DBO vs SPY
Invesco DB Oil Fund vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. DBO delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | DBO | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.75% | 0.09% | |
| AUM | $275M | $789.1B | |
| Dividend Yield | 2.45% | 1.01% | |
| Holdings | 5 | 505 | |
| YTD Return | +72.88% | +13.39% | |
| 1Y Return | +62.61% | +22.52% | |
| 3Y Return (annualized) | +11.86% | +21.36% | |
| 5Y Return (annualized) | +12.79% | +13.19% | |
| Volatility (annualized) | 30.5% | 15.3% | |
| Max Drawdown | -90.2% | -56.5% | |
| Fund Family | Invesco (US) | State Street Investment Management | |
| Category | Commodity | Equity | |
| Inception | Jan 5, 2007 | Jan 22, 1993 |
DBO vs SPY Performance
Invesco DB Oil Fund (DBO) is a ETF from Invesco (US) and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year DBO returned +62.61% while SPY returned +22.52%. Year to date, DBO is up 72.88% versus a gain of 13.39% for SPY.
Over three years, DBO compounded at +11.86% per year against +21.36% for SPY; over five years the annualized figures are +12.79% and +13.19% respectively. Across the full 20-year window we track, SPY has the edge at +8.84% annualized vs +0.10%. 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 15.3% 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 worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.41. They move independently enough that combining them can meaningfully diversify a portfolio.
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 2.45% against 1.01% for SPY.
Holdings Overlap
DBO and SPY share 0 holdings out of 505 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
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. On a $10,000 investment, that is $66 per year of difference.
Which performed better, DBO or SPY?
Over the past year DBO returned +62.61% vs +22.52% for SPY, so DBO leads on 1-year performance. Over the longest common window we track (20 years), DBO annualized +0.10% vs +8.84% for SPY. Past performance does not guarantee future results.
Which is riskier, DBO or SPY?
DBO has been the more volatile fund at 30.5% annualized versus 15.3% 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 combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between DBO and SPY?
DBO and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 505 unique securities.
Which pays a higher dividend, DBO or SPY?
DBO yields 2.45% while SPY yields 1.01%, so DBO currently pays the higher dividend yield.
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