DBB vs. VOO

Last updated Jun 10, 2026

DBB (Invesco DB Base Metals Fund) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - DBB is a Metals fund tracking the DBIQ Optimum Yield Industrial Metals Index Excess Return, while VOO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, DBB returned 9.08%/yr vs 15.32%/yr for VOO. At a 0.35 correlation, their price movements are largely independent. DBB charges 0.80%/yr vs 0.03%/yr for VOO.

Performance

DBB vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DB Base Metals Fund (DBB) and Vanguard S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DBB achieves a 10.81% return, which is significantly higher than VOO's 8.40% return. Over the past 10 years, DBB has underperformed VOO with an annualized return of 9.08%, while VOO has yielded a comparatively higher 15.32% annualized return.

DBB

• 1D: -0.97%
• 1M: 0.39%
• YTD: 10.81%
• 6M: 18.37%
• 1Y: 40.01%
• 3Y*: 17.45%
• 5Y*: 7.62%
• 10Y*: 9.08%

VOO

• 1D: -0.29%
• 1M: -0.05%
• YTD: 8.40%
• 6M: 8.54%
• 1Y: 24.41%
• 3Y*: 21.33%
• 5Y*: 13.32%
• 10Y*: 15.32%

*Multi-year figures are annualized to reflect compound growth (CAGR)

DBB vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DBB Invesco DB Base Metals Fund	10.81%	25.01%	7.90%	1.15%	-11.80%	28.97%	15.53%	-1.17%	-19.47%	30.09%
VOO Vanguard S&P 500 ETF	8.40%	17.82%	24.98%	26.32%	-18.17%	28.79%	18.32%	31.37%	-4.50%	21.77%

Correlation

The correlation between DBB and VOO is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (3Y) Calculated over the trailing 3-year period	0.35
Correlation (5Y) Calculated over the trailing 5-year period	0.32
Correlation (10Y) Calculated over the trailing 10-year period	0.32
Correlation (All Time) Calculated using the full available price history since Sep 9, 2010	0.35

The correlation between DBB and VOO shifts across timeframes, from 0.32 (5 years) to 0.48 (1 year), reflecting how their relationship changes across market environments.

DBB vs. VOO - Sectors Allocation Comparison

Sectors	DBB	VOO
Financial Services	98.8%	11.6%
Basic Materials	-	1.8%
Communication Services	-	11.3%
Consumer Cyclical	-	10.2%
Consumer Defensive	-	4.9%
Energy	-	3.5%
Healthcare	-	8.5%
Industrials	-	8.3%
Real Estate	-	1.9%
Technology	-	35.7%
Utilities	-	2.4%

Return for Risk

DBB vs. VOO — Risk / Return Rank

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

DBB

DBB Risk / Return Rank: 77
DBB Sharpe Ratio Rank: 79
DBB Sortino Ratio Rank: 74
DBB Omega Ratio Rank: 73
DBB Calmar Ratio Rank: 80
DBB Martin Ratio Rank: 80

VOO

VOO Risk / Return Rank: 69
VOO Sharpe Ratio Rank: 70
VOO Sortino Ratio Rank: 68
VOO Omega Ratio Rank: 70
VOO Calmar Ratio Rank: 62
VOO Martin Ratio Rank: 75

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.

DBB vs. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DB Base Metals Fund (DBB) and Vanguard S&P 500 ETF (VOO). 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.

	DBB	VOO	Difference
Sharpe ratio: Return per unit of total volatility	2.21	2.03	+0.17
Sortino ratio: Return per unit of downside risk	2.90	2.75	+0.16
Omega ratio: Gain probability vs. loss probability	1.38	1.37	+0.01
Calmar ratio: Return relative to maximum drawdown	3.66	2.76	+0.90
Martin ratio: Return relative to average drawdown	13.81	12.66	+1.16
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DBB vs. VOO - Sharpe Ratio Comparison

The current DBB Sharpe Ratio is 2.21, which is comparable to the VOO Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of DBB and VOO, 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

	DBB	VOO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.21	2.03	+0.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.38	0.79	-0.42
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	0.85	-0.36
Sharpe Ratio (All Time) Calculated using the full available price history	0.07	0.87	-0.80

Drawdowns

DBB vs. VOO - Drawdown Comparison

The maximum DBB drawdown since its inception was -60.20%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for DBB and VOO.

Drawdown Indicators

	DBB	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-60.20%	-33.99%	-26.21%
Max Drawdown (1Y) Largest decline over 1 year	-11.00%	-8.90%	-2.10%
Max Drawdown (3Y) Largest decline over 3 years	-16.59%	-18.69%	+2.10%
Max Drawdown (5Y) Largest decline over 5 years	-35.00%	-24.52%	-10.48%
Max Drawdown (10Y) Largest decline over 10 years	-37.98%	-33.99%	-3.99%
Current Drawdown Current decline from peak	-4.54%	-2.94%	-1.60%
Average Drawdown Average peak-to-trough decline	-30.87%	-3.69%	-27.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.90%	1.93%	+0.97%

Volatility

DBB vs. VOO - Volatility Comparison

Invesco DB Base Metals Fund (DBB) has a higher volatility of 6.10% compared to Vanguard S&P 500 ETF (VOO) at 3.65%. This indicates that DBB's price experiences larger fluctuations and is considered to be riskier than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DBB	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.10%	3.65%	+2.45%
Volatility (6M) Calculated over the trailing 6-month period	15.90%	9.31%	+6.59%
Volatility (1Y) Calculated over the trailing 1-year period	18.21%	12.06%	+6.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.27%	16.85%	+3.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.48%	18.03%	+0.45%

DBB vs. VOO - Expense Ratio Comparison

DBB has a 0.80% expense ratio, which is higher than VOO's 0.03% expense ratio.

Dividends

DBB vs. VOO - Dividend Comparison

DBB's dividend yield for the trailing twelve months is around 2.36%, more than VOO's 1.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DBB Invesco DB Base Metals Fund	2.36%	2.61%	4.75%	7.21%	0.94%	0.00%	0.00%	1.83%	1.59%	0.00%	0.00%	0.00%
VOO Vanguard S&P 500 ETF	1.05%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both DBB and VOO in my portfolio?

DBB and VOO have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DBB or VOO?

DBB has higher volatility (6.10%) compared to VOO (3.65%). In terms of maximum drawdown, DBB dropped -60.20% vs VOO's -33.99%.

Which ETF is better, DBB or VOO?

On 10-year performance, VOO leads with 15.32% vs 9.08% for DBB. On fees, VOO is cheaper at 0.03% per year. On volatility, VOO has been the lower-risk option at 3.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DBB or VOO?

Over the 10-year period, VOO has performed better with a 15.32% return vs 9.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DBB or VOO?

VOO is cheaper with a 0.03% expense ratio, compared with 0.80% for DBB.

Which ETF pays a higher dividend yield, DBB or VOO?

DBB has the higher dividend yield at 2.36%, compared with 1.05% for VOO.

What is the main difference between DBB and VOO?

DBB is categorized as Metals, while VOO is S&P 500. DBB tracks DBIQ Optimum Yield Industrial Metals Index Excess Return, while VOO tracks S&P 500 Index. They also come from different issuers: Invesco and Vanguard. Their fees differ too: 0.80% for DBB and 0.03% for VOO.

Which has better risk-adjusted returns?

DBB currently has the higher Sharpe Ratio (2.21 vs 2.03), 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.