DBAW vs. DBO

Last updated Jun 4, 2026

DBAW (Xtrackers MSCI All World ex US Hedged Equity ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - DBAW is a Foreign Large Cap Equities fund tracking the MSCI ACWI ex USA US Dollar Hedged Index, while DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return. Both are passively managed. Over the past 10 years, DBAW returned 11.44%/yr vs 11.37%/yr for DBO. At a 0.25 correlation, their price movements are largely independent. DBAW charges 0.41%/yr vs 0.78%/yr for DBO.

Performance

DBAW vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers MSCI All World ex US Hedged Equity ETF (DBAW) 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, DBAW achieves a 16.12% return, which is significantly lower than DBO's 84.75% return. Both investments have delivered pretty close results over the past 10 years, with DBAW having a 11.44% annualized return and DBO not far behind at 11.37%.

DBAW

• 1D: -0.51%
• 1M: 6.28%
• YTD: 16.12%
• 6M: 18.39%
• 1Y: 36.60%
• 3Y*: 21.15%
• 5Y*: 11.32%
• 10Y*: 11.44%

DBO

• 1D: 2.27%
• 1M: -2.34%
• YTD: 84.75%
• 6M: 81.10%
• 1Y: 80.26%
• 3Y*: 21.86%
• 5Y*: 15.98%
• 10Y*: 11.37%

*Multi-year figures are annualized to reflect compound growth (CAGR)

DBAW vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF	16.12%	26.47%	14.35%	16.26%	-13.35%	13.08%	7.44%	22.96%	-10.38%	18.79%
DBO Invesco DB Oil Fund	84.75%	-11.71%	7.85%	-4.44%	13.04%	60.74%	-20.99%	28.05%	-15.22%	4.86%

Correlation

The correlation between DBAW and DBO is -0.28, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.28
Correlation (3Y) Calculated over the trailing 3-year period	-0.00
Correlation (5Y) Calculated over the trailing 5-year period	0.12
Correlation (10Y) Calculated over the trailing 10-year period	0.23
Correlation (All Time) Calculated using the full available price history since Jan 28, 2014	0.25

The correlation between DBAW and DBO shifts across timeframes, from -0.28 (1 year) to 0.25 (all time), reflecting how their relationship changes across market environments.

DBAW vs. DBO - Sectors Allocation Comparison

Sectors	DBAW	DBO
Financial Services	24.1%	116.0%
Technology	18.7%	-
Industrials	15.0%	-
Consumer Cyclical	7.9%	-
Healthcare	7.2%	-
Basic Materials	6.8%	-
Consumer Defensive	5.3%	-
Energy	5.3%	-
Communication Services	5.0%	-
Utilities	3.2%	-
Real Estate	1.5%	-

Return for Risk

DBAW vs. DBO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DBAW

DBAW Risk / Return Rank: 84
DBAW Sharpe Ratio Rank: 86
DBAW Sortino Ratio Rank: 86
DBAW Omega Ratio Rank: 87
DBAW Calmar Ratio Rank: 79
DBAW Martin Ratio Rank: 83

DBO

DBO Risk / Return Rank: 65
DBO Sharpe Ratio Rank: 70
DBO Sortino Ratio Rank: 62
DBO Omega Ratio Rank: 60
DBO Calmar Ratio Rank: 83
DBO Martin Ratio Rank: 52

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

DBAW vs. DBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers MSCI All World ex US Hedged Equity ETF (DBAW) 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.

	DBAW	DBO	Difference
Sharpe ratio: Return per unit of total volatility	2.86	2.34	+0.51
Sortino ratio: Return per unit of downside risk	3.90	2.94	+0.97
Omega ratio: Gain probability vs. loss probability	1.55	1.38	+0.18
Calmar ratio: Return relative to maximum drawdown	4.09	4.44	-0.35
Martin ratio: Return relative to average drawdown	16.97	9.02	+7.94
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DBAW vs. DBO - Sharpe Ratio Comparison

The current DBAW Sharpe Ratio is 2.86, which is comparable to the DBO Sharpe Ratio of 2.34. The chart below compares the historical Sharpe Ratios of DBAW 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.

