DBO vs. USMV

Last updated Jun 4, 2026

DBO (Invesco DB Oil Fund) and USMV (iShares MSCI USA Min Vol Factor ETF) are both exchange-traded funds - DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return, while USMV is a Large Cap Blend Equities fund tracking the MSCI USA Minimum Volatility Index. Both are passively managed. Over the past 10 years, DBO returned 11.37%/yr vs 9.93%/yr for USMV. At a 0.17 correlation, their price movements are largely independent. DBO charges 0.78%/yr vs 0.15%/yr for USMV.

Performance

DBO vs. USMV - Performance Comparison

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

Returns By Period

In the year-to-date period, DBO achieves a 84.75% return, which is significantly higher than USMV's 2.65% return. Over the past 10 years, DBO has outperformed USMV with an annualized return of 11.37%, while USMV has yielded a comparatively lower 9.93% annualized return.

DBO

• 1D: 2.27%
• 1M: -2.34%
• YTD: 84.75%
• 6M: 81.10%
• 1Y: 80.26%
• 3Y*: 21.86%
• 5Y*: 15.98%
• 10Y*: 11.37%

USMV

• 1D: -0.69%
• 1M: 2.01%
• YTD: 2.65%
• 6M: 2.61%
• 1Y: 4.37%
• 3Y*: 11.79%
• 5Y*: 7.45%
• 10Y*: 9.93%

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

DBO vs. USMV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DBO Invesco DB Oil Fund	84.75%	-11.71%	7.85%	-4.44%	13.04%	60.74%	-20.99%	28.05%	-15.22%	4.86%
USMV iShares MSCI USA Min Vol Factor ETF	2.65%	7.65%	15.74%	10.33%	-9.43%	20.85%	5.64%	27.69%	1.33%	18.91%

Correlation

The correlation between DBO and USMV is -0.16, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.16
Correlation (3Y) Calculated over the trailing 3-year period	-0.06
Correlation (5Y) Calculated over the trailing 5-year period	0.04
Correlation (10Y) Calculated over the trailing 10-year period	0.12
Correlation (All Time) Calculated using the full available price history since Oct 21, 2011	0.17

The correlation between DBO and USMV shifts across timeframes, from -0.16 (1 year) to 0.17 (all time), reflecting how their relationship changes across market environments.

DBO vs. USMV - Sectors Allocation Comparison

Sectors	DBO	USMV
Financial Services	116.0%	12.4%
Basic Materials	-	2.2%
Communication Services	-	5.9%
Consumer Cyclical	-	5.7%
Consumer Defensive	-	10.0%
Energy	-	3.6%
Healthcare	-	12.5%
Industrials	-	5.7%
Real Estate	-	2.2%
Technology	-	30.8%
Utilities	-	7.5%

Return for Risk

DBO vs. USMV — Risk / Return Rank

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

DBO

DBO Risk / Return Rank: 65
DBO Sharpe Ratio Rank: 70
DBO Sortino Ratio Rank: 62
DBO Omega Ratio Rank: 60
DBO Calmar Ratio Rank: 83
DBO Martin Ratio Rank: 52

USMV

USMV Risk / Return Rank: 17
USMV Sharpe Ratio Rank: 16
USMV Sortino Ratio Rank: 16
USMV Omega Ratio Rank: 15
USMV Calmar Ratio Rank: 17
USMV Martin Ratio Rank: 19

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. USMV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DB Oil Fund (DBO) and iShares MSCI USA Min Vol Factor ETF (USMV). 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	USMV	Difference
Sharpe ratio: Return per unit of total volatility	2.34	0.52	+1.83
Sortino ratio: Return per unit of downside risk	2.94	0.79	+2.15
Omega ratio: Gain probability vs. loss probability	1.38	1.09	+0.28
Calmar ratio: Return relative to maximum drawdown	4.44	0.68	+3.76
Martin ratio: Return relative to average drawdown	9.02	2.27	+6.76
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DBO vs. USMV - Sharpe Ratio Comparison

