NUDV vs. DBO

Last updated Jun 4, 2026

NUDV (Nuveen ESG Dividend ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - NUDV is a Large Cap Value Equities fund tracking the Nuveen ESG USA High Dividend Yield 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 3 years, NUDV returned 15.87%/yr vs 21.86%/yr for DBO. At a 0.09 correlation, their price movements are largely independent. NUDV charges 0.26%/yr vs 0.78%/yr for DBO.

Performance

NUDV vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen ESG Dividend ETF (NUDV) 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, NUDV achieves a 9.63% return, which is significantly lower than DBO's 84.75% return.

NUDV

• 1D: -0.72%
• 1M: 1.42%
• YTD: 9.63%
• 6M: 10.03%
• 1Y: 18.63%
• 3Y*: 15.87%
• 5Y*: —
• 10Y*: —

DBO

• 1D: 2.27%
• 1M: -2.34%
• YTD: 84.75%
• 6M: 81.10%
• 1Y: 80.26%
• 3Y*: 21.86%
• 5Y*: 15.98%
• 10Y*: 11.37%

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

NUDV vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
NUDV Nuveen ESG Dividend ETF	9.63%	10.77%	14.02%	10.13%	-7.83%	8.92%
DBO Invesco DB Oil Fund	84.75%	-11.71%	7.85%	-4.44%	13.04%	-0.88%

Correlation

The correlation between NUDV 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	-0.03
Correlation (All Time) Calculated using the full available price history since Sep 29, 2021	0.09

The correlation between NUDV and DBO shifts across timeframes, from -0.19 (1 year) to 0.09 (all time), reflecting how their relationship changes across market environments.

NUDV vs. DBO - Sectors Allocation Comparison

Sectors	NUDV	DBO
Financial Services	23.2%	116.0%
Technology	13.2%	-
Industrials	12.0%	-
Healthcare	11.3%	-
Consumer Defensive	10.5%	-
Consumer Cyclical	6.7%	-
Real Estate	5.8%	-
Utilities	5.8%	-
Energy	5.0%	-
Communication Services	3.9%	-
Basic Materials	2.7%	-

Return for Risk

NUDV vs. DBO — Risk / Return Rank

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

NUDV

NUDV Risk / Return Rank: 55
NUDV Sharpe Ratio Rank: 52
NUDV Sortino Ratio Rank: 55
NUDV Omega Ratio Rank: 50
NUDV Calmar Ratio Rank: 57
NUDV Martin Ratio Rank: 57

DBO

DBO Risk / Return Rank: 65
DBO Sharpe Ratio Rank: 70
DBO Sortino Ratio Rank: 62
DBO Omega Ratio Rank: 60
DBO Calmar Ratio Rank: 83
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.

NUDV vs. DBO - Risk-Adjusted Trends Comparison

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

	NUDV	DBO	Difference
Sharpe ratio: Return per unit of total volatility	1.81	2.34	-0.53
Sortino ratio: Return per unit of downside risk	2.66	2.94	-0.28
Omega ratio: Gain probability vs. loss probability	1.32	1.38	-0.06
Calmar ratio: Return relative to maximum drawdown	2.84	4.44	-1.60
Martin ratio: Return relative to average drawdown	10.08	9.02	+1.05
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NUDV vs. DBO - Sharpe Ratio Comparison

The current NUDV Sharpe Ratio is 1.81, which is comparable to the DBO Sharpe Ratio of 2.34. The chart below compares the historical Sharpe Ratios of NUDV 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

	NUDV	DBO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.81	2.34	-0.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.50	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.36	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.64	0.02	+0.62

Drawdowns

NUDV vs. DBO - Drawdown Comparison

The maximum NUDV drawdown since its inception was -20.10%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for NUDV and DBO.

Drawdown Indicators

	NUDV	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-20.10%	-90.18%	+70.08%
Max Drawdown (1Y) Largest decline over 1 year	-6.60%	-18.19%	+11.59%
Max Drawdown (3Y) Largest decline over 3 years	-16.48%	-28.20%	+11.72%
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	-0.72%	-51.38%	+50.66%
Average Drawdown Average peak-to-trough decline	-4.92%	-62.25%	+57.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.85%	8.92%	-7.07%

Volatility

NUDV vs. DBO - Volatility Comparison

The current volatility for Nuveen ESG Dividend ETF (NUDV) is 2.71%, while Invesco DB Oil Fund (DBO) has a volatility of 12.61%. This indicates that NUDV 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

	NUDV	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.71%	12.61%	-9.90%
Volatility (6M) Calculated over the trailing 6-month period	7.44%	28.20%	-20.76%
Volatility (1Y) Calculated over the trailing 1-year period	10.34%	34.46%	-24.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.97%	32.29%	-17.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.97%	31.78%	-16.81%

NUDV vs. DBO - Expense Ratio Comparison

NUDV has a 0.26% expense ratio, which is lower than DBO's 0.78% expense ratio.

Dividends

NUDV vs. DBO - Dividend Comparison

NUDV's dividend yield for the trailing twelve months is around 2.27%, more than DBO's 1.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBO Invesco DB Oil Fund	1.90%	3.51%	4.68%	4.59%	0.66%	0.00%	0.00%	1.63%	1.58%
NUDV Nuveen ESG Dividend ETF	2.27%	2.36%	6.18%	2.48%	2.96%	0.60%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NUDV and DBO in my portfolio?

NUDV 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, NUDV or DBO?

DBO has higher volatility (12.61%) compared to NUDV (2.71%). In terms of maximum drawdown, NUDV dropped -20.10% vs DBO's -90.18%.

Which ETF is better, NUDV or DBO?

On 3-year performance, DBO leads with 21.86% vs 15.87% for NUDV. On fees, NUDV is cheaper at 0.26% per year. On volatility, NUDV has been the lower-risk option at 2.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NUDV or DBO?

Over the 3-year period, DBO has performed better with a 21.86% return vs 15.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NUDV or DBO?

NUDV is cheaper with a 0.26% expense ratio, compared with 0.78% for DBO.

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

NUDV has the higher dividend yield at 2.27%, compared with 1.90% for DBO.

What is the main difference between NUDV and DBO?

NUDV is categorized as Large Cap Value Equities, while DBO is Oil & Gas. NUDV tracks Nuveen ESG USA High Dividend Yield Index, while DBO tracks DBIQ Optimum Yield Crude Oil Index Excess Return. They also come from different issuers: Nuveen and Invesco. Their fees differ too: 0.26% for NUDV and 0.78% for DBO.

Which has better risk-adjusted returns?

DBO currently has the higher Sharpe Ratio (2.34 vs 1.81), 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.