IBHK vs. DBO

Last updated Jun 24, 2026

IBHK (iShares iBonds 2031 Term High Yield and Income ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - IBHK is a High Yield Bonds fund tracking the Bloomberg 2031 Term High Yield and Income 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 year, IBHK returned 6.70% vs 36.30% for DBO. At a correlation of -0.10, they often move in opposite directions. IBHK charges 0.35%/yr vs 0.78%/yr for DBO.

Performance

IBHK vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares iBonds 2031 Term High Yield and Income ETF (IBHK) and Invesco DB Oil Fund (DBO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IBHK achieves a 2.07% return, which is significantly lower than DBO's 50.16% return.

IBHK

• 1D: -0.11%
• 1M: 0.66%
• YTD: 2.07%
• 6M: 2.31%
• 1Y: 6.70%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DBO

• 1D: -1.13%
• 1M: -18.58%
• YTD: 50.16%
• 6M: 47.74%
• 1Y: 36.30%
• 3Y*: 14.32%
• 5Y*: 10.16%
• 10Y*: 9.22%

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

IBHK vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IBHK iShares iBonds 2031 Term High Yield and Income ETF	2.07%	9.05%	5.05%
DBO Invesco DB Oil Fund	50.16%	-11.71%	-0.32%

Correlation

The correlation between IBHK and DBO is -0.30, 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	-0.30
Correlation (All Time) Calculated using the full available price history since May 24, 2024	-0.10

Over the past year, the inverse relationship between IBHK and DBO has strengthened: their correlation has moved from -0.10 to -0.30, meaning they now move in opposite directions more often than their long-term average.

Return for Risk

IBHK vs. DBO — Risk / Return Rank

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

IBHK

IBHK Risk / Return Rank: 55
IBHK Sharpe Ratio Rank: 52
IBHK Sortino Ratio Rank: 56
IBHK Omega Ratio Rank: 53
IBHK Calmar Ratio Rank: 53
IBHK Martin Ratio Rank: 63

DBO

DBO Risk / Return Rank: 31
DBO Sharpe Ratio Rank: 31
DBO Sortino Ratio Rank: 31
DBO Omega Ratio Rank: 30
DBO Calmar Ratio Rank: 33
DBO Martin Ratio Rank: 31

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.

IBHK vs. DBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares iBonds 2031 Term High Yield and Income ETF (IBHK) 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.

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.

	IBHK	DBO	Difference
Sharpe ratio: Return per unit of total volatility	1.62	1.06	+0.56
Sortino ratio: Return per unit of downside risk	2.44	1.61	+0.83
Omega ratio: Gain probability vs. loss probability	1.30	1.19	+0.11
Calmar ratio: Return relative to maximum drawdown	2.38	1.58	+0.80
Martin ratio: Return relative to average drawdown	10.38	4.29	+6.09

IBHK vs. DBO - Sharpe Ratio Comparison

The current IBHK Sharpe Ratio is 1.62, which is higher than the DBO Sharpe Ratio of 1.06. The chart below compares the historical Sharpe Ratios of IBHK 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.

Drawdowns

IBHK vs. DBO - Drawdown Comparison

The maximum IBHK drawdown since its inception was -4.83%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for IBHK and DBO.

Drawdown Indicators

	IBHK	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-4.83%	-90.18%	+85.35%
Max Drawdown (1Y) Largest decline over 1 year	-2.82%	-23.03%	+20.21%
Max Drawdown (3Y) Largest decline over 3 years	—	-28.20%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-37.68%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-61.69%	—
Current Drawdown Current decline from peak	-0.23%	-60.48%	+60.25%
Average Drawdown Average peak-to-trough decline	-0.48%	-62.22%	+61.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.65%	8.51%	-7.86%

Volatility

IBHK vs. DBO - Volatility Comparison

The current volatility for iShares iBonds 2031 Term High Yield and Income ETF (IBHK) is 1.30%, while Invesco DB Oil Fund (DBO) has a volatility of 10.29%. This indicates that IBHK 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.

Volatility by Period

	IBHK	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.30%	10.29%	-8.99%
Volatility (6M) Calculated over the trailing 6-month period	3.35%	29.36%	-26.01%
Volatility (1Y) Calculated over the trailing 1-year period	4.16%	34.89%	-30.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.11%	32.54%	-27.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.11%	31.81%	-26.70%

IBHK vs. DBO - Expense Ratio Comparison

IBHK has a 0.35% expense ratio, which is lower than DBO's 0.78% expense ratio.

Dividends

IBHK vs. DBO - Dividend Comparison

IBHK's dividend yield for the trailing twelve months is around 6.45%, more than DBO's 2.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBO Invesco DB Oil Fund	2.34%	3.51%	4.68%	4.59%	0.66%	0.00%	0.00%	1.63%	1.58%
IBHK iShares iBonds 2031 Term High Yield and Income ETF	6.45%	6.52%	4.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IBHK and DBO in my portfolio?

IBHK and DBO have a correlation of -0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IBHK or DBO?

DBO has higher volatility (10.29%) compared to IBHK (1.30%). In terms of maximum drawdown, IBHK dropped -4.83% vs DBO's -90.18%.

Which ETF is better, IBHK or DBO?

On 1-year performance, DBO leads with 36.30% vs 6.70% for IBHK. On fees, IBHK is cheaper at 0.35% per year. On volatility, IBHK has been the lower-risk option at 1.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IBHK or DBO?

Over the 1-year period, DBO has performed better with a 36.30% return vs 6.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IBHK or DBO?

IBHK is cheaper with a 0.35% expense ratio, compared with 0.78% for DBO.

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

IBHK has the higher dividend yield at 6.45%, compared with 2.34% for DBO.

What is the main difference between IBHK and DBO?

IBHK is categorized as High Yield Bonds, while DBO is Oil & Gas. IBHK tracks Bloomberg 2031 Term High Yield and Income 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: 0.35% for IBHK and 0.78% for DBO.

Which has better risk-adjusted returns?

IBHK currently has the higher Sharpe Ratio (1.62 vs 1.06), 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.