DBO vs SPY
Invesco DB Oil Fund vs State Street SPDR S&P 500 ETF Trust
Which is better, DBO or SPY?
Energy against Large Cap Blend.
SPY has a lower expense ratio. DBO led over 1Y and 5Y, SPY over 3Y and the full window.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | DBO | SPY |
|---|---|---|
| Expense Ratio | 0.75% | 0.09%Best |
| AUM | $268M | $804.7B |
| Dividend Yield | 1.95% | 0.98% |
| Holdings | 6 | 505 |
| YTD Return | +93.43%Best | +13.81% |
| 1Y Return | +82.07%Best | +16.94% |
| 3Y Return (annualized) | +12.96% | +22.84%Best |
| 5Y Return (annualized) | +14.25%Best | +13.50% |
| Volatility (annualized) | 30.5% | 15.4%Best |
| Max Drawdown | -90.2% | -56.5%Best |
| $10,000 over 5 years | $19,466Best | $18,836 |
| Fund Family | Invesco (US) | State Street Investment Management |
| Category | Commodity | Equity |
| Style | Energy | Large Cap Blend |
| Inception | Jan 5, 2007 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Jan 5, 2007 to Sep 22, 2026 (19.7 years).
DBO vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 19.7 years both funds cover.
DBO vs SPY Performance
Invesco DB Oil Fund (DBO) is an ETF from Invesco (US) and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year DBO returned +82.07% while SPY returned +16.94%. Year to date, DBO is up 93.43% versus a gain of 13.81% for SPY.
Over three years, DBO compounded at +12.96% per year against +22.84% for SPY; over five years the annualized figures are +14.25% and +13.50% respectively. Across the full 20-year window we track, SPY has the edge at +9.45% annualized vs +0.67%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
DBO has been the more volatile fund, with annualized monthly volatility of 30.5% compared with 15.4% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -90.2% for DBO and -56.5% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.41. They move together some of the time, and apart the rest.
Fees and Cost Over Time
DBO charges 0.75% per year while SPY charges 0.09%. On a $10,000 position that is $75 vs $9 annually, a gap of $66 per year that compounds over a long holding period. On income, DBO currently yields 1.95% against 0.98% for SPY.
Holdings Overlap
We hold position weights for 2 holdings in DBO and 504 in SPY, totalling 108.3% and 99.9% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 2 positions we hold weights for in DBO and 504 in SPY, against full books of 6 and 505.
You are not choosing between two funds in isolation.
Whichever of DBO and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, DBO or SPY?
DBO has an expense ratio of 0.75% while SPY charges 0.09%. SPY is the cheaper option, by $66 a year on a $10,000 investment.
Which performed better, DBO or SPY?
Over the past year DBO returned +82.07% vs +16.94% for SPY, so DBO leads on 1-year performance. Over the longest common window we track (20 years), DBO annualized +0.67% vs +9.45% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, DBO or SPY?
DBO has been the more volatile fund at 30.5% annualized versus 15.4% for SPY. Worst drawdown: DBO -90.2% vs SPY -56.5%.
Should I hold both DBO and SPY?
DBO and SPY have a monthly-return correlation of 0.41, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, DBO or SPY?
DBO yields 1.95% while SPY yields 0.98%, so DBO currently pays the higher dividend yield.
Is SPY better than DBO?
SPY has a lower expense ratio. DBO led over 1Y and 5Y, SPY over 3Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.