KBWD vs. DBO
KBWD (Invesco KBW High Dividend Yield Financial ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - KBWD is a Financials Equities fund tracking the KBW Nasdaq Financial Sector Dividend Yield 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, KBWD returned 4.42%/yr vs 12.59%/yr for DBO. Their 0.23 correlation means their historical movements had little consistent relationship. KBWD charges 5.39%/yr vs 0.78%/yr for DBO.
Performance
KBWD vs. DBO - Performance Comparison
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Returns By Period
In the year-to-date period, KBWD achieves a -5.22% return, which is significantly lower than DBO's 76.48% return. Over the past 10 years, KBWD has underperformed DBO with an annualized return of 4.42%, while DBO has yielded a comparatively higher 12.59% annualized return.
KBWD
- 1D
- -0.75%
- 1M
- -2.41%
- 6M
- -7.83%
- YTD
- -5.22%
- 1Y
- 0.00%
- 3Y*
- 1.98%
- 5Y*
- 0.90%
- 10Y*
- 4.42%
- ALL TIME*
- 5.57%
DBO
- 1D
- 1.56%
- 1M
- 24.59%
- 6M
- 53.46%
- YTD
- 76.48%
- 1Y
- 60.30%
- 3Y*
- 14.86%
- 5Y*
- 13.46%
- 10Y*
- 12.59%
- ALL TIME*
- 0.52%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $11.01M | $10.23M | $13.95M | |
| $5.79M | $4.78M | $4.61M |
KBWD vs. DBO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
KBWD Invesco KBW High Dividend Yield Financial ETF | -5.22% | 5.59% | 4.30% | 20.21% | -19.14% | 31.89% | -15.58% | 20.72% | -8.70% | 12.06% |
DBO Invesco DB Oil Fund | 76.48% | -11.71% | 7.85% | -4.44% | 13.04% | 60.74% | -20.99% | 28.05% | -15.22% | 4.86% |
Correlation
The correlation between KBWD and DBO is -0.28, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.28 |
Correlation (3Y) Balances recent behavior with more history. | -0.07 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.08 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.16 |
Correlation (All Time) Calculated using the full available price history since Dec 2, 2010 | 0.23 |
The correlation between KBWD and DBO shifts across timeframes, from -0.28 (1 year) to 0.23 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
KBWD vs. DBO — Risk / Return Rank
KBWD
DBO
KBWD vs. DBO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco KBW High Dividend Yield Financial ETF (KBWD) 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.
| KBWD | DBO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.48 | ||
| Sortino ratioReturn per unit of downside risk | -1.99 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.25 | -0.24 |
| Calmar ratioReturn relative to maximum drawdown | -0.04 | 2.01 | -2.05 |
| Martin ratioReturn relative to average drawdown | -0.08 | 6.09 | -6.17 |
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Drawdowns
KBWD vs. DBO - Drawdown Comparison
The maximum KBWD drawdown since its inception was -58.63%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for KBWD and DBO.
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Drawdown Indicators
| KBWD | DBO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.63% | -90.18% | +31.55% |
Max Drawdown (1Y)Largest decline over 1 year | -15.05% | -27.73% | +12.68% |
Max Drawdown (3Y)Largest decline over 3 years | -19.65% | -28.20% | +8.55% |
Max Drawdown (5Y)Largest decline over 5 years | -30.74% | -37.68% | +6.94% |
Max Drawdown (10Y)Largest decline over 10 years | -58.63% | -61.69% | +3.06% |
Current DrawdownCurrent decline from peak | -11.95% | -53.56% | +41.61% |
Average DrawdownAverage peak-to-trough decline | -7.44% | -62.20% | +54.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.19% | 9.96% | -2.77% |
Volatility
KBWD vs. DBO - Volatility Comparison
The current volatility for Invesco KBW High Dividend Yield Financial ETF (KBWD) is 4.54%, while Invesco DB Oil Fund (DBO) has a volatility of 17.75%. This indicates that KBWD 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
| KBWD | DBO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.54% | 17.75% | -13.21% |
Volatility (6M)Calculated over the trailing 6-month period | 12.49% | 33.77% | -21.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.87% | 38.53% | -22.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.78% | 33.35% | -13.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.26% | 32.20% | -8.94% |
KBWD vs. DBO - Expense Ratio Comparison
KBWD has a 5.39% expense ratio, which is higher than DBO's 0.78% expense ratio.
Dividends
KBWD vs. DBO - Dividend Comparison
KBWD's dividend yield for the trailing twelve months is around 14.50%, more than DBO's 1.99% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DBO Invesco DB Oil Fund | 1.99% | 3.51% | 4.68% | 4.59% | 0.66% | 0.00% | 0.00% | 1.63% | 1.58% | 0.00% | 0.00% | 0.00% |
KBWD Invesco KBW High Dividend Yield Financial ETF | 14.50% | 12.83% | 12.45% | 11.45% | 11.32% | 7.26% | 9.68% | 8.63% | 9.47% | 8.77% | 8.68% | 8.89% |
Frequently Asked Questions
KBWD and DBO have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBO has higher volatility (17.75%) compared to KBWD (4.54%). In terms of maximum drawdown, KBWD dropped -58.63% vs DBO's -90.18%.
On 10-year performance, DBO leads with 12.59% vs 4.42% for KBWD. On fees, DBO is cheaper at 0.78% per year. On volatility, KBWD has been the lower-risk option at 4.54%. 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 12.59% return vs 4.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DBO is cheaper with a 0.78% expense ratio, compared with 5.39% for KBWD.
KBWD has the higher dividend yield at 14.50%, compared with 1.99% for DBO.
KBWD is categorized as Financials Equities, while DBO is Oil & Gas. KBWD tracks KBW Nasdaq Financial Sector Dividend Yield Index, while DBO tracks DBIQ Optimum Yield Crude Oil Index Excess Return. Their fees differ too: 5.39% for KBWD and 0.78% for DBO.
DBO currently has the higher Sharpe Ratio (1.45 vs -0.04), 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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