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GVI vs. DBE
Performance
Return for Risk
Drawdowns
Volatility
Dividends

GVI vs. DBE

Last updated Jun 4, 2026

GVI (iShares Intermediate Government/Credit Bond ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - GVI is a Short-Term Bond fund tracking the Bloomberg U.S. Intermediate Government/Credit Bond, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 10 years, GVI returned 1.80%/yr vs 12.03%/yr for DBE. At a correlation of -0.14, they often move in opposite directions. GVI charges 0.20%/yr vs 0.78%/yr for DBE.

Performance

GVI vs. DBE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Intermediate Government/Credit Bond ETF (GVI) and Invesco DB Energy Fund (DBE). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

Over the past 10 years, GVI has underperformed DBE with an annualized return of 1.80%, while DBE has yielded a comparatively higher 12.03% annualized return.

GVI

1D
-0.13%
1M
-0.00%
YTD
-0.00%
6M
0.05%
1Y
3.89%
3Y*
4.18%
5Y*
0.98%
10Y*
1.80%

DBE

1D
2.33%
1M
-5.45%
YTD
83.68%
6M
74.95%
1Y
84.41%
3Y*
23.42%
5Y*
19.66%
10Y*
12.03%
*Multi-year figures are annualized to reflect compound growth (CAGR)

GVI vs. DBE - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
GVI
iShares Intermediate Government/Credit Bond ETF		-0.00%6.66%2.92%5.15%-8.28%-1.90%6.38%6.54%0.77%1.83%
DBE
Invesco DB Energy Fund		83.68%-2.17%2.96%-12.14%33.77%57.56%-25.91%19.72%-12.95%5.21%

Correlation

The correlation between GVI and DBE is -0.40, 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

-0.40

Correlation (3Y)
Calculated over the trailing 3-year period

-0.22

Correlation (5Y)
Calculated over the trailing 5-year period

-0.15

Correlation (10Y)
Calculated over the trailing 10-year period

-0.15

Correlation (All Time)
Calculated using the full available price history since Jan 12, 2007

-0.14

Over the past year, the inverse relationship between GVI and DBE has strengthened: their correlation has moved from -0.14 to -0.40, meaning they now move in opposite directions more often than their long-term average.

Compare stocks, funds, or ETFs

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iShares Intermediate Government/Credit Bond ETF

Invesco DB Energy Fund

Often compared with GVI:
GVI vs. GBFGVI vs. SCHJGVI vs. AGZGVI vs. VCITGVI vs. CMFGVI vs. SLQDGVI vs. AGG
Often compared with DBE:
DBE vs. DBBDBE vs. XLEDBE vs. VDEDBE vs. COMTDBE vs. XLKDBE vs. GLDDBE vs. TIP

Return for Risk

GVI vs. DBE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
GVI
GVI Risk / Return Rank: 4444
Overall Rank
GVI Sharpe Ratio Rank: 4444
Sharpe Ratio Rank
GVI Sortino Ratio Rank: 4949
Sortino Ratio Rank
GVI Omega Ratio Rank: 4444
Omega Ratio Rank
GVI Calmar Ratio Rank: 4444
Calmar Ratio Rank
GVI Martin Ratio Rank: 4141
Martin Ratio Rank
DBE
DBE Risk / Return Rank: 7171
Overall Rank
DBE Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
DBE Sortino Ratio Rank: 6363
Sortino Ratio Rank
DBE Omega Ratio Rank: 6565
Omega Ratio Rank
DBE Calmar Ratio Rank: 9191
Calmar Ratio Rank
DBE Martin Ratio Rank: 6363
Martin Ratio Rank
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.

GVI vs. DBE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Intermediate Government/Credit Bond ETF (GVI) and Invesco DB Energy Fund (DBE). 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.

