INTF vs. DBO

Last updated Jun 4, 2026

INTF (iShares MSCI Intl Multifactor ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - INTF is a Foreign Large Cap Equities fund tracking the MSCI World ex USA Diversified Multi-Factor, 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, INTF returned 9.16%/yr vs 11.37%/yr for DBO. At a 0.23 correlation, their price movements are largely independent. INTF charges 0.30%/yr vs 0.78%/yr for DBO.

Performance

INTF vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Intl Multifactor ETF (INTF) 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, INTF achieves a 9.48% return, which is significantly lower than DBO's 84.75% return. Over the past 10 years, INTF has underperformed DBO with an annualized return of 9.16%, while DBO has yielded a comparatively higher 11.37% annualized return.

INTF

• 1D: -0.84%
• 1M: 2.45%
• YTD: 9.48%
• 6M: 12.57%
• 1Y: 25.20%
• 3Y*: 19.52%
• 5Y*: 9.49%
• 10Y*: 9.16%

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)

INTF vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
INTF iShares MSCI Intl Multifactor ETF	9.48%	35.50%	5.99%	18.25%	-12.31%	11.70%	2.83%	18.46%	-15.87%	28.46%
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 INTF and DBO is -0.32, 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	-0.32
Correlation (3Y) Calculated over the trailing 3-year period	-0.04
Correlation (5Y) Calculated over the trailing 5-year period	0.12
Correlation (10Y) Calculated over the trailing 10-year period	0.22
Correlation (All Time) Calculated using the full available price history since May 5, 2015	0.23

The correlation between INTF and DBO shifts across timeframes, from -0.32 (1 year) to 0.23 (all time), reflecting how their relationship changes across market environments.

INTF vs. DBO - Sectors Allocation Comparison

Sectors	INTF	DBO
Financial Services	25.2%	116.0%
Industrials	19.1%	-
Consumer Cyclical	9.0%	-
Technology	8.5%	-
Healthcare	8.2%	-
Basic Materials	6.6%	-
Consumer Defensive	6.3%	-
Energy	5.9%	-
Utilities	4.7%	-
Communication Services	3.9%	-
Real Estate	2.7%	-

Return for Risk

INTF vs. DBO — Risk / Return Rank

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

INTF

INTF Risk / Return Rank: 51
INTF Sharpe Ratio Rank: 50
INTF Sortino Ratio Rank: 49
INTF Omega Ratio Rank: 49
INTF Calmar Ratio Rank: 50
INTF Martin Ratio Rank: 56

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

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.

INTF vs. DBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Intl Multifactor ETF (INTF) 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.

	INTF	DBO	Difference
Sharpe ratio Return per unit of total volatility	1.74	2.34	-0.60
Sortino ratio Return per unit of downside risk	2.44	2.94	-0.50
Omega ratio Gain probability vs. loss probability	1.31	1.38	-0.06
Calmar ratio Return relative to maximum drawdown	2.48	4.44	-1.95
Martin ratio Return relative to average drawdown	9.82	9.02	+0.80
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

INTF vs. DBO - Sharpe Ratio Comparison

The current INTF Sharpe Ratio is 1.74, which is comparable to the DBO Sharpe Ratio of 2.34. The chart below compares the historical Sharpe Ratios of INTF 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

	INTF	DBO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.74	2.34	-0.60
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.59	0.50	+0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.53	0.36	+0.17
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	0.02	+0.42

Drawdowns

INTF vs. DBO - Drawdown Comparison

The maximum INTF drawdown since its inception was -40.39%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for INTF and DBO.

Drawdown Indicators

	INTF	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-40.39%	-90.18%	+49.79%
Max Drawdown (1Y) Largest decline over 1 year	-10.20%	-18.19%	+7.99%
Max Drawdown (3Y) Largest decline over 3 years	-13.64%	-28.20%	+14.56%
Max Drawdown (5Y) Largest decline over 5 years	-29.26%	-37.68%	+8.42%
Max Drawdown (10Y) Largest decline over 10 years	-40.39%	-61.69%	+21.30%
Current Drawdown Current decline from peak	-1.03%	-51.38%	+50.35%
Average Drawdown Average peak-to-trough decline	-7.70%	-62.25%	+54.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.57%	8.92%	-6.35%

Volatility

INTF vs. DBO - Volatility Comparison

The current volatility for iShares MSCI Intl Multifactor ETF (INTF) is 4.52%, while Invesco DB Oil Fund (DBO) has a volatility of 12.61%. This indicates that INTF 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

	INTF	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.52%	12.61%	-8.09%
Volatility (6M) Calculated over the trailing 6-month period	11.98%	28.20%	-16.22%
Volatility (1Y) Calculated over the trailing 1-year period	14.55%	34.46%	-19.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.16%	32.29%	-16.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.35%	31.78%	-14.43%

INTF vs. DBO - Expense Ratio Comparison

INTF has a 0.30% expense ratio, which is lower than DBO's 0.78% expense ratio.

Dividends

INTF vs. DBO - Dividend Comparison

INTF's dividend yield for the trailing twelve months is around 2.62%, more than DBO's 1.90% 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%
INTF iShares MSCI Intl Multifactor ETF	2.62%	2.87%	3.53%	3.59%	2.81%	5.38%	2.06%	3.65%	2.62%	3.26%	1.66%	0.85%

Frequently Asked Questions

Can I hold both INTF and DBO in my portfolio?

INTF and DBO have a correlation of -0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, INTF or DBO?

DBO has higher volatility (12.61%) compared to INTF (4.52%). In terms of maximum drawdown, INTF dropped -40.39% vs DBO's -90.18%.

Which ETF is better, INTF or DBO?

On 10-year performance, DBO leads with 11.37% vs 9.16% for INTF. On fees, INTF is cheaper at 0.30% per year. On volatility, INTF has been the lower-risk option at 4.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, INTF or DBO?

Over the 10-year period, DBO has performed better with a 11.37% return vs 9.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, INTF or DBO?

INTF is cheaper with a 0.30% expense ratio, compared with 0.78% for DBO.

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

INTF has the higher dividend yield at 2.62%, compared with 1.90% for DBO.

What is the main difference between INTF and DBO?

INTF is categorized as Foreign Large Cap Equities, while DBO is Oil & Gas. INTF tracks MSCI World ex USA Diversified Multi-Factor, while DBO tracks DBIQ Optimum Yield Crude Oil Index Excess Return. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.30% for INTF and 0.78% for DBO.

Which has better risk-adjusted returns?

DBO currently has the higher Sharpe Ratio (2.34 vs 1.74), 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.