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SPMB vs. DBO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SPMB vs. DBO

Last updated Jun 4, 2026

SPMB (SPDR Portfolio Mortgage Backed Bond ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - SPMB is a Mortgage Backed Securities fund tracking the Bloomberg US Aggregate Securitized - MBS, 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, SPMB returned 1.21%/yr vs 11.37%/yr for DBO. At a correlation of -0.12, they often move in opposite directions. SPMB charges 0.04%/yr vs 0.78%/yr for DBO.

Performance

SPMB vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Portfolio Mortgage Backed Bond ETF (SPMB) and Invesco DB Oil Fund (DBO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, SPMB achieves a 0.51% return, which is significantly lower than DBO's 84.75% return. Over the past 10 years, SPMB has underperformed DBO with an annualized return of 1.21%, while DBO has yielded a comparatively higher 11.37% annualized return.

SPMB

1D
-0.22%
1M
0.27%
YTD
0.51%
6M
0.64%
1Y
6.74%
3Y*
4.32%
5Y*
0.29%
10Y*
1.21%

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)

SPMB vs. DBO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SPMB
SPDR Portfolio Mortgage Backed Bond ETF		0.51%8.29%1.35%5.09%-12.05%-1.46%4.19%6.16%1.01%2.13%
DBO
Invesco DB Oil Fund		84.75%-11.71%7.85%-4.44%13.04%60.74%-20.99%28.05%-15.22%4.86%

Correlation

The correlation between SPMB and DBO is -0.40, 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

-0.40

Correlation (3Y)
Calculated over the trailing 3-year period

-0.20

Correlation (5Y)
Calculated over the trailing 5-year period

-0.13

Correlation (10Y)
Calculated over the trailing 10-year period

-0.12

Correlation (All Time)
Calculated using the full available price history since Feb 2, 2009

-0.12

Over the past year, the inverse relationship between SPMB and DBO has strengthened: their correlation has moved from -0.12 to -0.40, meaning they now move in opposite directions more often than their long-term average.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

SPDR Portfolio Mortgage Backed Bond ETF

Invesco DB Oil Fund

Often compared with SPMB:
SPMB vs. VMBSSPMB vs. SPTISPMB vs. MBSDSPMB vs. GSSTSPMB vs. BNDSPMB vs. QQQSPMB vs. GNMA
Often compared with DBO:
DBO vs. USODBO vs. USLDBO vs. OILKDBO vs. OIHDBO vs. xleDBO vs. TPLDBO vs. KSA

Return for Risk

SPMB vs. DBO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SPMB
SPMB Risk / Return Rank: 4747
Overall Rank
SPMB Sharpe Ratio Rank: 4545
Sharpe Ratio Rank
SPMB Sortino Ratio Rank: 4848
Sortino Ratio Rank
SPMB Omega Ratio Rank: 4646
Omega Ratio Rank
SPMB Calmar Ratio Rank: 4747
Calmar Ratio Rank
SPMB Martin Ratio Rank: 4747
Martin Ratio Rank
DBO
DBO Risk / Return Rank: 6565
Overall Rank
DBO Sharpe Ratio Rank: 7070
Sharpe Ratio Rank
DBO Sortino Ratio Rank: 6262
Sortino Ratio Rank
DBO Omega Ratio Rank: 6060
Omega Ratio Rank
DBO Calmar Ratio Rank: 8383
Calmar Ratio Rank
DBO Martin Ratio Rank: 5252
Martin Ratio Rank
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.

SPMB vs. DBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Mortgage Backed Bond ETF (SPMB) 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.

SPMBDBODifference
Sharpe ratioReturn per unit of total volatility
1.58
2.34

-0.76

Sortino ratioReturn per unit of downside risk
2.37
2.94

-0.57

Omega ratioGain probability vs. loss probability

1.29

1.38

-0.09

Calmar ratioReturn relative to maximum drawdown

2.34

4.44

-2.09

Martin ratioReturn relative to average drawdown

7.70

9.02

-1.33

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPMB vs. DBO - Sharpe Ratio Comparison

The current SPMB Sharpe Ratio is 1.58, which is lower than the DBO Sharpe Ratio of 2.34. The chart below compares the historical Sharpe Ratios of SPMB 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.

