QWLD vs. DBO

Last updated Jun 4, 2026

QWLD (SPDR MSCI World StrategicFactors ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - QWLD is a Large Cap Growth Equities fund tracking the MSCI World Factor Mix A-Series (USD), 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, QWLD returned 11.68%/yr vs 11.37%/yr for DBO. At a 0.16 correlation, their price movements are largely independent. QWLD charges 0.30%/yr vs 0.78%/yr for DBO.

Performance

QWLD vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR MSCI World StrategicFactors ETF (QWLD) 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, QWLD achieves a 6.55% return, which is significantly lower than DBO's 84.75% return. Both investments have delivered pretty close results over the past 10 years, with QWLD having a 11.68% annualized return and DBO not far behind at 11.37%.

QWLD

• 1D: -0.56%
• 1M: 2.55%
• YTD: 6.55%
• 6M: 7.32%
• 1Y: 17.09%
• 3Y*: 16.35%
• 5Y*: 9.96%
• 10Y*: 11.68%

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)

QWLD vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
QWLD SPDR MSCI World StrategicFactors ETF	6.55%	17.93%	14.44%	19.59%	-13.30%	21.57%	10.24%	27.59%	-7.02%	22.44%
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 QWLD and DBO is -0.30, 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	-0.30
Correlation (3Y) Calculated over the trailing 3-year period	-0.07
Correlation (5Y) Calculated over the trailing 5-year period	0.08
Correlation (10Y) Calculated over the trailing 10-year period	0.16
Correlation (All Time) Calculated using the full available price history since Jun 6, 2014	0.16

The correlation between QWLD and DBO shifts across timeframes, from -0.30 (1 year) to 0.16 (10 years), reflecting how their relationship changes across market environments.

QWLD vs. DBO - Sectors Allocation Comparison

Sectors	QWLD	DBO
Technology	22.3%	-
Financial Services	13.8%	116.0%
Healthcare	12.6%	-
Communication Services	9.6%	-
Industrials	8.6%	-
Consumer Defensive	7.6%	-
Consumer Cyclical	5.0%	-
Energy	4.5%	-
Utilities	3.7%	-
Basic Materials	2.9%	-
Real Estate	0.8%	-

Return for Risk

QWLD vs. DBO — Risk / Return Rank

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

QWLD

QWLD Risk / Return Rank: 50
QWLD Sharpe Ratio Rank: 51
QWLD Sortino Ratio Rank: 52
QWLD Omega Ratio Rank: 49
QWLD Calmar Ratio Rank: 45
QWLD Martin Ratio Rank: 55

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.

QWLD vs. DBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI World StrategicFactors ETF (QWLD) 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.

	QWLD	DBO	Difference
Sharpe ratio: Return per unit of total volatility	1.77	2.34	-0.57
Sortino ratio: Return per unit of downside risk	2.55	2.94	-0.39
Omega ratio: Gain probability vs. loss probability	1.31	1.38	-0.06
Calmar ratio: Return relative to maximum drawdown	2.24	4.44	-2.19
Martin ratio: Return relative to average drawdown	9.70	9.02	+0.67
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QWLD vs. DBO - Sharpe Ratio Comparison

The current QWLD Sharpe Ratio is 1.77, which is comparable to the DBO Sharpe Ratio of 2.34. The chart below compares the historical Sharpe Ratios of QWLD 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

	QWLD	DBO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.77	2.34	-0.57
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.74	0.50	+0.24
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.77	0.36	+0.41
Sharpe Ratio (All Time) Calculated using the full available price history	0.69	0.02	+0.67

Drawdowns

QWLD vs. DBO - Drawdown Comparison

The maximum QWLD drawdown since its inception was -31.89%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for QWLD and DBO.

Drawdown Indicators

	QWLD	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-31.89%	-90.18%	+58.29%
Max Drawdown (1Y) Largest decline over 1 year	-7.66%	-18.19%	+10.53%
Max Drawdown (3Y) Largest decline over 3 years	-12.40%	-28.20%	+15.80%
Max Drawdown (5Y) Largest decline over 5 years	-22.84%	-37.68%	+14.84%
Max Drawdown (10Y) Largest decline over 10 years	-31.89%	-61.69%	+29.80%
Current Drawdown Current decline from peak	-0.56%	-51.38%	+50.82%
Average Drawdown Average peak-to-trough decline	-3.71%	-62.25%	+58.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.77%	8.92%	-7.15%

Volatility

QWLD vs. DBO - Volatility Comparison

The current volatility for SPDR MSCI World StrategicFactors ETF (QWLD) is 2.26%, while Invesco DB Oil Fund (DBO) has a volatility of 12.61%. This indicates that QWLD 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

	QWLD	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.26%	12.61%	-10.35%
Volatility (6M) Calculated over the trailing 6-month period	7.51%	28.20%	-20.69%
Volatility (1Y) Calculated over the trailing 1-year period	9.68%	34.46%	-24.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.53%	32.29%	-18.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.18%	31.78%	-16.60%

QWLD vs. DBO - Expense Ratio Comparison

QWLD has a 0.30% expense ratio, which is lower than DBO's 0.78% expense ratio.

Dividends

QWLD vs. DBO - Dividend Comparison

QWLD's dividend yield for the trailing twelve months is around 1.84%, 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%
QWLD SPDR MSCI World StrategicFactors ETF	1.84%	1.85%	1.74%	1.78%	2.02%	1.77%	1.77%	2.13%	2.33%	2.73%	2.22%	3.42%

Frequently Asked Questions

Can I hold both QWLD and DBO in my portfolio?

QWLD and DBO have a correlation of -0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QWLD or DBO?

DBO has higher volatility (12.61%) compared to QWLD (2.26%). In terms of maximum drawdown, QWLD dropped -31.89% vs DBO's -90.18%.

Which ETF is better, QWLD or DBO?

On 10-year performance, QWLD leads with 11.68% vs 11.37% for DBO. On fees, QWLD is cheaper at 0.30% per year. On volatility, QWLD has been the lower-risk option at 2.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QWLD or DBO?

Over the 10-year period, QWLD has performed better with a 11.68% return vs 11.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QWLD or DBO?

QWLD is cheaper with a 0.30% expense ratio, compared with 0.78% for DBO.

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

DBO has the higher dividend yield at 1.90%, compared with 1.84% for QWLD.

What is the main difference between QWLD and DBO?

QWLD is categorized as Large Cap Growth Equities, while DBO is Oil & Gas. QWLD tracks MSCI World Factor Mix A-Series (USD), while DBO tracks DBIQ Optimum Yield Crude Oil Index Excess Return. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.30% for QWLD and 0.78% for DBO.

Which has better risk-adjusted returns?

DBO currently has the higher Sharpe Ratio (2.34 vs 1.77), 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.