DBE vs. DBO

Last updated Jun 4, 2026

DBE (Invesco DB Energy Fund) and DBO (Invesco DB Oil Fund) are both Oil & Gas funds from Invesco - DBE tracks the DBIQ Optimum Yield Energy Index while DBO tracks the DBIQ Optimum Yield Crude Oil Index Excess Return. Both are passively managed. Over the past 10 years, DBE returned 12.03%/yr vs 11.37%/yr for DBO. Their correlation of 0.94 suggests significant overlap in exposure. Both charge a 0.78% expense ratio.

Performance

DBE vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DB Energy Fund (DBE) and Invesco DB Oil Fund (DBO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with DBE having a 83.68% return and DBO slightly higher at 84.75%. Over the past 10 years, DBE has outperformed DBO with an annualized return of 12.03%, while DBO has yielded a comparatively lower 11.37% annualized return.

DBE

• 1D: 2.33%
• 1M: -5.45%
• YTD: 83.68%
• 6M: 74.95%
• 1Y: 84.41%
• 3Y*: 23.42%
• 5Y*: 19.66%
• 10Y*: 12.03%

DBO

• 1D: 2.27%
• 1M: -2.34%
• YTD: 84.75%
• 6M: 81.10%
• 1Y: 80.26%
• 3Y*: 21.86%
• 5Y*: 15.98%
• 10Y*: 11.37%

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

DBE vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DBE Invesco DB Energy Fund	83.68%	-2.17%	2.96%	-12.14%	33.77%	57.56%	-25.91%	19.72%	-12.95%	5.21%
DBO Invesco DB Oil Fund	84.75%	-11.71%	7.85%	-4.44%	13.04%	60.74%	-20.99%	28.05%	-15.22%	4.86%

Correlation

The correlation between DBE and DBO is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Jan 8, 2007	0.94

The correlation between DBE and DBO has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.

Return for Risk

DBE vs. DBO — Risk / Return Rank

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

DBE

DBE Risk / Return Rank: 71
DBE Sharpe Ratio Rank: 74
DBE Sortino Ratio Rank: 63
DBE Omega Ratio Rank: 65
DBE Calmar Ratio Rank: 91
DBE Martin Ratio Rank: 63

DBO

DBO Risk / Return Rank: 65
DBO Sharpe Ratio Rank: 70
DBO Sortino Ratio Rank: 62
DBO Omega Ratio Rank: 60
DBO Calmar Ratio Rank: 83
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.

DBE vs. DBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DB Energy Fund (DBE) 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.

	DBE	DBO	Difference
Sharpe ratio Return per unit of total volatility	2.43	2.34	+0.09
Sortino ratio Return per unit of downside risk	2.96	2.94	+0.02
Omega ratio Gain probability vs. loss probability	1.40	1.38	+0.02
Calmar ratio Return relative to maximum drawdown	5.89	4.44	+1.45
Martin ratio Return relative to average drawdown	11.53	9.02	+2.50
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DBE vs. DBO - Sharpe Ratio Comparison

The current DBE Sharpe Ratio is 2.43, which is comparable to the DBO Sharpe Ratio of 2.34. The chart below compares the historical Sharpe Ratios of DBE 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

	DBE	DBO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.43	2.34	+0.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.67	0.50	+0.17
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.43	0.36	+0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.09	0.02	+0.07

Drawdowns

DBE vs. DBO - Drawdown Comparison

The maximum DBE drawdown since its inception was -86.69%, roughly equal to the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for DBE and DBO.

Drawdown Indicators

	DBE	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-86.69%	-90.18%	+3.49%
Max Drawdown (1Y) Largest decline over 1 year	-14.41%	-18.19%	+3.78%
Max Drawdown (3Y) Largest decline over 3 years	-23.89%	-28.20%	+4.31%
Max Drawdown (5Y) Largest decline over 5 years	-38.74%	-37.68%	-1.06%
Max Drawdown (10Y) Largest decline over 10 years	-60.84%	-61.69%	+0.85%
Current Drawdown Current decline from peak	-30.27%	-51.38%	+21.11%
Average Drawdown Average peak-to-trough decline	-57.31%	-62.25%	+4.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.35%	8.92%	-1.57%

Volatility

DBE vs. DBO - Volatility Comparison

Invesco DB Energy Fund (DBE) and Invesco DB Oil Fund (DBO) have volatilities of 12.95% and 12.61%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DBE	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.95%	12.61%	+0.34%
Volatility (6M) Calculated over the trailing 6-month period	30.86%	28.20%	+2.66%
Volatility (1Y) Calculated over the trailing 1-year period	34.97%	34.46%	+0.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.39%	32.29%	-2.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.33%	31.78%	-3.45%

DBE vs. DBO - Expense Ratio Comparison

Both DBE and DBO have an expense ratio of 0.78%.

Dividends

DBE vs. DBO - Dividend Comparison

DBE's dividend yield for the trailing twelve months is around 2.10%, more than DBO's 1.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBE Invesco DB Energy Fund	2.10%	3.86%	6.32%	3.87%	0.75%	0.00%	0.00%	1.79%	1.67%
DBO Invesco DB Oil Fund	1.90%	3.51%	4.68%	4.59%	0.66%	0.00%	0.00%	1.63%	1.58%

Frequently Asked Questions

Can I hold both DBE and DBO in my portfolio?

With a correlation of 0.96, DBE and DBO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, DBE or DBO?

DBE has higher volatility (12.95%) compared to DBO (12.61%). In terms of maximum drawdown, DBE dropped -86.69% vs DBO's -90.18%.

Which ETF is better, DBE or DBO?

On 10-year performance, DBE leads with 12.03% vs 11.37% for DBO. Both ETFs have the same 0.78% expense ratio. On volatility, DBO has been the lower-risk option at 12.61%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DBE or DBO?

Over the 10-year period, DBE has performed better with a 12.03% return vs 11.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DBE or DBO?

DBE and DBO have the same expense ratio: 0.78% per year.

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

DBE has the higher dividend yield at 2.10%, compared with 1.90% for DBO.

What is the main difference between DBE and DBO?

DBE tracks DBIQ Optimum Yield Energy Index, while DBO tracks DBIQ Optimum Yield Crude Oil Index Excess Return.

Which has better risk-adjusted returns?

DBE currently has the higher Sharpe Ratio (2.43 vs 2.34), 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.