OIH vs. DBO

Last updated Jun 4, 2026

OIH (VanEck Vectors 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 -0.90%/yr vs 11.37%/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

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Vectors Oil Services ETF (OIH) 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, OIH achieves a 51.43% return, which is significantly lower than DBO's 84.75% return. Over the past 10 years, OIH has underperformed DBO with an annualized return of -0.90%, while DBO has yielded a comparatively higher 11.37% annualized return.

OIH

• 1D: 0.18%
• 1M: -2.77%
• YTD: 51.43%
• 6M: 43.87%
• 1Y: 92.96%
• 3Y*: 18.56%
• 5Y*: 13.62%
• 10Y*: -0.90%

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)

OIH vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
OIH VanEck Vectors Oil Services ETF	51.43%	6.81%	-10.53%	3.20%	66.17%	21.22%	-41.19%	-3.54%	-45.03%	-19.66%
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 OIH and DBO is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (5Y) Calculated over the trailing 5-year period	0.59
Correlation (10Y) Calculated over the trailing 10-year period	0.58
Correlation (All Time) Calculated using the full available price history since Jan 8, 2007	0.60

Over the past year, the correlation between OIH and DBO has dropped to 0.38 - well below their long-term average of 0.60, suggesting their price drivers have been diverging.

OIH vs. DBO - Sectors Allocation Comparison

Sectors	OIH	DBO
Energy	98.0%	-
Utilities	1.8%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	116.0%
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-

Return for Risk

OIH vs. DBO — Risk / Return Rank

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

OIH

OIH Risk / Return Rank: 89
OIH Sharpe Ratio Rank: 90
OIH Sortino Ratio Rank: 85
OIH Omega Ratio Rank: 79
OIH Calmar Ratio Rank: 96
OIH Martin Ratio Rank: 93

DBO

DBO Risk / Return Rank: 65
DBO Sharpe Ratio Rank: 70
DBO Sortino Ratio Rank: 62
DBO Omega Ratio Rank: 60
DBO Calmar Ratio Rank: 83
DBO Martin Ratio Rank: 52

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.

OIH vs. DBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Vectors 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.

	OIH	DBO	Difference
Sharpe ratio Return per unit of total volatility	3.19	2.34	+0.84
Sortino ratio Return per unit of downside risk	3.87	2.94	+0.94
Omega ratio Gain probability vs. loss probability	1.48	1.38	+0.10
Calmar ratio Return relative to maximum drawdown	9.80	4.44	+5.36
Martin ratio Return relative to average drawdown	24.42	9.02	+15.40
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

OIH vs. DBO - Sharpe Ratio Comparison

The current OIH Sharpe Ratio is 3.19, which is higher than the DBO Sharpe Ratio of 2.34. The chart below compares the historical Sharpe Ratios of OIH 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

	OIH	DBO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.19	2.34	+0.84
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.37	0.50	-0.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.02	0.36	-0.38
Sharpe Ratio (All Time) Calculated using the full available price history	0.01	0.02	-0.02

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.

Drawdown Indicators

	OIH	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-94.45%	-90.18%	-4.27%
Max Drawdown (1Y) Largest decline over 1 year	-9.54%	-18.19%	+8.65%
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 Drawdown Current decline from peak	-61.60%	-51.38%	-10.22%
Average Drawdown Average peak-to-trough decline	-48.84%	-62.25%	+13.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.82%	8.92%	-5.10%

Volatility

OIH vs. DBO - Volatility Comparison

The current volatility for VanEck Vectors Oil Services ETF (OIH) is 7.95%, while Invesco DB Oil Fund (DBO) has a volatility of 12.61%. This indicates that OIH 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

	OIH	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.95%	12.61%	-4.66%
Volatility (6M) Calculated over the trailing 6-month period	20.36%	28.20%	-7.84%
Volatility (1Y) Calculated over the trailing 1-year period	29.49%	34.46%	-4.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.79%	32.29%	+4.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	42.41%	31.78%	+10.63%

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 1.13%, less than DBO's 1.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
OIH VanEck Vectors Oil Services ETF	1.13%	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

Can I hold both OIH and DBO in my portfolio?

OIH and DBO have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OIH or DBO?

DBO has higher volatility (12.61%) compared to OIH (7.95%). In terms of maximum drawdown, OIH dropped -94.45% vs DBO's -90.18%.

Which ETF is better, OIH or DBO?

On 10-year performance, DBO leads with 11.37% vs -0.90% for OIH. On fees, OIH is cheaper at 0.35% per year. On volatility, OIH has been the lower-risk option at 7.95%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OIH or DBO?

Over the 10-year period, DBO has performed better with a 11.37% return vs -0.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OIH or DBO?

OIH is cheaper with a 0.35% expense ratio, compared with 0.78% for DBO.

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

DBO has the higher dividend yield at 1.90%, compared with 1.13% for OIH.

What is the main difference between OIH and DBO?

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.

Which has better risk-adjusted returns?

OIH currently has the higher Sharpe Ratio (3.19 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.