VMAX vs. DBO

Last updated Aug 4, 2026

VMAX (Hartford US Value ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - VMAX is a Large Cap Value Equities fund actively managed by Hartford, while DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return. VMAX is actively managed, while DBO is passively managed. Over the past year, VMAX returned 31.16% vs 51.44% for DBO. Their 0.04 correlation means their historical movements had little consistent relationship. VMAX charges 0.29%/yr vs 0.78%/yr for DBO.

Performance

VMAX vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hartford US Value ETF (VMAX) 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, VMAX achieves a 18.73% return, which is significantly lower than DBO's 66.72% return.

VMAX

• 1D: 0.57%
• 1M: 2.72%
• 6M: 13.64%
• YTD: 18.73%
• 1Y: 31.16%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 21.61%

DBO

• 1D: -5.53%
• 1M: 17.71%
• 6M: 53.16%
• YTD: 66.72%
• 1Y: 51.44%
• 3Y*: 12.33%
• 5Y*: 13.64%
• 10Y*: 11.43%
• ALL TIME*: 0.22%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DBO Invesco DB Oil Fund	$11.34M	$10.71M	$13.49M
VMAX Hartford US Value ETF	$16.61K	$9.61K	$6.33K

VMAX vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
VMAX Hartford US Value ETF	18.73%	15.65%	15.89%	5.71%
DBO Invesco DB Oil Fund	66.72%	-11.71%	7.85%	-2.13%

Correlation

The correlation between VMAX and DBO is -0.14, 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.	-0.14
Correlation (All Time) Calculated using the full available price history since Dec 6, 2023	0.04

The correlation between VMAX and DBO shifts across timeframes, from -0.14 (1 year) to 0.04 (all time), reflecting how their relationship changes across market environments.

Return for Risk

VMAX vs. DBO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

VMAX

VMAX Risk / Return Rank: 94
VMAX Sharpe Ratio Rank: 93
VMAX Sortino Ratio Rank: 93
VMAX Omega Ratio Rank: 92
VMAX Calmar Ratio Rank: 96
VMAX Martin Ratio Rank: 96

DBO

DBO Risk / Return Rank: 51
DBO Sharpe Ratio Rank: 53
DBO Sortino Ratio Rank: 53
DBO Omega Ratio Rank: 50
DBO Calmar Ratio Rank: 51
DBO Martin Ratio Rank: 48

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

VMAX vs. DBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hartford US Value ETF (VMAX) 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.

	VMAX	DBO	Difference
Sharpe ratio: Return per unit of total volatility	2.62	1.33	+1.28
Sortino ratio: Return per unit of downside risk	3.57	1.92	+1.65
Omega ratio: Gain probability vs. loss probability	1.47	1.23	+0.23
Calmar ratio: Return relative to maximum drawdown	6.35	1.86	+4.49
Martin ratio: Return relative to average drawdown	23.40	5.64	+17.76

VMAX vs. DBO - Sharpe Ratio Comparison

The current VMAX Sharpe Ratio is 2.62, which is higher than the DBO Sharpe Ratio of 1.33. The chart below compares the historical Sharpe Ratios of VMAX 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.

Drawdowns

VMAX vs. DBO - Drawdown Comparison

The maximum VMAX drawdown since its inception was -19.05%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for VMAX and DBO.

Drawdown Indicators

	VMAX	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-19.05%	-90.18%	+71.13%
Max Drawdown (1Y) Largest decline over 1 year	-4.93%	-27.73%	+22.80%
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	0.00%	-56.13%	+56.13%
Average Drawdown Average peak-to-trough decline	-2.43%	-62.20%	+59.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.33%	9.16%	-7.83%

Volatility

VMAX vs. DBO - Volatility Comparison

The current volatility for Hartford US Value ETF (VMAX) is 2.51%, while Invesco DB Oil Fund (DBO) has a volatility of 18.99%. This indicates that VMAX 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

	VMAX	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.51%	18.99%	-16.48%
Volatility (6M) Calculated over the trailing 6-month period	8.30%	34.30%	-26.00%
Volatility (1Y) Calculated over the trailing 1-year period	11.99%	38.86%	-26.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.17%	33.43%	-18.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.17%	32.24%	-17.07%

VMAX vs. DBO - Expense Ratio Comparison

VMAX has a 0.29% expense ratio, which is lower than DBO's 0.78% expense ratio.

Dividends

VMAX vs. DBO - Dividend Comparison

VMAX's dividend yield for the trailing twelve months is around 1.82%, less than DBO's 2.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBO Invesco DB Oil Fund	2.11%	3.51%	4.68%	4.59%	0.66%	0.00%	0.00%	1.63%	1.58%
VMAX Hartford US Value ETF	1.82%	2.14%	1.95%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VMAX and DBO in my portfolio?

VMAX and DBO have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VMAX or DBO?

DBO has higher volatility (18.99%) compared to VMAX (2.51%). In terms of maximum drawdown, VMAX dropped -19.05% vs DBO's -90.18%.

Which ETF is better, VMAX or DBO?

On 1-year performance, DBO leads with 51.44% vs 31.16% for VMAX. On fees, VMAX is cheaper at 0.29% per year. On volatility, VMAX has been the lower-risk option at 2.51%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VMAX or DBO?

Over the 1-year period, DBO has performed better with a 51.44% return vs 31.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VMAX or DBO?

VMAX is cheaper with a 0.29% expense ratio, compared with 0.78% for DBO.

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

DBO has the higher dividend yield at 2.11%, compared with 1.82% for VMAX.

What is the main difference between VMAX and DBO?

VMAX is categorized as Large Cap Value Equities, while DBO is Oil & Gas. They also come from different issuers: Hartford and Invesco. Their fees differ too: 0.29% for VMAX and 0.78% for DBO.

Which has better risk-adjusted returns?

VMAX currently has the higher Sharpe Ratio (2.62 vs 1.33), 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.