Oil vs the S&P 500 (DBO): is it outperforming?
Over the past month, DBO has underperformed the S&P 500 by 0.8 points. Here is where that puts it in the market rotation — updated daily.
Where DBO sits on the rotation map
Oil highlighted against the 11 broad S&P 500 sectors. Vertical: 1-month spread vs the S&P 500. Horizontal: the longer, time-shifted window — the methodology explains the math.
DBO vs SPY: head-to-head returns
DBO (oil) and SPY (the S&P 500) side by side over every window Zensei tracks. The spread is the difference — positive means DBO won that window.
Data as of 2026-08-27 · computed from daily adjusted closes · how we measure
The read
Oil (DBO) is out of favor: it trails the S&P 500 on both rotation windows — 0.8 points behind over the past month and 1.6 points behind over the longer, time-shifted window. That is the Underperformers quadrant. Ranked by one-month spread, it currently stands #57 of the 115 groups Zensei tracks.
On the shorter tape, DBO's momentum is mixed: the longer intraday trend is still positive, but the recent windows have gone flat. DBO's relative-strength line is holding around its moving averages — the trend is intact but no longer extending. The longer trend remains healthier than the recent tape suggests — the kind of divergence worth rechecking in a week.
The exposure comes via Invesco DB Oil Fund, whose 2 tracked holdings are led by INVESCO SHRT-TRM INV GOV&AGCY INSTL and INVESCO SHORT TERM TREASURY ETF. The thing to watch from here is the one-month spread: underperformers only become interesting when the recent window turns positive first — until then, the market is voting elsewhere.
What's inside DBO
Top 2 of 2 tracked holdings, by portfolio weight.
Oil vs the market — common questions
Is oil outperforming the S&P 500?
Right now, no: over the past month DBO has underperformed the S&P 500 by 0.8 points. This page updates daily, so the answer reflects current market data rather than a dated article.
What is DBO?
DBO is Invesco DB Oil Fund, the fund Zensei uses to measure the oil group against the S&P 500 benchmark (SPY).
What does DBO hold?
DBO's largest tracked positions are INVESCO SHRT-TRM INV GOV&AGCY INSTL, INVESCO SHORT TERM TREASURY ETF — 2 holdings in total. The full list, with each position measured against the group, is part of Zensei Premium.
What quadrant is oil in right now?
As of the latest daily data, oil is in the Underperformers quadrant — trailing the S&P 500 on both windows. The quadrant rules are documented on the Zensei methodology page.
Related sectors
Track oil against the whole market
Zensei Edge maps 100+ sectors and themes against the S&P 500 — with the stocks inside each one, rotation history and alerts when leadership changes hands.