DBO vs. GSG
Compare and contrast key facts about Invesco DB Oil Fund (DBO) and iShares S&P GSCI Commodity-Indexed Trust (GSG).
DBO and GSG are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. DBO is a passively managed fund by Invesco that tracks the performance of the DBIQ Optimum Yield Crude Oil Index Excess Return. It was launched on Jan 5, 2007. GSG is a passively managed fund by iShares that tracks the performance of the S&P GSCI Total Return Index. It was launched on Jul 21, 2006. Both DBO and GSG are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
DBO vs. GSG - Performance Comparison
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DBO vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DBO Invesco DB Oil Fund | 55.98% | -11.71% | 7.85% | -4.44% | 13.04% | 60.74% | -20.99% | 28.05% | -15.22% | 4.86% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 38.38% | 5.93% | 8.52% | -5.51% | 24.08% | 38.77% | -23.94% | 15.62% | -13.88% | 3.89% |
Returns By Period
In the year-to-date period, DBO achieves a 55.98% return, which is significantly higher than GSG's 38.38% return. Over the past 10 years, DBO has outperformed GSG with an annualized return of 11.62%, while GSG has yielded a comparatively lower 8.98% annualized return.
DBO
- 1D
- -3.25%
- 1M
- 23.41%
- YTD
- 55.98%
- 6M
- 47.63%
- 1Y
- 37.53%
- 3Y*
- 14.00%
- 5Y*
- 14.79%
- 10Y*
- 11.62%
GSG
- 1D
- -1.05%
- 1M
- 18.45%
- YTD
- 38.38%
- 6M
- 39.22%
- 1Y
- 40.14%
- 3Y*
- 16.62%
- 5Y*
- 17.68%
- 10Y*
- 8.98%
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DBO vs. GSG - Expense Ratio Comparison
DBO has a 0.78% expense ratio, which is higher than GSG's 0.75% expense ratio.
Return for Risk
DBO vs. GSG — Risk / Return Rank
DBO
GSG
DBO vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB Oil Fund (DBO) and iShares S&P GSCI Commodity-Indexed Trust (GSG). 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.
| DBO | GSG | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.05 | 1.91 | -0.86 |
Sortino ratioReturn per unit of downside risk | 1.62 | 2.58 | -0.96 |
Omega ratioGain probability vs. loss probability | 1.20 | 1.35 | -0.14 |
Calmar ratioReturn relative to maximum drawdown | 2.06 | 3.37 | -1.31 |
Martin ratioReturn relative to average drawdown | 3.69 | 9.40 | -5.71 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| DBO | GSG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.05 | 1.91 | -0.86 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.47 | 0.81 | -0.34 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.37 | 0.41 | -0.04 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.01 | -0.09 | +0.09 |
Correlation
The correlation between DBO and GSG is 0.91, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
DBO vs. GSG - Dividend Comparison
DBO's dividend yield for the trailing twelve months is around 2.25%, while GSG has not paid dividends to shareholders.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
DBO Invesco DB Oil Fund | 2.25% | 3.51% | 4.68% | 4.59% | 0.66% | 0.00% | 0.00% | 1.63% | 1.58% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
DBO vs. GSG - Drawdown Comparison
The maximum DBO drawdown since its inception was -90.18%, roughly equal to the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for DBO and GSG.
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Drawdown Indicators
| DBO | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -90.18% | -89.62% | -0.56% |
Max Drawdown (1Y)Largest decline over 1 year | -18.19% | -11.91% | -6.28% |
Max Drawdown (5Y)Largest decline over 5 years | -37.68% | -29.12% | -8.56% |
Max Drawdown (10Y)Largest decline over 10 years | -61.69% | -57.64% | -4.05% |
Current DrawdownCurrent decline from peak | -58.95% | -58.22% | -0.73% |
Average DrawdownAverage peak-to-trough decline | -62.32% | -63.77% | +1.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.16% | 4.27% | +5.89% |
Volatility
DBO vs. GSG - Volatility Comparison
Invesco DB Oil Fund (DBO) has a higher volatility of 16.15% compared to iShares S&P GSCI Commodity-Indexed Trust (GSG) at 11.23%. This indicates that DBO's price experiences larger fluctuations and is considered to be riskier than GSG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DBO | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.15% | 11.23% | +4.92% |
Volatility (6M)Calculated over the trailing 6-month period | 25.38% | 16.29% | +9.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 36.04% | 21.14% | +14.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.73% | 21.97% | +9.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 31.53% | 21.77% | +9.76% |