NULV vs. DBO
NULV (Nuveen ESG Large-Cap Value ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - NULV is a Large Cap Value Equities fund tracking the MSCI TIAA ESG USA Large Cap Value, while DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return. Both are passively managed. Over the past 5 years, NULV returned 8.42%/yr vs 9.72%/yr for DBO. At a 0.19 correlation, their price movements are largely independent. NULV charges 0.26%/yr vs 0.78%/yr for DBO.
Performance
NULV vs. DBO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, NULV achieves a 10.72% return, which is significantly lower than DBO's 48.11% return.
NULV
- 1D
- -0.04%
- 1M
- -2.04%
- YTD
- 10.72%
- 6M
- 9.48%
- 1Y
- 22.85%
- 3Y*
- 16.18%
- 5Y*
- 8.42%
- 10Y*
- —
DBO
- 1D
- 2.90%
- 1M
- -17.26%
- YTD
- 48.11%
- 6M
- 46.08%
- 1Y
- 41.77%
- 3Y*
- 13.64%
- 5Y*
- 9.72%
- 10Y*
- 9.19%
NULV vs. DBO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NULV Nuveen ESG Large-Cap Value ETF | 10.72% | 16.31% | 11.88% | 7.60% | -10.09% | 23.46% | 1.87% | 27.26% | -4.90% | 15.67% |
DBO Invesco DB Oil Fund | 48.11% | -11.71% | 7.85% | -4.44% | 13.04% | 60.74% | -20.99% | 28.05% | -15.22% | 4.86% |
Correlation
The correlation between NULV and DBO is -0.24, 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 | -0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.11 |
Correlation (All Time) Calculated using the full available price history since Dec 14, 2016 | 0.19 |
The correlation between NULV and DBO shifts across timeframes, from -0.24 (1 year) to 0.19 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
NULV vs. DBO — Risk / Return Rank
NULV
DBO
NULV vs. DBO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nuveen ESG Large-Cap Value ETF (NULV) 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.
| NULV | DBO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.90 | ||
| Sortino ratioReturn per unit of downside risk | +1.22 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.22 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | 3.15 | 1.60 | +1.55 |
| Martin ratioReturn relative to average drawdown | 12.72 | 4.78 | +7.94 |
Loading charts...
Drawdowns
NULV vs. DBO - Drawdown Comparison
The maximum NULV drawdown since its inception was -36.99%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for NULV and DBO.
Loading charts...
Drawdown Indicators
| NULV | DBO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.99% | -90.18% | +53.19% |
Max Drawdown (1Y)Largest decline over 1 year | -7.28% | -26.22% | +18.94% |
Max Drawdown (3Y)Largest decline over 3 years | -15.07% | -28.20% | +13.13% |
Max Drawdown (5Y)Largest decline over 5 years | -21.47% | -37.68% | +16.21% |
Max Drawdown (10Y)Largest decline over 10 years | — | -61.69% | — |
Current DrawdownCurrent decline from peak | -2.77% | -61.02% | +58.25% |
Average DrawdownAverage peak-to-trough decline | -4.96% | -62.22% | +57.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.80% | 8.77% | -6.97% |
Volatility
NULV vs. DBO - Volatility Comparison
The current volatility for Nuveen ESG Large-Cap Value ETF (NULV) is 3.28%, while Invesco DB Oil Fund (DBO) has a volatility of 11.32%. This indicates that NULV 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.
Loading charts...
Volatility by Period
| NULV | DBO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.28% | 11.32% | -8.04% |
Volatility (6M)Calculated over the trailing 6-month period | 8.28% | 29.75% | -21.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.84% | 34.39% | -23.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.32% | 32.61% | -18.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.99% | 31.84% | -14.85% |
NULV vs. DBO - Expense Ratio Comparison
NULV has a 0.26% expense ratio, which is lower than DBO's 0.78% expense ratio.
Dividends
NULV vs. DBO - Dividend Comparison
NULV's dividend yield for the trailing twelve months is around 1.48%, less than DBO's 2.37% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DBO Invesco DB Oil Fund | 2.37% | 3.51% | 4.68% | 4.59% | 0.66% | 0.00% | 0.00% | 1.63% | 1.58% | 0.00% |
NULV Nuveen ESG Large-Cap Value ETF | 1.48% | 1.64% | 2.09% | 2.55% | 2.12% | 4.52% | 1.42% | 1.47% | 3.73% | 1.22% |
Frequently Asked Questions
NULV and DBO have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBO has higher volatility (11.32%) compared to NULV (3.28%). In terms of maximum drawdown, NULV dropped -36.99% vs DBO's -90.18%.
On 5-year performance, DBO leads with 9.72% vs 8.42% for NULV. On fees, NULV is cheaper at 0.26% per year. On volatility, NULV has been the lower-risk option at 3.28%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, DBO has performed better with a 9.72% return vs 8.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
NULV is cheaper with a 0.26% expense ratio, compared with 0.78% for DBO.
DBO has the higher dividend yield at 2.37%, compared with 1.48% for NULV.
NULV is categorized as Large Cap Value Equities, while DBO is Oil & Gas. NULV tracks MSCI TIAA ESG USA Large Cap Value, 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 NULV and 0.78% for DBO.
NULV currently has the higher Sharpe Ratio (2.12 vs 1.22), 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.
Find the right allocation for NULV and DBO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer