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BIV vs. DBE
Performance
Return for Risk
Drawdowns
Volatility
Dividends

BIV vs. DBE

Last updated Jun 5, 2026

BIV (Vanguard Intermediate-Term Bond Index ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - BIV is a Intermediate Core Bond fund tracking the Bloomberg U.S. 5–10 Year Government/Credit Float Adjusted Bond Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 10 years, BIV returned 1.93%/yr vs 11.58%/yr for DBE. At a correlation of -0.15, they often move in opposite directions. BIV charges 0.03%/yr vs 0.78%/yr for DBE.

Performance

BIV vs. DBE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Intermediate-Term Bond Index ETF (BIV) and Invesco DB Energy Fund (DBE). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, BIV achieves a -0.11% return, which is significantly lower than DBE's 79.04% return. Over the past 10 years, BIV has underperformed DBE with an annualized return of 1.93%, while DBE has yielded a comparatively higher 11.58% annualized return.

BIV

1D
0.13%
1M
0.04%
YTD
-0.11%
6M
-0.10%
1Y
4.33%
3Y*
4.34%
5Y*
0.28%
10Y*
1.93%

DBE

1D
-2.52%
1M
-6.01%
YTD
79.04%
6M
69.31%
1Y
81.31%
3Y*
22.41%
5Y*
19.05%
10Y*
11.58%
*Multi-year figures are annualized to reflect compound growth (CAGR)

BIV vs. DBE - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
BIV
Vanguard Intermediate-Term Bond Index ETF		-0.11%8.52%1.57%6.07%-13.21%-2.40%9.67%10.34%-0.19%3.65%
DBE
Invesco DB Energy Fund		79.04%-2.17%2.96%-12.14%33.77%57.56%-25.91%19.72%-12.95%5.21%

Correlation

The correlation between BIV and DBE is -0.41, 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

-0.41

Correlation (3Y)
Calculated over the trailing 3-year period

-0.22

Correlation (5Y)
Calculated over the trailing 5-year period

-0.15

Correlation (10Y)
Calculated over the trailing 10-year period

-0.14

Correlation (All Time)
Calculated using the full available price history since Apr 11, 2007

-0.15

Over the past year, the inverse relationship between BIV and DBE has strengthened: their correlation has moved from -0.15 to -0.41, meaning they now move in opposite directions more often than their long-term average.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Vanguard Intermediate-Term Bond Index ETF

Invesco DB Energy Fund

Often compared with BIV:
BIV vs. BNDBIV vs. BLVBIV vs. VFICXBIV vs. SCHPBIV vs. BNDXBIV vs. VGSHBIV vs. AGG
Often compared with DBE:
DBE vs. DBBDBE vs. XLEDBE vs. VDEDBE vs. XLKDBE vs. COMTDBE vs. GLDDBE vs. TIP

Return for Risk

BIV vs. DBE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
BIV
BIV Risk / Return Rank: 3030
Overall Rank
BIV Sharpe Ratio Rank: 3131
Sharpe Ratio Rank
BIV Sortino Ratio Rank: 3030
Sortino Ratio Rank
BIV Omega Ratio Rank: 2828
Omega Ratio Rank
BIV Calmar Ratio Rank: 2929
Calmar Ratio Rank
BIV Martin Ratio Rank: 2929
Martin Ratio Rank
DBE
DBE Risk / Return Rank: 7171
Overall Rank
DBE Sharpe Ratio Rank: 7373
Sharpe Ratio Rank
DBE Sortino Ratio Rank: 6262
Sortino Ratio Rank
DBE Omega Ratio Rank: 6565
Omega Ratio Rank
DBE Calmar Ratio Rank: 9191
Calmar Ratio Rank
DBE Martin Ratio Rank: 6262
Martin Ratio Rank
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.

BIV vs. DBE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Intermediate-Term Bond Index ETF (BIV) and Invesco DB Energy Fund (DBE). 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.

