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Performance
DBO Performance Chart
Invesco DB Oil Fund (DBO) is up 65.1% since the beginning of the year. DBO is currently trading at $20 per share. Investors who bought $1,000 worth of DBO shares 5 years ago would now be looking at an investment worth $1,810.
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Returns By Period
Invesco DB Oil Fund (DBO) has returned 65.08% so far this year and 53.03% over the past 12 months. Over the last ten years, DBO has returned 10.38% per year, falling short of the S&P 500 Index benchmark, which averaged 13.36% annually.
Invesco DB Oil Fund
- 1D
- 0.80%
- 1M
- 1.67%
- 6M
- 57.47%
- YTD
- 65.08%
- 1Y
- 53.03%
- 3Y*
- 15.26%
- 5Y*
- 12.60%
- 10Y*
- 10.38%
Benchmark (S&P 500 Index)
- 1D
- 0.38%
- 1M
- 0.24%
- 6M
- 9.32%
- YTD
- 10.62%
- 1Y
- 21.28%
- 3Y*
- 18.90%
- 5Y*
- 11.84%
- 10Y*
- 13.36%
DBO Monthly Returns History
Based on dividend-adjusted daily data since Jan 5, 2007, DBO's average daily return is +0.02%, while the average monthly return is +0.40%. At this rate, an investment would double in approximately 14.5 years.
Historically, 54% of months were positive and 46% were negative. The best month was Mar 2026 with a return of +36.2%, while the worst month was Oct 2008 at -29.0%. The longest winning streak lasted 8 consecutive months, and the longest losing streak was 8 months.
On a daily basis, DBO closed higher 52% of trading days. The best single day was Mar 19, 2020 with a return of +10.6%, while the worst single day was Mar 9, 2020 at -16.7%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 15.00% | 2.92% | 36.22% | 13.73% | -5.50% | -16.51% | 14.11% | 65.08% | |||||
| 2025 | 2.87% | -3.60% | 0.99% | -16.19% | 3.25% | 6.61% | 8.55% | -5.09% | -1.25% | -1.64% | -1.89% | -2.66% | -11.71% |
| 2024 | 4.17% | 0.83% | 6.37% | 0.26% | -2.37% | 4.21% | -2.46% | -5.05% | -4.84% | 3.94% | -1.65% | 5.06% | 7.85% |
| 2023 | -0.66% | -2.78% | -0.82% | 1.24% | -9.36% | 5.61% | 14.45% | 2.41% | 6.65% | -6.29% | -6.53% | -5.99% | -4.44% |
| 2022 | 11.59% | 4.70% | 9.41% | 2.71% | 9.33% | -6.22% | -1.92% | -5.25% | -10.43% | 9.41% | -5.06% | -2.87% | 13.04% |
| 2021 | 7.59% | 16.54% | -0.47% | 6.84% | 5.16% | 9.05% | 1.47% | -4.28% | 9.58% | 10.28% | -18.70% | 10.16% | 60.74% |
Benchmark Metrics
Invesco DB Oil Fund has an annualized alpha of -0.74%, beta of 0.57, and R2 of 0.12 versus S&P 500 Index. Calculated based on daily prices since January 05, 2007.
- This ETF participated in 103.77% of S&P 500 Index downside but only 66.03% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.57 may look defensive, but with R2 of 0.12 this ETF is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this ETF's risk.
- R2 of 0.12 means this ETF moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- -0.74%
- Beta
- 0.57
- R²
- 0.12
- Upside Capture
- 66.03%
- Downside Capture
- 103.77%
Expense Ratio
DBO has an expense ratio of 0.78%, placing it in the medium range.
Return for Risk
Risk / Return Rank
DBO ranks 48 for risk / return — on par with similar ETFs. You're getting a typical balance of risk and reward. Not a standout, but not a red flag either — a reasonable choice if other factors align with your goals.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Invesco DB Oil Fund (DBO) and compare them to S&P 500 Index.
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.
| DBO | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.22 | ||
| Sortino ratioReturn per unit of downside risk | -0.23 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.31 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 1.92 | 2.35 | -0.43 |
| Martin ratioReturn relative to average drawdown | 5.17 | 10.19 | -5.02 |
Dividends
Dividend History
Invesco DB Oil Fund provided a 2.13% dividend yield over the last twelve months, with an annual payout of $0.43 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.43 | $0.43 | $0.67 | $0.64 | $0.10 | $0.00 | $0.00 | $0.17 | $0.13 |
Dividend yield | 2.13% | 3.51% | 4.68% | 4.59% | 0.66% | 0.00% | 0.00% | 1.63% | 1.58% |
Monthly Dividends
The table displays the monthly dividend distributions for Invesco DB Oil Fund. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |||||
| 2025 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.43 | $0.43 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.67 | $0.67 |
| 2023 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.64 | $0.64 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.10 | $0.10 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Invesco DB Oil Fund. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Invesco DB Oil Fund was 90.18%, occurring on Apr 28, 2020. The portfolio has not yet recovered.
The current Invesco DB Oil Fund drawdown is 56.56%.
Drawdown | Fall | Recovery | Underwater | Related event |
|---|---|---|---|---|
-90.18%Apr 2020 | 11y 9mo | — | 18y 5dJul 2008 - now | COVID crash2020 |
-11.30%Jan 2008 | 19d | 27d | 1mo 16dJan 2008 - Feb 2008 | Financial crisis2007–2009 |
-9.74%Jan 2007 | 9d | 13d | 22dJan 2007 - Jan 2007 | — |
-8.93%Jun 2008 | 13d | 2d | 15dMay 2008 - Jun 2008 | Financial crisis2007–2009 |
-8.34%Dec 2007 | 14d | 22d | 1mo 6dNov 2007 - Dec 2007 | Financial crisis2007–2009 |
Drawdown Indicators
| DBO | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -90.18% | -56.78% | -33.40% |
Max Drawdown (1Y)Largest decline over 1 year | -27.73% | -9.10% | -18.63% |
Max Drawdown (3Y)Largest decline over 3 years | -28.20% | -18.90% | -9.30% |
Max Drawdown (5Y)Largest decline over 5 years | -37.68% | -25.43% | -12.25% |
Max Drawdown (10Y)Largest decline over 10 years | -61.69% | -33.92% | -27.77% |
Current DrawdownCurrent decline from peak | -56.56% | -0.49% | -56.07% |
Average DrawdownAverage peak-to-trough decline | -62.22% | -10.70% | -51.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.28% | 2.09% | +8.19% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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