DBO vs. OIH
DBO (Invesco DB Oil Fund) and OIH (VanEck Oil Services ETF) are both exchange-traded funds - DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return, while OIH is a Energy Equities fund tracking the MVIS US Listed Oil Services 25 Index. Both are passively managed. Over the past 10 years, DBO returned 9.34%/yr vs -2.21%/yr for OIH. A 0.60 correlation means they provide meaningful diversification when combined. DBO charges 0.78%/yr vs 0.35%/yr for OIH.
Performance
DBO vs. OIH - Performance Comparison
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Returns By Period
In the year-to-date period, DBO achieves a 51.89% return, which is significantly higher than OIH's 36.57% return. Over the past 10 years, DBO has outperformed OIH with an annualized return of 9.34%, while OIH has yielded a comparatively lower -2.21% 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%
OIH
- 1D
- 0.89%
- 1M
- -12.40%
- YTD
- 36.57%
- 6M
- 36.72%
- 1Y
- 62.91%
- 3Y*
- 15.27%
- 5Y*
- 12.92%
- 10Y*
- -2.21%
DBO vs. OIH - 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% |
OIH VanEck Oil Services ETF | 36.57% | 6.81% | -10.53% | 3.20% | 66.17% | 21.22% | -41.19% | -3.54% | -45.03% | -19.66% |
Correlation
The correlation between DBO and OIH is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.38 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.51 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.59 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.57 |
Correlation (All Time) Calculated using the full available price history since Jan 5, 2007 | 0.60 |
Over the past year, the correlation between DBO and OIH has dropped to 0.38 - well below their long-term average of 0.60, suggesting their price drivers have been diverging.
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Return for Risk
DBO vs. OIH — Risk / Return Rank
DBO
OIH
DBO vs. OIH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB Oil Fund (DBO) and VanEck Oil Services ETF (OIH). 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 | OIH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.23 | ||
| Sortino ratioReturn per unit of downside risk | -1.36 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.33 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | 1.35 | 4.19 | -2.84 |
| Martin ratioReturn relative to average drawdown | 3.56 | 15.08 | -11.53 |
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Drawdowns
DBO vs. OIH - Drawdown Comparison
The maximum DBO drawdown since its inception was -90.18%, roughly equal to the maximum OIH drawdown of -94.45%. Use the drawdown chart below to compare losses from any high point for DBO and OIH.
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Drawdown Indicators
| DBO | OIH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -90.18% | -94.45% | +4.27% |
Max Drawdown (1Y)Largest decline over 1 year | -22.14% | -15.08% | -7.06% |
Max Drawdown (3Y)Largest decline over 3 years | -28.20% | -43.80% | +15.60% |
Max Drawdown (5Y)Largest decline over 5 years | -37.68% | -43.80% | +6.12% |
Max Drawdown (10Y)Largest decline over 10 years | -61.69% | -89.62% | +27.93% |
Current DrawdownCurrent decline from peak | -60.03% | -65.37% | +5.34% |
Average DrawdownAverage peak-to-trough decline | -62.22% | -48.86% | -13.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.52% | 4.26% | +5.26% |
Volatility
DBO vs. OIH - Volatility Comparison
Invesco DB Oil Fund (DBO) and VanEck Oil Services ETF (OIH) have volatilities of 10.39% and 10.15%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DBO | OIH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.39% | 10.15% | +0.24% |
Volatility (6M)Calculated over the trailing 6-month period | 29.37% | 21.17% | +8.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 34.94% | 30.42% | +4.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 32.53% | 36.79% | -4.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 31.84% | 42.42% | -10.58% |
DBO vs. OIH - Expense Ratio Comparison
DBO has a 0.78% expense ratio, which is higher than OIH's 0.35% expense ratio.
Dividends
DBO vs. OIH - Dividend Comparison
DBO's dividend yield for the trailing twelve months is around 2.31%, more than OIH's 1.25% 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% |
OIH VanEck Oil Services ETF | 1.25% | 1.71% | 2.01% | 1.36% | 0.95% | 0.98% | 1.23% | 2.10% | 2.13% | 2.60% | 1.40% | 2.39% |
Frequently Asked Questions
DBO and OIH have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBO has higher volatility (10.39%) compared to OIH (10.15%). In terms of maximum drawdown, DBO dropped -90.18% vs OIH's -94.45%.
On 10-year performance, DBO leads with 9.34% vs -2.21% for OIH. On fees, OIH is cheaper at 0.35% per year. On volatility, OIH has been the lower-risk option at 10.15%. 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 9.34% return vs -2.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
OIH is cheaper with a 0.35% expense ratio, compared with 0.78% for DBO.
DBO has the higher dividend yield at 2.31%, compared with 1.25% for OIH.
DBO is categorized as Oil & Gas, while OIH is Energy Equities. DBO tracks DBIQ Optimum Yield Crude Oil Index Excess Return, while OIH tracks MVIS US Listed Oil Services 25 Index. They also come from different issuers: Invesco and VanEck. Their fees differ too: 0.78% for DBO and 0.35% for OIH.
OIH currently has the higher Sharpe Ratio (2.08 vs 0.86), 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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