KSA vs. DBO
KSA (iShares MSCI Saudi Arabia ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - KSA is a Emerging Markets Equities fund tracking the MSCI Saudi Arabia Investable Market Index (IMI) 25/50 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, KSA returned 7.14%/yr vs 10.34%/yr for DBO. At a 0.22 correlation, their price movements are largely independent. KSA charges 0.74%/yr vs 0.78%/yr for DBO.
Performance
KSA vs. DBO - Performance Comparison
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Returns By Period
In the year-to-date period, KSA achieves a 2.95% return, which is significantly lower than DBO's 62.54% return. Over the past 10 years, KSA has underperformed DBO with an annualized return of 7.14%, while DBO has yielded a comparatively higher 10.34% annualized return.
KSA
- 1D
- -0.14%
- 1M
- -4.23%
- 6M
- -1.33%
- YTD
- 2.95%
- 1Y
- -0.43%
- 3Y*
- -1.60%
- 5Y*
- 1.46%
- 10Y*
- 7.14%
DBO
- 1D
- -1.54%
- 1M
- 4.37%
- 6M
- 58.01%
- YTD
- 62.54%
- 1Y
- 51.12%
- 3Y*
- 15.11%
- 5Y*
- 12.25%
- 10Y*
- 10.34%
KSA vs. DBO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
KSA iShares MSCI Saudi Arabia ETF | 2.95% | -8.20% | -0.19% | 15.05% | -6.06% | 33.62% | 2.65% | 9.30% | 13.07% | 6.14% |
DBO Invesco DB Oil Fund | 62.54% | -11.71% | 7.85% | -4.44% | 13.04% | 60.74% | -20.99% | 28.05% | -15.22% | 4.86% |
Correlation
The correlation between KSA and DBO is -0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.06 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.16 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.21 |
Correlation (All Time) Calculated using the full available price history since Sep 17, 2015 | 0.22 |
The correlation between KSA and DBO shifts across timeframes, from -0.06 (1 year) to 0.22 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
KSA vs. DBO — Risk / Return Rank
KSA
DBO
KSA vs. DBO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Saudi Arabia ETF (KSA) 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.
| KSA | DBO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.45 | ||
| Sortino ratioReturn per unit of downside risk | -1.97 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.24 | -0.23 |
| Calmar ratioReturn relative to maximum drawdown | -0.04 | 1.85 | -1.89 |
| Martin ratioReturn relative to average drawdown | -0.08 | 4.96 | -5.04 |
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Drawdowns
KSA vs. DBO - Drawdown Comparison
The maximum KSA drawdown since its inception was -40.56%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for KSA and DBO.
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Drawdown Indicators
| KSA | DBO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.56% | -90.18% | +49.62% |
Max Drawdown (1Y)Largest decline over 1 year | -11.62% | -27.73% | +16.11% |
Max Drawdown (3Y)Largest decline over 3 years | -15.56% | -28.20% | +12.64% |
Max Drawdown (5Y)Largest decline over 5 years | -28.08% | -37.68% | +9.60% |
Max Drawdown (10Y)Largest decline over 10 years | -40.56% | -61.69% | +21.13% |
Current DrawdownCurrent decline from peak | -18.29% | -57.23% | +38.94% |
Average DrawdownAverage peak-to-trough decline | -11.48% | -62.22% | +50.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.30% | 10.33% | -5.03% |
Volatility
KSA vs. DBO - Volatility Comparison
The current volatility for iShares MSCI Saudi Arabia ETF (KSA) is 2.28%, while Invesco DB Oil Fund (DBO) has a volatility of 13.80%. This indicates that KSA 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
| KSA | DBO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.28% | 13.80% | -11.52% |
Volatility (6M)Calculated over the trailing 6-month period | 11.59% | 31.15% | -19.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.34% | 36.05% | -19.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.96% | 32.93% | -16.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.99% | 31.92% | -11.93% |
KSA vs. DBO - Expense Ratio Comparison
KSA has a 0.74% expense ratio, which is lower than DBO's 0.78% expense ratio.
Dividends
KSA vs. DBO - Dividend Comparison
KSA's dividend yield for the trailing twelve months is around 2.80%, more than DBO's 2.16% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DBO Invesco DB Oil Fund | 2.16% | 3.51% | 4.68% | 4.59% | 0.66% | 0.00% | 0.00% | 1.63% | 1.58% | 0.00% | 0.00% | 0.00% |
KSA iShares MSCI Saudi Arabia ETF | 2.80% | 2.95% | 3.44% | 2.44% | 1.93% | 1.58% | 1.76% | 2.15% | 2.51% | 2.30% | 3.05% | 0.04% |
Frequently Asked Questions
KSA and DBO have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBO has higher volatility (13.80%) compared to KSA (2.28%). In terms of maximum drawdown, KSA dropped -40.56% vs DBO's -90.18%.
On 10-year performance, DBO leads with 10.34% vs 7.14% for KSA. On fees, KSA is cheaper at 0.74% per year. On volatility, KSA has been the lower-risk option at 2.28%. 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 10.34% return vs 7.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KSA is cheaper with a 0.74% expense ratio, compared with 0.78% for DBO.
KSA has the higher dividend yield at 2.80%, compared with 2.16% for DBO.
KSA is categorized as Emerging Markets Equities, while DBO is Oil & Gas. KSA tracks MSCI Saudi Arabia Investable Market Index (IMI) 25/50 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: 0.74% for KSA and 0.78% for DBO.
DBO currently has the higher Sharpe Ratio (1.42 vs -0.03), 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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