SMB vs. DBO
SMB (VanEck Short Muni ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - SMB is a Municipal Bonds fund tracking the Bloomberg AMT-Free Short Continuous, 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, SMB returned 1.40%/yr vs 12.59%/yr for DBO. Their -0.04 correlation means they have often moved in opposite directions in the past. SMB charges 0.20%/yr vs 0.78%/yr for DBO.
Performance
SMB vs. DBO - Performance Comparison
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Returns By Period
In the year-to-date period, SMB achieves a 0.39% return, which is significantly lower than DBO's 76.48% return. Over the past 10 years, SMB has underperformed DBO with an annualized return of 1.40%, while DBO has yielded a comparatively higher 12.59% annualized return.
SMB
- 1D
- -0.06%
- 1M
- -0.43%
- 6M
- 0.34%
- YTD
- 0.39%
- 1Y
- 1.99%
- 3Y*
- 3.35%
- 5Y*
- 1.08%
- 10Y*
- 1.40%
- ALL TIME*
- 2.01%
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 | |
| $770.61K | $950.10K | $1.02M |
SMB vs. DBO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SMB VanEck Short Muni ETF | 0.39% | 4.61% | 2.41% | 3.14% | -4.50% | 0.12% | 3.30% | 4.54% | 1.86% | 1.16% |
DBO Invesco DB Oil Fund | 76.48% | -11.71% | 7.85% | -4.44% | 13.04% | 60.74% | -20.99% | 28.05% | -15.22% | 4.86% |
Correlation
The correlation between SMB and DBO is -0.25, 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. | -0.25 |
Correlation (3Y) Balances recent behavior with more history. | -0.10 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.06 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.04 |
Correlation (All Time) Calculated using the full available price history since Feb 28, 2008 | -0.04 |
Over the past year, the inverse relationship between SMB and DBO has strengthened: their correlation has moved from -0.04 to -0.25, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
SMB vs. DBO — Risk / Return Rank
SMB
DBO
SMB vs. DBO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Short Muni ETF (SMB) 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.
| SMB | DBO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.06 | ||
| Sortino ratioReturn per unit of downside risk | +0.11 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.25 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 2.11 | 2.01 | +0.10 |
| Martin ratioReturn relative to average drawdown | 5.77 | 6.09 | -0.32 |
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Drawdowns
SMB vs. DBO - Drawdown Comparison
The maximum SMB drawdown since its inception was -12.64%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for SMB and DBO.
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Drawdown Indicators
| SMB | DBO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.64% | -90.18% | +77.54% |
Max Drawdown (1Y)Largest decline over 1 year | -1.17% | -27.73% | +26.56% |
Max Drawdown (3Y)Largest decline over 3 years | -1.80% | -28.20% | +26.40% |
Max Drawdown (5Y)Largest decline over 5 years | -7.47% | -37.68% | +30.21% |
Max Drawdown (10Y)Largest decline over 10 years | -12.64% | -61.69% | +49.05% |
Current DrawdownCurrent decline from peak | -0.49% | -53.56% | +53.07% |
Average DrawdownAverage peak-to-trough decline | -1.13% | -62.20% | +61.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.43% | 9.96% | -9.53% |
Volatility
SMB vs. DBO - Volatility Comparison
The current volatility for VanEck Short Muni ETF (SMB) is 0.42%, while Invesco DB Oil Fund (DBO) has a volatility of 17.75%. This indicates that SMB 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
| SMB | DBO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.42% | 17.75% | -17.33% |
Volatility (6M)Calculated over the trailing 6-month period | 1.06% | 33.77% | -32.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.64% | 38.53% | -36.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.48% | 33.35% | -30.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.25% | 32.20% | -27.95% |
SMB vs. DBO - Expense Ratio Comparison
SMB has a 0.20% expense ratio, which is lower than DBO's 0.78% expense ratio.
Dividends
SMB vs. DBO - Dividend Comparison
SMB's dividend yield for the trailing twelve months is around 2.77%, more than DBO's 1.99% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DBO Invesco DB Oil Fund | 1.99% | 3.51% | 4.68% | 4.59% | 0.66% | 0.00% | 0.00% | 1.63% | 1.58% | 0.00% | 0.00% | 0.00% |
SMB VanEck Short Muni ETF | 2.53% | 2.63% | 2.38% | 1.83% | 1.32% | 1.24% | 1.50% | 1.58% | 1.49% | 1.23% | 1.12% | 1.13% |
Frequently Asked Questions
SMB and DBO have a correlation of -0.25, 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 SMB (0.42%). In terms of maximum drawdown, SMB dropped -12.64% vs DBO's -90.18%.
On 10-year performance, DBO leads with 12.59% vs 1.40% for SMB. On fees, SMB is cheaper at 0.20% per year. On volatility, SMB has been the lower-risk option at 0.42%. 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 12.59% return vs 1.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SMB is cheaper with a 0.20% expense ratio, compared with 0.78% for DBO.
SMB has the higher dividend yield at 2.53%, compared with 1.99% for DBO.
SMB is categorized as Municipal Bonds, while DBO is Oil & Gas. SMB tracks Bloomberg AMT-Free Short Continuous, while DBO tracks DBIQ Optimum Yield Crude Oil Index Excess Return. They also come from different issuers: VanEck and Invesco. Their fees differ too: 0.20% for SMB and 0.78% for DBO.
SMB currently has the higher Sharpe Ratio (1.51 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.
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