DBO vs. KSA
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 8.99%/yr vs 7.39%/yr for KSA. At a 0.22 correlation, their price movements are largely independent. DBO charges 0.78%/yr vs 0.74%/yr for KSA.
Performance
DBO vs. KSA - Performance Comparison
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Returns By Period
In the year-to-date period, DBO achieves a 48.03% return, which is significantly higher than KSA's 3.87% return. Over the past 10 years, DBO has outperformed KSA with an annualized return of 8.99%, while KSA has yielded a comparatively lower 7.39% annualized return.
DBO
- 1D
- -0.44%
- 1M
- -11.73%
- 6M
- 44.71%
- YTD
- 48.03%
- 1Y
- 34.65%
- 3Y*
- 11.42%
- 5Y*
- 9.69%
- 10Y*
- 8.99%
KSA
- 1D
- 0.19%
- 1M
- -3.96%
- 6M
- 2.58%
- YTD
- 3.87%
- 1Y
- -1.58%
- 3Y*
- -1.01%
- 5Y*
- 1.62%
- 10Y*
- 7.39%
DBO vs. KSA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DBO Invesco DB Oil Fund | 48.03% | -11.71% | 7.85% | -4.44% | 13.04% | 60.74% | -20.99% | 28.05% | -15.22% | 4.86% |
KSA iShares MSCI Saudi Arabia ETF | 3.87% | -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 -0.05, 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 | -0.05 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.06 |
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 | 0.22 |
The correlation between DBO and KSA shifts across timeframes, from -0.05 (1 year) to 0.22 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
DBO vs. KSA — Risk / Return Rank
DBO
KSA
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 ratioReturn per unit of total volatility | +1.19 | ||
| Sortino ratioReturn per unit of downside risk | +1.70 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 0.99 | +0.20 |
| Calmar ratioReturn relative to maximum drawdown | 1.37 | -0.16 | +1.53 |
| Martin ratioReturn relative to average drawdown | 3.74 | -0.35 | +4.08 |
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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.
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Drawdown Indicators
| DBO | KSA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -90.18% | -40.56% | -49.62% |
Max Drawdown (1Y)Largest decline over 1 year | -27.73% | -11.62% | -16.11% |
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 DrawdownCurrent decline from peak | -61.04% | -17.56% | -43.48% |
Average DrawdownAverage peak-to-trough decline | -62.22% | -11.47% | -50.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.12% | 5.41% | +4.71% |
Volatility
DBO vs. KSA - Volatility Comparison
Invesco DB Oil Fund (DBO) has a higher volatility of 11.80% compared to iShares MSCI Saudi Arabia ETF (KSA) at 3.19%. 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.
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Volatility by Period
| DBO | KSA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.80% | 3.19% | +8.61% |
Volatility (6M)Calculated over the trailing 6-month period | 30.36% | 11.97% | +18.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.13% | 16.40% | +18.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 32.72% | 15.96% | +16.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 31.84% | 19.99% | +11.85% |
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 2.37%, less than KSA's 2.77% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DBO Invesco DB Oil Fund | 2.37% | 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 | 2.77% | 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
DBO and KSA have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBO has higher volatility (11.80%) compared to KSA (3.19%). In terms of maximum drawdown, DBO dropped -90.18% vs KSA's -40.56%.
On 10-year performance, DBO leads with 8.99% vs 7.39% for KSA. On fees, KSA is cheaper at 0.74% per year. On volatility, KSA has been the lower-risk option at 3.19%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DBO has performed better with a 8.99% return vs 7.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KSA is cheaper with a 0.74% expense ratio, compared with 0.78% for DBO.
KSA has the higher dividend yield at 2.77%, compared with 2.37% for DBO.
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.
DBO currently has the higher Sharpe Ratio (1.08 vs -0.11), 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.
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