DBO vs. KSA

Last updated Jun 23, 2026

DBO (Invesco DB Oil Fund) and KSA (iShares MSCI Saudi Arabia ETF) are both exchange-traded funds - DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return, while KSA is a Emerging Markets Equities fund tracking the MSCI Saudi Arabia Investable Market Index (IMI) 25/50 Index. Both are passively managed. Over the past 10 years, DBO returned 9.34%/yr vs 7.59%/yr for KSA. At a 0.23 correlation, their price movements are largely independent. DBO charges 0.78%/yr vs 0.74%/yr for KSA.

Performance

DBO vs. KSA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DB Oil Fund (DBO) and iShares MSCI Saudi Arabia ETF (KSA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DBO achieves a 51.89% return, which is significantly higher than KSA's 6.80% return. Over the past 10 years, DBO has outperformed KSA with an annualized return of 9.34%, while KSA has yielded a comparatively lower 7.59% annualized return.

DBO

• 1D: -1.91%
• 1M: -17.64%
• YTD: 51.89%
• 6M: 50.65%
• 1Y: 29.75%
• 3Y*: 14.76%
• 5Y*: 10.50%
• 10Y*: 9.34%

KSA

• 1D: -0.78%
• 1M: 0.64%
• YTD: 6.80%
• 6M: 6.39%
• 1Y: 7.65%
• 3Y*: 0.98%
• 5Y*: 2.14%
• 10Y*: 7.59%

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

DBO vs. KSA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DBO Invesco DB Oil Fund	51.89%	-11.71%	7.85%	-4.44%	13.04%	60.74%	-20.99%	28.05%	-15.22%	4.86%
KSA iShares MSCI Saudi Arabia ETF	6.80%	-8.20%	-0.19%	15.05%	-6.06%	33.62%	2.65%	9.30%	13.07%	6.14%

Correlation

The correlation between DBO and KSA is -0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.07
Correlation (3Y) Calculated over the trailing 3-year period	0.07
Correlation (5Y) Calculated over the trailing 5-year period	0.16
Correlation (10Y) Calculated over the trailing 10-year period	0.21
Correlation (All Time) Calculated using the full available price history since Sep 17, 2015	0.23

The correlation between DBO and KSA shifts across timeframes, from -0.07 (1 year) to 0.23 (all time), reflecting how their relationship changes across market environments.

Return for Risk

DBO vs. KSA — Risk / Return Rank

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

DBO

DBO Risk / Return Rank: 26
DBO Sharpe Ratio Rank: 25
DBO Sortino Ratio Rank: 25
DBO Omega Ratio Rank: 24
DBO Calmar Ratio Rank: 28
DBO Martin Ratio Rank: 27

KSA

KSA Risk / Return Rank: 16
KSA Sharpe Ratio Rank: 15
KSA Sortino Ratio Rank: 16
KSA Omega Ratio Rank: 15
KSA Calmar Ratio Rank: 16
KSA Martin Ratio Rank: 15

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.

DBO vs. KSA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DB Oil Fund (DBO) and iShares MSCI Saudi Arabia ETF (KSA). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	DBO	KSA	Difference
Sharpe ratio: Return per unit of total volatility	0.86	0.46	+0.39
Sortino ratio: Return per unit of downside risk	1.36	0.87	+0.49
Omega ratio: Gain probability vs. loss probability	1.17	1.10	+0.06
Calmar ratio: Return relative to maximum drawdown	1.35	0.66	+0.69
Martin ratio: Return relative to average drawdown	3.56	1.46	+2.10

DBO vs. KSA - Sharpe Ratio Comparison

The current DBO Sharpe Ratio is 0.86, which is higher than the KSA Sharpe Ratio of 0.46. The chart below compares the historical Sharpe Ratios of DBO and KSA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

DBO vs. KSA - Drawdown Comparison

The maximum DBO drawdown since its inception was -90.18%, which is greater than KSA's maximum drawdown of -40.56%. Use the drawdown chart below to compare losses from any high point for DBO and KSA.

Drawdown Indicators

	DBO	KSA	Difference
Max Drawdown Largest peak-to-trough decline	-90.18%	-40.56%	-49.62%
Max Drawdown (1Y) Largest decline over 1 year	-22.14%	-11.62%	-10.52%
Max Drawdown (3Y) Largest decline over 3 years	-28.20%	-15.56%	-12.64%
Max Drawdown (5Y) Largest decline over 5 years	-37.68%	-28.08%	-9.60%
Max Drawdown (10Y) Largest decline over 10 years	-61.69%	-40.56%	-21.13%
Current Drawdown Current decline from peak	-60.03%	-15.24%	-44.79%
Average Drawdown Average peak-to-trough decline	-62.22%	-11.45%	-50.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.52%	5.25%	+4.27%

Volatility

DBO vs. KSA - Volatility Comparison

Invesco DB Oil Fund (DBO) has a higher volatility of 10.39% compared to iShares MSCI Saudi Arabia ETF (KSA) at 5.14%. This indicates that DBO's price experiences larger fluctuations and is considered to be riskier than KSA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DBO	KSA	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.39%	5.14%	+5.25%
Volatility (6M) Calculated over the trailing 6-month period	29.37%	12.66%	+16.71%
Volatility (1Y) Calculated over the trailing 1-year period	34.94%	16.57%	+18.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.53%	15.97%	+16.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.84%	20.08%	+11.76%

DBO vs. KSA - Expense Ratio Comparison

DBO has a 0.78% expense ratio, which is higher than KSA's 0.74% expense ratio.

Dividends

DBO vs. KSA - Dividend Comparison

DBO's dividend yield for the trailing twelve months is around 2.31%, less than KSA's 2.70% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DBO Invesco DB Oil Fund	2.31%	3.51%	4.68%	4.59%	0.66%	0.00%	0.00%	1.63%	1.58%	0.00%	0.00%	0.00%
KSA iShares MSCI Saudi Arabia ETF	2.70%	2.95%	3.44%	2.44%	1.93%	1.58%	1.76%	2.15%	2.51%	2.30%	3.05%	0.04%

Frequently Asked Questions

Can I hold both DBO and KSA in my portfolio?

DBO and KSA have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DBO or KSA?

DBO has higher volatility (10.39%) compared to KSA (5.14%). In terms of maximum drawdown, DBO dropped -90.18% vs KSA's -40.56%.

Which ETF is better, DBO or KSA?

On 10-year performance, DBO leads with 9.34% vs 7.59% for KSA. On fees, KSA is cheaper at 0.74% per year. On volatility, KSA has been the lower-risk option at 5.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DBO or KSA?

Over the 10-year period, DBO has performed better with a 9.34% return vs 7.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DBO or KSA?

KSA is cheaper with a 0.74% expense ratio, compared with 0.78% for DBO.

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

KSA has the higher dividend yield at 2.70%, compared with 2.31% for DBO.

What is the main difference between DBO and KSA?

DBO is categorized as Oil & Gas, while KSA is Emerging Markets Equities. DBO tracks DBIQ Optimum Yield Crude Oil Index Excess Return, while KSA tracks MSCI Saudi Arabia Investable Market Index (IMI) 25/50 Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.78% for DBO and 0.74% for KSA.

Which has better risk-adjusted returns?

DBO currently has the higher Sharpe Ratio (0.86 vs 0.46), 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.