TFI vs. DBO
TFI (SPDR Nuveen Bloomberg Barclays Municipal Bond ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - TFI is a Municipal Bonds fund tracking the Bloomberg US Municipal Managed Money (1-25 Y), 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, TFI returned 1.25%/yr vs 12.59%/yr for DBO. Their -0.11 correlation means they have often moved in opposite directions in the past. TFI charges 0.23%/yr vs 0.78%/yr for DBO.
Performance
TFI vs. DBO - Performance Comparison
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Returns By Period
In the year-to-date period, TFI achieves a -0.03% return, which is significantly lower than DBO's 76.48% return. Over the past 10 years, TFI has underperformed DBO with an annualized return of 1.25%, while DBO has yielded a comparatively higher 12.59% annualized return.
TFI
- 1D
- -0.22%
- 1M
- -1.82%
- 6M
- -0.70%
- YTD
- -0.03%
- 1Y
- 3.99%
- 3Y*
- 2.31%
- 5Y*
- -0.42%
- 10Y*
- 1.25%
- ALL TIME*
- 2.95%
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%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $11.01M | $10.23M | $13.95M | |
| $28.36M | $22.31M | $20.63M |
TFI vs. DBO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TFI SPDR Nuveen Bloomberg Barclays Municipal Bond ETF | -0.03% | 3.62% | -0.01% | 5.62% | -10.17% | 0.25% | 5.82% | 7.41% | 0.52% | 5.50% |
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 TFI and DBO is -0.33, 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. | -0.33 |
Correlation (3Y) Balances recent behavior with more history. | -0.17 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.11 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.10 |
Correlation (All Time) Calculated using the full available price history since Sep 13, 2007 | -0.11 |
Over the past year, the inverse relationship between TFI and DBO has strengthened: their correlation has moved from -0.11 to -0.33, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
TFI vs. DBO — Risk / Return Rank
TFI
DBO
TFI vs. DBO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Nuveen Bloomberg Barclays Municipal Bond ETF (TFI) 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.
| TFI | DBO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.19 | ||
| Sortino ratioReturn per unit of downside risk | +0.25 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.25 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.67 | 2.01 | -0.34 |
| Martin ratioReturn relative to average drawdown | 5.01 | 6.09 | -1.08 |
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Drawdowns
TFI vs. DBO - Drawdown Comparison
The maximum TFI drawdown since its inception was -15.49%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for TFI and DBO.
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Drawdown Indicators
| TFI | DBO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.49% | -90.18% | +74.69% |
Max Drawdown (1Y)Largest decline over 1 year | -2.79% | -27.73% | +24.94% |
Max Drawdown (3Y)Largest decline over 3 years | -5.65% | -28.20% | +22.55% |
Max Drawdown (5Y)Largest decline over 5 years | -15.29% | -37.68% | +22.39% |
Max Drawdown (10Y)Largest decline over 10 years | -15.49% | -61.69% | +46.20% |
Current DrawdownCurrent decline from peak | -2.40% | -53.56% | +51.16% |
Average DrawdownAverage peak-to-trough decline | -2.95% | -62.20% | +59.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.93% | 9.96% | -9.03% |
Volatility
TFI vs. DBO - Volatility Comparison
The current volatility for SPDR Nuveen Bloomberg Barclays Municipal Bond ETF (TFI) is 0.89%, while Invesco DB Oil Fund (DBO) has a volatility of 17.75%. This indicates that TFI 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
| TFI | DBO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.89% | 17.75% | -16.86% |
Volatility (6M)Calculated over the trailing 6-month period | 2.28% | 33.77% | -31.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.86% | 38.53% | -35.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.32% | 33.35% | -29.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.99% | 32.20% | -27.21% |
TFI vs. DBO - Expense Ratio Comparison
TFI has a 0.23% expense ratio, which is lower than DBO's 0.78% expense ratio.
Dividends
TFI vs. DBO - Dividend Comparison
TFI's dividend yield for the trailing twelve months is around 3.55%, 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% |
TFI SPDR Nuveen Bloomberg Barclays Municipal Bond ETF | 3.27% | 3.32% | 3.01% | 2.41% | 1.87% | 1.71% | 1.91% | 2.14% | 2.26% | 2.16% | 2.39% | 2.40% |
Frequently Asked Questions
TFI and DBO have a correlation of -0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBO has higher volatility (17.75%) compared to TFI (0.89%). In terms of maximum drawdown, TFI dropped -15.49% vs DBO's -90.18%.
On 10-year performance, DBO leads with 12.59% vs 1.25% for TFI. On fees, TFI is cheaper at 0.23% per year. On volatility, TFI has been the lower-risk option at 0.89%. 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 12.59% return vs 1.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TFI is cheaper with a 0.23% expense ratio, compared with 0.78% for DBO.
TFI has the higher dividend yield at 3.27%, compared with 1.99% for DBO.
TFI is categorized as Municipal Bonds, while DBO is Oil & Gas. TFI tracks Bloomberg US Municipal Managed Money (1-25 Y), 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: 0.23% for TFI and 0.78% for DBO.
TFI currently has the higher Sharpe Ratio (1.63 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.
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