IJS vs. DBO

Last updated Jun 5, 2026

IJS (iShares S&P SmallCap 600 Value ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - IJS is a Small Cap Value Equities fund tracking the S&P SmallCap 600/Citigroup Value 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, IJS returned 10.07%/yr vs 10.89%/yr for DBO. At a 0.29 correlation, their price movements are largely independent. IJS charges 0.25%/yr vs 0.78%/yr for DBO.

Performance

IJS vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares S&P SmallCap 600 Value ETF (IJS) 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, IJS achieves a 16.70% return, which is significantly lower than DBO's 79.84% return. Over the past 10 years, IJS has underperformed DBO with an annualized return of 10.07%, while DBO has yielded a comparatively higher 10.89% annualized return.

IJS

• 1D: 1.37%
• 1M: 2.47%
• YTD: 16.70%
• 6M: 16.73%
• 1Y: 39.28%
• 3Y*: 15.35%
• 5Y*: 5.84%
• 10Y*: 10.07%

DBO

• 1D: -2.66%
• 1M: -3.39%
• YTD: 79.84%
• 6M: 74.51%
• 1Y: 77.38%
• 3Y*: 20.83%
• 5Y*: 15.36%
• 10Y*: 10.89%

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

IJS vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IJS iShares S&P SmallCap 600 Value ETF	16.70%	6.54%	7.33%	14.68%	-11.34%	30.53%	2.63%	24.11%	-12.86%	11.35%
DBO Invesco DB Oil Fund	79.84%	-11.71%	7.85%	-4.44%	13.04%	60.74%	-20.99%	28.05%	-15.22%	4.86%

Correlation

The correlation between IJS and DBO is -0.23, 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	-0.23
Correlation (3Y) Calculated over the trailing 3-year period	-0.00
Correlation (5Y) Calculated over the trailing 5-year period	0.15
Correlation (10Y) Calculated over the trailing 10-year period	0.23
Correlation (All Time) Calculated using the full available price history since Jan 8, 2007	0.29

The correlation between IJS and DBO shifts across timeframes, from -0.23 (1 year) to 0.29 (all time), reflecting how their relationship changes across market environments.

IJS vs. DBO - Sectors Allocation Comparison

Sectors	IJS	DBO
Financial Services	19.8%	116.0%
Consumer Cyclical	15.9%	-
Industrials	11.6%	-
Technology	11.3%	-
Real Estate	8.7%	-
Energy	7.6%	-
Healthcare	7.6%	-
Basic Materials	7.1%	-
Communication Services	4.4%	-
Consumer Defensive	3.8%	-
Utilities	2.2%	-

Return for Risk

IJS vs. DBO — Risk / Return Rank

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

IJS

IJS Risk / Return Rank: 71
IJS Sharpe Ratio Rank: 67
IJS Sortino Ratio Rank: 68
IJS Omega Ratio Rank: 62
IJS Calmar Ratio Rank: 82
IJS Martin Ratio Rank: 74

DBO

DBO Risk / Return Rank: 65
DBO Sharpe Ratio Rank: 70
DBO Sortino Ratio Rank: 62
DBO Omega Ratio Rank: 61
DBO Calmar Ratio Rank: 82
DBO Martin Ratio Rank: 52

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.

IJS vs. DBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares S&P SmallCap 600 Value ETF (IJS) 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.

	IJS	DBO	Difference
Sharpe ratio: Return per unit of total volatility	2.16	2.25	-0.09
Sortino ratio: Return per unit of downside risk	3.07	2.85	+0.22
Omega ratio: Gain probability vs. loss probability	1.37	1.36	+0.01
Calmar ratio: Return relative to maximum drawdown	4.25	4.28	-0.03
Martin ratio: Return relative to average drawdown	13.91	8.69	+5.22
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IJS vs. DBO - Sharpe Ratio Comparison

The current IJS Sharpe Ratio is 2.16, which is comparable to the DBO Sharpe Ratio of 2.25. The chart below compares the historical Sharpe Ratios of IJS 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.

Sharpe Ratios by Period

	IJS	DBO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.16	2.25	-0.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.27	0.48	-0.21
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.43	0.34	+0.08
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	0.02	+0.39

Drawdowns

IJS vs. DBO - Drawdown Comparison

The maximum IJS drawdown since its inception was -60.11%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for IJS and DBO.

Drawdown Indicators

	IJS	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-60.11%	-90.18%	+30.07%
Max Drawdown (1Y) Largest decline over 1 year	-9.28%	-18.19%	+8.91%
Max Drawdown (3Y) Largest decline over 3 years	-28.65%	-28.20%	-0.45%
Max Drawdown (5Y) Largest decline over 5 years	-28.65%	-37.68%	+9.03%
Max Drawdown (10Y) Largest decline over 10 years	-47.68%	-61.69%	+14.01%
Current Drawdown Current decline from peak	0.00%	-52.68%	+52.68%
Average Drawdown Average peak-to-trough decline	-9.89%	-62.25%	+52.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.83%	8.94%	-6.11%

Volatility

IJS vs. DBO - Volatility Comparison

The current volatility for iShares S&P SmallCap 600 Value ETF (IJS) is 4.47%, while Invesco DB Oil Fund (DBO) has a volatility of 12.79%. This indicates that IJS 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

	IJS	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.47%	12.79%	-8.32%
Volatility (6M) Calculated over the trailing 6-month period	11.58%	28.32%	-16.74%
Volatility (1Y) Calculated over the trailing 1-year period	18.27%	34.58%	-16.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.99%	32.31%	-10.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.60%	31.79%	-8.19%

IJS vs. DBO - Expense Ratio Comparison

IJS has a 0.25% expense ratio, which is lower than DBO's 0.78% expense ratio.

Dividends

IJS vs. DBO - Dividend Comparison

IJS's dividend yield for the trailing twelve months is around 1.27%, less than DBO's 1.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DBO Invesco DB Oil Fund	1.95%	3.51%	4.68%	4.59%	0.66%	0.00%	0.00%	1.63%	1.58%	0.00%	0.00%	0.00%
IJS iShares S&P SmallCap 600 Value ETF	1.27%	1.62%	1.78%	1.42%	1.46%	1.52%	1.00%	1.66%	1.75%	1.41%	1.22%	1.59%

Frequently Asked Questions

Can I hold both IJS and DBO in my portfolio?

IJS and DBO have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IJS or DBO?

DBO has higher volatility (12.79%) compared to IJS (4.47%). In terms of maximum drawdown, IJS dropped -60.11% vs DBO's -90.18%.

Which ETF is better, IJS or DBO?

On 10-year performance, DBO leads with 10.89% vs 10.07% for IJS. On fees, IJS is cheaper at 0.25% per year. On volatility, IJS has been the lower-risk option at 4.47%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IJS or DBO?

Over the 10-year period, DBO has performed better with a 10.89% return vs 10.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IJS or DBO?

IJS is cheaper with a 0.25% expense ratio, compared with 0.78% for DBO.

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

DBO has the higher dividend yield at 1.95%, compared with 1.27% for IJS.

What is the main difference between IJS and DBO?

IJS is categorized as Small Cap Value Equities, while DBO is Oil & Gas. IJS tracks S&P SmallCap 600/Citigroup Value 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: 0.25% for IJS and 0.78% for DBO.

Which has better risk-adjusted returns?

DBO currently has the higher Sharpe Ratio (2.25 vs 2.16), 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.