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Sharpe Ratios by Period

SPMBDBODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.58

2.34

-0.76

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.04

0.50

-0.45

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.16

0.36

-0.20

Sharpe Ratio (All Time)

Calculated using the full available price history

0.34

0.02

+0.31

Drawdowns

SPMB vs. DBO - Drawdown Comparison

The maximum SPMB drawdown since its inception was -18.03%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for SPMB and DBO.

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Drawdown Indicators

SPMBDBODifference

Max Drawdown

Largest peak-to-trough decline

-18.03%

-90.18%

+72.15%

Max Drawdown (1Y)

Largest decline over 1 year

-2.89%

-18.19%

+15.30%

Max Drawdown (3Y)

Largest decline over 3 years

-7.66%

-28.20%

+20.54%

Max Drawdown (5Y)

Largest decline over 5 years

-17.49%

-37.68%

+20.19%

Max Drawdown (10Y)

Largest decline over 10 years

-18.03%

-61.69%

+43.66%

Current Drawdown

Current decline from peak

-1.58%

-51.38%

+49.80%

Average Drawdown

Average peak-to-trough decline

-2.85%

-62.25%

+59.40%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.88%

8.92%

-8.04%

Volatility

SPMB vs. DBO - Volatility Comparison

The current volatility for SPDR Portfolio Mortgage Backed Bond ETF (SPMB) is 1.58%, while Invesco DB Oil Fund (DBO) has a volatility of 12.61%. This indicates that SPMB 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

SPMBDBODifference

Volatility (1M)

Calculated over the trailing 1-month period

1.58%

12.61%

-11.03%

Volatility (6M)

Calculated over the trailing 6-month period

3.08%

28.20%

-25.12%

Volatility (1Y)

Calculated over the trailing 1-year period

4.28%

34.46%

-30.18%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

6.77%

32.29%

-25.52%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

7.61%

31.78%

-24.17%

SPMB vs. DBO - Expense Ratio Comparison

SPMB has a 0.04% expense ratio, which is lower than DBO's 0.78% expense ratio.

Dividends

SPMB vs. DBO - Dividend Comparison

SPMB's dividend yield for the trailing twelve months is around 4.09%, more than DBO's 1.90% yield.

PositionTTM20252024202320222021202020192018201720162015
DBO
Invesco DB Oil Fund		1.90%3.51%4.68%4.59%0.66%0.00%0.00%1.63%1.58%0.00%0.00%0.00%
SPMB
SPDR Portfolio Mortgage Backed Bond ETF		4.09%3.98%3.76%3.21%2.98%2.59%2.95%3.24%3.36%3.13%2.99%3.05%

Frequently Asked Questions

SPMB and DBO have a correlation of -0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

DBO has higher volatility (12.61%) compared to SPMB (1.58%). In terms of maximum drawdown, SPMB dropped -18.03% vs DBO's -90.18%.

On 10-year performance, DBO leads with 11.37% vs 1.21% for SPMB. On fees, SPMB is cheaper at 0.04% per year. On volatility, SPMB has been the lower-risk option at 1.58%. 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 11.37% return vs 1.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SPMB is cheaper with a 0.04% expense ratio, compared with 0.78% for DBO.

SPMB has the higher dividend yield at 4.09%, compared with 1.90% for DBO.

SPMB is categorized as Mortgage Backed Securities, while DBO is Oil & Gas. SPMB tracks Bloomberg US Aggregate Securitized - MBS, 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: 0.04% for SPMB and 0.78% for DBO.

DBO currently has the higher Sharpe Ratio (2.34 vs 1.58), 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.

Portfolio Optimizer

Find the right allocation for SPMB and DBO

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