DBO vs. VCSH
DBO (Invesco DB Oil Fund) and VCSH (Vanguard Short-Term Corporate Bond ETF) are both exchange-traded funds - DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return, while VCSH is a Corporate Bonds fund tracking the Bloomberg U.S. 1-5 Year Corporate Bond Index. Both are passively managed. Over the past 10 years, DBO returned 8.76%/yr vs 2.67%/yr for VCSH. At a correlation of -0.05, they often move in opposite directions. DBO charges 0.78%/yr vs 0.04%/yr for VCSH.
Performance
DBO vs. VCSH - Performance Comparison
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Returns By Period
In the year-to-date period, DBO achieves a 43.93% return, which is significantly higher than VCSH's 0.89% return. Over the past 10 years, DBO has outperformed VCSH with an annualized return of 8.76%, while VCSH has yielded a comparatively lower 2.67% annualized return.
DBO
- 1D
- -4.15%
- 1M
- -21.96%
- YTD
- 43.93%
- 6M
- 41.96%
- 1Y
- 37.25%
- 3Y*
- 12.72%
- 5Y*
- 9.10%
- 10Y*
- 8.76%
VCSH
- 1D
- 0.16%
- 1M
- 0.52%
- YTD
- 0.89%
- 6M
- 1.00%
- 1Y
- 4.07%
- 3Y*
- 5.65%
- 5Y*
- 2.41%
- 10Y*
- 2.67%
DBO vs. VCSH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DBO Invesco DB Oil Fund | 43.93% | -11.71% | 7.85% | -4.44% | 13.04% | 60.74% | -20.99% | 28.05% | -15.22% | 4.86% |
VCSH Vanguard Short-Term Corporate Bond ETF | 0.89% | 6.77% | 4.91% | 6.20% | -5.62% | -0.63% | 5.13% | 7.02% | 0.92% | 2.17% |
Correlation
The correlation between DBO and VCSH is -0.39, 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 | -0.39 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.19 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.11 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.07 |
Correlation (All Time) Calculated using the full available price history since Nov 23, 2009 | -0.05 |
Over the past year, the inverse relationship between DBO and VCSH has strengthened: their correlation has moved from -0.05 to -0.39, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
DBO vs. VCSH — Risk / Return Rank
DBO
VCSH
DBO vs. VCSH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB Oil Fund (DBO) and Vanguard Short-Term Corporate Bond ETF (VCSH). 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.
| DBO | VCSH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.05 | ||
| Sortino ratioReturn per unit of downside risk | -1.64 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.42 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | 1.43 | 2.92 | -1.49 |
| Martin ratioReturn relative to average drawdown | 4.33 | 11.82 | -7.50 |
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Drawdowns
DBO vs. VCSH - Drawdown Comparison
The maximum DBO drawdown since its inception was -90.18%, which is greater than VCSH's maximum drawdown of -12.86%. Use the drawdown chart below to compare losses from any high point for DBO and VCSH.
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Drawdown Indicators
| DBO | VCSH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -90.18% | -12.86% | -77.32% |
Max Drawdown (1Y)Largest decline over 1 year | -26.22% | -1.40% | -24.82% |
Max Drawdown (3Y)Largest decline over 3 years | -28.20% | -1.40% | -26.80% |
Max Drawdown (5Y)Largest decline over 5 years | -37.68% | -9.48% | -28.20% |
Max Drawdown (10Y)Largest decline over 10 years | -61.69% | -12.86% | -48.83% |
Current DrawdownCurrent decline from peak | -62.12% | -0.08% | -62.04% |
Average DrawdownAverage peak-to-trough decline | -62.22% | -0.96% | -61.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.63% | 0.35% | +8.28% |
Volatility
DBO vs. VCSH - Volatility Comparison
Invesco DB Oil Fund (DBO) has a higher volatility of 10.78% compared to Vanguard Short-Term Corporate Bond ETF (VCSH) at 0.70%. This indicates that DBO's price experiences larger fluctuations and is considered to be riskier than VCSH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DBO | VCSH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.78% | 0.70% | +10.08% |
Volatility (6M)Calculated over the trailing 6-month period | 29.70% | 1.48% | +28.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 34.63% | 1.92% | +32.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 32.59% | 2.89% | +29.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 31.84% | 3.35% | +28.49% |
DBO vs. VCSH - Expense Ratio Comparison
DBO has a 0.78% expense ratio, which is higher than VCSH's 0.04% expense ratio.
Dividends
DBO vs. VCSH - Dividend Comparison
DBO's dividend yield for the trailing twelve months is around 2.44%, less than VCSH's 4.44% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DBO Invesco DB Oil Fund | 2.44% | 3.51% | 4.68% | 4.59% | 0.66% | 0.00% | 0.00% | 1.63% | 1.58% | 0.00% | 0.00% | 0.00% |
VCSH Vanguard Short-Term Corporate Bond ETF | 4.44% | 4.35% | 3.96% | 3.09% | 2.01% | 1.81% | 2.27% | 2.87% | 2.65% | 2.26% | 2.10% | 2.08% |
Frequently Asked Questions
DBO and VCSH have a correlation of -0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBO has higher volatility (10.78%) compared to VCSH (0.70%). In terms of maximum drawdown, DBO dropped -90.18% vs VCSH's -12.86%.
On 10-year performance, DBO leads with 8.76% vs 2.67% for VCSH. On fees, VCSH is cheaper at 0.04% per year. On volatility, VCSH has been the lower-risk option at 0.70%. 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 8.76% return vs 2.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VCSH is cheaper with a 0.04% expense ratio, compared with 0.78% for DBO.
VCSH has the higher dividend yield at 4.44%, compared with 2.44% for DBO.
DBO is categorized as Oil & Gas, while VCSH is Corporate Bonds. DBO tracks DBIQ Optimum Yield Crude Oil Index Excess Return, while VCSH tracks Bloomberg U.S. 1-5 Year Corporate Bond Index. They also come from different issuers: Invesco and Vanguard. Their fees differ too: 0.78% for DBO and 0.04% for VCSH.
VCSH currently has the higher Sharpe Ratio (2.14 vs 1.09), 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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