Pt-IrOx and Au-V2O5 thin films were created by magnetron co-sputtering from multiple targets in an Ar-O2 mixture. Successful Pt-IrOx production required high O2 partial pressure and slow deposition rate followed by post-annealing in pure O2. In contrast, deposition of Au-V2O5 films required relatively low O2 partial pressure, and did not need any post-anneal. These different strategies for forming oxide dispersion strengthened films in a multi-target reactive sputtering configuration are directly related to the thermodynamic characteristics of the two materials systems. The most important characteristics are the low equilibrium oxygen solubility in Pt and Au, and the different degrees of oxygen affinity by Ir and V.