BIV vs. DBO

Last updated Jun 4, 2026

BIV (Vanguard Intermediate-Term Bond Index ETF) and DBO (Invesco DB Oil 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 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, BIV returned 1.91%/yr vs 11.37%/yr for DBO. At a correlation of -0.16, they often move in opposite directions. BIV charges 0.03%/yr vs 0.78%/yr for DBO.

Performance

BIV vs. DBO - 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 Oil Fund (DBO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BIV achieves a -0.24% return, which is significantly lower than DBO's 84.75% return. Over the past 10 years, BIV has underperformed DBO with an annualized return of 1.91%, while DBO has yielded a comparatively higher 11.37% annualized return.

BIV

• 1D: -0.22%
• 1M: 0.04%
• YTD: -0.24%
• 6M: -0.48%
• 1Y: 4.80%
• 3Y*: 4.27%
• 5Y*: 0.25%
• 10Y*: 1.91%

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)

BIV vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BIV Vanguard Intermediate-Term Bond Index ETF	-0.24%	8.52%	1.57%	6.07%	-13.21%	-2.40%	9.67%	10.34%	-0.19%	3.65%
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 BIV and DBO 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	-0.21
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	-0.16

Over the past year, the inverse relationship between BIV and DBO has strengthened: their correlation has moved from -0.16 to -0.41, meaning they now move in opposite directions more often than their long-term average.

Return for Risk

BIV vs. DBO — Risk / Return Rank

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

BIV

BIV Risk / Return Rank: 31
BIV Sharpe Ratio Rank: 32
BIV Sortino Ratio Rank: 32
BIV Omega Ratio Rank: 30
BIV Calmar Ratio Rank: 30
BIV Martin Ratio Rank: 31

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.

BIV vs. DBO - 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 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.

	BIV	DBO	Difference
Sharpe ratio: Return per unit of total volatility	1.19	2.34	-1.15
Sortino ratio: Return per unit of downside risk	1.77	2.94	-1.17
Omega ratio: Gain probability vs. loss probability	1.21	1.38	-0.17
Calmar ratio: Return relative to maximum drawdown	1.52	4.44	-2.92
Martin ratio: Return relative to average drawdown	4.60	9.02	-4.43
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. DBO - Sharpe Ratio Comparison

The current BIV Sharpe Ratio is 1.19, which is lower than the DBO Sharpe Ratio of 2.34. The chart below compares the historical Sharpe Ratios of BIV 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

	BIV	DBO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.19	2.34	-1.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.04	0.50	-0.46
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.35	0.36	-0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.65	0.02	+0.62

Drawdowns

BIV vs. DBO - Drawdown Comparison

The maximum BIV drawdown since its inception was -18.95%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for BIV and DBO.

Drawdown Indicators

	BIV	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-18.95%	-90.18%	+71.23%
Max Drawdown (1Y) Largest decline over 1 year	-3.18%	-18.19%	+15.01%
Max Drawdown (3Y) Largest decline over 3 years	-6.07%	-28.20%	+22.13%
Max Drawdown (5Y) Largest decline over 5 years	-18.74%	-37.68%	+18.94%
Max Drawdown (10Y) Largest decline over 10 years	-18.95%	-61.69%	+42.74%
Current Drawdown Current decline from peak	-2.04%	-51.38%	+49.34%
Average Drawdown Average peak-to-trough decline	-3.39%	-62.25%	+58.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.05%	8.92%	-7.87%

Volatility

BIV vs. DBO - Volatility Comparison

The current volatility for Vanguard Intermediate-Term Bond Index ETF (BIV) is 1.36%, while Invesco DB Oil Fund (DBO) has a volatility of 12.61%. This indicates that BIV 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

	BIV	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.36%	12.61%	-11.25%
Volatility (6M) Calculated over the trailing 6-month period	2.90%	28.20%	-25.30%
Volatility (1Y) Calculated over the trailing 1-year period	4.06%	34.46%	-30.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.40%	32.29%	-25.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.50%	31.78%	-26.28%

BIV vs. DBO - Expense Ratio Comparison

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

Dividends

BIV vs. DBO - Dividend Comparison

BIV's dividend yield for the trailing twelve months is around 4.22%, more than DBO's 1.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BIV Vanguard Intermediate-Term Bond Index ETF	4.22%	4.01%	3.79%	3.09%	2.41%	3.42%	2.95%	2.75%	2.88%	2.69%	3.01%	3.02%
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%

Frequently Asked Questions

Can I hold both BIV and DBO in my portfolio?

BIV and DBO 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.

Which is riskier, BIV or DBO?

DBO has higher volatility (12.61%) compared to BIV (1.36%). In terms of maximum drawdown, BIV dropped -18.95% vs DBO's -90.18%.

Which ETF is better, BIV or DBO?

On 10-year performance, DBO leads with 11.37% vs 1.91% 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.

Which ETF has performed better, BIV or DBO?

Over the 10-year period, DBO has performed better with a 11.37% return vs 1.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BIV or DBO?

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

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

BIV has the higher dividend yield at 4.22%, compared with 1.90% for DBO.

What is the main difference between BIV and DBO?

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

Which has better risk-adjusted returns?

DBO currently has the higher Sharpe Ratio (2.34 vs 1.19), 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.