KWT vs. DBO
KWT (iShares MSCI Kuwait ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - KWT is a Financials Equities fund tracking the MSCI All Kuwait Select Size Liquidity Capped 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 5 years, KWT returned 8.09%/yr vs 13.46%/yr for DBO. Their 0.04 correlation means their historical movements had little consistent relationship. KWT charges 0.74%/yr vs 0.78%/yr for DBO.
Performance
KWT vs. DBO - Performance Comparison
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Returns By Period
In the year-to-date period, KWT achieves a -2.07% return, which is significantly lower than DBO's 76.48% return.
KWT
- 1D
- 0.81%
- 1M
- 0.56%
- 6M
- 2.34%
- YTD
- -2.07%
- 1Y
- 0.72%
- 3Y*
- 8.77%
- 5Y*
- 8.09%
- 10Y*
- —
- ALL TIME*
- 11.70%
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 | |
| $573.11K | $324.38K | $212.27K |
KWT vs. DBO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
KWT iShares MSCI Kuwait ETF | -2.07% | 25.38% | 11.29% | -4.71% | 5.16% | 30.73% | 7.37% |
DBO Invesco DB Oil Fund | 76.48% | -11.71% | 7.85% | -4.44% | 13.04% | 60.74% | 11.36% |
Correlation
The correlation between KWT and DBO is -0.23, 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. | -0.23 |
Correlation (3Y) Balances recent behavior with more history. | -0.09 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.02 |
Correlation (All Time) Calculated using the full available price history since Sep 3, 2020 | 0.04 |
The correlation between KWT and DBO shifts across timeframes, from -0.23 (1 year) to 0.04 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
KWT vs. DBO — Risk / Return Rank
KWT
DBO
KWT vs. DBO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Kuwait ETF (KWT) 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.
| KWT | DBO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.42 | ||
| Sortino ratioReturn per unit of downside risk | -1.92 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 1.25 | -0.23 |
| Calmar ratioReturn relative to maximum drawdown | 0.03 | 2.01 | -1.98 |
| Martin ratioReturn relative to average drawdown | 0.06 | 6.09 | -6.03 |
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Drawdowns
KWT vs. DBO - Drawdown Comparison
The maximum KWT drawdown since its inception was -24.37%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for KWT and DBO.
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Drawdown Indicators
| KWT | DBO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.37% | -90.18% | +65.81% |
Max Drawdown (1Y)Largest decline over 1 year | -11.54% | -27.73% | +16.19% |
Max Drawdown (3Y)Largest decline over 3 years | -12.58% | -28.20% | +15.62% |
Max Drawdown (5Y)Largest decline over 5 years | -24.37% | -37.68% | +13.31% |
Max Drawdown (10Y)Largest decline over 10 years | — | -61.69% | — |
Current DrawdownCurrent decline from peak | -6.80% | -53.56% | +46.76% |
Average DrawdownAverage peak-to-trough decline | -7.29% | -62.20% | +54.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.56% | 9.96% | -4.40% |
Volatility
KWT vs. DBO - Volatility Comparison
The current volatility for iShares MSCI Kuwait ETF (KWT) is 2.59%, while Invesco DB Oil Fund (DBO) has a volatility of 17.75%. This indicates that KWT 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
| KWT | DBO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.59% | 17.75% | -15.16% |
Volatility (6M)Calculated over the trailing 6-month period | 9.95% | 33.77% | -23.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.36% | 38.53% | -25.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.60% | 33.35% | -19.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.88% | 32.20% | -18.32% |
KWT vs. DBO - Expense Ratio Comparison
KWT has a 0.74% expense ratio, which is lower than DBO's 0.78% expense ratio.
Dividends
KWT vs. DBO - Dividend Comparison
KWT's dividend yield for the trailing twelve months is around 5.62%, more than DBO's 1.99% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBO Invesco DB Oil Fund | 1.99% | 3.51% | 4.68% | 4.59% | 0.66% | 0.00% | 0.00% | 1.63% | 1.58% |
KWT iShares MSCI Kuwait ETF | 5.62% | 5.40% | 6.09% | 2.25% | 5.87% | 7.65% | 0.27% | 0.00% | 0.00% |
Frequently Asked Questions
KWT and DBO have a correlation of -0.23, 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 KWT (2.59%). In terms of maximum drawdown, KWT dropped -24.37% vs DBO's -90.18%.
On 5-year performance, DBO leads with 13.46% vs 8.09% for KWT. On fees, KWT is cheaper at 0.74% per year. On volatility, KWT has been the lower-risk option at 2.59%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, DBO has performed better with a 13.46% return vs 8.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KWT is cheaper with a 0.74% expense ratio, compared with 0.78% for DBO.
KWT has the higher dividend yield at 5.62%, compared with 1.99% for DBO.
KWT is categorized as Financials Equities, while DBO is Oil & Gas. KWT tracks MSCI All Kuwait Select Size Liquidity Capped 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 KWT and 0.78% for DBO.
DBO currently has the higher Sharpe Ratio (1.45 vs 0.02), 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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