DBC vs. USE

Last updated Jun 4, 2026

DBC (Invesco DB Commodity Index Tracking Fund) and USE (USCF Energy Commodity Strategy Absolute Return Fund) are both Commodities funds. DBC is passively managed, while USE is actively managed. Over the past 3 years, DBC returned 15.09%/yr vs 17.85%/yr for USE. A 0.71 correlation means they provide meaningful diversification when combined. DBC charges 0.85%/yr vs 0.79%/yr for USE.

Performance

DBC vs. USE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DB Commodity Index Tracking Fund (DBC) and USCF Energy Commodity Strategy Absolute Return Fund (USE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DBC achieves a 35.47% return, which is significantly lower than USE's 48.69% return.

DBC

• 1D: 0.56%
• 1M: -3.32%
• YTD: 35.47%
• 6M: 35.36%
• 1Y: 45.90%
• 3Y*: 15.09%
• 5Y*: 12.78%
• 10Y*: 9.10%

USE

• 1D: 2.75%
• 1M: -2.96%
• YTD: 48.69%
• 6M: 51.72%
• 1Y: 41.25%
• 3Y*: 17.85%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

DBC vs. USE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
DBC Invesco DB Commodity Index Tracking Fund	35.47%	8.10%	2.18%	2.18%
USE USCF Energy Commodity Strategy Absolute Return Fund	48.69%	-14.97%	22.58%	9.98%

Correlation

The correlation between DBC and USE is 0.65, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (All Time) Calculated using the full available price history since May 5, 2023	0.71

The correlation between DBC and USE has been stable across timeframes, ranging from 0.65 to 0.71 - a consistent structural relationship.

DBC vs. USE - Sectors Allocation Comparison

Sectors	DBC	USE
Financial Services	91.5%	23.5%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

DBC vs. USE — Risk / Return Rank

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

DBC

DBC Risk / Return Rank: 75
DBC Sharpe Ratio Rank: 74
DBC Sortino Ratio Rank: 67
DBC Omega Ratio Rank: 70
DBC Calmar Ratio Rank: 92
DBC Martin Ratio Rank: 72

USE

USE Risk / Return Rank: 33
USE Sharpe Ratio Rank: 37
USE Sortino Ratio Rank: 38
USE Omega Ratio Rank: 35
USE Calmar Ratio Rank: 32
USE Martin Ratio Rank: 24

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.

DBC vs. USE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DB Commodity Index Tracking Fund (DBC) and USCF Energy Commodity Strategy Absolute Return Fund (USE). 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.

	DBC	USE	Difference
Sharpe ratio: Return per unit of total volatility	2.47	1.32	+1.15
Sortino ratio: Return per unit of downside risk	3.16	1.94	+1.22
Omega ratio: Gain probability vs. loss probability	1.43	1.23	+0.20
Calmar ratio: Return relative to maximum drawdown	6.54	1.58	+4.96
Martin ratio: Return relative to average drawdown	13.91	3.10	+10.81
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DBC vs. USE - Sharpe Ratio Comparison

The current DBC Sharpe Ratio is 2.47, which is higher than the USE Sharpe Ratio of 1.32. The chart below compares the historical Sharpe Ratios of DBC and USE, 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

	DBC	USE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.47	1.32	+1.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.67	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.51	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.12	0.70	-0.59

Drawdowns

DBC vs. USE - Drawdown Comparison

The maximum DBC drawdown since its inception was -76.36%, which is greater than USE's maximum drawdown of -26.24%. Use the drawdown chart below to compare losses from any high point for DBC and USE.

Drawdown Indicators

	DBC	USE	Difference
Max Drawdown Largest peak-to-trough decline	-76.36%	-26.24%	-50.12%
Max Drawdown (1Y) Largest decline over 1 year	-7.05%	-26.24%	+19.19%
Max Drawdown (3Y) Largest decline over 3 years	-13.82%	-26.24%	+12.42%
Max Drawdown (5Y) Largest decline over 5 years	-27.34%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-41.71%	—	—
Current Drawdown Current decline from peak	-21.64%	-4.44%	-17.20%
Average Drawdown Average peak-to-trough decline	-46.22%	-7.96%	-38.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.31%	13.32%	-10.01%

Volatility

DBC vs. USE - Volatility Comparison

The current volatility for Invesco DB Commodity Index Tracking Fund (DBC) is 6.45%, while USCF Energy Commodity Strategy Absolute Return Fund (USE) has a volatility of 11.11%. This indicates that DBC experiences smaller price fluctuations and is considered to be less risky than USE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DBC	USE	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.45%	11.11%	-4.66%
Volatility (6M) Calculated over the trailing 6-month period	15.75%	25.86%	-10.11%
Volatility (1Y) Calculated over the trailing 1-year period	18.68%	31.46%	-12.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.18%	27.06%	-7.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.81%	27.06%	-9.25%

DBC vs. USE - Expense Ratio Comparison

DBC has a 0.85% expense ratio, which is higher than USE's 0.79% expense ratio.

Dividends

DBC vs. USE - Dividend Comparison

DBC's dividend yield for the trailing twelve months is around 2.46%, more than USE's 2.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBC Invesco DB Commodity Index Tracking Fund	2.46%	3.33%	5.22%	4.94%	0.59%	0.00%	0.00%	1.59%	1.30%
USE USCF Energy Commodity Strategy Absolute Return Fund	2.06%	3.06%	38.65%	4.83%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DBC and USE in my portfolio?

DBC and USE have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DBC or USE?

USE has higher volatility (11.11%) compared to DBC (6.45%). In terms of maximum drawdown, DBC dropped -76.36% vs USE's -26.24%.

Which ETF is better, DBC or USE?

On 3-year performance, USE leads with 17.85% vs 15.09% for DBC. On fees, USE is cheaper at 0.79% per year. On volatility, DBC has been the lower-risk option at 6.45%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DBC or USE?

Over the 3-year period, USE has performed better with a 17.85% return vs 15.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DBC or USE?

USE is cheaper with a 0.79% expense ratio, compared with 0.85% for DBC.

Which ETF pays a higher dividend yield, DBC or USE?

DBC has the higher dividend yield at 2.46%, compared with 2.06% for USE.

What is the main difference between DBC and USE?

They also come from different issuers: Invesco and USCF. Their fees differ too: 0.85% for DBC and 0.79% for USE.

Which has better risk-adjusted returns?

DBC currently has the higher Sharpe Ratio (2.47 vs 1.32), 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.