ZTRE vs. DBO

Last updated Aug 2, 2026

ZTRE (F/M 3-Year Investment Grade Corporate Bond ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - ZTRE is a Short-Term Bond fund tracking the ICE 3-Year US Target Maturity Corporate Index - Benchmark TR Gross, while DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return. Both are passively managed. Over the past year, ZTRE returned 3.03% vs 60.30% for DBO. Their -0.30 correlation means they have often moved in opposite directions in the past. ZTRE charges 0.15%/yr vs 0.78%/yr for DBO.

Performance

ZTRE vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in F/M 3-Year Investment Grade Corporate Bond ETF (ZTRE) 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, ZTRE achieves a 0.80% return, which is significantly lower than DBO's 76.48% return.

ZTRE

• 1D: -0.04%
• 1M: -0.06%
• 6M: 0.41%
• YTD: 0.80%
• 1Y: 3.03%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.76%

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%

*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	$11.01M	$10.23M	$13.95M
ZTRE F/M 3-Year Investment Grade Corporate Bond ETF	$361.74K	$257.68K	$173.89K

ZTRE vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ZTRE F/M 3-Year Investment Grade Corporate Bond ETF	0.80%	6.60%	0.32%
DBO Invesco DB Oil Fund	76.48%	-11.71%	3.60%

Correlation

The correlation between ZTRE and DBO is -0.39, 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.	-0.39
Correlation (All Time) Calculated using the full available price history since Dec 19, 2024	-0.30

Return for Risk

ZTRE vs. DBO — Risk / Return Rank

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

ZTRE

ZTRE Risk / Return Rank: 79
ZTRE Sharpe Ratio Rank: 80
ZTRE Sortino Ratio Rank: 85
ZTRE Omega Ratio Rank: 84
ZTRE Calmar Ratio Rank: 70
ZTRE Martin Ratio Rank: 76

DBO

DBO Risk / Return Rank: 58
DBO Sharpe Ratio Rank: 62
DBO Sortino Ratio Rank: 61
DBO Omega Ratio Rank: 57
DBO Calmar Ratio Rank: 57
DBO Martin Ratio Rank: 52

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.

ZTRE vs. DBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for F/M 3-Year Investment Grade Corporate Bond ETF (ZTRE) 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.

	ZTRE	DBO	Difference
Sharpe ratio: Return per unit of total volatility	1.86	1.45	+0.41
Sortino ratio: Return per unit of downside risk	2.80	2.05	+0.75
Omega ratio: Gain probability vs. loss probability	1.36	1.25	+0.11
Calmar ratio: Return relative to maximum drawdown	2.47	2.01	+0.46
Martin ratio: Return relative to average drawdown	9.68	6.09	+3.59

ZTRE vs. DBO - Sharpe Ratio Comparison

The current ZTRE Sharpe Ratio is 1.86, which is comparable to the DBO Sharpe Ratio of 1.45. The chart below compares the historical Sharpe Ratios of ZTRE 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

ZTRE vs. DBO - Drawdown Comparison

The maximum ZTRE drawdown since its inception was -1.45%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for ZTRE and DBO.

Drawdown Indicators

	ZTRE	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-1.45%	-90.18%	+88.73%
Max Drawdown (1Y) Largest decline over 1 year	-1.45%	-27.73%	+26.28%
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	-0.10%	-53.56%	+53.46%
Average Drawdown Average peak-to-trough decline	-0.21%	-62.20%	+61.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.37%	9.96%	-9.59%

Volatility

ZTRE vs. DBO - Volatility Comparison

The current volatility for F/M 3-Year Investment Grade Corporate Bond ETF (ZTRE) is 0.65%, while Invesco DB Oil Fund (DBO) has a volatility of 17.75%. This indicates that ZTRE 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

	ZTRE	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.65%	17.75%	-17.10%
Volatility (6M) Calculated over the trailing 6-month period	1.58%	33.77%	-32.19%
Volatility (1Y) Calculated over the trailing 1-year period	1.93%	38.53%	-36.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.10%	33.35%	-31.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.10%	32.20%	-30.10%

ZTRE vs. DBO - Expense Ratio Comparison

ZTRE has a 0.15% expense ratio, which is lower than DBO's 0.78% expense ratio.

Dividends

ZTRE vs. DBO - Dividend Comparison

ZTRE's dividend yield for the trailing twelve months is around 4.56%, 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%
ZTRE F/M 3-Year Investment Grade Corporate Bond ETF	4.23%	4.37%	0.39%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ZTRE and DBO in my portfolio?

ZTRE and DBO have a correlation of -0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ZTRE or DBO?

DBO has higher volatility (17.75%) compared to ZTRE (0.65%). In terms of maximum drawdown, ZTRE dropped -1.45% vs DBO's -90.18%.

Which ETF is better, ZTRE or DBO?

On 1-year performance, DBO leads with 60.30% vs 3.03% for ZTRE. On fees, ZTRE is cheaper at 0.15% per year. On volatility, ZTRE has been the lower-risk option at 0.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ZTRE or DBO?

Over the 1-year period, DBO has performed better with a 60.30% return vs 3.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ZTRE or DBO?

ZTRE is cheaper with a 0.15% expense ratio, compared with 0.78% for DBO.

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

ZTRE has the higher dividend yield at 4.23%, compared with 1.99% for DBO.

What is the main difference between ZTRE and DBO?

ZTRE is categorized as Short-Term Bond, while DBO is Oil & Gas. ZTRE tracks ICE 3-Year US Target Maturity Corporate Index - Benchmark TR Gross, 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 ZTRE and 0.78% for DBO.

Which has better risk-adjusted returns?

ZTRE currently has the higher Sharpe Ratio (1.86 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.