BNDX vs. DBO
BNDX (Vanguard Total International Bond ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - BNDX is a Global Bonds fund tracking the Bloomberg Global Aggregate ex-USD Float Adjusted RIC Capped Index (Hedged), 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, BNDX returned 1.52%/yr vs 11.43%/yr for DBO. Their -0.16 correlation means they have often moved in opposite directions in the past. BNDX charges 0.07%/yr vs 0.78%/yr for DBO.
Performance
BNDX vs. DBO - Performance Comparison
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Returns By Period
In the year-to-date period, BNDX achieves a 0.62% return, which is significantly lower than DBO's 66.72% return. Over the past 10 years, BNDX has underperformed DBO with an annualized return of 1.52%, while DBO has yielded a comparatively higher 11.43% annualized return.
BNDX
- 1D
- 0.40%
- 1M
- -0.58%
- 6M
- 0.16%
- YTD
- 0.62%
- 1Y
- 1.23%
- 3Y*
- 4.12%
- 5Y*
- -0.05%
- 10Y*
- 1.52%
- ALL TIME*
- 2.28%
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) |
|---|---|---|---|
| $166.29M | $189.02M | $229.54M | |
| $11.34M | $10.71M | $13.49M |
BNDX vs. DBO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BNDX Vanguard Total International Bond ETF | 0.62% | 2.86% | 3.57% | 8.77% | -12.76% | -2.29% | 4.65% | 7.87% | 2.81% | 2.40% |
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 BNDX and DBO is -0.53, 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. | -0.53 |
Correlation (3Y) Balances recent behavior with more history. | -0.29 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.21 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.17 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2013 | -0.16 |
Over the past year, the inverse relationship between BNDX and DBO has strengthened: their correlation has moved from -0.16 to -0.53, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
BNDX vs. DBO — Risk / Return Rank
BNDX
DBO
BNDX vs. DBO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Total International Bond ETF (BNDX) 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.
| BNDX | DBO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.98 | ||
| Sortino ratioReturn per unit of downside risk | -1.40 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 1.23 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | 0.42 | 1.86 | -1.44 |
| Martin ratioReturn relative to average drawdown | 1.08 | 5.64 | -4.57 |
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Drawdowns
BNDX vs. DBO - Drawdown Comparison
The maximum BNDX drawdown since its inception was -16.23%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for BNDX and DBO.
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Drawdown Indicators
| BNDX | DBO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.23% | -90.18% | +73.95% |
Max Drawdown (1Y)Largest decline over 1 year | -2.93% | -27.73% | +24.80% |
Max Drawdown (3Y)Largest decline over 3 years | -2.93% | -28.20% | +25.27% |
Max Drawdown (5Y)Largest decline over 5 years | -15.86% | -37.68% | +21.82% |
Max Drawdown (10Y)Largest decline over 10 years | -16.23% | -61.69% | +45.46% |
Current DrawdownCurrent decline from peak | -1.41% | -56.13% | +54.72% |
Average DrawdownAverage peak-to-trough decline | -3.08% | -62.20% | +59.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.15% | 9.16% | -8.01% |
Volatility
BNDX vs. DBO - Volatility Comparison
The current volatility for Vanguard Total International Bond ETF (BNDX) is 1.17%, while Invesco DB Oil Fund (DBO) has a volatility of 18.99%. This indicates that BNDX 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
| BNDX | DBO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.17% | 18.99% | -17.82% |
Volatility (6M)Calculated over the trailing 6-month period | 3.12% | 34.30% | -31.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.54% | 38.86% | -35.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.91% | 33.43% | -28.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.09% | 32.24% | -28.15% |
BNDX vs. DBO - Expense Ratio Comparison
BNDX has a 0.07% expense ratio, which is lower than DBO's 0.78% expense ratio.
Dividends
BNDX vs. DBO - Dividend Comparison
BNDX's dividend yield for the trailing twelve months is around 4.55%, more than DBO's 2.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BNDX Vanguard Total International Bond ETF | 4.55% | 4.39% | 4.18% | 4.42% | 1.51% | 3.74% | 1.11% | 3.40% | 3.01% | 2.23% | 1.89% | 1.63% |
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
BNDX and DBO have a correlation of -0.53, 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 BNDX (1.17%). In terms of maximum drawdown, BNDX dropped -16.23% vs DBO's -90.18%.
On 10-year performance, DBO leads with 11.43% vs 1.52% for BNDX. On fees, BNDX is cheaper at 0.07% per year. On volatility, BNDX has been the lower-risk option at 1.17%. 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 1.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BNDX is cheaper with a 0.07% expense ratio, compared with 0.78% for DBO.
BNDX has the higher dividend yield at 4.55%, compared with 2.11% for DBO.
BNDX is categorized as Global Bonds, while DBO is Oil & Gas. BNDX tracks Bloomberg Global Aggregate ex-USD Float Adjusted RIC Capped Index (Hedged), while DBO tracks DBIQ Optimum Yield Crude Oil Index Excess Return. They also come from different issuers: Vanguard and Invesco. Their fees differ too: 0.07% for BNDX and 0.78% for DBO.
DBO currently has the higher Sharpe Ratio (1.33 vs 0.35), 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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