OCIO vs. DBO

Last updated Jun 3, 2026

OCIO (ClearShares OCIO ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - OCIO is a Diversified Portfolio fund actively managed by ClearShares LLC, while DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return. OCIO is actively managed, while DBO is passively managed. Over the past 5 years, OCIO returned 7.68%/yr vs 15.57%/yr for DBO. At a 0.17 correlation, their price movements are largely independent. OCIO charges 0.61%/yr vs 0.78%/yr for DBO.

Performance

OCIO vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ClearShares OCIO ETF (OCIO) 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, OCIO achieves a 9.94% return, which is significantly lower than DBO's 80.66% return.

OCIO

• 1D: 0.71%
• 1M: 3.71%
• YTD: 9.94%
• 6M: 10.68%
• 1Y: 22.20%
• 3Y*: 14.20%
• 5Y*: 7.68%
• 10Y*: —

DBO

• 1D: 1.05%
• 1M: -0.09%
• YTD: 80.66%
• 6M: 78.46%
• 1Y: 78.18%
• 3Y*: 20.95%
• 5Y*: 15.57%
• 10Y*: 11.12%

*Multi-year figures are annualized to reflect compound growth (CAGR)

OCIO vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
OCIO ClearShares OCIO ETF	9.94%	12.68%	12.76%	12.03%	-12.49%	13.20%	11.54%	18.56%	-10.35%	9.00%
DBO Invesco DB Oil Fund	80.66%	-11.71%	7.85%	-4.44%	13.04%	60.74%	-20.99%	28.05%	-15.22%	30.80%

Correlation

The correlation between OCIO and DBO is -0.29, 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	-0.29
Correlation (3Y) Calculated over the trailing 3-year period	-0.06
Correlation (5Y) Calculated over the trailing 5-year period	0.09
Correlation (All Time) Calculated using the full available price history since Jun 28, 2017	0.17

The correlation between OCIO and DBO shifts across timeframes, from -0.29 (1 year) to 0.17 (all time), reflecting how their relationship changes across market environments.

OCIO vs. DBO - Sectors Allocation Comparison

Sectors	OCIO	DBO
Technology	35.9%	-
Financial Services	13.2%	116.0%
Industrials	10.9%	-
Consumer Cyclical	8.6%	-
Healthcare	7.9%	-
Communication Services	7.1%	-
Consumer Defensive	5.0%	-
Energy	3.8%	-
Basic Materials	3.3%	-
Utilities	2.6%	-
Real Estate	1.7%	-

Return for Risk

OCIO vs. DBO — Risk / Return Rank

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

OCIO

OCIO Risk / Return Rank: 69
OCIO Sharpe Ratio Rank: 68
OCIO Sortino Ratio Rank: 70
OCIO Omega Ratio Rank: 70
OCIO Calmar Ratio Rank: 63
OCIO Martin Ratio Rank: 73

DBO

DBO Risk / Return Rank: 65
DBO Sharpe Ratio Rank: 68
DBO Sortino Ratio Rank: 61
DBO Omega Ratio Rank: 60
DBO Calmar Ratio Rank: 84
DBO Martin Ratio Rank: 54

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.

OCIO vs. DBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ClearShares OCIO ETF (OCIO) 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.

	OCIO	DBO	Difference
Sharpe ratio Return per unit of total volatility	2.30	2.28	+0.02
Sortino ratio Return per unit of downside risk	3.27	2.88	+0.38
Omega ratio Gain probability vs. loss probability	1.42	1.37	+0.06
Calmar ratio Return relative to maximum drawdown	3.17	4.62	-1.45
Martin ratio Return relative to average drawdown	14.08	9.43	+4.65
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

OCIO vs. DBO - Sharpe Ratio Comparison

The current OCIO Sharpe Ratio is 2.30, which is comparable to the DBO Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of OCIO 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

	OCIO	DBO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.30	2.28	+0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.73	0.49	+0.24
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.35	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.71	0.02	+0.70

Drawdowns

OCIO vs. DBO - Drawdown Comparison

The maximum OCIO drawdown since its inception was -24.21%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for OCIO and DBO.

Drawdown Indicators

	OCIO	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-24.21%	-90.18%	+65.97%
Max Drawdown (1Y) Largest decline over 1 year	-6.98%	-18.19%	+11.21%
Max Drawdown (3Y) Largest decline over 3 years	-13.32%	-28.20%	+14.88%
Max Drawdown (5Y) Largest decline over 5 years	-18.75%	-37.68%	+18.93%
Max Drawdown (10Y) Largest decline over 10 years	—	-61.69%	—
Current Drawdown Current decline from peak	0.00%	-52.46%	+52.46%
Average Drawdown Average peak-to-trough decline	-4.44%	-62.25%	+57.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.57%	8.92%	-7.35%

Volatility

OCIO vs. DBO - Volatility Comparison

The current volatility for ClearShares OCIO ETF (OCIO) is 3.27%, while Invesco DB Oil Fund (DBO) has a volatility of 13.25%. This indicates that OCIO 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

	OCIO	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.27%	13.25%	-9.98%
Volatility (6M) Calculated over the trailing 6-month period	7.68%	28.15%	-20.47%
Volatility (1Y) Calculated over the trailing 1-year period	9.69%	34.54%	-24.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.60%	32.28%	-21.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.36%	31.78%	-20.42%

OCIO vs. DBO - Expense Ratio Comparison

OCIO has a 0.61% expense ratio, which is lower than DBO's 0.78% expense ratio.

Dividends

OCIO vs. DBO - Dividend Comparison

OCIO's dividend yield for the trailing twelve months is around 9.43%, more than DBO's 1.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
DBO Invesco DB Oil Fund	1.94%	3.51%	4.68%	4.59%	0.66%	0.00%	0.00%	1.63%	1.58%	0.00%
OCIO ClearShares OCIO ETF	9.43%	10.27%	1.87%	2.32%	3.21%	2.83%	2.90%	2.22%	0.01%	1.68%

Frequently Asked Questions

Can I hold both OCIO and DBO in my portfolio?

OCIO and DBO have a correlation of -0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OCIO or DBO?

DBO has higher volatility (13.25%) compared to OCIO (3.27%). In terms of maximum drawdown, OCIO dropped -24.21% vs DBO's -90.18%.

Which ETF is better, OCIO or DBO?

On 5-year performance, DBO leads with 15.57% vs 7.68% for OCIO. On fees, OCIO is cheaper at 0.61% per year. On volatility, OCIO has been the lower-risk option at 3.27%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OCIO or DBO?

Over the 5-year period, DBO has performed better with a 15.57% return vs 7.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OCIO or DBO?

OCIO is cheaper with a 0.61% expense ratio, compared with 0.78% for DBO.

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

OCIO has the higher dividend yield at 9.43%, compared with 1.94% for DBO.

What is the main difference between OCIO and DBO?

OCIO is categorized as Diversified Portfolio, while DBO is Oil & Gas. They also come from different issuers: ClearShares LLC and Invesco. Their fees differ too: 0.61% for OCIO and 0.78% for DBO.

Which has better risk-adjusted returns?

OCIO currently has the higher Sharpe Ratio (2.30 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.