IMVP vs. DBO
IMVP (Invesco India ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - IMVP is a Emerging Markets Equities fund tracking the FTSE India Quality and Yield Select 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, IMVP returned 8.19%/yr vs 11.37%/yr for DBO. At a 0.24 correlation, their price movements are largely independent. Both charge a 0.78% expense ratio.
Performance
IMVP vs. DBO - Performance Comparison
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Returns By Period
In the year-to-date period, IMVP achieves a -16.08% return, which is significantly lower than DBO's 84.75% return. Over the past 10 years, IMVP has underperformed DBO with an annualized return of 8.19%, while DBO has yielded a comparatively higher 11.37% annualized return.
IMVP
- 1D
- -2.11%
- 1M
- -2.53%
- YTD
- -16.08%
- 6M
- -14.80%
- 1Y
- -16.87%
- 3Y*
- 2.95%
- 5Y*
- 2.42%
- 10Y*
- 8.19%
DBO
- 1D
- 2.27%
- 1M
- -2.34%
- YTD
- 84.75%
- 6M
- 81.10%
- 1Y
- 80.26%
- 3Y*
- 21.86%
- 5Y*
- 15.98%
- 10Y*
- 11.37%
IMVP vs. DBO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IMVP Invesco India ETF | -16.08% | 1.30% | 9.07% | 22.82% | -9.35% | 23.68% | 18.41% | 14.26% | -7.55% | 38.51% |
DBO Invesco DB Oil Fund | 84.75% | -11.71% | 7.85% | -4.44% | 13.04% | 60.74% | -20.99% | 28.05% | -15.22% | 4.86% |
Correlation
The correlation between IMVP and DBO is -0.27, 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 | -0.27 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.05 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.12 |
Correlation (All Time) Calculated using the full available price history since Mar 6, 2008 | 0.24 |
The correlation between IMVP and DBO shifts across timeframes, from -0.27 (1 year) to 0.24 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
IMVP vs. DBO — Risk / Return Rank
IMVP
DBO
IMVP vs. DBO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco India ETF (IMVP) 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.
| IMVP | DBO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.39 | ||
| Sortino ratioReturn per unit of downside risk | -4.40 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.38 | -0.54 |
| Calmar ratioReturn relative to maximum drawdown | -0.79 | 4.44 | -5.23 |
| Martin ratioReturn relative to average drawdown | -1.84 | 9.02 | -10.87 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| IMVP | DBO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.05 | 2.34 | -3.39 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.15 | 0.50 | -0.35 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.42 | 0.36 | +0.06 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.12 | 0.02 | +0.09 |
Drawdowns
IMVP vs. DBO - Drawdown Comparison
The maximum IMVP drawdown since its inception was -64.54%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for IMVP and DBO.
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Drawdown Indicators
| IMVP | DBO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -64.54% | -90.18% | +25.64% |
Max Drawdown (1Y)Largest decline over 1 year | -21.44% | -18.19% | -3.25% |
Max Drawdown (3Y)Largest decline over 3 years | -25.80% | -28.20% | +2.40% |
Max Drawdown (5Y)Largest decline over 5 years | -25.80% | -37.68% | +11.88% |
Max Drawdown (10Y)Largest decline over 10 years | -39.69% | -61.69% | +22.00% |
Current DrawdownCurrent decline from peak | -23.71% | -51.38% | +27.67% |
Average DrawdownAverage peak-to-trough decline | -16.70% | -62.25% | +45.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.16% | 8.92% | +0.24% |
Volatility
IMVP vs. DBO - Volatility Comparison
The current volatility for Invesco India ETF (IMVP) is 6.00%, while Invesco DB Oil Fund (DBO) has a volatility of 12.61%. This indicates that IMVP 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
| IMVP | DBO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.00% | 12.61% | -6.61% |
Volatility (6M)Calculated over the trailing 6-month period | 14.16% | 28.20% | -14.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.17% | 34.46% | -18.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.11% | 32.29% | -16.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.59% | 31.78% | -12.19% |
IMVP vs. DBO - Expense Ratio Comparison
Both IMVP and DBO have an expense ratio of 0.78%.
Dividends
IMVP vs. DBO - Dividend Comparison
IMVP's dividend yield for the trailing twelve months is around 8.81%, more than DBO's 1.90% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DBO Invesco DB Oil Fund | 1.90% | 3.51% | 4.68% | 4.59% | 0.66% | 0.00% | 0.00% | 1.63% | 1.58% | 0.00% | 0.00% | 0.00% |
IMVP Invesco India ETF | 8.81% | 7.39% | 8.48% | 2.08% | 14.07% | 6.95% | 0.72% | 36.35% | 0.96% | 1.01% | 1.18% | 0.61% |
Frequently Asked Questions
IMVP and DBO have a correlation of -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBO has higher volatility (12.61%) compared to IMVP (6.00%). In terms of maximum drawdown, IMVP dropped -64.54% vs DBO's -90.18%.
On 10-year performance, DBO leads with 11.37% vs 8.19% for IMVP. Both ETFs have the same 0.78% expense ratio. On volatility, IMVP has been the lower-risk option at 6.00%. 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 11.37% return vs 8.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IMVP and DBO have the same expense ratio: 0.78% per year.
IMVP has the higher dividend yield at 8.81%, compared with 1.90% for DBO.
IMVP is categorized as Emerging Markets Equities, while DBO is Oil & Gas. IMVP tracks FTSE India Quality and Yield Select Index, while DBO tracks DBIQ Optimum Yield Crude Oil Index Excess Return.
DBO currently has the higher Sharpe Ratio (2.34 vs -1.05), 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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