UJUL vs. DBO
UJUL (Innovator U.S. Equity Ultra Buffer ETF - July) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - UJUL is a Defined Outcome fund tracking the S&P 500, while DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return. Both are passively managed. Over the past 5 years, UJUL returned 8.50%/yr vs 13.46%/yr for DBO. Their 0.15 correlation means their historical movements had little consistent relationship. UJUL charges 0.79%/yr vs 0.78%/yr for DBO.
Performance
UJUL vs. DBO - Performance Comparison
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Returns By Period
In the year-to-date period, UJUL achieves a 5.08% return, which is significantly lower than DBO's 76.48% return.
UJUL
- 1D
- 0.26%
- 1M
- 0.25%
- 6M
- 4.32%
- YTD
- 5.08%
- 1Y
- 10.26%
- 3Y*
- 11.65%
- 5Y*
- 8.50%
- 10Y*
- —
- ALL TIME*
- 7.02%
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 | |
| $1.73M | $4.40M | $2.27M |
UJUL vs. DBO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
UJUL Innovator U.S. Equity Ultra Buffer ETF - July | 5.08% | 12.34% | 13.84% | 17.65% | -6.96% | 4.61% | 4.96% | 12.99% | -5.83% |
DBO Invesco DB Oil Fund | 76.48% | -11.71% | 7.85% | -4.44% | 13.04% | 60.74% | -20.99% | 28.05% | -30.09% |
Correlation
The correlation between UJUL and DBO is -0.21, 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. | -0.21 |
Correlation (3Y) Balances recent behavior with more history. | -0.06 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.05 |
Correlation (All Time) Calculated using the full available price history since Aug 8, 2018 | 0.15 |
The correlation between UJUL and DBO shifts across timeframes, from -0.21 (1 year) to 0.15 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
UJUL vs. DBO — Risk / Return Rank
UJUL
DBO
UJUL vs. DBO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Ultra Buffer ETF - July (UJUL) 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.
| UJUL | DBO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.46 | ||
| Sortino ratioReturn per unit of downside risk | +0.79 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.25 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 2.44 | 2.01 | +0.43 |
| Martin ratioReturn relative to average drawdown | 13.85 | 6.09 | +7.76 |
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Drawdowns
UJUL vs. DBO - Drawdown Comparison
The maximum UJUL drawdown since its inception was -14.11%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for UJUL and DBO.
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Drawdown Indicators
| UJUL | DBO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.11% | -90.18% | +76.07% |
Max Drawdown (1Y)Largest decline over 1 year | -3.98% | -27.73% | +23.75% |
Max Drawdown (3Y)Largest decline over 3 years | -11.38% | -28.20% | +16.82% |
Max Drawdown (5Y)Largest decline over 5 years | -11.38% | -37.68% | +26.30% |
Max Drawdown (10Y)Largest decline over 10 years | — | -61.69% | — |
Current DrawdownCurrent decline from peak | -0.46% | -53.56% | +53.10% |
Average DrawdownAverage peak-to-trough decline | -1.82% | -62.20% | +60.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.70% | 9.96% | -9.26% |
Volatility
UJUL vs. DBO - Volatility Comparison
The current volatility for Innovator U.S. Equity Ultra Buffer ETF - July (UJUL) is 1.72%, while Invesco DB Oil Fund (DBO) has a volatility of 17.75%. This indicates that UJUL 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
| UJUL | DBO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.72% | 17.75% | -16.03% |
Volatility (6M)Calculated over the trailing 6-month period | 4.17% | 33.77% | -29.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.10% | 38.53% | -33.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.13% | 33.35% | -25.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.87% | 32.20% | -23.33% |
UJUL vs. DBO - Expense Ratio Comparison
UJUL has a 0.79% expense ratio, which is higher than DBO's 0.78% expense ratio.
Dividends
UJUL vs. DBO - Dividend Comparison
UJUL has not paid dividends to shareholders, while DBO's dividend yield for the trailing twelve months is around 1.99%.
| 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% |
UJUL Innovator U.S. Equity Ultra Buffer ETF - July | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 6.43% | 0.00% |
Frequently Asked Questions
UJUL and DBO have a correlation of -0.21, 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 UJUL (1.72%). In terms of maximum drawdown, UJUL dropped -14.11% vs DBO's -90.18%.
On 5-year performance, DBO leads with 13.46% vs 8.50% for UJUL. On fees, DBO is cheaper at 0.78% per year. On volatility, UJUL has been the lower-risk option at 1.72%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, DBO has performed better with a 13.46% return vs 8.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DBO is cheaper with a 0.78% expense ratio, compared with 0.79% for UJUL.
DBO has the higher dividend yield at 1.99%, compared with 0.00% for UJUL.
UJUL is categorized as Defined Outcome, while DBO is Oil & Gas. UJUL tracks S&P 500, while DBO tracks DBIQ Optimum Yield Crude Oil Index Excess Return. They also come from different issuers: Innovator and Invesco. Their fees differ too: 0.79% for UJUL and 0.78% for DBO.
UJUL currently has the higher Sharpe Ratio (1.91 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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