QAT vs. DBO
QAT (iShares MSCI Qatar ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - QAT is a Emerging Markets Equities fund tracking the MSCI All Qatar 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 10 years, QAT returned 2.88%/yr vs 12.59%/yr for DBO. Their 0.17 correlation means their historical movements had little consistent relationship. QAT charges 0.59%/yr vs 0.78%/yr for DBO.
Performance
QAT vs. DBO - Performance Comparison
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Returns By Period
In the year-to-date period, QAT achieves a -4.44% return, which is significantly lower than DBO's 76.48% return. Over the past 10 years, QAT has underperformed DBO with an annualized return of 2.88%, while DBO has yielded a comparatively higher 12.59% annualized return.
QAT
- 1D
- -0.46%
- 1M
- -3.26%
- 6M
- -8.76%
- YTD
- -4.44%
- 1Y
- -7.45%
- 3Y*
- 1.12%
- 5Y*
- 2.65%
- 10Y*
- 2.88%
- ALL TIME*
- 0.92%
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 | |
| $941.21K | $596.55K | $1.10M |
QAT vs. DBO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
QAT iShares MSCI Qatar ETF | -4.44% | 8.81% | 5.20% | 2.72% | -7.23% | 14.42% | 6.94% | -0.44% | 20.03% | -11.66% |
DBO Invesco DB Oil Fund | 76.48% | -11.71% | 7.85% | -4.44% | 13.04% | 60.74% | -20.99% | 28.05% | -15.22% | 4.86% |
Correlation
The correlation between QAT and DBO is -0.24, 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. | -0.24 |
Correlation (3Y) Balances recent behavior with more history. | -0.06 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.07 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.16 |
Correlation (All Time) Calculated using the full available price history since May 1, 2014 | 0.17 |
The correlation between QAT and DBO shifts across timeframes, from -0.24 (1 year) to 0.17 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
QAT vs. DBO — Risk / Return Rank
QAT
DBO
QAT vs. DBO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Qatar ETF (QAT) 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.
| QAT | DBO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.00 | ||
| Sortino ratioReturn per unit of downside risk | -2.78 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.25 | -0.33 |
| Calmar ratioReturn relative to maximum drawdown | -0.65 | 2.01 | -2.65 |
| Martin ratioReturn relative to average drawdown | -1.14 | 6.09 | -7.23 |
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Drawdowns
QAT vs. DBO - Drawdown Comparison
The maximum QAT drawdown since its inception was -45.21%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for QAT and DBO.
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Drawdown Indicators
| QAT | DBO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.21% | -90.18% | +44.97% |
Max Drawdown (1Y)Largest decline over 1 year | -11.48% | -27.73% | +16.25% |
Max Drawdown (3Y)Largest decline over 3 years | -15.47% | -28.20% | +12.73% |
Max Drawdown (5Y)Largest decline over 5 years | -33.17% | -37.68% | +4.51% |
Max Drawdown (10Y)Largest decline over 10 years | -34.04% | -61.69% | +27.65% |
Current DrawdownCurrent decline from peak | -16.32% | -53.56% | +37.24% |
Average DrawdownAverage peak-to-trough decline | -19.10% | -62.20% | +43.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.53% | 9.96% | -3.43% |
Volatility
QAT vs. DBO - Volatility Comparison
The current volatility for iShares MSCI Qatar ETF (QAT) is 3.27%, while Invesco DB Oil Fund (DBO) has a volatility of 17.75%. This indicates that QAT 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
| QAT | DBO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.27% | 17.75% | -14.48% |
Volatility (6M)Calculated over the trailing 6-month period | 10.99% | 33.77% | -22.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.33% | 38.53% | -25.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.08% | 33.35% | -18.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.49% | 32.20% | -14.71% |
QAT vs. DBO - Expense Ratio Comparison
QAT has a 0.59% expense ratio, which is lower than DBO's 0.78% expense ratio.
Dividends
QAT vs. DBO - Dividend Comparison
QAT's dividend yield for the trailing twelve months is around 4.89%, more than DBO's 1.99% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DBO Invesco DB Oil Fund | 1.99% | 3.51% | 4.68% | 4.59% | 0.66% | 0.00% | 0.00% | 1.63% | 1.58% | 0.00% | 0.00% | 0.00% |
QAT iShares MSCI Qatar ETF | 4.89% | 3.51% | 5.90% | 3.92% | 4.78% | 2.33% | 2.63% | 3.57% | 4.63% | 4.10% | 3.51% | 4.49% |
Frequently Asked Questions
QAT and DBO have a correlation of -0.24, 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 QAT (3.27%). In terms of maximum drawdown, QAT dropped -45.21% vs DBO's -90.18%.
On 10-year performance, DBO leads with 12.59% vs 2.88% for QAT. On fees, QAT is cheaper at 0.59% per year. On volatility, QAT has been the lower-risk option at 3.27%. 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 12.59% return vs 2.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QAT is cheaper with a 0.59% expense ratio, compared with 0.78% for DBO.
QAT has the higher dividend yield at 4.89%, compared with 1.99% for DBO.
QAT is categorized as Emerging Markets Equities, while DBO is Oil & Gas. QAT tracks MSCI All Qatar 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: 0.59% for QAT and 0.78% for DBO.
DBO currently has the higher Sharpe Ratio (1.45 vs -0.56), 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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