SMLV vs. DBO

Last updated Aug 2, 2026

SMLV (SPDR SSGA US Small Cap Low Volatility Index ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - SMLV is a Low Volatility fund tracking the SSGA US Small Cap Low Volatility Index, 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, SMLV returned 10.64%/yr vs 12.59%/yr for DBO. Their 0.17 correlation means their historical movements had little consistent relationship. SMLV charges 0.12%/yr vs 0.78%/yr for DBO.

Performance

SMLV vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR SSGA US Small Cap Low Volatility Index ETF (SMLV) 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, SMLV achieves a 23.05% return, which is significantly lower than DBO's 76.48% return. Over the past 10 years, SMLV has underperformed DBO with an annualized return of 10.64%, while DBO has yielded a comparatively higher 12.59% annualized return.

SMLV

• 1D: -0.02%
• 1M: 0.72%
• 6M: 16.25%
• YTD: 23.05%
• 1Y: 34.18%
• 3Y*: 16.71%
• 5Y*: 10.12%
• 10Y*: 10.64%
• ALL TIME*: 11.09%

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
SMLV SPDR SSGA US Small Cap Low Volatility Index ETF	$451.73K	$474.34K	$539.60K

SMLV vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SMLV SPDR SSGA US Small Cap Low Volatility Index ETF	23.05%	5.66%	16.77%	7.52%	-7.69%	27.67%	-1.55%	24.10%	-6.62%	5.68%
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 SMLV and DBO is -0.32, 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.	-0.32
Correlation (3Y) Balances recent behavior with more history.	-0.09
Correlation (5Y) Shows whether the relationship held over a longer period.	0.05
Correlation (10Y) Provides a long-term view across more market conditions.	0.15
Correlation (All Time) Calculated using the full available price history since Feb 21, 2013	0.17

The correlation between SMLV and DBO shifts across timeframes, from -0.32 (1 year) to 0.17 (all time), reflecting how their relationship changes across market environments.

Return for Risk

SMLV vs. DBO — Risk / Return Rank

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

SMLV

SMLV Risk / Return Rank: 89
SMLV Sharpe Ratio Rank: 88
SMLV Sortino Ratio Rank: 88
SMLV Omega Ratio Rank: 88
SMLV Calmar Ratio Rank: 93
SMLV 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.

SMLV vs. DBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR SSGA US Small Cap Low Volatility Index ETF (SMLV) 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.

	SMLV	DBO	Difference
Sharpe ratio: Return per unit of total volatility	2.12	1.45	+0.67
Sortino ratio: Return per unit of downside risk	3.03	2.05	+0.98
Omega ratio: Gain probability vs. loss probability	1.39	1.25	+0.14
Calmar ratio: Return relative to maximum drawdown	4.43	2.01	+2.42
Martin ratio: Return relative to average drawdown	12.96	6.09	+6.87

SMLV vs. DBO - Sharpe Ratio Comparison

The current SMLV Sharpe Ratio is 2.12, which is higher than the DBO Sharpe Ratio of 1.45. The chart below compares the historical Sharpe Ratios of SMLV 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

SMLV vs. DBO - Drawdown Comparison

The maximum SMLV drawdown since its inception was -42.45%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for SMLV and DBO.

Drawdown Indicators

	SMLV	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-42.45%	-90.18%	+47.73%
Max Drawdown (1Y) Largest decline over 1 year	-7.34%	-27.73%	+20.39%
Max Drawdown (3Y) Largest decline over 3 years	-20.40%	-28.20%	+7.80%
Max Drawdown (5Y) Largest decline over 5 years	-20.40%	-37.68%	+17.28%
Max Drawdown (10Y) Largest decline over 10 years	-42.45%	-61.69%	+19.24%
Current Drawdown Current decline from peak	-1.22%	-53.56%	+52.34%
Average Drawdown Average peak-to-trough decline	-5.40%	-62.20%	+56.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.50%	9.96%	-7.46%

Volatility

SMLV vs. DBO - Volatility Comparison

The current volatility for SPDR SSGA US Small Cap Low Volatility Index ETF (SMLV) is 3.67%, while Invesco DB Oil Fund (DBO) has a volatility of 17.75%. This indicates that SMLV 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

	SMLV	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.67%	17.75%	-14.08%
Volatility (6M) Calculated over the trailing 6-month period	9.58%	33.77%	-24.19%
Volatility (1Y) Calculated over the trailing 1-year period	15.38%	38.53%	-23.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.21%	33.35%	-15.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.90%	32.20%	-11.30%

SMLV vs. DBO - Expense Ratio Comparison

SMLV has a 0.12% expense ratio, which is lower than DBO's 0.78% expense ratio.

Dividends

SMLV vs. DBO - Dividend Comparison

SMLV's dividend yield for the trailing twelve months is around 2.21%, 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%
SMLV SPDR SSGA US Small Cap Low Volatility Index ETF	2.21%	2.74%	2.68%	2.68%	2.40%	2.12%	2.47%	2.62%	3.15%	7.92%	3.04%	2.63%

Frequently Asked Questions

Can I hold both SMLV and DBO in my portfolio?

SMLV and DBO have a correlation of -0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMLV or DBO?

DBO has higher volatility (17.75%) compared to SMLV (3.67%). In terms of maximum drawdown, SMLV dropped -42.45% vs DBO's -90.18%.

Which ETF is better, SMLV or DBO?

On 10-year performance, DBO leads with 12.59% vs 10.64% for SMLV. On fees, SMLV is cheaper at 0.12% per year. On volatility, SMLV has been the lower-risk option at 3.67%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMLV or DBO?

Over the 10-year period, DBO has performed better with a 12.59% return vs 10.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMLV or DBO?

SMLV is cheaper with a 0.12% expense ratio, compared with 0.78% for DBO.

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

SMLV has the higher dividend yield at 2.21%, compared with 1.99% for DBO.

What is the main difference between SMLV and DBO?

SMLV is categorized as Low Volatility, while DBO is Oil & Gas. SMLV tracks SSGA US Small Cap Low Volatility Index, while DBO tracks DBIQ Optimum Yield Crude Oil Index Excess Return. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.12% for SMLV and 0.78% for DBO.

Which has better risk-adjusted returns?

SMLV currently has the higher Sharpe Ratio (2.12 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.