UTWY vs. DBO
UTWY (F/m US Treasury 20 Year Bond ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - UTWY is a Government Bonds fund tracking the Bloomberg US Treasury Bellwether 20 Year Index, while DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return. Both are passively managed. Over the past 3 years, UTWY returned -0.41%/yr vs 14.86%/yr for DBO. Their -0.22 correlation means they have often moved in opposite directions in the past. UTWY charges 0.15%/yr vs 0.78%/yr for DBO.
Performance
UTWY vs. DBO - Performance Comparison
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Returns By Period
In the year-to-date period, UTWY achieves a -3.22% return, which is significantly lower than DBO's 76.48% return.
UTWY
- 1D
- -0.65%
- 1M
- -3.22%
- 6M
- -3.26%
- YTD
- -3.22%
- 1Y
- -1.66%
- 3Y*
- -0.41%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -1.63%
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 | |
| $108.36K | $60.31K | $63.45K |
UTWY vs. DBO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
UTWY F/m US Treasury 20 Year Bond ETF | -3.22% | 4.82% | -4.92% | -1.86% |
DBO Invesco DB Oil Fund | 76.48% | -11.71% | 7.85% | 2.79% |
Correlation
The correlation between UTWY and DBO is -0.42, 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. | -0.42 |
Correlation (3Y) Balances recent behavior with more history. | -0.24 |
Correlation (All Time) Calculated using the full available price history since Mar 28, 2023 | -0.22 |
Over the past year, the inverse relationship between UTWY and DBO has strengthened: their correlation has moved from -0.22 to -0.42, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
UTWY vs. DBO — Risk / Return Rank
UTWY
DBO
UTWY vs. DBO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for F/m US Treasury 20 Year Bond ETF (UTWY) 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.
| UTWY | DBO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.49 | ||
| Sortino ratioReturn per unit of downside risk | -2.06 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.25 | -0.25 |
| Calmar ratioReturn relative to maximum drawdown | -0.05 | 2.01 | -2.06 |
| Martin ratioReturn relative to average drawdown | -0.12 | 6.09 | -6.21 |
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Drawdowns
UTWY vs. DBO - Drawdown Comparison
The maximum UTWY drawdown since its inception was -18.19%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for UTWY and DBO.
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Drawdown Indicators
| UTWY | DBO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.19% | -90.18% | +71.99% |
Max Drawdown (1Y)Largest decline over 1 year | -6.72% | -27.73% | +21.01% |
Max Drawdown (3Y)Largest decline over 3 years | -11.88% | -28.20% | +16.32% |
Max Drawdown (5Y)Largest decline over 5 years | — | -37.68% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -61.69% | — |
Current DrawdownCurrent decline from peak | -8.47% | -53.56% | +45.09% |
Average DrawdownAverage peak-to-trough decline | -6.98% | -62.20% | +55.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.00% | 9.96% | -6.96% |
Volatility
UTWY vs. DBO - Volatility Comparison
The current volatility for F/m US Treasury 20 Year Bond ETF (UTWY) is 2.09%, while Invesco DB Oil Fund (DBO) has a volatility of 17.75%. This indicates that UTWY 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
| UTWY | DBO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.09% | 17.75% | -15.66% |
Volatility (6M)Calculated over the trailing 6-month period | 6.01% | 33.77% | -27.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.83% | 38.53% | -30.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.97% | 33.35% | -22.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.97% | 32.20% | -21.23% |
UTWY vs. DBO - Expense Ratio Comparison
UTWY has a 0.15% expense ratio, which is lower than DBO's 0.78% expense ratio.
Dividends
UTWY vs. DBO - Dividend Comparison
UTWY's dividend yield for the trailing twelve months is around 5.27%, 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% |
UTWY F/m US Treasury 20 Year Bond ETF | 4.85% | 4.62% | 4.56% | 2.94% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
UTWY 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.
DBO has higher volatility (17.75%) compared to UTWY (2.09%). In terms of maximum drawdown, UTWY dropped -18.19% vs DBO's -90.18%.
On 3-year performance, DBO leads with 14.86% vs -0.41% for UTWY. On fees, UTWY is cheaper at 0.15% per year. On volatility, UTWY has been the lower-risk option at 2.09%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, DBO has performed better with a 14.86% return vs -0.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UTWY is cheaper with a 0.15% expense ratio, compared with 0.78% for DBO.
UTWY has the higher dividend yield at 4.85%, compared with 1.99% for DBO.
UTWY is categorized as Government Bonds, while DBO is Oil & Gas. UTWY tracks Bloomberg US Treasury Bellwether 20 Year Index, while DBO tracks DBIQ Optimum Yield Crude Oil Index Excess Return. They also come from different issuers: F/m and Invesco. Their fees differ too: 0.15% for UTWY and 0.78% for DBO.
DBO currently has the higher Sharpe Ratio (1.45 vs -0.05), 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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