SMIZ vs. DBO

Last updated Jun 5, 2026

SMIZ (Zacks Small/Mid Cap ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - SMIZ is a Mid Cap Blend Equities fund actively managed by Zacks, while DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return. SMIZ is actively managed, while DBO is passively managed. Over the past year, SMIZ returned 32.64% vs 77.38% for DBO. At a correlation of -0.04, they often move in opposite directions. SMIZ charges 0.56%/yr vs 0.78%/yr for DBO.

Performance

SMIZ vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Zacks Small/Mid Cap ETF (SMIZ) 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, SMIZ achieves a 16.88% return, which is significantly lower than DBO's 79.84% return.

SMIZ

• 1D: 0.93%
• 1M: 1.89%
• YTD: 16.88%
• 6M: 14.64%
• 1Y: 32.64%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DBO

• 1D: -2.66%
• 1M: -3.39%
• YTD: 79.84%
• 6M: 74.51%
• 1Y: 77.38%
• 3Y*: 20.83%
• 5Y*: 15.36%
• 10Y*: 10.89%

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

SMIZ vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SMIZ Zacks Small/Mid Cap ETF	16.88%	12.16%	17.92%	16.39%
DBO Invesco DB Oil Fund	79.84%	-11.71%	7.85%	-17.04%

Correlation

The correlation between SMIZ and DBO is -0.26, 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	-0.26
Correlation (All Time) Calculated using the full available price history since Oct 4, 2023	-0.04

Over the past year, the inverse relationship between SMIZ and DBO has strengthened: their correlation has moved from -0.04 to -0.26, meaning they now move in opposite directions more often than their long-term average.

SMIZ vs. DBO - Sectors Allocation Comparison

Sectors	SMIZ	DBO
Technology	24.7%	-
Industrials	21.6%	-
Financial Services	21.0%	116.0%
Healthcare	8.1%	-
Consumer Cyclical	6.1%	-
Consumer Defensive	4.2%	-
Real Estate	3.5%	-
Basic Materials	3.1%	-
Energy	2.9%	-
Utilities	2.6%	-
Communication Services	2.4%	-

Return for Risk

SMIZ vs. DBO — Risk / Return Rank

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

SMIZ

SMIZ Risk / Return Rank: 61
SMIZ Sharpe Ratio Rank: 59
SMIZ Sortino Ratio Rank: 59
SMIZ Omega Ratio Rank: 56
SMIZ Calmar Ratio Rank: 64
SMIZ Martin Ratio Rank: 68

DBO

DBO Risk / Return Rank: 65
DBO Sharpe Ratio Rank: 70
DBO Sortino Ratio Rank: 62
DBO Omega Ratio Rank: 61
DBO Calmar Ratio Rank: 82
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.

SMIZ vs. DBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Zacks Small/Mid Cap ETF (SMIZ) 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.

	SMIZ	DBO	Difference
Sharpe ratio: Return per unit of total volatility	1.96	2.25	-0.29
Sortino ratio: Return per unit of downside risk	2.75	2.85	-0.09
Omega ratio: Gain probability vs. loss probability	1.34	1.36	-0.02
Calmar ratio: Return relative to maximum drawdown	3.12	4.28	-1.16
Martin ratio: Return relative to average drawdown	12.46	8.69	+3.77
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SMIZ vs. DBO - Sharpe Ratio Comparison

The current SMIZ Sharpe Ratio is 1.96, which is comparable to the DBO Sharpe Ratio of 2.25. The chart below compares the historical Sharpe Ratios of SMIZ 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

	SMIZ	DBO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.96	2.25	-0.29
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.48	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.34	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.31	0.02	+1.29

Drawdowns

SMIZ vs. DBO - Drawdown Comparison

The maximum SMIZ drawdown since its inception was -25.04%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for SMIZ and DBO.

Drawdown Indicators

	SMIZ	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-25.04%	-90.18%	+65.14%
Max Drawdown (1Y) Largest decline over 1 year	-10.51%	-18.19%	+7.68%
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%	-52.68%	+52.68%
Average Drawdown Average peak-to-trough decline	-3.97%	-62.25%	+58.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.63%	8.94%	-6.31%

Volatility

SMIZ vs. DBO - Volatility Comparison

The current volatility for Zacks Small/Mid Cap ETF (SMIZ) is 4.17%, while Invesco DB Oil Fund (DBO) has a volatility of 12.79%. This indicates that SMIZ 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

	SMIZ	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.17%	12.79%	-8.62%
Volatility (6M) Calculated over the trailing 6-month period	12.82%	28.32%	-15.50%
Volatility (1Y) Calculated over the trailing 1-year period	16.76%	34.58%	-17.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.88%	32.31%	-13.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.88%	31.79%	-12.91%

SMIZ vs. DBO - Expense Ratio Comparison

SMIZ has a 0.56% expense ratio, which is lower than DBO's 0.78% expense ratio.

Dividends

SMIZ vs. DBO - Dividend Comparison

SMIZ's dividend yield for the trailing twelve months is around 0.53%, less than DBO's 1.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBO Invesco DB Oil Fund	1.95%	3.51%	4.68%	4.59%	0.66%	0.00%	0.00%	1.63%	1.58%
SMIZ Zacks Small/Mid Cap ETF	0.53%	0.62%	1.57%	0.07%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SMIZ and DBO in my portfolio?

SMIZ 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.

Which is riskier, SMIZ or DBO?

DBO has higher volatility (12.79%) compared to SMIZ (4.17%). In terms of maximum drawdown, SMIZ dropped -25.04% vs DBO's -90.18%.

Which ETF is better, SMIZ or DBO?

On 1-year performance, DBO leads with 77.38% vs 32.64% for SMIZ. On fees, SMIZ is cheaper at 0.56% per year. On volatility, SMIZ has been the lower-risk option at 4.17%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMIZ or DBO?

Over the 1-year period, DBO has performed better with a 77.38% return vs 32.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMIZ or DBO?

SMIZ is cheaper with a 0.56% expense ratio, compared with 0.78% for DBO.

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

DBO has the higher dividend yield at 1.95%, compared with 0.53% for SMIZ.

What is the main difference between SMIZ and DBO?

SMIZ is categorized as Mid Cap Blend Equities, while DBO is Oil & Gas. They also come from different issuers: Zacks and Invesco. Their fees differ too: 0.56% for SMIZ and 0.78% for DBO.

Which has better risk-adjusted returns?

DBO currently has the higher Sharpe Ratio (2.25 vs 1.96), 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.