QUAL vs. DBO
QUAL (iShares MSCI USA Quality Factor ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - QUAL is a Quality Factor fund tracking the MSCI USA Sector Neutral Quality 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, QUAL returned 14.16%/yr vs 11.43%/yr for DBO. Their 0.19 correlation means their historical movements had little consistent relationship. QUAL charges 0.15%/yr vs 0.78%/yr for DBO.
Performance
QUAL vs. DBO - Performance Comparison
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Returns By Period
In the year-to-date period, QUAL achieves a 12.08% return, which is significantly lower than DBO's 66.72% return. Over the past 10 years, QUAL has outperformed DBO with an annualized return of 14.16%, while DBO has yielded a comparatively lower 11.43% annualized return.
QUAL
- 1D
- 1.10%
- 1M
- 1.52%
- 6M
- 9.27%
- YTD
- 12.08%
- 1Y
- 22.77%
- 3Y*
- 18.73%
- 5Y*
- 11.26%
- 10Y*
- 14.16%
- ALL TIME*
- 13.75%
DBO
- 1D
- -5.53%
- 1M
- 17.71%
- 6M
- 53.16%
- YTD
- 66.72%
- 1Y
- 51.44%
- 3Y*
- 12.33%
- 5Y*
- 13.64%
- 10Y*
- 11.43%
- ALL TIME*
- 0.22%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $11.34M | $10.71M | $13.49M | |
| $217.13M | $238.90M | $384.89M |
QUAL vs. DBO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
QUAL iShares MSCI USA Quality Factor ETF | 12.08% | 12.65% | 22.29% | 30.88% | -20.50% | 26.94% | 17.04% | 33.89% | -5.70% | 22.26% |
DBO Invesco DB Oil Fund | 66.72% | -11.71% | 7.85% | -4.44% | 13.04% | 60.74% | -20.99% | 28.05% | -15.22% | 4.86% |
Correlation
The correlation between QUAL and DBO is -0.33, 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. | -0.33 |
Correlation (3Y) Balances recent behavior with more history. | -0.10 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.04 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.15 |
Correlation (All Time) Calculated using the full available price history since Jul 18, 2013 | 0.19 |
The correlation between QUAL and DBO shifts across timeframes, from -0.33 (1 year) to 0.19 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
QUAL vs. DBO — Risk / Return Rank
QUAL
DBO
QUAL vs. DBO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Quality Factor ETF (QUAL) 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.
| QUAL | DBO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.53 | ||
| Sortino ratioReturn per unit of downside risk | +0.71 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.23 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 2.53 | 1.86 | +0.67 |
| Martin ratioReturn relative to average drawdown | 11.33 | 5.64 | +5.69 |
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Drawdowns
QUAL vs. DBO - Drawdown Comparison
The maximum QUAL drawdown since its inception was -34.06%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for QUAL and DBO.
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Drawdown Indicators
| QUAL | DBO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.06% | -90.18% | +56.12% |
Max Drawdown (1Y)Largest decline over 1 year | -9.03% | -27.73% | +18.70% |
Max Drawdown (3Y)Largest decline over 3 years | -18.00% | -28.20% | +10.20% |
Max Drawdown (5Y)Largest decline over 5 years | -28.23% | -37.68% | +9.45% |
Max Drawdown (10Y)Largest decline over 10 years | -34.06% | -61.69% | +27.63% |
Current DrawdownCurrent decline from peak | 0.00% | -56.13% | +56.13% |
Average DrawdownAverage peak-to-trough decline | -4.07% | -62.20% | +58.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.01% | 9.16% | -7.15% |
Volatility
QUAL vs. DBO - Volatility Comparison
The current volatility for iShares MSCI USA Quality Factor ETF (QUAL) is 3.07%, while Invesco DB Oil Fund (DBO) has a volatility of 18.99%. This indicates that QUAL 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
| QUAL | DBO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.07% | 18.99% | -15.92% |
Volatility (6M)Calculated over the trailing 6-month period | 9.70% | 34.30% | -24.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.33% | 38.86% | -26.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.39% | 33.43% | -16.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.10% | 32.24% | -14.14% |
QUAL vs. DBO - Expense Ratio Comparison
QUAL has a 0.15% expense ratio, which is lower than DBO's 0.78% expense ratio.
Dividends
QUAL vs. DBO - Dividend Comparison
QUAL's dividend yield for the trailing twelve months is around 0.85%, less than DBO's 2.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DBO Invesco DB Oil Fund | 2.11% | 3.51% | 4.68% | 4.59% | 0.66% | 0.00% | 0.00% | 1.63% | 1.58% | 0.00% | 0.00% | 0.00% |
QUAL iShares MSCI USA Quality Factor ETF | 0.85% | 0.94% | 1.02% | 1.23% | 1.59% | 1.20% | 1.39% | 1.60% | 2.00% | 1.76% | 1.96% | 1.63% |
Frequently Asked Questions
QUAL 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 (18.99%) compared to QUAL (3.07%). In terms of maximum drawdown, QUAL dropped -34.06% vs DBO's -90.18%.
On 10-year performance, QUAL leads with 14.16% vs 11.43% for DBO. On fees, QUAL is cheaper at 0.15% per year. On volatility, QUAL has been the lower-risk option at 3.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, QUAL has performed better with a 14.16% return vs 11.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QUAL is cheaper with a 0.15% expense ratio, compared with 0.78% for DBO.
DBO has the higher dividend yield at 2.11%, compared with 0.85% for QUAL.
QUAL is categorized as Quality Factor, while DBO is Oil & Gas. QUAL tracks MSCI USA Sector Neutral Quality 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: 0.15% for QUAL and 0.78% for DBO.
QUAL currently has the higher Sharpe Ratio (1.86 vs 1.33), 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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