves a 0.91% return, which is significantly lower than DBO's 66.72% return. Over the past 10 years, SHYD has underperformed DBO with an annualized return of 1.98%, while DBO has yielded a comparatively higher 11.43% annualized return.
SHYD
- 1D
- 0.09%
- 1M
- -0.41%
- 6M
- 0.29%
- YTD
- 0.91%
- 1Y
- 3.80%
- 3Y*
- 4.31%
- 5Y*
- 0.65%
- 10Y*
- 1.98%
- ALL TIME*
- 2.25%
DBO
- 1D
- -5.53%
- 1M
- 17.71%
- 6M
- 53.16%
- YTD
- 66.72%
- 1Y
- 51.44%
- 3Y*
- 12.33%
- 5Y*
- 13.64%
- 10Y*
- 11.43%
- ALL TIME*
- 0.22%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $11.34M | $10.71M | $13.49M | |
| $1.29M | $1.47M | $2.20M |
SHYD vs. DBO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SHYD VanEck Short High Yield Muni ETF | 0.91% | 5.58% | 4.85% | 2.39% | -9.11% | 4.04% | 1.56% | 7.55% | 3.26% | 4.89% |
DBO Invesco DB Oil Fund | 66.72% | -11.71% | 7.85% | -4.44% | 13.04% | 60.74% | -20.99% | 28.05% | -15.22% | 4.86% |
Correlation
The correlation between SHYD 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. | -0.10 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.03 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.01 |
Correlation (All Time) Calculated using the full available price history since Jan 14, 2014 | -0.01 |
Over the past year, the inverse relationship between SHYD and DBO has strengthened: their correlation has moved from -0.01 to -0.26, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
SHYD vs. DBO — Risk / Return Rank
SHYD
DBO
SHYD vs. DBO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Short High Yield Muni ETF (SHYD) 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.
| SHYD | DBO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.03 | ||
| Sortino ratioReturn per unit of downside risk | +0.10 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.23 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.76 | 1.86 | -0.11 |
| Martin ratioReturn relative to average drawdown | 5.84 | 5.64 | +0.19 |
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Drawdowns
SHYD vs. DBO - Drawdown Comparison
The maximum SHYD drawdown since its inception was -31.22%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for SHYD and DBO.
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Drawdown Indicators
| SHYD | DBO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.22% | -90.18% | +58.96% |
Max Drawdown (1Y)Largest decline over 1 year | -2.17% | -27.73% | +25.56% |
Max Drawdown (3Y)Largest decline over 3 years | -4.17% | -28.20% | +24.03% |
Max Drawdown (5Y)Largest decline over 5 years | -13.32% | -37.68% | +24.36% |
Max Drawdown (10Y)Largest decline over 10 years | -31.22% | -61.69% | +30.47% |
Current DrawdownCurrent decline from peak | -0.58% | -56.13% | +55.55% |
Average DrawdownAverage peak-to-trough decline | -2.99% | -62.20% | +59.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.65% | 9.16% | -8.51% |
Volatility
SHYD vs. DBO - Volatility Comparison
The current volatility for VanEck Short High Yield Muni ETF (SHYD) is 0.67%, while Invesco DB Oil Fund (DBO) has a volatility of 18.99%. This indicates that SHYD 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
| SHYD | DBO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.67% | 18.99% | -18.32% |
Volatility (6M)Calculated over the trailing 6-month period | 2.03% | 34.30% | -32.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.80% | 38.86% | -36.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.38% | 33.43% | -28.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.70% | 32.24% | -22.54% |
SHYD vs. DBO - Expense Ratio Comparison
SHYD has a 0.35% expense ratio, which is lower than DBO's 0.78% expense ratio.
Dividends
SHYD vs. DBO - Dividend Comparison
SHYD's dividend yield for the trailing twelve months is around 3.62%, more than DBO's 2.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DBO Invesco DB Oil Fund | 2.11% | 3.51% | 4.68% | 4.59% | 0.66% | 0.00% | 0.00% | 1.63% | 1.58% | 0.00% | 0.00% | 0.00% |
SHYD VanEck Short High Yield Muni ETF | 3.62% | 3.50% | 3.16% | 2.99% | 2.66% | 2.56% | 3.05% | 3.19% | 3.17% | 3.11% | 2.97% | 3.26% |
Frequently Asked Questions
SHYD 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 (18.99%) compared to SHYD (0.67%). In terms of maximum drawdown, SHYD dropped -31.22% vs DBO's -90.18%.
On 10-year performance, DBO leads with 11.43% vs 1.98% for SHYD. On fees, SHYD is cheaper at 0.35% per year. On volatility, SHYD has been the lower-risk option at 0.67%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DBO has performed better with a 11.43% return vs 1.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SHYD is cheaper with a 0.35% expense ratio, compared with 0.78% for DBO.
SHYD has the higher dividend yield at 3.62%, compared with 2.11% for DBO.
SHYD is categorized as Municipal Bonds, while DBO is Oil & Gas. SHYD tracks Bloomberg Municipal High Yield Short Duration, while DBO tracks DBIQ Optimum Yield Crude Oil Index Excess Return. They also come from different issuers: VanEck and Invesco. Their fees differ too: 0.35% for SHYD and 0.78% for DBO.
SHYD currently has the higher Sharpe Ratio (1.37 vs 1.33), 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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