BIVDBEDifference
Sharpe ratioReturn per unit of total volatility
1.08
2.33

-1.25

Sortino ratioReturn per unit of downside risk
1.60
2.87

-1.26

Omega ratioGain probability vs. loss probability

1.19

1.39

-0.20

Calmar ratioReturn relative to maximum drawdown

1.37

5.67

-4.30

Martin ratioReturn relative to average drawdown

4.13

11.08

-6.95

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BIV vs. DBE - Sharpe Ratio Comparison

The current BIV Sharpe Ratio is 1.08, which is lower than the DBE Sharpe Ratio of 2.33. The chart below compares the historical Sharpe Ratios of BIV and DBE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

BIVDBEDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.08

2.33

-1.25

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.04

0.65

-0.61

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.35

0.41

-0.06

Sharpe Ratio (All Time)

Calculated using the full available price history

0.65

0.09

+0.56

Drawdowns

BIV vs. DBE - Drawdown Comparison

The maximum BIV drawdown since its inception was -18.95%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for BIV and DBE.

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Drawdown Indicators

BIVDBEDifference

Max Drawdown

Largest peak-to-trough decline

-18.95%

-86.69%

+67.74%

Max Drawdown (1Y)

Largest decline over 1 year

-3.18%

-14.41%

+11.23%

Max Drawdown (3Y)

Largest decline over 3 years

-6.07%

-23.89%

+17.82%

Max Drawdown (5Y)

Largest decline over 5 years

-18.74%

-38.74%

+20.00%

Max Drawdown (10Y)

Largest decline over 10 years

-18.95%

-60.84%

+41.89%

Current Drawdown

Current decline from peak

-1.91%

-32.03%

+30.12%

Average Drawdown

Average peak-to-trough decline

-3.39%

-57.30%

+53.91%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.05%

7.37%

-6.32%

Volatility

BIV vs. DBE - Volatility Comparison

The current volatility for Vanguard Intermediate-Term Bond Index ETF (BIV) is 1.36%, while Invesco DB Energy Fund (DBE) has a volatility of 13.05%. This indicates that BIV experiences smaller price fluctuations and is considered to be less risky than DBE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

BIVDBEDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.36%

13.05%

-11.69%

Volatility (6M)

Calculated over the trailing 6-month period

2.90%

30.97%

-28.07%

Volatility (1Y)

Calculated over the trailing 1-year period

4.06%

35.07%

-31.01%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

6.40%

29.41%

-23.01%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

5.50%

28.34%

-22.84%

BIV vs. DBE - Expense Ratio Comparison

BIV has a 0.03% expense ratio, which is lower than DBE's 0.78% expense ratio.

Dividends

BIV vs. DBE - Dividend Comparison

BIV's dividend yield for the trailing twelve months is around 4.21%, more than DBE's 2.16% yield.

PositionTTM20252024202320222021202020192018201720162015
BIV
Vanguard Intermediate-Term Bond Index ETF		4.21%4.01%3.79%3.09%2.41%3.42%2.95%2.75%2.88%2.69%3.01%3.02%
DBE
Invesco DB Energy Fund		2.16%3.86%6.32%3.87%0.75%0.00%0.00%1.79%1.67%0.00%0.00%0.00%

Frequently Asked Questions

BIV and DBE have a correlation of -0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

DBE has higher volatility (13.05%) compared to BIV (1.36%). In terms of maximum drawdown, BIV dropped -18.95% vs DBE's -86.69%.

On 10-year performance, DBE leads with 11.58% vs 1.93% for BIV. On fees, BIV is cheaper at 0.03% per year. On volatility, BIV has been the lower-risk option at 1.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, DBE has performed better with a 11.58% return vs 1.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

BIV is cheaper with a 0.03% expense ratio, compared with 0.78% for DBE.

BIV has the higher dividend yield at 4.21%, compared with 2.16% for DBE.

BIV is categorized as Intermediate Core Bond, while DBE is Oil & Gas. BIV tracks Bloomberg U.S. 5–10 Year Government/Credit Float Adjusted Bond Index, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: Vanguard and Invesco. Their fees differ too: 0.03% for BIV and 0.78% for DBE.

DBE currently has the higher Sharpe Ratio (2.33 vs 1.08), 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.

Portfolio Optimizer

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