INDY vs. DBO
INDY (iShares India 50 ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - INDY is a India Equities fund tracking the Nifty 50 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, INDY returned 6.16%/yr vs 11.43%/yr for DBO. Their 0.22 correlation means their historical movements had little consistent relationship. INDY charges 0.65%/yr vs 0.78%/yr for DBO.
Performance
INDY vs. DBO - Performance Comparison
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Returns By Period
In the year-to-date period, INDY achieves a -10.20% return, which is significantly lower than DBO's 66.72% return. Over the past 10 years, INDY has underperformed DBO with an annualized return of 6.16%, while DBO has yielded a comparatively higher 11.43% annualized return.
INDY
- 1D
- 0.94%
- 1M
- 1.12%
- 6M
- -8.51%
- YTD
- -10.20%
- 1Y
- -7.43%
- 3Y*
- 2.00%
- 5Y*
- 2.17%
- 10Y*
- 6.16%
- ALL TIME*
- 5.00%
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 | |
| $4.15M | $4.11M | $5.43M |
INDY vs. DBO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
INDY iShares India 50 ETF | -10.20% | 4.97% | 3.47% | 16.88% | -7.31% | 19.43% | 10.01% | 9.99% | -4.32% | 36.15% |
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 INDY and DBO is -0.37, 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. | -0.37 |
Correlation (3Y) Balances recent behavior with more history. | -0.13 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.01 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.10 |
Correlation (All Time) Calculated using the full available price history since Nov 20, 2009 | 0.22 |
The correlation between INDY and DBO shifts across timeframes, from -0.37 (1 year) to 0.22 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
INDY vs. DBO — Risk / Return Rank
INDY
DBO
INDY vs. DBO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares India 50 ETF (INDY) 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.
| INDY | DBO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.84 | ||
| Sortino ratioReturn per unit of downside risk | -2.58 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.23 | -0.31 |
| Calmar ratioReturn relative to maximum drawdown | -0.41 | 1.86 | -2.28 |
| Martin ratioReturn relative to average drawdown | -0.81 | 5.64 | -6.46 |
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Drawdowns
INDY vs. DBO - Drawdown Comparison
The maximum INDY drawdown since its inception was -44.74%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for INDY and DBO.
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Drawdown Indicators
| INDY | DBO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -44.74% | -90.18% | +45.44% |
Max Drawdown (1Y)Largest decline over 1 year | -18.09% | -27.73% | +9.64% |
Max Drawdown (3Y)Largest decline over 3 years | -22.40% | -28.20% | +5.80% |
Max Drawdown (5Y)Largest decline over 5 years | -22.40% | -37.68% | +15.28% |
Max Drawdown (10Y)Largest decline over 10 years | -43.50% | -61.69% | +18.19% |
Current DrawdownCurrent decline from peak | -16.16% | -56.13% | +39.97% |
Average DrawdownAverage peak-to-trough decline | -12.28% | -62.20% | +49.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.14% | 9.16% | -0.02% |
Volatility
INDY vs. DBO - Volatility Comparison
The current volatility for iShares India 50 ETF (INDY) is 4.20%, while Invesco DB Oil Fund (DBO) has a volatility of 18.99%. This indicates that INDY 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
| INDY | DBO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.20% | 18.99% | -14.79% |
Volatility (6M)Calculated over the trailing 6-month period | 12.83% | 34.30% | -21.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.70% | 38.86% | -24.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.02% | 33.43% | -18.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.52% | 32.24% | -12.72% |
INDY vs. DBO - Expense Ratio Comparison
INDY has a 0.65% expense ratio, which is lower than DBO's 0.78% expense ratio.
Dividends
INDY vs. DBO - Dividend Comparison
INDY's dividend yield for the trailing twelve months is around 9.27%, 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% |
INDY iShares India 50 ETF | 9.27% | 8.11% | 0.24% | 0.38% | 3.75% | 7.12% | 0.08% | 0.58% | 0.55% | 0.27% | 0.48% | 0.57% |
Frequently Asked Questions
INDY and DBO have a correlation of -0.37, 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 INDY (4.20%). In terms of maximum drawdown, INDY dropped -44.74% vs DBO's -90.18%.
On 10-year performance, DBO leads with 11.43% vs 6.16% for INDY. On fees, INDY is cheaper at 0.65% per year. On volatility, INDY has been the lower-risk option at 4.20%. 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 6.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
INDY is cheaper with a 0.65% expense ratio, compared with 0.78% for DBO.
INDY has the higher dividend yield at 9.27%, compared with 2.11% for DBO.
INDY is categorized as India Equities, while DBO is Oil & Gas. INDY tracks Nifty 50 Index, while DBO tracks DBIQ Optimum Yield Crude Oil Index Excess Return. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.65% for INDY and 0.78% for DBO.
DBO currently has the higher Sharpe Ratio (1.33 vs -0.51), 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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