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NYF vs. DBO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

NYF vs. DBO

Last updated Jun 4, 2026

NYF (iShares New York Muni Bond ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - NYF is a Municipal Bonds fund tracking the S&P New York AMT-Free Municipal Bond 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, NYF returned 1.81%/yr vs 11.37%/yr for DBO. At a correlation of -0.08, they often move in opposite directions. NYF charges 0.25%/yr vs 0.78%/yr for DBO.

Performance

NYF vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares New York Muni Bond ETF (NYF) and Invesco DB Oil Fund (DBO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, NYF achieves a 1.51% return, which is significantly lower than DBO's 84.75% return. Over the past 10 years, NYF has underperformed DBO with an annualized return of 1.81%, while DBO has yielded a comparatively higher 11.37% annualized return.

NYF

1D
-0.04%
1M
0.58%
YTD
1.51%
6M
1.91%
1Y
6.81%
3Y*
3.36%
5Y*
0.83%
10Y*
1.81%

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)

NYF vs. DBO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
NYF
iShares New York Muni Bond ETF		1.51%3.64%1.13%5.76%-7.75%1.34%4.18%6.49%0.66%5.02%
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 NYF and DBO is -0.33, 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

-0.33

Correlation (3Y)
Calculated over the trailing 3-year period

-0.18

Correlation (5Y)
Calculated over the trailing 5-year period

-0.13

Correlation (10Y)
Calculated over the trailing 10-year period

-0.10

Correlation (All Time)
Calculated using the full available price history since Oct 12, 2007

-0.08

Over the past year, the inverse relationship between NYF and DBO has strengthened: their correlation has moved from -0.08 to -0.33, meaning they now move in opposite directions more often than their long-term average.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares New York Muni Bond ETF

Invesco DB Oil Fund

Often compared with NYF:
NYF vs. VNYUXNYF vs. MUBNYF vs. VNYTXNYF vs. PZTNYF vs. FTFMXNYF vs. FMNYNYF vs. AGZ
Often compared with DBO:
DBO vs. USODBO vs. USLDBO vs. OILKDBO vs. OIHDBO vs. xleDBO vs. TPLDBO vs. KSA

Return for Risk

NYF vs. DBO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
NYF
NYF Risk / Return Rank: 6868
Overall Rank
NYF Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
NYF Sortino Ratio Rank: 7777
Sortino Ratio Rank
NYF Omega Ratio Rank: 8686
Omega Ratio Rank
NYF Calmar Ratio Rank: 4949
Calmar Ratio Rank
NYF Martin Ratio Rank: 5252
Martin Ratio Rank
DBO
DBO Risk / Return Rank: 6565
Overall Rank
DBO Sharpe Ratio Rank: 7070
Sharpe Ratio Rank
DBO Sortino Ratio Rank: 6262
Sortino Ratio Rank
DBO Omega Ratio Rank: 6060
Omega Ratio Rank
DBO Calmar Ratio Rank: 8383
Calmar Ratio Rank
DBO Martin Ratio Rank: 5252
Martin Ratio Rank
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.

NYF vs. DBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares New York Muni Bond ETF (NYF) 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.

NYFDBODifference
Sharpe ratioReturn per unit of total volatility
2.46
2.34

+0.12

Sortino ratioReturn per unit of downside risk
3.51
2.94

+0.58

Omega ratioGain probability vs. loss probability

1.53

1.38

+0.16

Calmar ratioReturn relative to maximum drawdown

2.48

4.44

-1.96

Martin ratioReturn relative to average drawdown

8.88

9.02

-0.14

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NYF vs. DBO - Sharpe Ratio Comparison

The current NYF Sharpe Ratio is 2.46, which is comparable to the DBO Sharpe Ratio of 2.34. The chart below compares the historical Sharpe Ratios of NYF 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.

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Sharpe Ratios by Period

NYFDBODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.46

2.34

+0.12

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.21

0.50

-0.29

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.40

0.36

+0.05

Sharpe Ratio (All Time)

Calculated using the full available price history

0.47

0.02

+0.45

Drawdowns

NYF vs. DBO - Drawdown Comparison

The maximum NYF drawdown since its inception was -13.12%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for NYF and DBO.

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Drawdown Indicators

NYFDBODifference

Max Drawdown

Largest peak-to-trough decline

-13.12%

-90.18%

+77.06%

Max Drawdown (1Y)

Largest decline over 1 year

-2.76%

-18.19%

+15.43%

Max Drawdown (3Y)

Largest decline over 3 years

-5.68%

-28.20%

+22.52%

Max Drawdown (5Y)

Largest decline over 5 years

-12.71%

-37.68%

+24.97%

Max Drawdown (10Y)

Largest decline over 10 years

-13.12%

-61.69%

+48.57%

Current Drawdown

Current decline from peak

-0.56%

-51.38%

+50.82%

Average Drawdown

Average peak-to-trough decline

-2.31%

-62.25%

+59.94%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.77%

8.92%

-8.15%

Volatility

NYF vs. DBO - Volatility Comparison

The current volatility for iShares New York Muni Bond ETF (NYF) is 0.95%, while Invesco DB Oil Fund (DBO) has a volatility of 12.61%. This indicates that NYF 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

NYFDBODifference

Volatility (1M)

Calculated over the trailing 1-month period

0.95%

12.61%

-11.66%

Volatility (6M)

Calculated over the trailing 6-month period

2.08%

28.20%

-26.12%

Volatility (1Y)

Calculated over the trailing 1-year period

2.78%

34.46%

-31.68%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

4.00%

32.29%

-28.29%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

4.48%

31.78%

-27.30%

NYF vs. DBO - Expense Ratio Comparison

NYF has a 0.25% expense ratio, which is lower than DBO's 0.78% expense ratio.

Dividends

NYF vs. DBO - Dividend Comparison

NYF's dividend yield for the trailing twelve months is around 3.09%, more than DBO's 1.90% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
NYF
iShares New York Muni Bond ETF		3.09%2.99%2.77%2.36%2.04%1.85%1.98%2.19%2.48%2.46%2.43%2.60%

Frequently Asked Questions

NYF and DBO have a correlation of -0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

DBO has higher volatility (12.61%) compared to NYF (0.95%). In terms of maximum drawdown, NYF dropped -13.12% vs DBO's -90.18%.

On 10-year performance, DBO leads with 11.37% vs 1.81% for NYF. On fees, NYF is cheaper at 0.25% per year. On volatility, NYF has been the lower-risk option at 0.95%. 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 11.37% return vs 1.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

NYF is cheaper with a 0.25% expense ratio, compared with 0.78% for DBO.

NYF has the higher dividend yield at 3.09%, compared with 1.90% for DBO.

NYF is categorized as Municipal Bonds, while DBO is Oil & Gas. NYF tracks S&P New York AMT-Free Municipal Bond 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: 0.25% for NYF and 0.78% for DBO.

NYF currently has the higher Sharpe Ratio (2.46 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.

Portfolio Optimizer

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