IVVW vs. DBO
IVVW (iShares S&P 500 BuyWrite ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - IVVW is a Derivative Income fund tracking the Cboe S&P 500 Enhanced 1% OTM BuyWrite 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 year, IVVW returned 19.78% vs 51.44% for DBO. Their -0.08 correlation means they have often moved in opposite directions in the past. IVVW charges 0.25%/yr vs 0.78%/yr for DBO.
Performance
IVVW vs. DBO - Performance Comparison
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Returns By Period
In the year-to-date period, IVVW achieves a 8.19% return, which is significantly lower than DBO's 66.72% return.
IVVW
- 1D
- 1.03%
- 1M
- 2.36%
- 6M
- 6.69%
- YTD
- 8.19%
- 1Y
- 19.78%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 13.86%
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 | |
| $2.08M | $2.12M | $2.68M |
IVVW vs. DBO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
IVVW iShares S&P 500 BuyWrite ETF | 8.19% | 11.71% | 12.76% |
DBO Invesco DB Oil Fund | 66.72% | -11.71% | -1.04% |
Correlation
The correlation between IVVW and DBO is -0.26, 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. | -0.26 |
Correlation (All Time) Calculated using the full available price history since Mar 15, 2024 | -0.08 |
The correlation between IVVW and DBO shifts across timeframes, from -0.26 (1 year) to -0.08 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
IVVW vs. DBO — Risk / Return Rank
IVVW
DBO
IVVW vs. DBO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares S&P 500 BuyWrite ETF (IVVW) 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.
| IVVW | DBO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.99 | ||
| Sortino ratioReturn per unit of downside risk | +1.28 | ||
| Omega ratioGain probability vs. loss probability | 1.49 | 1.23 | +0.25 |
| Calmar ratioReturn relative to maximum drawdown | 3.42 | 1.86 | +1.55 |
| Martin ratioReturn relative to average drawdown | 17.74 | 5.64 | +12.09 |
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Drawdowns
IVVW vs. DBO - Drawdown Comparison
The maximum IVVW drawdown since its inception was -16.79%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for IVVW and DBO.
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Drawdown Indicators
| IVVW | DBO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.79% | -90.18% | +73.39% |
Max Drawdown (1Y)Largest decline over 1 year | -5.81% | -27.73% | +21.92% |
Max Drawdown (3Y)Largest decline over 3 years | — | -28.20% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -37.68% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -61.69% | — |
Current DrawdownCurrent decline from peak | 0.00% | -56.13% | +56.13% |
Average DrawdownAverage peak-to-trough decline | -1.68% | -62.20% | +60.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.12% | 9.16% | -8.04% |
Volatility
IVVW vs. DBO - Volatility Comparison
The current volatility for iShares S&P 500 BuyWrite ETF (IVVW) is 3.05%, while Invesco DB Oil Fund (DBO) has a volatility of 18.99%. This indicates that IVVW 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
| IVVW | DBO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.05% | 18.99% | -15.94% |
Volatility (6M)Calculated over the trailing 6-month period | 7.34% | 34.30% | -26.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.58% | 38.86% | -30.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.57% | 33.43% | -20.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.57% | 32.24% | -19.67% |
IVVW vs. DBO - Expense Ratio Comparison
IVVW has a 0.25% expense ratio, which is lower than DBO's 0.78% expense ratio.
Dividends
IVVW vs. DBO - Dividend Comparison
IVVW's dividend yield for the trailing twelve months is around 18.82%, more than DBO's 2.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBO Invesco DB Oil Fund | 2.11% | 3.51% | 4.68% | 4.59% | 0.66% | 0.00% | 0.00% | 1.63% | 1.58% |
IVVW iShares S&P 500 BuyWrite ETF | 18.82% | 18.55% | 13.72% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
IVVW and DBO have a correlation of -0.26, 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 IVVW (3.05%). In terms of maximum drawdown, IVVW dropped -16.79% vs DBO's -90.18%.
On 1-year performance, DBO leads with 51.44% vs 19.78% for IVVW. On fees, IVVW is cheaper at 0.25% per year. On volatility, IVVW has been the lower-risk option at 3.05%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, DBO has performed better with a 51.44% return vs 19.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IVVW is cheaper with a 0.25% expense ratio, compared with 0.78% for DBO.
IVVW has the higher dividend yield at 18.82%, compared with 2.11% for DBO.
IVVW is categorized as Derivative Income, while DBO is Oil & Gas. IVVW tracks Cboe S&P 500 Enhanced 1% OTM BuyWrite 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: 0.25% for IVVW and 0.78% for DBO.
IVVW currently has the higher Sharpe Ratio (2.32 vs 1.33), 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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