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IAGG vs. DBO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IAGG vs. DBO

Last updated Jun 4, 2026

IAGG (iShares Core International Aggregate Bond ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - IAGG is a Global Bonds fund tracking the Bloomberg Global Aggregate ex USD 10% Issuer Capped (Hedged) Index, while DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return. Both are passively managed. Over the past 10 years, IAGG returned 2.17%/yr vs 11.37%/yr for DBO. At a correlation of -0.15, they often move in opposite directions. IAGG charges 0.07%/yr vs 0.78%/yr for DBO.

Performance

IAGG vs. DBO - Performance Comparison

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

Loading charts...

Returns By Period

In the year-to-date period, IAGG achieves a 0.92% return, which is significantly lower than DBO's 84.75% return. Over the past 10 years, IAGG has underperformed DBO with an annualized return of 2.17%, while DBO has yielded a comparatively higher 11.37% annualized return.

IAGG

1D
-0.20%
1M
0.66%
YTD
0.92%
6M
0.72%
1Y
2.30%
3Y*
4.59%
5Y*
1.11%
10Y*
2.17%

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

IAGG vs. DBO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IAGG
iShares Core International Aggregate Bond ETF		0.92%3.26%4.51%8.49%-10.86%-1.87%4.63%7.99%3.38%2.09%
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%

Correlation

The correlation between IAGG and DBO is -0.48, 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

-0.48

Correlation (3Y)
Calculated over the trailing 3-year period

-0.24

Correlation (5Y)
Calculated over the trailing 5-year period

-0.19

Correlation (10Y)
Calculated over the trailing 10-year period

-0.16

Correlation (All Time)
Calculated using the full available price history since Nov 13, 2015

-0.15

Over the past year, the inverse relationship between IAGG and DBO has strengthened: their correlation has moved from -0.15 to -0.48, meaning they now move in opposite directions more often than their long-term average.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Core International Aggregate Bond ETF

Invesco DB Oil Fund

Often compared with IAGG:
IAGG vs. BNDXIAGG vs. AGGIAGG vs. IBNDIAGG vs. IUSBIAGG vs. FBIIXIAGG vs. BWXIAGG vs. BND
Often compared with DBO:
DBO vs. USODBO vs. USLDBO vs. OILKDBO vs. OIHDBO vs. xleDBO vs. TPLDBO vs. KSA

Return for Risk

IAGG vs. DBO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IAGG
IAGG Risk / Return Rank: 2222
Overall Rank
IAGG Sharpe Ratio Rank: 2323
Sharpe Ratio Rank
IAGG Sortino Ratio Rank: 2222
Sortino Ratio Rank
IAGG Omega Ratio Rank: 2222
Omega Ratio Rank
IAGG Calmar Ratio Rank: 2222
Calmar Ratio Rank
IAGG Martin Ratio Rank: 2323
Martin Ratio Rank
DBO
DBO Risk / Return Rank: 6565
Overall Rank
DBO Sharpe Ratio Rank: 7070
Sharpe Ratio Rank
DBO Sortino Ratio Rank: 6262
Sortino Ratio Rank
DBO Omega Ratio Rank: 6060
Omega Ratio Rank
DBO Calmar Ratio Rank: 8383
Calmar Ratio Rank
DBO Martin Ratio Rank: 5252
Martin Ratio Rank
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.

IAGG vs. DBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core International Aggregate Bond ETF (IAGG) and Invesco DB Oil Fund (DBO). 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.

IAGGDBODifference
Sharpe ratioReturn per unit of total volatility
0.81
2.34

-1.53

Sortino ratioReturn per unit of downside risk
1.19
2.94

-1.74

Omega ratioGain probability vs. loss probability

1.15

1.38

-0.23

Calmar ratioReturn relative to maximum drawdown

1.00

4.44

-3.44

Martin ratioReturn relative to average drawdown

2.99

9.02

-6.03

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IAGG vs. DBO - Sharpe Ratio Comparison

The current IAGG Sharpe Ratio is 0.81, which is lower than the DBO Sharpe Ratio of 2.34. The chart below compares the historical Sharpe Ratios of IAGG and DBO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

IAGGDBODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.81

2.34

-1.53

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.25

0.50

-0.25

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.54

0.36

+0.18

Sharpe Ratio (All Time)

Calculated using the full available price history

0.62

0.02

+0.59

Drawdowns

IAGG vs. DBO - Drawdown Comparison

The maximum IAGG drawdown since its inception was -13.88%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for IAGG and DBO.

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Drawdown Indicators

IAGGDBODifference

Max Drawdown

Largest peak-to-trough decline

-13.88%

-90.18%

+76.30%

Max Drawdown (1Y)

Largest decline over 1 year

-2.32%

-18.19%

+15.87%

Max Drawdown (3Y)

Largest decline over 3 years

-2.32%

-28.20%

+25.88%

Max Drawdown (5Y)

Largest decline over 5 years

-13.57%

-37.68%

+24.11%

Max Drawdown (10Y)

Largest decline over 10 years

-13.88%

-61.69%

+47.81%

Current Drawdown

Current decline from peak

-0.98%

-51.38%

+50.40%

Average Drawdown

Average peak-to-trough decline

-2.85%

-62.25%

+59.40%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.77%

8.92%

-8.15%

Volatility

IAGG vs. DBO - Volatility Comparison

The current volatility for iShares Core International Aggregate Bond ETF (IAGG) is 1.18%, while Invesco DB Oil Fund (DBO) has a volatility of 12.61%. This indicates that IAGG experiences smaller price fluctuations and is considered to be less risky than DBO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

IAGGDBODifference

Volatility (1M)

Calculated over the trailing 1-month period

1.18%

12.61%

-11.43%

Volatility (6M)

Calculated over the trailing 6-month period

2.40%

28.20%

-25.80%

Volatility (1Y)

Calculated over the trailing 1-year period

2.84%

34.46%

-31.62%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

4.51%

32.29%

-27.78%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

4.05%

31.78%

-27.73%

IAGG vs. DBO - Expense Ratio Comparison

IAGG has a 0.07% expense ratio, which is lower than DBO's 0.78% expense ratio.

Dividends

IAGG vs. DBO - Dividend Comparison

IAGG's dividend yield for the trailing twelve months is around 3.66%, more than DBO's 1.90% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
IAGG
iShares Core International Aggregate Bond ETF		3.66%3.08%4.28%3.55%2.27%1.16%1.95%2.82%3.02%1.74%1.56%0.13%

Frequently Asked Questions

IAGG and DBO have a correlation of -0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

DBO has higher volatility (12.61%) compared to IAGG (1.18%). In terms of maximum drawdown, IAGG dropped -13.88% vs DBO's -90.18%.

On 10-year performance, DBO leads with 11.37% vs 2.17% for IAGG. On fees, IAGG is cheaper at 0.07% per year. On volatility, IAGG has been the lower-risk option at 1.18%. 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 11.37% return vs 2.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IAGG is cheaper with a 0.07% expense ratio, compared with 0.78% for DBO.

IAGG has the higher dividend yield at 3.66%, compared with 1.90% for DBO.

IAGG is categorized as Global Bonds, while DBO is Oil & Gas. IAGG tracks Bloomberg Global Aggregate ex USD 10% Issuer Capped (Hedged) Index, while DBO tracks DBIQ Optimum Yield Crude Oil Index Excess Return. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.07% for IAGG and 0.78% for DBO.

DBO currently has the higher Sharpe Ratio (2.34 vs 0.81), 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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