DBO vs. OILK

Last updated Jun 23, 2026

DBO (Invesco DB Oil Fund) and OILK (ProShares K-1 Free Crude Oil Strategy ETF) are both Oil & Gas funds - DBO tracks the DBIQ Optimum Yield Crude Oil Index Excess Return while OILK tracks the Bloomberg Commodity Balanced WTI Crude Oil Index. Both are passively managed. Over the past 5 years, DBO returned 10.50%/yr vs 13.20%/yr for OILK. With a 0.95 correlation, they move nearly in lockstep. DBO charges 0.78%/yr vs 0.68%/yr for OILK.

Performance

DBO vs. OILK - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DB Oil Fund (DBO) and ProShares K-1 Free Crude Oil Strategy ETF (OILK). 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 OILK's 41.61% 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%

OILK

• 1D: -1.44%
• 1M: -12.86%
• YTD: 41.61%
• 6M: 40.08%
• 1Y: 20.72%
• 3Y*: 14.14%
• 5Y*: 13.20%
• 10Y*: —

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

DBO vs. OILK - 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%
OILK ProShares K-1 Free Crude Oil Strategy ETF	41.61%	-11.86%	8.18%	-0.97%	27.57%	63.71%	-61.09%	30.48%	-20.40%	2.82%

Correlation

The correlation between DBO and OILK is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (All Time) Calculated using the full available price history since Sep 28, 2016	0.96

The correlation between DBO and OILK has been stable across timeframes, ranging from 0.95 to 0.98 - a consistent structural relationship.

Return for Risk

DBO vs. OILK — 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

OILK

OILK Risk / Return Rank: 22
OILK Sharpe Ratio Rank: 21
OILK Sortino Ratio Rank: 21
OILK Omega Ratio Rank: 20
OILK Calmar Ratio Rank: 26
OILK Martin Ratio Rank: 22

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. OILK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DB Oil Fund (DBO) and ProShares K-1 Free Crude Oil Strategy ETF (OILK). 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	OILK	Difference
Sharpe ratio: Return per unit of total volatility	0.86	0.72	+0.14
Sortino ratio: Return per unit of downside risk	1.36	1.12	+0.24
Omega ratio: Gain probability vs. loss probability	1.17	1.14	+0.03
Calmar ratio: Return relative to maximum drawdown	1.35	1.23	+0.12
Martin ratio: Return relative to average drawdown	3.56	2.67	+0.89

DBO vs. OILK - Sharpe Ratio Comparison

The current DBO Sharpe Ratio is 0.86, which is comparable to the OILK Sharpe Ratio of 0.72. The chart below compares the historical Sharpe Ratios of DBO and OILK, 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. OILK - Drawdown Comparison

The maximum DBO drawdown since its inception was -90.18%, which is greater than OILK's maximum drawdown of -83.76%. Use the drawdown chart below to compare losses from any high point for DBO and OILK.

Drawdown Indicators

	DBO	OILK	Difference
Max Drawdown Largest peak-to-trough decline	-90.18%	-83.76%	-6.42%
Max Drawdown (1Y) Largest decline over 1 year	-22.14%	-16.92%	-5.22%
Max Drawdown (3Y) Largest decline over 3 years	-28.20%	-23.42%	-4.78%
Max Drawdown (5Y) Largest decline over 5 years	-37.68%	-34.69%	-2.99%
Max Drawdown (10Y) Largest decline over 10 years	-61.69%	—	—
Current Drawdown Current decline from peak	-60.03%	-16.92%	-43.11%
Average Drawdown Average peak-to-trough decline	-62.22%	-32.48%	-29.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.52%	8.89%	+0.63%

Volatility

DBO vs. OILK - Volatility Comparison

Invesco DB Oil Fund (DBO) has a higher volatility of 10.39% compared to ProShares K-1 Free Crude Oil Strategy ETF (OILK) at 8.06%. This indicates that DBO's price experiences larger fluctuations and is considered to be riskier than OILK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DBO	OILK	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.39%	8.06%	+2.33%
Volatility (6M) Calculated over the trailing 6-month period	29.37%	24.09%	+5.28%
Volatility (1Y) Calculated over the trailing 1-year period	34.94%	29.05%	+5.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.53%	30.27%	+2.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.84%	35.97%	-4.13%

DBO vs. OILK - Expense Ratio Comparison

DBO has a 0.78% expense ratio, which is higher than OILK's 0.68% expense ratio.

Dividends

DBO vs. OILK - Dividend Comparison

DBO's dividend yield for the trailing twelve months is around 2.31%, less than OILK's 9.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
OILK ProShares K-1 Free Crude Oil Strategy ETF	9.48%	4.79%	3.11%	5.80%	17.32%	68.82%	0.13%	0.94%	0.58%	6.17%

Frequently Asked Questions

Can I hold both DBO and OILK in my portfolio?

With a correlation of 0.98, DBO and OILK move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, DBO or OILK?

DBO has higher volatility (10.39%) compared to OILK (8.06%). In terms of maximum drawdown, DBO dropped -90.18% vs OILK's -83.76%.

Which ETF is better, DBO or OILK?

On 5-year performance, OILK leads with 13.20% vs 10.50% for DBO. On fees, OILK is cheaper at 0.68% per year. On volatility, OILK has been the lower-risk option at 8.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DBO or OILK?

Over the 5-year period, OILK has performed better with a 13.20% return vs 10.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DBO or OILK?

OILK is cheaper with a 0.68% expense ratio, compared with 0.78% for DBO.

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

OILK has the higher dividend yield at 9.48%, compared with 2.31% for DBO.

What is the main difference between DBO and OILK?

DBO tracks DBIQ Optimum Yield Crude Oil Index Excess Return, while OILK tracks Bloomberg Commodity Balanced WTI Crude Oil Index. They also come from different issuers: Invesco and ProShares. Their fees differ too: 0.78% for DBO and 0.68% for OILK.

Which has better risk-adjusted returns?

DBO currently has the higher Sharpe Ratio (0.86 vs 0.72), 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.