SMCF vs. DBO

Last updated Aug 2, 2026

SMCF (Themes US Small Cap Cash Flow Champions ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - SMCF is a Small Cap Value Equities fund tracking the Solactive US Small Cap Cash Flow Champions Index - Benchmark TR Gross, while DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return. Both are passively managed. Over the past year, SMCF returned 36.42% vs 60.30% for DBO. Their 0.11 correlation means their historical movements had little consistent relationship. SMCF charges 0.29%/yr vs 0.78%/yr for DBO.

Performance

SMCF vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Themes US Small Cap Cash Flow Champions ETF (SMCF) 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, SMCF achieves a 23.16% return, which is significantly lower than DBO's 76.48% return.

SMCF

• 1D: -0.22%
• 1M: 3.60%
• 6M: 16.59%
• YTD: 23.16%
• 1Y: 36.42%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 21.80%

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
SMCF Themes US Small Cap Cash Flow Champions ETF	$37.58K	$22.20K	$16.39K

SMCF vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SMCF Themes US Small Cap Cash Flow Champions ETF	23.16%	9.56%	16.30%	7.07%
DBO Invesco DB Oil Fund	76.48%	-11.71%	7.85%	1.50%

Correlation

The correlation between SMCF and DBO is -0.11, 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.	-0.11
Correlation (All Time) Calculated using the full available price history since Dec 13, 2023	0.11

The correlation between SMCF and DBO shifts across timeframes, from -0.11 (1 year) to 0.11 (all time), reflecting how their relationship changes across market environments.

Return for Risk

SMCF vs. DBO — Risk / Return Rank

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

SMCF

SMCF Risk / Return Rank: 90
SMCF Sharpe Ratio Rank: 90
SMCF Sortino Ratio Rank: 90
SMCF Omega Ratio Rank: 88
SMCF Calmar Ratio Rank: 94
SMCF Martin Ratio Rank: 88

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.

SMCF vs. DBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Themes US Small Cap Cash Flow Champions ETF (SMCF) 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.

	SMCF	DBO	Difference
Sharpe ratio: Return per unit of total volatility	2.22	1.45	+0.77
Sortino ratio: Return per unit of downside risk	3.19	2.05	+1.14
Omega ratio: Gain probability vs. loss probability	1.40	1.25	+0.15
Calmar ratio: Return relative to maximum drawdown	4.77	2.01	+2.77
Martin ratio: Return relative to average drawdown	13.18	6.09	+7.09

SMCF vs. DBO - Sharpe Ratio Comparison

The current SMCF Sharpe Ratio is 2.22, which is higher than the DBO Sharpe Ratio of 1.45. The chart below compares the historical Sharpe Ratios of SMCF 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

SMCF vs. DBO - Drawdown Comparison

The maximum SMCF drawdown since its inception was -28.48%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for SMCF and DBO.

Drawdown Indicators

	SMCF	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-28.48%	-90.18%	+61.70%
Max Drawdown (1Y) Largest decline over 1 year	-7.13%	-27.73%	+20.60%
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	-1.01%	-53.56%	+52.55%
Average Drawdown Average peak-to-trough decline	-4.99%	-62.20%	+57.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.58%	9.96%	-7.38%

Volatility

SMCF vs. DBO - Volatility Comparison

The current volatility for Themes US Small Cap Cash Flow Champions ETF (SMCF) is 3.25%, while Invesco DB Oil Fund (DBO) has a volatility of 17.75%. This indicates that SMCF 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

	SMCF	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.25%	17.75%	-14.50%
Volatility (6M) Calculated over the trailing 6-month period	9.06%	33.77%	-24.71%
Volatility (1Y) Calculated over the trailing 1-year period	15.36%	38.53%	-23.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.89%	33.35%	-13.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.89%	32.20%	-12.31%

SMCF vs. DBO - Expense Ratio Comparison

SMCF has a 0.29% expense ratio, which is lower than DBO's 0.78% expense ratio.

Dividends

SMCF vs. DBO - Dividend Comparison

SMCF's dividend yield for the trailing twelve months is around 3.18%, more than DBO's 1.99% yield.

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%
SMCF Themes US Small Cap Cash Flow Champions ETF	3.18%	3.91%	0.61%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SMCF and DBO in my portfolio?

SMCF and DBO have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMCF or DBO?

DBO has higher volatility (17.75%) compared to SMCF (3.25%). In terms of maximum drawdown, SMCF dropped -28.48% vs DBO's -90.18%.

Which ETF is better, SMCF or DBO?

On 1-year performance, DBO leads with 60.30% vs 36.42% for SMCF. On fees, SMCF is cheaper at 0.29% per year. On volatility, SMCF has been the lower-risk option at 3.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMCF or DBO?

Over the 1-year period, DBO has performed better with a 60.30% return vs 36.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMCF or DBO?

SMCF is cheaper with a 0.29% expense ratio, compared with 0.78% for DBO.

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

SMCF has the higher dividend yield at 3.18%, compared with 1.99% for DBO.

What is the main difference between SMCF and DBO?

SMCF is categorized as Small Cap Value Equities, while DBO is Oil & Gas. SMCF tracks Solactive US Small Cap Cash Flow Champions Index - Benchmark TR Gross, while DBO tracks DBIQ Optimum Yield Crude Oil Index Excess Return. They also come from different issuers: Themes and Invesco. Their fees differ too: 0.29% for SMCF and 0.78% for DBO.

Which has better risk-adjusted returns?

SMCF currently has the higher Sharpe Ratio (2.22 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.