TAFM vs. DBO

Last updated Aug 2, 2026

TAFM (AB Tax-Aware Intermediate Municipal ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - TAFM is a Municipal Bonds fund actively managed by AllianceBernstein, while DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return. TAFM is actively managed, while DBO is passively managed. Over the past year, TAFM returned 5.14% vs 60.30% for DBO. Their -0.14 correlation means they have often moved in opposite directions in the past. TAFM charges 0.28%/yr vs 0.78%/yr for DBO.

Performance

TAFM vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AB Tax-Aware Intermediate Municipal ETF (TAFM) 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, TAFM achieves a 0.84% return, which is significantly lower than DBO's 76.48% return.

TAFM

• 1D: -0.04%
• 1M: -1.60%
• 6M: 0.02%
• YTD: 0.84%
• 1Y: 5.14%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 3.47%

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
TAFM AB Tax-Aware Intermediate Municipal ETF	$4.72M	$4.38M	$5.17M

TAFM vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TAFM AB Tax-Aware Intermediate Municipal ETF	0.84%	4.21%	2.54%	1.51%
DBO Invesco DB Oil Fund	76.48%	-11.71%	7.85%	1.50%

Correlation

The correlation between TAFM and DBO is -0.30, 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.	-0.30
Correlation (All Time) Calculated using the full available price history since Dec 13, 2023	-0.14

The correlation between TAFM and DBO shifts across timeframes, from -0.30 (1 year) to -0.14 (all time), reflecting how their relationship changes across market environments.

Return for Risk

TAFM vs. DBO — Risk / Return Rank

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

TAFM

TAFM Risk / Return Rank: 73
TAFM Sharpe Ratio Rank: 80
TAFM Sortino Ratio Rank: 80
TAFM Omega Ratio Rank: 84
TAFM Calmar Ratio Rank: 59
TAFM Martin Ratio Rank: 60

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.

TAFM vs. DBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AB Tax-Aware Intermediate Municipal ETF (TAFM) 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.

	TAFM	DBO	Difference
Sharpe ratio: Return per unit of total volatility	1.84	1.45	+0.39
Sortino ratio: Return per unit of downside risk	2.60	2.05	+0.54
Omega ratio: Gain probability vs. loss probability	1.36	1.25	+0.11
Calmar ratio: Return relative to maximum drawdown	2.11	2.01	+0.10
Martin ratio: Return relative to average drawdown	7.17	6.09	+1.08

TAFM vs. DBO - Sharpe Ratio Comparison

The current TAFM Sharpe Ratio is 1.84, which is comparable to the DBO Sharpe Ratio of 1.45. The chart below compares the historical Sharpe Ratios of TAFM 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

TAFM vs. DBO - Drawdown Comparison

The maximum TAFM drawdown since its inception was -4.74%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for TAFM and DBO.

Drawdown Indicators

	TAFM	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-4.74%	-90.18%	+85.44%
Max Drawdown (1Y) Largest decline over 1 year	-2.69%	-27.73%	+25.04%
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	-1.70%	-53.56%	+51.86%
Average Drawdown Average peak-to-trough decline	-0.92%	-62.20%	+61.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.79%	9.96%	-9.17%

Volatility

TAFM vs. DBO - Volatility Comparison

The current volatility for AB Tax-Aware Intermediate Municipal ETF (TAFM) is 0.86%, while Invesco DB Oil Fund (DBO) has a volatility of 17.75%. This indicates that TAFM 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

	TAFM	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.86%	17.75%	-16.89%
Volatility (6M) Calculated over the trailing 6-month period	2.20%	33.77%	-31.57%
Volatility (1Y) Calculated over the trailing 1-year period	3.09%	38.53%	-35.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.84%	33.35%	-28.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.84%	32.20%	-27.36%

TAFM vs. DBO - Expense Ratio Comparison

TAFM has a 0.28% expense ratio, which is lower than DBO's 0.78% expense ratio.

Dividends

TAFM vs. DBO - Dividend Comparison

TAFM's dividend yield for the trailing twelve months is around 3.68%, 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%
TAFM AB Tax-Aware Intermediate Municipal ETF	3.37%	3.51%	3.35%	0.18%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TAFM and DBO in my portfolio?

TAFM and DBO have a correlation of -0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TAFM or DBO?

DBO has higher volatility (17.75%) compared to TAFM (0.86%). In terms of maximum drawdown, TAFM dropped -4.74% vs DBO's -90.18%.

Which ETF is better, TAFM or DBO?

On 1-year performance, DBO leads with 60.30% vs 5.14% for TAFM. On fees, TAFM is cheaper at 0.28% per year. On volatility, TAFM has been the lower-risk option at 0.86%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TAFM or DBO?

Over the 1-year period, DBO has performed better with a 60.30% return vs 5.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TAFM or DBO?

TAFM is cheaper with a 0.28% expense ratio, compared with 0.78% for DBO.

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

TAFM has the higher dividend yield at 3.37%, compared with 1.99% for DBO.

What is the main difference between TAFM and DBO?

TAFM is categorized as Municipal Bonds, while DBO is Oil & Gas. They also come from different issuers: AllianceBernstein and Invesco. Their fees differ too: 0.28% for TAFM and 0.78% for DBO.

Which has better risk-adjusted returns?

TAFM currently has the higher Sharpe Ratio (1.84 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.