MGV vs. DBO

Last updated Jun 5, 2026

MGV (Vanguard Mega Cap Value ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - MGV is a Large Cap Value Equities fund tracking the CRSP US Mega Cap Value 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, MGV returned 12.84%/yr vs 10.89%/yr for DBO. At a 0.33 correlation, their price movements are largely independent. MGV charges 0.05%/yr vs 0.78%/yr for DBO.

Performance

MGV vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Mega Cap Value ETF (MGV) and Invesco DB Oil Fund (DBO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MGV achieves a 14.01% return, which is significantly lower than DBO's 79.84% return. Over the past 10 years, MGV has outperformed DBO with an annualized return of 12.84%, while DBO has yielded a comparatively lower 10.89% annualized return.

MGV

• 1D: 0.77%
• 1M: 4.80%
• YTD: 14.01%
• 6M: 14.90%
• 1Y: 28.63%
• 3Y*: 19.33%
• 5Y*: 12.10%
• 10Y*: 12.84%

DBO

• 1D: -2.66%
• 1M: -3.39%
• YTD: 79.84%
• 6M: 74.51%
• 1Y: 77.38%
• 3Y*: 20.83%
• 5Y*: 15.36%
• 10Y*: 10.89%

*Multi-year figures are annualized to reflect compound growth (CAGR)

MGV vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MGV Vanguard Mega Cap Value ETF	14.01%	15.45%	16.94%	9.16%	-1.22%	25.93%	2.50%	25.54%	-4.13%	16.85%
DBO Invesco DB Oil Fund	79.84%	-11.71%	7.85%	-4.44%	13.04%	60.74%	-20.99%	28.05%	-15.22%	4.86%

Correlation

The correlation between MGV and DBO is -0.19, 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	-0.19
Correlation (3Y) Calculated over the trailing 3-year period	0.01
Correlation (5Y) Calculated over the trailing 5-year period	0.16
Correlation (10Y) Calculated over the trailing 10-year period	0.25
Correlation (All Time) Calculated using the full available price history since Dec 28, 2007	0.33

The correlation between MGV and DBO shifts across timeframes, from -0.19 (1 year) to 0.33 (all time), reflecting how their relationship changes across market environments.

MGV vs. DBO - Sectors Allocation Comparison

Sectors	MGV	DBO
Financial Services	23.9%	116.0%
Healthcare	16.6%	-
Technology	14.2%	-
Industrials	13.7%	-
Consumer Defensive	11.9%	-
Energy	6.6%	-
Consumer Cyclical	3.7%	-
Communication Services	3.4%	-
Utilities	2.6%	-
Basic Materials	2.4%	-
Real Estate	1.2%	-

Return for Risk

MGV vs. DBO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

MGV

MGV Risk / Return Rank: 87
MGV Sharpe Ratio Rank: 88
MGV Sortino Ratio Rank: 90
MGV Omega Ratio Rank: 87
MGV Calmar Ratio Rank: 84
MGV Martin Ratio Rank: 84

DBO

DBO Risk / Return Rank: 65
DBO Sharpe Ratio Rank: 70
DBO Sortino Ratio Rank: 62
DBO Omega Ratio Rank: 61
DBO Calmar Ratio Rank: 82
DBO Martin Ratio Rank: 52

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.

MGV vs. DBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Mega Cap Value ETF (MGV) 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.

	MGV	DBO	Difference
Sharpe ratio: Return per unit of total volatility	2.93	2.25	+0.68
Sortino ratio: Return per unit of downside risk	4.16	2.85	+1.31
Omega ratio: Gain probability vs. loss probability	1.53	1.36	+0.17
Calmar ratio: Return relative to maximum drawdown	4.48	4.28	+0.21
Martin ratio: Return relative to average drawdown	17.05	8.69	+8.36
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MGV vs. DBO - Sharpe Ratio Comparison

The current MGV Sharpe Ratio is 2.93, which is higher than the DBO Sharpe Ratio of 2.25. The chart below compares the historical Sharpe Ratios of MGV and DBO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	MGV	DBO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.93	2.25	+0.68
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.90	0.48	+0.42
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.79	0.34	+0.44
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	0.02	+0.46

Drawdowns

MGV vs. DBO - Drawdown Comparison

The maximum MGV drawdown since its inception was -55.87%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for MGV and DBO.

Drawdown Indicators

	MGV	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-55.87%	-90.18%	+34.31%
Max Drawdown (1Y) Largest decline over 1 year	-6.42%	-18.19%	+11.77%
Max Drawdown (3Y) Largest decline over 3 years	-13.18%	-28.20%	+15.02%
Max Drawdown (5Y) Largest decline over 5 years	-16.54%	-37.68%	+21.14%
Max Drawdown (10Y) Largest decline over 10 years	-35.41%	-61.69%	+26.28%
Current Drawdown Current decline from peak	0.00%	-52.68%	+52.68%
Average Drawdown Average peak-to-trough decline	-7.69%	-62.25%	+54.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.68%	8.94%	-7.26%

Volatility

MGV vs. DBO - Volatility Comparison

The current volatility for Vanguard Mega Cap Value ETF (MGV) is 2.37%, while Invesco DB Oil Fund (DBO) has a volatility of 12.79%. This indicates that MGV 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.

Volatility by Period

	MGV	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.37%	12.79%	-10.42%
Volatility (6M) Calculated over the trailing 6-month period	7.49%	28.32%	-20.83%
Volatility (1Y) Calculated over the trailing 1-year period	9.85%	34.58%	-24.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.57%	32.31%	-18.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.33%	31.79%	-15.46%

MGV vs. DBO - Expense Ratio Comparison

MGV has a 0.05% expense ratio, which is lower than DBO's 0.78% expense ratio.

Dividends

MGV vs. DBO - Dividend Comparison

MGV's dividend yield for the trailing twelve months is around 1.87%, less than DBO's 1.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DBO Invesco DB Oil Fund	1.95%	3.51%	4.68%	4.59%	0.66%	0.00%	0.00%	1.63%	1.58%	0.00%	0.00%	0.00%
MGV Vanguard Mega Cap Value ETF	1.87%	2.04%	2.31%	2.48%	2.45%	2.17%	2.47%	2.69%	2.65%	2.34%	2.53%	2.59%

Frequently Asked Questions

Can I hold both MGV and DBO in my portfolio?

MGV and DBO have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MGV or DBO?

DBO has higher volatility (12.79%) compared to MGV (2.37%). In terms of maximum drawdown, MGV dropped -55.87% vs DBO's -90.18%.

Which ETF is better, MGV or DBO?

On 10-year performance, MGV leads with 12.84% vs 10.89% for DBO. On fees, MGV is cheaper at 0.05% per year. On volatility, MGV has been the lower-risk option at 2.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MGV or DBO?

Over the 10-year period, MGV has performed better with a 12.84% return vs 10.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MGV or DBO?

MGV is cheaper with a 0.05% expense ratio, compared with 0.78% for DBO.

Which ETF pays a higher dividend yield, MGV or DBO?

DBO has the higher dividend yield at 1.95%, compared with 1.87% for MGV.

What is the main difference between MGV and DBO?

MGV is categorized as Large Cap Value Equities, while DBO is Oil & Gas. MGV tracks CRSP US Mega Cap Value Index, while DBO tracks DBIQ Optimum Yield Crude Oil Index Excess Return. They also come from different issuers: Vanguard and Invesco. Their fees differ too: 0.05% for MGV and 0.78% for DBO.

Which has better risk-adjusted returns?

MGV currently has the higher Sharpe Ratio (2.93 vs 2.25), 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.