Sharpe Ratios by Period

	DBAW	DBO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.86	2.34	+0.51
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.83	0.50	+0.33
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.75	0.36	+0.39
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	0.02	+0.61

Drawdowns

DBAW vs. DBO - Drawdown Comparison

The maximum DBAW drawdown since its inception was -31.44%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for DBAW and DBO.

Drawdown Indicators

	DBAW	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-31.44%	-90.18%	+58.74%
Max Drawdown (1Y) Largest decline over 1 year	-9.00%	-18.19%	+9.19%
Max Drawdown (3Y) Largest decline over 3 years	-14.11%	-28.20%	+14.09%
Max Drawdown (5Y) Largest decline over 5 years	-17.87%	-37.68%	+19.81%
Max Drawdown (10Y) Largest decline over 10 years	-31.44%	-61.69%	+30.25%
Current Drawdown Current decline from peak	-0.51%	-51.38%	+50.87%
Average Drawdown Average peak-to-trough decline	-5.00%	-62.25%	+57.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.16%	8.92%	-6.76%

Volatility

DBAW vs. DBO - Volatility Comparison

The current volatility for Xtrackers MSCI All World ex US Hedged Equity ETF (DBAW) is 4.71%, while Invesco DB Oil Fund (DBO) has a volatility of 12.61%. This indicates that DBAW 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

	DBAW	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.71%	12.61%	-7.90%
Volatility (6M) Calculated over the trailing 6-month period	11.00%	28.20%	-17.20%
Volatility (1Y) Calculated over the trailing 1-year period	12.88%	34.46%	-21.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.74%	32.29%	-18.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.28%	31.78%	-16.50%

DBAW vs. DBO - Expense Ratio Comparison

DBAW has a 0.41% expense ratio, which is lower than DBO's 0.78% expense ratio.

Dividends

DBAW vs. DBO - Dividend Comparison

DBAW's dividend yield for the trailing twelve months is around 3.29%, more than DBO's 1.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF	3.29%	3.83%	1.70%	3.45%	8.81%	2.05%	2.08%	2.91%	2.93%	2.41%	1.99%	5.74%
DBO Invesco DB Oil Fund	1.90%	3.51%	4.68%	4.59%	0.66%	0.00%	0.00%	1.63%	1.58%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DBAW and DBO in my portfolio?

DBAW and DBO have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DBAW or DBO?

DBO has higher volatility (12.61%) compared to DBAW (4.71%). In terms of maximum drawdown, DBAW dropped -31.44% vs DBO's -90.18%.

Which ETF is better, DBAW or DBO?

On 10-year performance, DBAW leads with 11.44% vs 11.37% for DBO. On fees, DBAW is cheaper at 0.41% per year. On volatility, DBAW has been the lower-risk option at 4.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DBAW or DBO?

Over the 10-year period, DBAW has performed better with a 11.44% return vs 11.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DBAW or DBO?

DBAW is cheaper with a 0.41% expense ratio, compared with 0.78% for DBO.

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

DBAW has the higher dividend yield at 3.29%, compared with 1.90% for DBO.

What is the main difference between DBAW and DBO?

DBAW is categorized as Foreign Large Cap Equities, while DBO is Oil & Gas. DBAW tracks MSCI ACWI ex USA US Dollar Hedged Index, while DBO tracks DBIQ Optimum Yield Crude Oil Index Excess Return. They also come from different issuers: Deutsche Bank and Invesco. Their fees differ too: 0.41% for DBAW and 0.78% for DBO.

Which has better risk-adjusted returns?

DBAW currently has the higher Sharpe Ratio (2.86 vs 2.34), 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.