VIOG vs. DBO
VIOG (Vanguard S&P Small-Cap 600 Growth ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - VIOG is a Small Cap Growth Equities fund tracking the S&P SmallCap 600 Growth 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, VIOG returned 11.09%/yr vs 11.43%/yr for DBO. Their 0.24 correlation means their historical movements had little consistent relationship. VIOG charges 0.15%/yr vs 0.78%/yr for DBO.
Performance
VIOG vs. DBO - Performance Comparison
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Returns By Period
In the year-to-date period, VIOG achieves a 24.91% return, which is significantly lower than DBO's 66.72% return. Both investments have delivered pretty close results over the past 10 years, with VIOG having a 11.09% annualized return and DBO not far ahead at 11.43%.
VIOG
- 1D
- 1.77%
- 1M
- 0.05%
- 6M
- 17.89%
- YTD
- 24.91%
- 1Y
- 34.56%
- 3Y*
- 15.08%
- 5Y*
- 7.08%
- 10Y*
- 11.09%
- ALL TIME*
- 12.94%
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 | |
| $3.70M | $4.45M | $4.82M |
VIOG vs. DBO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VIOG Vanguard S&P Small-Cap 600 Growth ETF | 24.91% | 5.40% | 9.23% | 16.92% | -21.14% | 22.49% | 19.68% | 21.16% | -4.57% | 14.70% |
DBO Invesco DB Oil Fund | 66.72% | -11.71% | 7.85% | -4.44% | 13.04% | 60.74% | -20.99% | 28.05% | -15.22% | 4.86% |
Correlation
The correlation between VIOG and DBO is -0.31, 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. | -0.31 |
Correlation (3Y) Balances recent behavior with more history. | -0.04 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.10 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.18 |
Correlation (All Time) Calculated using the full available price history since Sep 9, 2010 | 0.24 |
The correlation between VIOG and DBO shifts across timeframes, from -0.31 (1 year) to 0.24 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
VIOG vs. DBO — Risk / Return Rank
VIOG
DBO
VIOG vs. DBO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P Small-Cap 600 Growth ETF (VIOG) 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.
| VIOG | DBO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.61 | ||
| Sortino ratioReturn per unit of downside risk | +0.96 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.23 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 3.84 | 1.86 | +1.98 |
| Martin ratioReturn relative to average drawdown | 12.84 | 5.64 | +7.20 |
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Drawdowns
VIOG vs. DBO - Drawdown Comparison
The maximum VIOG drawdown since its inception was -41.73%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for VIOG and DBO.
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Drawdown Indicators
| VIOG | DBO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.73% | -90.18% | +48.45% |
Max Drawdown (1Y)Largest decline over 1 year | -9.03% | -27.73% | +18.70% |
Max Drawdown (3Y)Largest decline over 3 years | -27.35% | -28.20% | +0.85% |
Max Drawdown (5Y)Largest decline over 5 years | -29.15% | -37.68% | +8.53% |
Max Drawdown (10Y)Largest decline over 10 years | -41.73% | -61.69% | +19.96% |
Current DrawdownCurrent decline from peak | -1.58% | -56.13% | +54.55% |
Average DrawdownAverage peak-to-trough decline | -7.56% | -62.20% | +54.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.70% | 9.16% | -6.46% |
Volatility
VIOG vs. DBO - Volatility Comparison
The current volatility for Vanguard S&P Small-Cap 600 Growth ETF (VIOG) is 4.44%, while Invesco DB Oil Fund (DBO) has a volatility of 18.99%. This indicates that VIOG 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
| VIOG | DBO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.44% | 18.99% | -14.55% |
Volatility (6M)Calculated over the trailing 6-month period | 13.00% | 34.30% | -21.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.87% | 38.86% | -20.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.48% | 33.43% | -11.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.84% | 32.24% | -9.40% |
VIOG vs. DBO - Expense Ratio Comparison
VIOG has a 0.15% expense ratio, which is lower than DBO's 0.78% expense ratio.
Dividends
VIOG vs. DBO - Dividend Comparison
VIOG's dividend yield for the trailing twelve months is around 0.75%, less than DBO's 2.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DBO Invesco DB Oil Fund | 2.11% | 3.51% | 4.68% | 4.59% | 0.66% | 0.00% | 0.00% | 1.63% | 1.58% | 0.00% | 0.00% | 0.00% |
VIOG Vanguard S&P Small-Cap 600 Growth ETF | 0.75% | 1.04% | 1.03% | 1.15% | 1.17% | 0.69% | 0.68% | 1.09% | 0.76% | 0.87% | 0.92% | 1.04% |
Frequently Asked Questions
VIOG and DBO have a correlation of -0.31, 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 VIOG (4.44%). In terms of maximum drawdown, VIOG dropped -41.73% vs DBO's -90.18%.
On 10-year performance, DBO leads with 11.43% vs 11.09% for VIOG. On fees, VIOG is cheaper at 0.15% per year. On volatility, VIOG has been the lower-risk option at 4.44%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DBO has performed better with a 11.43% return vs 11.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VIOG is cheaper with a 0.15% expense ratio, compared with 0.78% for DBO.
DBO has the higher dividend yield at 2.11%, compared with 0.75% for VIOG.
VIOG is categorized as Small Cap Growth Equities, while DBO is Oil & Gas. VIOG tracks S&P SmallCap 600 Growth 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: 0.15% for VIOG and 0.78% for DBO.
VIOG currently has the higher Sharpe Ratio (1.95 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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