VO vs. DBO
VO (Vanguard Mid-Cap ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - VO is a Mid Cap Blend Equities fund tracking the CRSP US Mid Cap 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, VO returned 11.46%/yr vs 11.43%/yr for DBO. Their 0.30 correlation means their historical movements had little consistent relationship. VO charges 0.03%/yr vs 0.78%/yr for DBO.
Performance
VO vs. DBO - Performance Comparison
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Returns By Period
In the year-to-date period, VO achieves a 13.50% return, which is significantly lower than DBO's 66.72% return. Both investments have delivered pretty close results over the past 10 years, with VO having a 11.46% annualized return and DBO not far behind at 11.43%.
VO
- 1D
- 1.03%
- 1M
- 1.58%
- 6M
- 10.76%
- YTD
- 13.50%
- 1Y
- 17.71%
- 3Y*
- 15.53%
- 5Y*
- 7.98%
- 10Y*
- 11.46%
- ALL TIME*
- 10.37%
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 | |
| $194.14M | $292.34M | $238.59M |
VO vs. DBO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VO Vanguard Mid-Cap ETF | 13.50% | 11.62% | 15.31% | 16.03% | -18.73% | 24.70% | 18.10% | 30.98% | -9.24% | 19.28% |
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 VO and DBO is -0.23, 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. | -0.23 |
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. | 0.20 |
Correlation (All Time) Calculated using the full available price history since Jan 5, 2007 | 0.30 |
The correlation between VO and DBO shifts across timeframes, from -0.23 (1 year) to 0.30 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
VO vs. DBO — Risk / Return Rank
VO
DBO
VO vs. DBO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Mid-Cap ETF (VO) 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.
| VO | DBO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.08 | ||
| Sortino ratioReturn per unit of downside risk | +0.12 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.23 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.18 | 1.86 | +0.31 |
| Martin ratioReturn relative to average drawdown | 8.33 | 5.64 | +2.69 |
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Drawdowns
VO vs. DBO - Drawdown Comparison
The maximum VO drawdown since its inception was -58.87%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for VO and DBO.
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Drawdown Indicators
| VO | DBO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.87% | -90.18% | +31.31% |
Max Drawdown (1Y)Largest decline over 1 year | -8.17% | -27.73% | +19.56% |
Max Drawdown (3Y)Largest decline over 3 years | -19.02% | -28.20% | +9.18% |
Max Drawdown (5Y)Largest decline over 5 years | -27.57% | -37.68% | +10.11% |
Max Drawdown (10Y)Largest decline over 10 years | -39.37% | -61.69% | +22.32% |
Current DrawdownCurrent decline from peak | 0.00% | -56.13% | +56.13% |
Average DrawdownAverage peak-to-trough decline | -7.81% | -62.20% | +54.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.13% | 9.16% | -7.03% |
Volatility
VO vs. DBO - Volatility Comparison
The current volatility for Vanguard Mid-Cap ETF (VO) is 2.31%, while Invesco DB Oil Fund (DBO) has a volatility of 18.99%. This indicates that VO 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
| VO | DBO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.31% | 18.99% | -16.68% |
Volatility (6M)Calculated over the trailing 6-month period | 9.42% | 34.30% | -24.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.58% | 38.86% | -26.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.60% | 33.43% | -15.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.87% | 32.24% | -13.37% |
VO vs. DBO - Expense Ratio Comparison
VO has a 0.03% expense ratio, which is lower than DBO's 0.78% expense ratio.
Dividends
VO vs. DBO - Dividend Comparison
VO's dividend yield for the trailing twelve months is around 1.31%, 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% |
VO Vanguard Mid-Cap ETF | 1.31% | 1.52% | 1.49% | 1.52% | 1.60% | 1.12% | 1.45% | 1.48% | 1.82% | 1.35% | 1.45% | 1.47% |
Frequently Asked Questions
VO and DBO have a correlation of -0.23, 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 VO (2.31%). In terms of maximum drawdown, VO dropped -58.87% vs DBO's -90.18%.
On 10-year performance, VO leads with 11.46% vs 11.43% for DBO. On fees, VO is cheaper at 0.03% per year. On volatility, VO has been the lower-risk option at 2.31%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, VO has performed better with a 11.46% return vs 11.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VO is cheaper with a 0.03% expense ratio, compared with 0.78% for DBO.
DBO has the higher dividend yield at 2.11%, compared with 1.31% for VO.
VO is categorized as Mid Cap Blend Equities, while DBO is Oil & Gas. VO tracks CRSP US Mid Cap 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: 0.03% for VO and 0.78% for DBO.
VO currently has the higher Sharpe Ratio (1.42 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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