OIH vs. DBO
OIH (VanEck Oil Services ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - OIH is a Energy Equities fund tracking the MVIS US Listed Oil Services 25 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, OIH returned -2.32%/yr vs 9.22%/yr for DBO. A 0.60 correlation means they provide meaningful diversification when combined. OIH charges 0.35%/yr vs 0.78%/yr for DBO.
Performance
OIH vs. DBO - Performance Comparison
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Returns By Period
In the year-to-date period, OIH achieves a 35.03% return, which is significantly lower than DBO's 50.16% return. Over the past 10 years, OIH has underperformed DBO with an annualized return of -2.32%, while DBO has yielded a comparatively higher 9.22% annualized return.
OIH
- 1D
- -1.13%
- 1M
- -13.39%
- YTD
- 35.03%
- 6M
- 35.52%
- 1Y
- 68.64%
- 3Y*
- 14.83%
- 5Y*
- 12.26%
- 10Y*
- -2.32%
DBO
- 1D
- -1.13%
- 1M
- -18.58%
- YTD
- 50.16%
- 6M
- 47.74%
- 1Y
- 36.30%
- 3Y*
- 14.32%
- 5Y*
- 10.16%
- 10Y*
- 9.22%
OIH vs. DBO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
OIH VanEck Oil Services ETF | 35.03% | 6.81% | -10.53% | 3.20% | 66.17% | 21.22% | -41.19% | -3.54% | -45.03% | -19.66% |
DBO Invesco DB Oil Fund | 50.16% | -11.71% | 7.85% | -4.44% | 13.04% | 60.74% | -20.99% | 28.05% | -15.22% | 4.86% |
Correlation
The correlation between OIH and DBO is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.37 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.51 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.59 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.57 |
Correlation (All Time) Calculated using the full available price history since Jan 5, 2007 | 0.60 |
Over the past year, the correlation between OIH and DBO has dropped to 0.37 - well below their long-term average of 0.60, suggesting their price drivers have been diverging.
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Return for Risk
OIH vs. DBO — Risk / Return Rank
OIH
DBO
OIH vs. DBO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Oil Services ETF (OIH) 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.
| OIH | DBO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.24 | ||
| Sortino ratioReturn per unit of downside risk | +1.36 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.19 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | 4.51 | 1.58 | +2.93 |
| Martin ratioReturn relative to average drawdown | 16.04 | 4.29 | +11.75 |
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Drawdowns
OIH vs. DBO - Drawdown Comparison
The maximum OIH drawdown since its inception was -94.45%, roughly equal to the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for OIH and DBO.
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Drawdown Indicators
| OIH | DBO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.45% | -90.18% | -4.27% |
Max Drawdown (1Y)Largest decline over 1 year | -15.29% | -23.03% | +7.74% |
Max Drawdown (3Y)Largest decline over 3 years | -43.80% | -28.20% | -15.60% |
Max Drawdown (5Y)Largest decline over 5 years | -43.80% | -37.68% | -6.12% |
Max Drawdown (10Y)Largest decline over 10 years | -89.62% | -61.69% | -27.93% |
Current DrawdownCurrent decline from peak | -65.76% | -60.48% | -5.28% |
Average DrawdownAverage peak-to-trough decline | -48.87% | -62.22% | +13.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.29% | 8.51% | -4.22% |
Volatility
OIH vs. DBO - Volatility Comparison
VanEck Oil Services ETF (OIH) and Invesco DB Oil Fund (DBO) have volatilities of 10.14% and 10.29%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| OIH | DBO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.14% | 10.29% | -0.15% |
Volatility (6M)Calculated over the trailing 6-month period | 21.14% | 29.36% | -8.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 30.39% | 34.89% | -4.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.79% | 32.54% | +4.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 42.38% | 31.81% | +10.57% |
OIH vs. DBO - Expense Ratio Comparison
OIH has a 0.35% expense ratio, which is lower than DBO's 0.78% expense ratio.
Dividends
OIH vs. DBO - Dividend Comparison
OIH's dividend yield for the trailing twelve months is around 1.27%, less than DBO's 2.34% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DBO Invesco DB Oil Fund | 2.34% | 3.51% | 4.68% | 4.59% | 0.66% | 0.00% | 0.00% | 1.63% | 1.58% | 0.00% | 0.00% | 0.00% |
OIH VanEck Oil Services ETF | 1.27% | 1.71% | 2.01% | 1.36% | 0.95% | 0.98% | 1.23% | 2.10% | 2.13% | 2.60% | 1.40% | 2.39% |
Frequently Asked Questions
OIH and DBO have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBO has higher volatility (10.29%) compared to OIH (10.14%). In terms of maximum drawdown, OIH dropped -94.45% vs DBO's -90.18%.
On 10-year performance, DBO leads with 9.22% vs -2.32% for OIH. On fees, OIH is cheaper at 0.35% per year. On volatility, OIH has been the lower-risk option at 10.14%. 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 9.22% return vs -2.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
OIH is cheaper with a 0.35% expense ratio, compared with 0.78% for DBO.
DBO has the higher dividend yield at 2.34%, compared with 1.27% for OIH.
OIH is categorized as Energy Equities, while DBO is Oil & Gas. OIH tracks MVIS US Listed Oil Services 25 Index, while DBO tracks DBIQ Optimum Yield Crude Oil Index Excess Return. They also come from different issuers: VanEck and Invesco. Their fees differ too: 0.35% for OIH and 0.78% for DBO.
OIH currently has the higher Sharpe Ratio (2.30 vs 1.06), 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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