Oil vs the S&P 500 (DBO): is it outperforming?
Over the past month, DBO has outperformed the S&P 500 by 26.0 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 2026-07-23 · computed from daily adjusted closes · how we measure
The read
Oil (DBO) has just turned the corner. Over the longer, time-shifted window it trailed the S&P 500 by 17.0 points, but over the past month it has moved decisively ahead of the market — a 26.0-point edge that puts it in the improving quadrant. Ranked by one-month spread, it currently stands #1 of the 115 groups Zensei tracks — inside the top tier of the market.
On the shorter tape, DBO's momentum reads strong: the recent hourly trend is positive across every lookback Zensei measures. DBO's relative-strength line — its price ratio against the S&P 500 — is trading above its moving averages, the healthiest configuration we track. The two signals agree — the short-term tape and the longer trend point the same way.
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 confirmation: improving groups that hold a positive one-month spread long enough for the longer window to turn are the classic early-rotation entries — the ones that fail fall back quickly.
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, yes: over the past month DBO has outperformed the S&P 500 by 26.0 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 improving quadrant — behind the market over the longer window, but ahead over the past month. 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.