The current DBO Sharpe Ratio is 2.34, which is higher than the USMV Sharpe Ratio of 0.52. The chart below compares the historical Sharpe Ratios of DBO and USMV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	DBO	USMV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.34	0.52	+1.83
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.50	0.61	-0.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.36	0.69	-0.33
Sharpe Ratio (All Time) Calculated using the full available price history	0.02	0.87	-0.85

Drawdowns

DBO vs. USMV - Drawdown Comparison

The maximum DBO drawdown since its inception was -90.18%, which is greater than USMV's maximum drawdown of -33.10%. Use the drawdown chart below to compare losses from any high point for DBO and USMV.

Drawdown Indicators

	DBO	USMV	Difference
Max Drawdown Largest peak-to-trough decline	-90.18%	-33.10%	-57.08%
Max Drawdown (1Y) Largest decline over 1 year	-18.19%	-6.46%	-11.73%
Max Drawdown (3Y) Largest decline over 3 years	-28.20%	-9.36%	-18.84%
Max Drawdown (5Y) Largest decline over 5 years	-37.68%	-17.93%	-19.75%
Max Drawdown (10Y) Largest decline over 10 years	-61.69%	-33.10%	-28.59%
Current Drawdown Current decline from peak	-51.38%	-1.18%	-50.20%
Average Drawdown Average peak-to-trough decline	-62.25%	-2.88%	-59.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.92%	1.93%	+6.99%

Volatility

DBO vs. USMV - Volatility Comparison

Invesco DB Oil Fund (DBO) has a higher volatility of 12.61% compared to iShares MSCI USA Min Vol Factor ETF (USMV) at 2.38%. This indicates that DBO's price experiences larger fluctuations and is considered to be riskier than USMV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DBO	USMV	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.61%	2.38%	+10.23%
Volatility (6M) Calculated over the trailing 6-month period	28.20%	5.91%	+22.29%
Volatility (1Y) Calculated over the trailing 1-year period	34.46%	8.50%	+25.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.29%	12.35%	+19.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.78%	14.51%	+17.27%

DBO vs. USMV - Expense Ratio Comparison

DBO has a 0.78% expense ratio, which is higher than USMV's 0.15% expense ratio.

Dividends

DBO vs. USMV - Dividend Comparison

DBO's dividend yield for the trailing twelve months is around 1.90%, more than USMV's 1.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DBO Invesco DB Oil Fund	1.90%	3.51%	4.68%	4.59%	0.66%	0.00%	0.00%	1.63%	1.58%	0.00%	0.00%	0.00%
USMV iShares MSCI USA Min Vol Factor ETF	1.53%	1.49%	1.67%	1.82%	1.62%	1.26%	1.81%	1.88%	2.12%	1.77%	2.22%	2.02%

Frequently Asked Questions

Can I hold both DBO and USMV in my portfolio?

DBO and USMV have a correlation of -0.16, 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 USMV?

DBO has higher volatility (12.61%) compared to USMV (2.38%). In terms of maximum drawdown, DBO dropped -90.18% vs USMV's -33.10%.

Which ETF is better, DBO or USMV?

On 10-year performance, DBO leads with 11.37% vs 9.93% for USMV. On fees, USMV is cheaper at 0.15% per year. On volatility, USMV has been the lower-risk option at 2.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DBO or USMV?

Over the 10-year period, DBO has performed better with a 11.37% return vs 9.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DBO or USMV?

USMV is cheaper with a 0.15% expense ratio, compared with 0.78% for DBO.

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

DBO has the higher dividend yield at 1.90%, compared with 1.53% for USMV.

What is the main difference between DBO and USMV?

DBO is categorized as Oil & Gas, while USMV is Large Cap Blend Equities. DBO tracks DBIQ Optimum Yield Crude Oil Index Excess Return, while USMV tracks MSCI USA Minimum Volatility Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.78% for DBO and 0.15% for USMV.

Which has better risk-adjusted returns?

DBO currently has the higher Sharpe Ratio (2.34 vs 0.52), 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.