TCAL vs. DBO

Last updated Jun 4, 2026

TCAL (T. Rowe Price Capital Appreciation Premium Income ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - TCAL is a Derivative Income fund actively managed by T. Rowe Price, while DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return. TCAL is actively managed, while DBO is passively managed. Over the past year, TCAL returned -1.87% vs 80.26% for DBO. At a correlation of -0.06, they often move in opposite directions. TCAL charges 0.34%/yr vs 0.78%/yr for DBO.

Performance

TCAL vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Capital Appreciation Premium Income ETF (TCAL) 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, TCAL achieves a -2.88% return, which is significantly lower than DBO's 84.75% return.

TCAL

• 1D: 0.23%
• 1M: -1.26%
• YTD: -2.88%
• 6M: -2.97%
• 1Y: -1.87%
• 3Y*: —
• 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)

TCAL vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025
TCAL T. Rowe Price Capital Appreciation Premium Income ETF	-2.88%	1.58%
DBO Invesco DB Oil Fund	84.75%	-10.58%

Correlation

The correlation between TCAL and DBO is -0.13, 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	-0.13
Correlation (All Time) Calculated using the full available price history since Mar 28, 2025	-0.06

TCAL vs. DBO - Sectors Allocation Comparison

Sectors	TCAL	DBO
Industrials	19.3%	-
Healthcare	18.7%	-
Financial Services	15.0%	116.0%
Consumer Defensive	11.3%	-
Technology	11.3%	-
Utilities	9.8%	-
Consumer Cyclical	8.7%	-
Real Estate	2.2%	-
Basic Materials	1.7%	-
Energy	1.3%	-
Communication Services	0.9%	-

Return for Risk

TCAL vs. DBO — Risk / Return Rank

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

TCAL

TCAL Risk / Return Rank: 6
TCAL Sharpe Ratio Rank: 7
TCAL Sortino Ratio Rank: 6
TCAL Omega Ratio Rank: 6
TCAL Calmar Ratio Rank: 6
TCAL Martin Ratio Rank: 5

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.

TCAL vs. DBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Capital Appreciation Premium Income ETF (TCAL) 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.

	TCAL	DBO	Difference
Sharpe ratio: Return per unit of total volatility	-0.20	2.34	-2.54
Sortino ratio: Return per unit of downside risk	-0.22	2.94	-3.16
Omega ratio: Gain probability vs. loss probability	0.97	1.38	-0.40
Calmar ratio: Return relative to maximum drawdown	-0.27	4.44	-4.70
Martin ratio: Return relative to average drawdown	-0.70	9.02	-9.73
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TCAL vs. DBO - Sharpe Ratio Comparison

The current TCAL Sharpe Ratio is -0.20, which is lower than the DBO Sharpe Ratio of 2.34. The chart below compares the historical Sharpe Ratios of TCAL 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

	TCAL	DBO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.20	2.34	-2.54
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	-0.10	0.02	-0.12

Drawdowns

TCAL vs. DBO - Drawdown Comparison

The maximum TCAL drawdown since its inception was -7.24%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for TCAL and DBO.

Drawdown Indicators

	TCAL	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-7.24%	-90.18%	+82.94%
Max Drawdown (1Y) Largest decline over 1 year	-7.00%	-18.19%	+11.19%
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	-5.92%	-51.38%	+45.46%
Average Drawdown Average peak-to-trough decline	-2.02%	-62.25%	+60.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.67%	8.92%	-6.25%

Volatility

TCAL vs. DBO - Volatility Comparison

The current volatility for T. Rowe Price Capital Appreciation Premium Income ETF (TCAL) is 2.46%, while Invesco DB Oil Fund (DBO) has a volatility of 12.61%. This indicates that TCAL 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

	TCAL	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.46%	12.61%	-10.15%
Volatility (6M) Calculated over the trailing 6-month period	7.08%	28.20%	-21.12%
Volatility (1Y) Calculated over the trailing 1-year period	9.31%	34.46%	-25.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.25%	32.29%	-21.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.25%	31.78%	-20.53%

TCAL vs. DBO - Expense Ratio Comparison

TCAL has a 0.34% expense ratio, which is lower than DBO's 0.78% expense ratio.

Dividends

TCAL vs. DBO - Dividend Comparison

TCAL's dividend yield for the trailing twelve months is around 11.96%, 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%
TCAL T. Rowe Price Capital Appreciation Premium Income ETF	11.96%	8.34%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TCAL and DBO in my portfolio?

TCAL and DBO have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TCAL or DBO?

DBO has higher volatility (12.61%) compared to TCAL (2.46%). In terms of maximum drawdown, TCAL dropped -7.24% vs DBO's -90.18%.

Which ETF is better, TCAL or DBO?

On 1-year performance, DBO leads with 80.26% vs -1.87% for TCAL. On fees, TCAL is cheaper at 0.34% per year. On volatility, TCAL has been the lower-risk option at 2.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TCAL or DBO?

Over the 1-year period, DBO has performed better with a 80.26% return vs -1.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TCAL or DBO?

TCAL is cheaper with a 0.34% expense ratio, compared with 0.78% for DBO.

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

TCAL has the higher dividend yield at 11.96%, compared with 1.90% for DBO.

What is the main difference between TCAL and DBO?

TCAL is categorized as Derivative Income, while DBO is Oil & Gas. They also come from different issuers: T. Rowe Price and Invesco. Their fees differ too: 0.34% for TCAL and 0.78% for DBO.

Which has better risk-adjusted returns?

DBO currently has the higher Sharpe Ratio (2.34 vs -0.20), 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.