NDVG vs. DBO

Last updated Jun 5, 2026

NDVG (Nuveen Dividend Growth ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - NDVG is a Large Cap Growth Equities fund actively managed by Nuveen, while DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return. NDVG is actively managed, while DBO is passively managed. At a 0.09 correlation, their price movements are largely independent. NDVG charges 0.64%/yr vs 0.78%/yr for DBO.

Performance

NDVG vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen Dividend Growth ETF (NDVG) and Invesco DB Oil Fund (DBO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

NDVG

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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)

NDVG vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
NDVG Nuveen Dividend Growth ETF	-1.62%	10.06%	17.60%	15.15%	-9.55%	11.07%
DBO Invesco DB Oil Fund	79.84%	-11.71%	7.85%	-4.44%	13.04%	8.49%

Correlation

The correlation between NDVG and DBO is -0.17, 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	-0.17
Correlation (3Y) Calculated over the trailing 3-year period	-0.03
Correlation (All Time) Calculated using the full available price history since Aug 6, 2021	0.09

The correlation between NDVG and DBO shifts across timeframes, from -0.17 (1 year) to 0.09 (all time), reflecting how their relationship changes across market environments.

NDVG vs. DBO - Sectors Allocation Comparison

Sectors	NDVG	DBO
Technology	28.9%	-
Financial Services	14.7%	116.0%
Industrials	10.2%	-
Healthcare	9.8%	-
Consumer Cyclical	9.7%	-
Consumer Defensive	7.7%	-
Energy	5.3%	-
Utilities	5.1%	-
Real Estate	3.9%	-
Communication Services	2.7%	-
Basic Materials	2.2%	-

Return for Risk

NDVG vs. DBO — Risk / Return Rank

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

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.

NDVG vs. DBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen Dividend Growth ETF (NDVG) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	NDVG	DBO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.25	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.48	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.34	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	0.02	—

Drawdowns

Drawdown Indicators

	NDVG	DBO	Difference
Max Drawdown Largest peak-to-trough decline	—	-90.18%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-18.19%	—
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 Drawdown Current decline from peak	—	-52.68%	—
Average Drawdown Average peak-to-trough decline	—	-62.25%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	8.94%	—

Volatility

Volatility by Period

	NDVG	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	12.79%	—
Volatility (6M) Calculated over the trailing 6-month period	—	28.32%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	34.58%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	32.31%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	31.79%	—

NDVG vs. DBO - Expense Ratio Comparison

NDVG has a 0.64% expense ratio, which is lower than DBO's 0.78% expense ratio.

Dividends

NDVG vs. DBO - Dividend Comparison

NDVG's dividend yield for the trailing twelve months is around 4.41%, more than DBO's 1.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBO Invesco DB Oil Fund	1.95%	3.51%	4.68%	4.59%	0.66%	0.00%	0.00%	1.63%	1.58%
NDVG Nuveen Dividend Growth ETF	4.41%	1.05%	1.20%	1.24%	1.34%	0.57%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NDVG and DBO in my portfolio?

NDVG and DBO have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, NDVG or DBO?

On fees, NDVG is cheaper at 0.64% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, NDVG or DBO?

NDVG is cheaper with a 0.64% expense ratio, compared with 0.78% for DBO.

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

NDVG has the higher dividend yield at 4.41%, compared with 1.95% for DBO.

What is the main difference between NDVG and DBO?

NDVG is categorized as Large Cap Growth Equities, while DBO is Oil & Gas. They also come from different issuers: Nuveen and Invesco. Their fees differ too: 0.64% for NDVG and 0.78% for DBO.