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 7.75%/yr vs 11.43%/yr for DBO. Their 0.24 correlation means their historical movements had little consistent relationship. 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 -13.59% return, which is significantly lower than DBO's 66.72% return. Over the past 10 years, IMVP has underperformed DBO with an annualized return of 7.75%, while DBO has yielded a comparatively higher 11.43% annualized return.
IMVP
- 1D
- 1.09%
- 1M
- 1.29%
- 6M
- -12.62%
- YTD
- -13.59%
- 1Y
- -11.95%
- 3Y*
- 2.31%
- 5Y*
- 2.53%
- 10Y*
- 7.75%
- ALL TIME*
- 3.41%
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) |
|---|---|---|---|
| $11.34M | $10.71M | $13.49M | |
| $2.34M | $1.44M | $1.19M |
IMVP vs. DBO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IMVP Invesco India ETF | -13.59% | 1.30% | 9.07% | 22.82% | -9.35% | 23.68% | 18.41% | 14.26% | -7.55% | 38.51% |
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 IMVP and DBO is -0.32, 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. | -0.32 |
Correlation (3Y) Balances recent behavior with more history. | -0.10 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.02 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.10 |
Correlation (All Time) Calculated using the full available price history since Mar 5, 2008 | 0.24 |
The correlation between IMVP and DBO shifts across timeframes, from -0.32 (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.
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.
| IMVP | DBO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.06 | ||
| Sortino ratioReturn per unit of downside risk | -2.88 | ||
| Omega ratioGain probability vs. loss probability | 0.89 | 1.23 | -0.35 |
| Calmar ratioReturn relative to maximum drawdown | -0.60 | 1.86 | -2.46 |
| Martin ratioReturn relative to average drawdown | -1.16 | 5.64 | -6.81 |
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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 | -20.00% | -27.73% | +7.73% |
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 | -21.44% | -56.13% | +34.69% |
Average DrawdownAverage peak-to-trough decline | -16.75% | -62.20% | +45.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.28% | 9.16% | +1.12% |
Volatility
IMVP vs. DBO - Volatility Comparison
The current volatility for Invesco India ETF (IMVP) is 3.39%, while Invesco DB Oil Fund (DBO) has a volatility of 18.99%. 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 | 3.39% | 18.99% | -15.60% |
Volatility (6M)Calculated over the trailing 6-month period | 14.44% | 34.30% | -19.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.54% | 38.86% | -22.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.17% | 33.43% | -17.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.51% | 32.24% | -12.73% |
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 11.66%, more than DBO's 2.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
IMVP Invesco India ETF | 11.66% | 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 -0.32, 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 IMVP (3.39%). In terms of maximum drawdown, IMVP dropped -64.54% vs DBO's -90.18%.
On 10-year performance, DBO leads with 11.43% vs 7.75% for IMVP. Both ETFs have the same 0.78% expense ratio. On volatility, IMVP has been the lower-risk option at 3.39%. 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 7.75%. 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 11.66%, compared with 2.11% 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 (1.33 vs -0.73), 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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