VNLA vs. DBO

Last updated Jun 5, 2026

VNLA (Janus Henderson Short Duration Income ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - VNLA is a Ultrashort Bond fund tracking the FTSE 3-Month U.S. Treasury Bill 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 5 years, VNLA returned 3.80%/yr vs 15.36%/yr for DBO. At a correlation of -0.04, they often move in opposite directions. VNLA charges 0.23%/yr vs 0.78%/yr for DBO.

Performance

VNLA vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Janus Henderson Short Duration Income ETF (VNLA) 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, VNLA achieves a 1.49% return, which is significantly lower than DBO's 79.84% return.

VNLA

• 1D: 0.06%
• 1M: 0.41%
• YTD: 1.49%
• 6M: 1.89%
• 1Y: 4.75%
• 3Y*: 5.78%
• 5Y*: 3.80%
• 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)

VNLA vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VNLA Janus Henderson Short Duration Income ETF	1.49%	5.45%	6.41%	6.09%	-0.17%	-0.18%	3.01%	4.43%	0.02%	2.11%
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 VNLA and DBO is -0.35, 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	-0.35
Correlation (3Y) Calculated over the trailing 3-year period	-0.08
Correlation (5Y) Calculated over the trailing 5-year period	-0.04
Correlation (All Time) Calculated using the full available price history since Nov 18, 2016	-0.04

Over the past year, the inverse relationship between VNLA and DBO has strengthened: their correlation has moved from -0.04 to -0.35, meaning they now move in opposite directions more often than their long-term average.

VNLA vs. DBO - Sectors Allocation Comparison

Sectors	VNLA	DBO
Energy	66.7%	-
Industrials	33.3%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	116.0%
Healthcare	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

VNLA vs. DBO — Risk / Return Rank

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

VNLA

VNLA Risk / Return Rank: 98
VNLA Sharpe Ratio Rank: 99
VNLA Sortino Ratio Rank: 99
VNLA Omega Ratio Rank: 99
VNLA Calmar Ratio Rank: 97
VNLA Martin Ratio Rank: 98

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.

VNLA vs. DBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Janus Henderson Short Duration Income ETF (VNLA) 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.

	VNLA	DBO	Difference
Sharpe ratio: Return per unit of total volatility	7.55	2.25	+5.29
Sortino ratio: Return per unit of downside risk	15.48	2.85	+12.63
Omega ratio: Gain probability vs. loss probability	3.58	1.36	+2.21
Calmar ratio: Return relative to maximum drawdown	11.15	4.28	+6.88
Martin ratio: Return relative to average drawdown	57.33	8.69	+48.65
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VNLA vs. DBO - Sharpe Ratio Comparison

The current VNLA Sharpe Ratio is 7.55, which is higher than the DBO Sharpe Ratio of 2.25. The chart below compares the historical Sharpe Ratios of VNLA 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

	VNLA	DBO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	7.55	2.25	+5.29
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	3.67	0.48	+3.20
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.34	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.10	0.02	+2.08

Drawdowns

VNLA vs. DBO - Drawdown Comparison

The maximum VNLA drawdown since its inception was -4.49%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for VNLA and DBO.

Drawdown Indicators

	VNLA	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-4.49%	-90.18%	+85.69%
Max Drawdown (1Y) Largest decline over 1 year	-0.43%	-18.19%	+17.76%
Max Drawdown (3Y) Largest decline over 3 years	-0.49%	-28.20%	+27.71%
Max Drawdown (5Y) Largest decline over 5 years	-1.76%	-37.68%	+35.92%
Max Drawdown (10Y) Largest decline over 10 years	—	-61.69%	—
Current Drawdown Current decline from peak	0.00%	-52.68%	+52.68%
Average Drawdown Average peak-to-trough decline	-0.23%	-62.25%	+62.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.08%	8.94%	-8.86%

Volatility

VNLA vs. DBO - Volatility Comparison

The current volatility for Janus Henderson Short Duration Income ETF (VNLA) is 0.18%, while Invesco DB Oil Fund (DBO) has a volatility of 12.79%. This indicates that VNLA 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

	VNLA	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.18%	12.79%	-12.61%
Volatility (6M) Calculated over the trailing 6-month period	0.46%	28.32%	-27.86%
Volatility (1Y) Calculated over the trailing 1-year period	0.63%	34.58%	-33.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.04%	32.31%	-31.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.42%	31.79%	-30.37%

VNLA vs. DBO - Expense Ratio Comparison

VNLA has a 0.23% expense ratio, which is lower than DBO's 0.78% expense ratio.

Dividends

VNLA vs. DBO - Dividend Comparison

VNLA's dividend yield for the trailing twelve months is around 4.78%, more than DBO's 1.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%
VNLA Janus Henderson Short Duration Income ETF	4.78%	4.84%	4.97%	3.95%	4.35%	1.67%	1.21%	3.13%	2.43%	1.79%	0.08%

Frequently Asked Questions

Can I hold both VNLA and DBO in my portfolio?

VNLA and DBO have a correlation of -0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VNLA or DBO?

DBO has higher volatility (12.79%) compared to VNLA (0.18%). In terms of maximum drawdown, VNLA dropped -4.49% vs DBO's -90.18%.

Which ETF is better, VNLA or DBO?

On 5-year performance, DBO leads with 15.36% vs 3.80% for VNLA. On fees, VNLA is cheaper at 0.23% per year. On volatility, VNLA has been the lower-risk option at 0.18%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VNLA or DBO?

Over the 5-year period, DBO has performed better with a 15.36% return vs 3.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VNLA or DBO?

VNLA is cheaper with a 0.23% expense ratio, compared with 0.78% for DBO.

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

VNLA has the higher dividend yield at 4.78%, compared with 1.95% for DBO.

What is the main difference between VNLA and DBO?

VNLA is categorized as Ultrashort Bond, while DBO is Oil & Gas. VNLA tracks FTSE 3-Month U.S. Treasury Bill Index, while DBO tracks DBIQ Optimum Yield Crude Oil Index Excess Return. They also come from different issuers: Janus Henderson and Invesco. Their fees differ too: 0.23% for VNLA and 0.78% for DBO.

Which has better risk-adjusted returns?

VNLA currently has the higher Sharpe Ratio (7.55 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.