IWD vs. DBO

Last updated Jun 4, 2026

IWD (iShares Russell 1000 Value ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - IWD is a Large Cap Value Equities fund tracking the Russell 1000 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, IWD returned 11.23%/yr vs 11.37%/yr for DBO. At a 0.33 correlation, their price movements are largely independent. IWD charges 0.18%/yr vs 0.78%/yr for DBO.

Performance

IWD vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Russell 1000 Value ETF (IWD) 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, IWD achieves a 14.20% return, which is significantly lower than DBO's 84.75% return. Both investments have delivered pretty close results over the past 10 years, with IWD having a 11.23% annualized return and DBO not far ahead at 11.37%.

IWD

• 1D: -0.01%
• 1M: 4.22%
• YTD: 14.20%
• 6M: 14.76%
• 1Y: 28.16%
• 3Y*: 18.40%
• 5Y*: 10.17%
• 10Y*: 11.23%

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)

IWD vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IWD iShares Russell 1000 Value ETF	14.20%	15.68%	14.17%	11.34%	-7.75%	24.95%	2.73%	26.12%	-8.45%	13.45%
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 IWD and DBO is -0.22, 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	-0.22
Correlation (3Y) Calculated over the trailing 3-year period	0.00
Correlation (5Y) Calculated over the trailing 5-year period	0.16
Correlation (10Y) Calculated over the trailing 10-year period	0.26
Correlation (All Time) Calculated using the full available price history since Jan 8, 2007	0.33

The correlation between IWD and DBO shifts across timeframes, from -0.22 (1 year) to 0.33 (all time), reflecting how their relationship changes across market environments.

IWD vs. DBO - Sectors Allocation Comparison

Sectors	IWD	DBO
Financial Services	18.5%	116.0%
Technology	17.9%	-
Industrials	12.7%	-
Healthcare	10.5%	-
Communication Services	8.2%	-
Consumer Cyclical	7.0%	-
Consumer Defensive	6.7%	-
Energy	6.5%	-
Utilities	4.1%	-
Real Estate	3.9%	-
Basic Materials	3.7%	-

Return for Risk

IWD vs. DBO — Risk / Return Rank

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

IWD

IWD Risk / Return Rank: 80
IWD Sharpe Ratio Rank: 79
IWD Sortino Ratio Rank: 82
IWD Omega Ratio Rank: 78
IWD Calmar Ratio Rank: 79
IWD Martin Ratio Rank: 84

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.

IWD vs. DBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Russell 1000 Value ETF (IWD) 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.

	IWD	DBO	Difference
Sharpe ratio Return per unit of total volatility	2.63	2.34	+0.29
Sortino ratio Return per unit of downside risk	3.71	2.94	+0.78
Omega ratio Gain probability vs. loss probability	1.47	1.38	+0.10
Calmar ratio Return relative to maximum drawdown	4.17	4.44	-0.27
Martin ratio Return relative to average drawdown	17.46	9.02	+8.44
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IWD vs. DBO - Sharpe Ratio Comparison

The current IWD Sharpe Ratio is 2.63, which is comparable to the DBO Sharpe Ratio of 2.34. The chart below compares the historical Sharpe Ratios of IWD 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

	IWD	DBO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.63	2.34	+0.29
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.69	0.50	+0.19
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.65	0.36	+0.29
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	0.02	+0.40

Drawdowns

IWD vs. DBO - Drawdown Comparison

The maximum IWD drawdown since its inception was -60.10%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for IWD and DBO.

Drawdown Indicators

	IWD	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-60.10%	-90.18%	+30.08%
Max Drawdown (1Y) Largest decline over 1 year	-6.79%	-18.19%	+11.40%
Max Drawdown (3Y) Largest decline over 3 years	-15.71%	-28.20%	+12.49%
Max Drawdown (5Y) Largest decline over 5 years	-19.04%	-37.68%	+18.64%
Max Drawdown (10Y) Largest decline over 10 years	-38.51%	-61.69%	+23.18%
Current Drawdown Current decline from peak	-0.01%	-51.38%	+51.37%
Average Drawdown Average peak-to-trough decline	-8.65%	-62.25%	+53.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.62%	8.92%	-7.30%

Volatility

IWD vs. DBO - Volatility Comparison

The current volatility for iShares Russell 1000 Value ETF (IWD) is 2.90%, while Invesco DB Oil Fund (DBO) has a volatility of 12.61%. This indicates that IWD 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

	IWD	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.90%	12.61%	-9.71%
Volatility (6M) Calculated over the trailing 6-month period	8.06%	28.20%	-20.14%
Volatility (1Y) Calculated over the trailing 1-year period	10.77%	34.46%	-23.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.81%	32.29%	-17.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.29%	31.78%	-14.49%

IWD vs. DBO - Expense Ratio Comparison

IWD has a 0.18% expense ratio, which is lower than DBO's 0.78% expense ratio.

Dividends

IWD vs. DBO - Dividend Comparison

IWD's dividend yield for the trailing twelve months is around 1.50%, less 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%
IWD iShares Russell 1000 Value ETF	1.50%	1.69%	1.87%	2.02%	2.15%	1.62%	2.05%	2.45%	2.71%	2.09%	2.25%	2.47%

Frequently Asked Questions

Can I hold both IWD and DBO in my portfolio?

IWD and DBO have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IWD or DBO?

DBO has higher volatility (12.61%) compared to IWD (2.90%). In terms of maximum drawdown, IWD dropped -60.10% vs DBO's -90.18%.

Which ETF is better, IWD or DBO?

On 10-year performance, DBO leads with 11.37% vs 11.23% for IWD. On fees, IWD is cheaper at 0.18% per year. On volatility, IWD has been the lower-risk option at 2.90%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IWD or DBO?

Over the 10-year period, DBO has performed better with a 11.37% return vs 11.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IWD or DBO?

IWD is cheaper with a 0.18% expense ratio, compared with 0.78% for DBO.

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

DBO has the higher dividend yield at 1.90%, compared with 1.50% for IWD.

What is the main difference between IWD and DBO?

IWD is categorized as Large Cap Value Equities, while DBO is Oil & Gas. IWD tracks Russell 1000 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: 0.18% for IWD and 0.78% for DBO.

Which has better risk-adjusted returns?

IWD currently has the higher Sharpe Ratio (2.63 vs 2.34), 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.