SIXP vs. DBO

Last updated Jun 4, 2026

SIXP (AllianzIM U.S. Equity 6 Month Buffer10 Mar/Sep ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - SIXP 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. SIXP is actively managed, while DBO is passively managed. Over the past year, SIXP returned 17.68% vs 80.26% for DBO. At a correlation of -0.05, they often move in opposite directions. SIXP charges 0.74%/yr vs 0.78%/yr for DBO.

Performance

SIXP vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AllianzIM U.S. Equity 6 Month Buffer10 Mar/Sep ETF (SIXP) 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, SIXP achieves a 6.59% return, which is significantly lower than DBO's 84.75% return.

SIXP

• 1D: -0.10%
• 1M: 1.99%
• YTD: 6.59%
• 6M: 7.46%
• 1Y: 17.68%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DBO

• 1D: 2.27%
• 1M: -2.34%
• YTD: 84.75%
• 6M: 81.10%
• 1Y: 80.26%
• 3Y*: 21.86%
• 5Y*: 15.98%
• 10Y*: 11.37%

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

SIXP vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SIXP AllianzIM U.S. Equity 6 Month Buffer10 Mar/Sep ETF	6.59%	13.42%	10.64%
DBO Invesco DB Oil Fund	84.75%	-11.71%	1.78%

Correlation

The correlation between SIXP and DBO is -0.28, 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	-0.28
Correlation (All Time) Calculated using the full available price history since Mar 4, 2024	-0.05

Over the past year, the inverse relationship between SIXP and DBO has strengthened: their correlation has moved from -0.05 to -0.28, meaning they now move in opposite directions more often than their long-term average.

SIXP vs. DBO - Sectors Allocation Comparison

Sectors	SIXP	DBO
Technology	36.2%	-
Financial Services	11.9%	116.0%
Communication Services	10.9%	-
Consumer Cyclical	10.1%	-
Healthcare	8.4%	-
Industrials	8.1%	-
Consumer Defensive	4.9%	-
Energy	3.5%	-
Utilities	2.3%	-
Real Estate	1.9%	-
Basic Materials	1.8%	-

Return for Risk

SIXP vs. DBO — Risk / Return Rank

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

SIXP

SIXP Risk / Return Rank: 88
SIXP Sharpe Ratio Rank: 86
SIXP Sortino Ratio Rank: 90
SIXP Omega Ratio Rank: 91
SIXP Calmar Ratio Rank: 79
SIXP Martin Ratio Rank: 91

DBO

DBO Risk / Return Rank: 65
DBO Sharpe Ratio Rank: 70
DBO Sortino Ratio Rank: 62
DBO Omega Ratio Rank: 60
DBO Calmar Ratio Rank: 83
DBO Martin Ratio Rank: 52

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.

SIXP vs. DBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AllianzIM U.S. Equity 6 Month Buffer10 Mar/Sep ETF (SIXP) 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.

	SIXP	DBO	Difference
Sharpe ratio: Return per unit of total volatility	2.83	2.34	+0.49
Sortino ratio: Return per unit of downside risk	4.17	2.94	+1.23
Omega ratio: Gain probability vs. loss probability	1.60	1.38	+0.22
Calmar ratio: Return relative to maximum drawdown	3.97	4.44	-0.47
Martin ratio: Return relative to average drawdown	21.92	9.02	+12.90
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SIXP vs. DBO - Sharpe Ratio Comparison

The current SIXP Sharpe Ratio is 2.83, which is comparable to the DBO Sharpe Ratio of 2.34. The chart below compares the historical Sharpe Ratios of SIXP 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.

Sharpe Ratios by Period

	SIXP	DBO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.83	2.34	+0.49
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.50	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.36	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.54	0.02	+1.52

Drawdowns

SIXP vs. DBO - Drawdown Comparison

The maximum SIXP drawdown since its inception was -11.28%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for SIXP and DBO.

Drawdown Indicators

	SIXP	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-11.28%	-90.18%	+78.90%
Max Drawdown (1Y) Largest decline over 1 year	-4.48%	-18.19%	+13.71%
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	-0.10%	-51.38%	+51.28%
Average Drawdown Average peak-to-trough decline	-0.83%	-62.25%	+61.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.81%	8.92%	-8.11%

Volatility

SIXP vs. DBO - Volatility Comparison

The current volatility for AllianzIM U.S. Equity 6 Month Buffer10 Mar/Sep ETF (SIXP) is 0.80%, while Invesco DB Oil Fund (DBO) has a volatility of 12.61%. This indicates that SIXP 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

	SIXP	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.80%	12.61%	-11.81%
Volatility (6M) Calculated over the trailing 6-month period	5.01%	28.20%	-23.19%
Volatility (1Y) Calculated over the trailing 1-year period	6.28%	34.46%	-28.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.00%	32.29%	-23.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.00%	31.78%	-22.78%

SIXP vs. DBO - Expense Ratio Comparison

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

Dividends

SIXP vs. DBO - Dividend Comparison

SIXP has not paid dividends to shareholders, while DBO's dividend yield for the trailing twelve months is around 1.90%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBO Invesco DB Oil Fund	1.90%	3.51%	4.68%	4.59%	0.66%	0.00%	0.00%	1.63%	1.58%
SIXP AllianzIM U.S. Equity 6 Month Buffer10 Mar/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 SIXP and DBO in my portfolio?

SIXP and DBO have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SIXP or DBO?

DBO has higher volatility (12.61%) compared to SIXP (0.80%). In terms of maximum drawdown, SIXP dropped -11.28% vs DBO's -90.18%.

Which ETF is better, SIXP or DBO?

On 1-year performance, DBO leads with 80.26% vs 17.68% for SIXP. On fees, SIXP is cheaper at 0.74% per year. On volatility, SIXP has been the lower-risk option at 0.80%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SIXP or DBO?

Over the 1-year period, DBO has performed better with a 80.26% return vs 17.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SIXP or DBO?

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

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

DBO has the higher dividend yield at 1.90%, compared with 0.00% for SIXP.

What is the main difference between SIXP and DBO?

SIXP 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 SIXP and 0.78% for DBO.

Which has better risk-adjusted returns?

SIXP currently has the higher Sharpe Ratio (2.83 vs 2.34), 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.