BLV vs. DBO
BLV (Vanguard Long-Term Bond ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - BLV is a Long-Term Bond fund tracking the Bloomberg U.S. Long Government/Credit Float Adjusted 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, BLV returned 0.32%/yr vs 11.43%/yr for DBO. Their -0.18 correlation means they have often moved in opposite directions in the past. BLV charges 0.03%/yr vs 0.78%/yr for DBO.
Performance
BLV vs. DBO - Performance Comparison
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Returns By Period
In the year-to-date period, BLV achieves a -2.38% return, which is significantly lower than DBO's 66.72% return. Over the past 10 years, BLV has underperformed DBO with an annualized return of 0.32%, while DBO has yielded a comparatively higher 11.43% annualized return.
BLV
- 1D
- 0.44%
- 1M
- -3.14%
- 6M
- -2.34%
- YTD
- -2.38%
- 1Y
- -0.29%
- 3Y*
- 2.08%
- 5Y*
- -5.11%
- 10Y*
- 0.32%
- ALL TIME*
- 4.05%
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) |
|---|---|---|---|
| $51.99M | $52.76M | $45.16M | |
| $11.34M | $10.71M | $13.49M |
BLV vs. DBO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BLV Vanguard Long-Term Bond ETF | -2.38% | 6.44% | -3.65% | 7.35% | -26.95% | -2.89% | 16.13% | 18.99% | -4.17% | 10.74% |
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 BLV and DBO is -0.42, 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. | -0.42 |
Correlation (3Y) Balances recent behavior with more history. | -0.23 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.16 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.14 |
Correlation (All Time) Calculated using the full available price history since Apr 10, 2007 | -0.18 |
Over the past year, the inverse relationship between BLV and DBO has strengthened: their correlation has moved from -0.18 to -0.42, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
BLV vs. DBO — Risk / Return Rank
BLV
DBO
BLV vs. DBO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Long-Term Bond ETF (BLV) 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.
| BLV | DBO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.37 | ||
| Sortino ratioReturn per unit of downside risk | -1.92 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.23 | -0.23 |
| Calmar ratioReturn relative to maximum drawdown | -0.05 | 1.86 | -1.91 |
| Martin ratioReturn relative to average drawdown | -0.11 | 5.64 | -5.75 |
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Drawdowns
BLV vs. DBO - Drawdown Comparison
The maximum BLV drawdown since its inception was -38.29%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for BLV and DBO.
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Drawdown Indicators
| BLV | DBO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.29% | -90.18% | +51.89% |
Max Drawdown (1Y)Largest decline over 1 year | -5.92% | -27.73% | +21.81% |
Max Drawdown (3Y)Largest decline over 3 years | -11.70% | -28.20% | +16.50% |
Max Drawdown (5Y)Largest decline over 5 years | -36.27% | -37.68% | +1.41% |
Max Drawdown (10Y)Largest decline over 10 years | -38.29% | -61.69% | +23.40% |
Current DrawdownCurrent decline from peak | -26.16% | -56.13% | +29.97% |
Average DrawdownAverage peak-to-trough decline | -9.64% | -62.20% | +52.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.66% | 9.16% | -6.50% |
Volatility
BLV vs. DBO - Volatility Comparison
The current volatility for Vanguard Long-Term Bond ETF (BLV) is 2.19%, while Invesco DB Oil Fund (DBO) has a volatility of 18.99%. This indicates that BLV 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
| BLV | DBO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.19% | 18.99% | -16.80% |
Volatility (6M)Calculated over the trailing 6-month period | 5.97% | 34.30% | -28.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.77% | 38.86% | -31.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.91% | 33.43% | -20.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.95% | 32.24% | -20.29% |
BLV vs. DBO - Expense Ratio Comparison
BLV has a 0.03% expense ratio, which is lower than DBO's 0.78% expense ratio.
Dividends
BLV vs. DBO - Dividend Comparison
BLV's dividend yield for the trailing twelve months is around 4.97%, more than DBO's 2.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BLV Vanguard Long-Term Bond ETF | 4.97% | 4.67% | 5.09% | 4.06% | 4.17% | 3.37% | 6.12% | 3.57% | 4.07% | 3.63% | 4.16% | 4.37% |
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% |
Frequently Asked Questions
BLV and DBO have a correlation of -0.42, 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 BLV (2.19%). In terms of maximum drawdown, BLV dropped -38.29% vs DBO's -90.18%.
On 10-year performance, DBO leads with 11.43% vs 0.32% for BLV. On fees, BLV is cheaper at 0.03% per year. On volatility, BLV has been the lower-risk option at 2.19%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DBO has performed better with a 11.43% return vs 0.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BLV is cheaper with a 0.03% expense ratio, compared with 0.78% for DBO.
BLV has the higher dividend yield at 4.97%, compared with 2.11% for DBO.
BLV is categorized as Long-Term Bond, while DBO is Oil & Gas. BLV tracks Bloomberg U.S. Long Government/Credit Float Adjusted 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 BLV and 0.78% for DBO.
DBO currently has the higher Sharpe Ratio (1.33 vs -0.04), 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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