GVIDBEDifference
Sharpe ratioReturn per unit of total volatility
1.56
2.43

-0.86

Sortino ratioReturn per unit of downside risk
2.39
2.96

-0.56

Omega ratioGain probability vs. loss probability

1.28

1.40

-0.12

Calmar ratioReturn relative to maximum drawdown

2.17

5.89

-3.72

Martin ratioReturn relative to average drawdown

6.60

11.53

-4.93

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GVI vs. DBE - Sharpe Ratio Comparison

The current GVI Sharpe Ratio is 1.56, which is lower than the DBE Sharpe Ratio of 2.43. The chart below compares the historical Sharpe Ratios of GVI and DBE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

GVIDBEDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.56

2.43

-0.86

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.25

0.67

-0.42

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.51

0.43

+0.09

Sharpe Ratio (All Time)

Calculated using the full available price history

0.76

0.09

+0.67

Drawdowns

GVI vs. DBE - Drawdown Comparison

The maximum GVI drawdown since its inception was -12.93%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for GVI and DBE.

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Drawdown Indicators

GVIDBEDifference

Max Drawdown

Largest peak-to-trough decline

-12.93%

-86.69%

+73.76%

Max Drawdown (1Y)

Largest decline over 1 year

-1.79%

-14.41%

+12.62%

Max Drawdown (3Y)

Largest decline over 3 years

-2.65%

-23.89%

+21.24%

Max Drawdown (5Y)

Largest decline over 5 years

-12.93%

-38.74%

+25.81%

Max Drawdown (10Y)

Largest decline over 10 years

-12.93%

-60.84%

+47.91%

Current Drawdown

Current decline from peak

-1.17%

-30.27%

+29.10%

Average Drawdown

Average peak-to-trough decline

-1.86%

-57.31%

+55.45%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.59%

7.35%

-6.76%

Volatility

GVI vs. DBE - Volatility Comparison

The current volatility for iShares Intermediate Government/Credit Bond ETF (GVI) is 0.77%, while Invesco DB Energy Fund (DBE) has a volatility of 12.95%. This indicates that GVI experiences smaller price fluctuations and is considered to be less risky than DBE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

GVIDBEDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.77%

12.95%

-12.18%

Volatility (6M)

Calculated over the trailing 6-month period

1.78%

30.86%

-29.08%

Volatility (1Y)

Calculated over the trailing 1-year period

2.50%

34.97%

-32.47%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

3.97%

29.39%

-25.42%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

3.53%

28.33%

-24.80%

GVI vs. DBE - Expense Ratio Comparison

GVI has a 0.20% expense ratio, which is lower than DBE's 0.78% expense ratio.

Dividends

GVI vs. DBE - Dividend Comparison

GVI's dividend yield for the trailing twelve months is around 3.62%, more than DBE's 2.10% yield.

PositionTTM20252024202320222021202020192018201720162015
DBE
Invesco DB Energy Fund		2.10%3.86%6.32%3.87%0.75%0.00%0.00%1.79%1.67%0.00%0.00%0.00%
GVI
iShares Intermediate Government/Credit Bond ETF		3.62%3.48%3.40%2.75%1.86%1.46%1.84%2.29%2.16%1.91%1.77%1.75%

Frequently Asked Questions

GVI and DBE have a correlation of -0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

DBE has higher volatility (12.95%) compared to GVI (0.77%). In terms of maximum drawdown, GVI dropped -12.93% vs DBE's -86.69%.

On 10-year performance, DBE leads with 12.03% vs 1.80% for GVI. On fees, GVI is cheaper at 0.20% per year. On volatility, GVI has been the lower-risk option at 0.77%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, DBE has performed better with a 12.03% return vs 1.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

GVI is cheaper with a 0.20% expense ratio, compared with 0.78% for DBE.

GVI has the higher dividend yield at 3.62%, compared with 2.10% for DBE.

GVI is categorized as Short-Term Bond, while DBE is Oil & Gas. GVI tracks Bloomberg U.S. Intermediate Government/Credit Bond, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.20% for GVI and 0.78% for DBE.

DBE currently has the higher Sharpe Ratio (2.43 vs 1.56), 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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