KLMN vs. DBO

Last updated Jun 4, 2026

KLMN (Invesco MSCI North America Climate ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - KLMN is a Large Cap Blend Equities fund tracking the MSCI Global Climate 500 North America Selection 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, KLMN returned 27.74% vs 80.26% for DBO. At a correlation of -0.07, they often move in opposite directions. KLMN charges 0.09%/yr vs 0.78%/yr for DBO.

Performance

KLMN vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco MSCI North America Climate ETF (KLMN) 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, KLMN achieves a 10.80% return, which is significantly lower than DBO's 84.75% return.

KLMN

• 1D: -0.74%
• 1M: 5.01%
• YTD: 10.80%
• 6M: 10.80%
• 1Y: 27.74%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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)

KLMN vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
KLMN Invesco MSCI North America Climate ETF	10.80%	18.24%	-3.62%
DBO Invesco DB Oil Fund	84.75%	-11.71%	2.82%

Correlation

The correlation between KLMN and DBO is -0.27, 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	-0.27
Correlation (All Time) Calculated using the full available price history since Dec 12, 2024	-0.07

The correlation between KLMN and DBO shifts across timeframes, from -0.27 (1 year) to -0.07 (all time), reflecting how their relationship changes across market environments.

Return for Risk

KLMN vs. DBO — Risk / Return Rank

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

KLMN

KLMN Risk / Return Rank: 70
KLMN Sharpe Ratio Rank: 71
KLMN Sortino Ratio Rank: 69
KLMN Omega Ratio Rank: 69
KLMN Calmar Ratio Rank: 64
KLMN Martin Ratio Rank: 75

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.

KLMN vs. DBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco MSCI North America Climate ETF (KLMN) 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.

	KLMN	DBO	Difference
Sharpe ratio: Return per unit of total volatility	2.28	2.34	-0.06
Sortino ratio: Return per unit of downside risk	3.12	2.94	+0.18
Omega ratio: Gain probability vs. loss probability	1.41	1.38	+0.03
Calmar ratio: Return relative to maximum drawdown	3.11	4.44	-1.32
Martin ratio: Return relative to average drawdown	14.14	9.02	+5.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KLMN vs. DBO - Sharpe Ratio Comparison

The current KLMN Sharpe Ratio is 2.28, which is comparable to the DBO Sharpe Ratio of 2.34. The chart below compares the historical Sharpe Ratios of KLMN 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

	KLMN	DBO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.28	2.34	-0.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.50	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.36	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.99	0.02	+0.96

Drawdowns

KLMN vs. DBO - Drawdown Comparison

The maximum KLMN drawdown since its inception was -19.16%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for KLMN and DBO.

Drawdown Indicators

	KLMN	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-19.16%	-90.18%	+71.02%
Max Drawdown (1Y) Largest decline over 1 year	-8.96%	-18.19%	+9.23%
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	-0.74%	-51.38%	+50.64%
Average Drawdown Average peak-to-trough decline	-2.54%	-62.25%	+59.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.97%	8.92%	-6.95%

Volatility

KLMN vs. DBO - Volatility Comparison

The current volatility for Invesco MSCI North America Climate ETF (KLMN) is 2.95%, while Invesco DB Oil Fund (DBO) has a volatility of 12.61%. This indicates that KLMN 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

	KLMN	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.95%	12.61%	-9.66%
Volatility (6M) Calculated over the trailing 6-month period	9.21%	28.20%	-18.99%
Volatility (1Y) Calculated over the trailing 1-year period	12.22%	34.46%	-22.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.61%	32.29%	-14.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.61%	31.78%	-14.17%

KLMN vs. DBO - Expense Ratio Comparison

KLMN has a 0.09% expense ratio, which is lower than DBO's 0.78% expense ratio.

Dividends

KLMN vs. DBO - Dividend Comparison

KLMN's dividend yield for the trailing twelve months is around 1.28%, less than DBO's 1.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBO Invesco DB Oil Fund	1.90%	3.51%	4.68%	4.59%	0.66%	0.00%	0.00%	1.63%	1.58%
KLMN Invesco MSCI North America Climate ETF	1.28%	1.25%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both KLMN and DBO in my portfolio?

KLMN and DBO have a correlation of -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KLMN or DBO?

DBO has higher volatility (12.61%) compared to KLMN (2.95%). In terms of maximum drawdown, KLMN dropped -19.16% vs DBO's -90.18%.

Which ETF is better, KLMN or DBO?

On 1-year performance, DBO leads with 80.26% vs 27.74% for KLMN. On fees, KLMN is cheaper at 0.09% per year. On volatility, KLMN has been the lower-risk option at 2.95%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KLMN or DBO?

Over the 1-year period, DBO has performed better with a 80.26% return vs 27.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KLMN or DBO?

KLMN is cheaper with a 0.09% expense ratio, compared with 0.78% for DBO.

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

DBO has the higher dividend yield at 1.90%, compared with 1.28% for KLMN.

What is the main difference between KLMN and DBO?

KLMN is categorized as Large Cap Blend Equities, while DBO is Oil & Gas. KLMN tracks MSCI Global Climate 500 North America Selection Index, while DBO tracks DBIQ Optimum Yield Crude Oil Index Excess Return. Their fees differ too: 0.09% for KLMN and 0.78% for DBO.

Which has better risk-adjusted returns?

DBO currently has the higher Sharpe Ratio (2.34 vs 2.28), 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.