TAGG vs. DBO

Last updated Jun 4, 2026

TAGG (T. Rowe Price QM U.S. Bond ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - TAGG is a Intermediate Core Bond fund actively managed by T. Rowe Price, while DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return. TAGG is actively managed, while DBO is passively managed. Over the past 3 years, TAGG returned 4.26%/yr vs 21.86%/yr for DBO. At a correlation of -0.15, they often move in opposite directions. TAGG charges 0.08%/yr vs 0.78%/yr for DBO.

Performance

TAGG vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price QM U.S. Bond ETF (TAGG) 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, TAGG achieves a 0.18% return, which is significantly lower than DBO's 84.75% return.

TAGG

• 1D: -0.17%
• 1M: 0.18%
• YTD: 0.18%
• 6M: 0.16%
• 1Y: 5.22%
• 3Y*: 4.26%
• 5Y*: —
• 10Y*: —

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)

TAGG vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
TAGG T. Rowe Price QM U.S. Bond ETF	0.18%	7.40%	1.73%	5.72%	-12.63%	0.01%
DBO Invesco DB Oil Fund	84.75%	-11.71%	7.85%	-4.44%	13.04%	-0.73%

Correlation

The correlation between TAGG and DBO is -0.42, 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	-0.42
Correlation (3Y) Calculated over the trailing 3-year period	-0.21
Correlation (All Time) Calculated using the full available price history since Sep 30, 2021	-0.15

Over the past year, the inverse relationship between TAGG and DBO has strengthened: their correlation has moved from -0.15 to -0.42, meaning they now move in opposite directions more often than their long-term average.

TAGG vs. DBO - Sectors Allocation Comparison

Sectors	TAGG	DBO
Technology	52.7%	-
Communication Services	15.2%	-
Consumer Cyclical	14.3%	-
Consumer Defensive	5.5%	-
Healthcare	5.0%	-
Industrials	3.5%	-
Basic Materials	1.3%	-
Utilities	1.3%	-
Energy	0.6%	-
Financial Services	0.6%	116.0%
Real Estate	0.2%	-

Return for Risk

TAGG vs. DBO — Risk / Return Rank

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

TAGG

TAGG Risk / Return Rank: 36
TAGG Sharpe Ratio Rank: 39
TAGG Sortino Ratio Rank: 40
TAGG Omega Ratio Rank: 38
TAGG Calmar Ratio Rank: 33
TAGG Martin Ratio Rank: 32

DBO

DBO Risk / Return Rank: 65
DBO Sharpe Ratio Rank: 70
DBO Sortino Ratio Rank: 62
DBO Omega Ratio Rank: 60
DBO Calmar Ratio Rank: 83
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.

TAGG vs. DBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price QM U.S. Bond ETF (TAGG) 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.

	TAGG	DBO	Difference
Sharpe ratio: Return per unit of total volatility	1.37	2.34	-0.97
Sortino ratio: Return per unit of downside risk	2.04	2.94	-0.90
Omega ratio: Gain probability vs. loss probability	1.25	1.38	-0.13
Calmar ratio: Return relative to maximum drawdown	1.64	4.44	-2.79
Martin ratio: Return relative to average drawdown	4.86	9.02	-4.16
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TAGG vs. DBO - Sharpe Ratio Comparison

The current TAGG Sharpe Ratio is 1.37, which is lower than the DBO Sharpe Ratio of 2.34. The chart below compares the historical Sharpe Ratios of TAGG 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

	TAGG	DBO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.37	2.34	-0.97
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.50	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.36	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.04	0.02	+0.01

Drawdowns

TAGG vs. DBO - Drawdown Comparison

The maximum TAGG drawdown since its inception was -17.26%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for TAGG and DBO.

Drawdown Indicators

	TAGG	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-17.26%	-90.18%	+72.92%
Max Drawdown (1Y) Largest decline over 1 year	-3.19%	-18.19%	+15.00%
Max Drawdown (3Y) Largest decline over 3 years	-6.40%	-28.20%	+21.80%
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	-2.03%	-51.38%	+49.35%
Average Drawdown Average peak-to-trough decline	-6.87%	-62.25%	+55.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.08%	8.92%	-7.84%

Volatility

TAGG vs. DBO - Volatility Comparison

The current volatility for T. Rowe Price QM U.S. Bond ETF (TAGG) is 1.19%, while Invesco DB Oil Fund (DBO) has a volatility of 12.61%. This indicates that TAGG 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

	TAGG	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.19%	12.61%	-11.42%
Volatility (6M) Calculated over the trailing 6-month period	2.69%	28.20%	-25.51%
Volatility (1Y) Calculated over the trailing 1-year period	3.83%	34.46%	-30.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.53%	32.29%	-25.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.53%	31.78%	-25.25%

TAGG vs. DBO - Expense Ratio Comparison

TAGG has a 0.08% expense ratio, which is lower than DBO's 0.78% expense ratio.

Dividends

TAGG vs. DBO - Dividend Comparison

TAGG's dividend yield for the trailing twelve months is around 4.58%, more than DBO's 1.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBO Invesco DB Oil Fund	1.90%	3.51%	4.68%	4.59%	0.66%	0.00%	0.00%	1.63%	1.58%
TAGG T. Rowe Price QM U.S. Bond ETF	4.58%	4.36%	4.36%	3.48%	3.67%	0.33%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TAGG and DBO in my portfolio?

TAGG and DBO have a correlation of -0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TAGG or DBO?

DBO has higher volatility (12.61%) compared to TAGG (1.19%). In terms of maximum drawdown, TAGG dropped -17.26% vs DBO's -90.18%.

Which ETF is better, TAGG or DBO?

On 3-year performance, DBO leads with 21.86% vs 4.26% for TAGG. On fees, TAGG is cheaper at 0.08% per year. On volatility, TAGG has been the lower-risk option at 1.19%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TAGG or DBO?

Over the 3-year period, DBO has performed better with a 21.86% return vs 4.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TAGG or DBO?

TAGG is cheaper with a 0.08% expense ratio, compared with 0.78% for DBO.

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

TAGG has the higher dividend yield at 4.58%, compared with 1.90% for DBO.

What is the main difference between TAGG and DBO?

TAGG is categorized as Intermediate Core Bond, while DBO is Oil & Gas. They also come from different issuers: T. Rowe Price and Invesco. Their fees differ too: 0.08% for TAGG and 0.78% for DBO.

Which has better risk-adjusted returns?

DBO currently has the higher Sharpe Ratio (2.34 vs 1.37), 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.