XOP vs. DBA
XOP (SPDR S&P Oil & Gas Exploration & Production ETF) and DBA (Invesco DB Agriculture Fund) are both exchange-traded funds - XOP is a Energy Equities fund tracking the S&P Oil & Gas Exploration & Production Select Industry, while DBA is a Agricultural Commodities fund tracking the DBIQ Diversified Agriculture Index Excess Return. Both are passively managed. Over the past 10 years, XOP returned 2.97%/yr vs 4.14%/yr for DBA. At a 0.28 correlation, their price movements are largely independent. XOP charges 0.35%/yr vs 0.88%/yr for DBA.
Performance
XOP vs. DBA - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, XOP achieves a 26.71% return, which is significantly higher than DBA's 8.82% return. Over the past 10 years, XOP has underperformed DBA with an annualized return of 2.97%, while DBA has yielded a comparatively higher 4.14% annualized return.
XOP
- 1D
- -0.56%
- 1M
- -2.49%
- 6M
- 25.57%
- YTD
- 26.71%
- 1Y
- 21.93%
- 3Y*
- 8.56%
- 5Y*
- 13.75%
- 10Y*
- 2.97%
DBA
- 1D
- 0.22%
- 1M
- 5.59%
- 6M
- 7.72%
- YTD
- 8.82%
- 1Y
- 11.65%
- 3Y*
- 13.55%
- 5Y*
- 12.19%
- 10Y*
- 4.14%
XOP vs. DBA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XOP SPDR S&P Oil & Gas Exploration & Production ETF | 26.71% | -2.15% | -1.00% | 3.56% | 45.37% | 66.74% | -36.40% | -9.44% | -28.10% | -9.47% |
DBA Invesco DB Agriculture Fund | 8.82% | -0.56% | 33.45% | 7.64% | 2.53% | 22.37% | -2.54% | -0.71% | -8.74% | -6.06% |
Correlation
The correlation between XOP and DBA is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.24 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.21 |
Correlation (All Time) Calculated using the full available price history since Jan 5, 2007 | 0.28 |
The correlation between XOP and DBA shifts across timeframes, from 0.13 (3 years) to 0.28 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
XOP vs. DBA — Risk / Return Rank
XOP
DBA
XOP vs. DBA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Oil & Gas Exploration & Production ETF (XOP) and Invesco DB Agriculture Fund (DBA). 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.
| XOP | DBA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.27 | ||
| Sortino ratioReturn per unit of downside risk | -0.43 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.19 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.23 | 1.35 | -0.12 |
| Martin ratioReturn relative to average drawdown | 3.01 | 2.83 | +0.18 |
Loading charts...
Drawdowns
XOP vs. DBA - Drawdown Comparison
The maximum XOP drawdown since its inception was -90.27%, which is greater than DBA's maximum drawdown of -67.97%. Use the drawdown chart below to compare losses from any high point for XOP and DBA.
Loading charts...
Drawdown Indicators
| XOP | DBA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -90.27% | -67.97% | -22.30% |
Max Drawdown (1Y)Largest decline over 1 year | -18.50% | -8.67% | -9.83% |
Max Drawdown (3Y)Largest decline over 3 years | -34.98% | -12.36% | -22.62% |
Max Drawdown (5Y)Largest decline over 5 years | -34.98% | -15.94% | -19.04% |
Max Drawdown (10Y)Largest decline over 10 years | -82.61% | -37.97% | -44.64% |
Current DrawdownCurrent decline from peak | -40.77% | -23.39% | -17.38% |
Average DrawdownAverage peak-to-trough decline | -42.57% | -41.02% | -1.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.54% | 4.12% | +3.42% |
Volatility
XOP vs. DBA - Volatility Comparison
SPDR S&P Oil & Gas Exploration & Production ETF (XOP) has a higher volatility of 7.88% compared to Invesco DB Agriculture Fund (DBA) at 3.88%. This indicates that XOP's price experiences larger fluctuations and is considered to be riskier than DBA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| XOP | DBA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.88% | 3.88% | +4.00% |
Volatility (6M)Calculated over the trailing 6-month period | 22.07% | 7.43% | +14.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.03% | 10.83% | +17.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.73% | 13.86% | +19.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 40.17% | 13.06% | +27.11% |
XOP vs. DBA - Expense Ratio Comparison
XOP has a 0.35% expense ratio, which is lower than DBA's 0.88% expense ratio.
Dividends
XOP vs. DBA - Dividend Comparison
XOP's dividend yield for the trailing twelve months is around 2.05%, less than DBA's 3.29% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DBA Invesco DB Agriculture Fund | 3.29% | 3.58% | 4.08% | 4.63% | 0.48% | 0.00% | 0.00% | 1.55% | 1.06% | 0.00% | 0.00% | 0.00% |
XOP SPDR S&P Oil & Gas Exploration & Production ETF | 2.05% | 2.62% | 2.45% | 2.63% | 2.47% | 1.61% | 2.34% | 1.47% | 0.99% | 0.76% | 0.76% | 2.21% |
Frequently Asked Questions
XOP and DBA have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
XOP has higher volatility (7.88%) compared to DBA (3.88%). In terms of maximum drawdown, XOP dropped -90.27% vs DBA's -67.97%.
On 10-year performance, DBA leads with 4.14% vs 2.97% for XOP. On fees, XOP is cheaper at 0.35% per year. On volatility, DBA has been the lower-risk option at 3.88%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DBA has performed better with a 4.14% return vs 2.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XOP is cheaper with a 0.35% expense ratio, compared with 0.88% for DBA.
DBA has the higher dividend yield at 3.29%, compared with 2.05% for XOP.
XOP is categorized as Energy Equities, while DBA is Agricultural Commodities. XOP tracks S&P Oil & Gas Exploration & Production Select Industry, while DBA tracks DBIQ Diversified Agriculture Index Excess Return. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.35% for XOP and 0.88% for DBA.
DBA currently has the higher Sharpe Ratio (1.08 vs 0.81), 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.
Find the right allocation for XOP and DBA
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer