DBE vs. DBO
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 11.75%/yr vs 10.78%/yr for DBO. Their correlation of 0.94 means they have usually moved in the same direction. Both charge a 0.78% expense ratio.
Performance
DBE vs. DBO - Performance Comparison
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Returns By Period
In the year-to-date period, DBE achieves a 63.93% return, which is significantly higher than DBO's 57.21% return. Over the past 10 years, DBE has outperformed DBO with an annualized return of 11.75%, while DBO has yielded a comparatively lower 10.78% annualized return.
DBE
- 1D
- -4.28%
- 1M
- 11.01%
- 6M
- 47.49%
- YTD
- 63.93%
- 1Y
- 55.67%
- 3Y*
- 13.55%
- 5Y*
- 16.46%
- 10Y*
- 11.75%
- ALL TIME*
- 2.06%
DBO
- 1D
- -5.70%
- 1M
- 11.00%
- 6M
- 40.20%
- YTD
- 57.21%
- 1Y
- 44.25%
- 3Y*
- 10.15%
- 5Y*
- 11.90%
- 10Y*
- 10.78%
- ALL TIME*
- -0.08%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.35M | $1.09M | $1.64M | |
| $11.97M | $10.83M | $13.36M |
DBE vs. DBO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 63.93% | -2.17% | 2.96% | -12.14% | 33.77% | 57.56% | -25.91% | 19.72% | -12.95% | 5.21% |
DBO Invesco DB Oil Fund | 57.21% | -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 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.96 |
Correlation (3Y) Balances recent behavior with more history. | 0.96 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.95 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.95 |
Correlation (All Time) Calculated using the full available price history since Jan 5, 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.
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Return for Risk
DBE vs. DBO — Risk / Return Rank
DBE
DBO
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.
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.
| DBE | DBO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.34 | ||
| Sortino ratioReturn per unit of downside risk | +0.36 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.21 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.26 | 1.60 | +0.66 |
| Martin ratioReturn relative to average drawdown | 7.03 | 4.82 | +2.21 |
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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.
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Drawdown Indicators
| DBE | DBO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -86.69% | -90.18% | +3.49% |
Max Drawdown (1Y)Largest decline over 1 year | -24.72% | -27.73% | +3.01% |
Max Drawdown (3Y)Largest decline over 3 years | -24.72% | -28.20% | +3.48% |
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 DrawdownCurrent decline from peak | -37.77% | -58.63% | +20.86% |
Average DrawdownAverage peak-to-trough decline | -57.12% | -62.19% | +5.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.95% | 9.22% | -1.27% |
Volatility
DBE vs. DBO - Volatility Comparison
The current volatility for Invesco DB Energy Fund (DBE) is 15.88%, while Invesco DB Oil Fund (DBO) has a volatility of 20.12%. This indicates that DBE 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
| DBE | DBO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.88% | 20.12% | -4.24% |
Volatility (6M)Calculated over the trailing 6-month period | 33.82% | 34.37% | -0.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 37.86% | 39.23% | -1.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.19% | 33.50% | -3.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.64% | 32.29% | -3.65% |
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 2.36%, more than DBO's 2.23% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.36% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% |
DBO Invesco DB Oil Fund | 2.23% | 3.51% | 4.68% | 4.59% | 0.66% | 0.00% | 0.00% | 1.63% | 1.58% |
Frequently Asked Questions
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.
DBO has higher volatility (20.12%) compared to DBE (15.88%). In terms of maximum drawdown, DBE dropped -86.69% vs DBO's -90.18%.
On 10-year performance, DBE leads with 11.75% vs 10.78% for DBO. Both ETFs have the same 0.78% expense ratio. On volatility, DBE has been the lower-risk option at 15.88%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DBE has performed better with a 11.75% return vs 10.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DBE and DBO have the same expense ratio: 0.78% per year.
DBE has the higher dividend yield at 2.36%, compared with 2.23% for DBO.
DBE tracks DBIQ Optimum Yield Energy Index, while DBO tracks DBIQ Optimum Yield Crude Oil Index Excess Return.
DBE currently has the higher Sharpe Ratio (1.48 vs 1.13), 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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