DBE vs. USL
DBE (Invesco DB Energy Fund) and USL (United States 12 Month Oil Fund LP) are both Oil & Gas funds - DBE tracks the DBIQ Optimum Yield Energy Index while USL tracks the 12 Month Light Sweet Crude Oil. Both are passively managed. Over the past 10 years, DBE returned 11.78%/yr vs 10.74%/yr for USL. Their correlation of 0.93 suggests significant overlap in exposure. DBE charges 0.78%/yr vs 0.88%/yr for USL.
Performance
DBE vs. USL - Performance Comparison
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Returns By Period
In the year-to-date period, DBE achieves a 79.50% return, which is significantly higher than USL's 60.58% return. Over the past 10 years, DBE has outperformed USL with an annualized return of 11.78%, while USL has yielded a comparatively lower 10.74% annualized return.
DBE
- 1D
- 0.80%
- 1M
- -3.65%
- YTD
- 79.50%
- 6M
- 72.59%
- 1Y
- 82.31%
- 3Y*
- 22.48%
- 5Y*
- 19.20%
- 10Y*
- 11.78%
USL
- 1D
- 1.21%
- 1M
- 0.73%
- YTD
- 60.58%
- 6M
- 58.21%
- 1Y
- 56.66%
- 3Y*
- 17.81%
- 5Y*
- 17.18%
- 10Y*
- 10.74%
DBE vs. USL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 79.50% | -2.17% | 2.96% | -12.14% | 33.77% | 57.56% | -25.91% | 19.72% | -12.95% | 5.21% |
USL United States 12 Month Oil Fund LP | 60.58% | -12.37% | 8.30% | -1.11% | 27.10% | 62.48% | -25.23% | 28.01% | -14.15% | 2.55% |
Correlation
The correlation between DBE and USL is 0.95 - 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 | 0.95 |
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 Dec 7, 2007 | 0.93 |
The correlation between DBE and USL has been stable across timeframes, ranging from 0.93 to 0.96 - a consistent structural relationship.
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Return for Risk
DBE vs. USL — Risk / Return Rank
DBE
USL
DBE vs. USL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB Energy Fund (DBE) and United States 12 Month Oil Fund LP (USL). 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 | USL | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.37 | 2.00 | +0.37 |
Sortino ratioReturn per unit of downside risk | 2.91 | 2.54 | +0.36 |
Omega ratioGain probability vs. loss probability | 1.39 | 1.33 | +0.06 |
Calmar ratioReturn relative to maximum drawdown | 6.10 | 3.67 | +2.43 |
Martin ratioReturn relative to average drawdown | 11.98 | 7.44 | +4.54 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| DBE | USL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.37 | 2.00 | +0.37 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.66 | 0.57 | +0.08 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.42 | 0.33 | +0.08 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.09 | 0.01 | +0.08 |
Drawdowns
DBE vs. USL - Drawdown Comparison
The maximum DBE drawdown since its inception was -86.69%, roughly equal to the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for DBE and USL.
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Drawdown Indicators
| DBE | USL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -86.69% | -89.06% | +2.37% |
Max Drawdown (1Y)Largest decline over 1 year | -14.41% | -16.76% | +2.35% |
Max Drawdown (3Y)Largest decline over 3 years | -23.89% | -23.33% | -0.56% |
Max Drawdown (5Y)Largest decline over 5 years | -38.74% | -33.82% | -4.92% |
Max Drawdown (10Y)Largest decline over 10 years | -60.84% | -66.02% | +5.18% |
Current DrawdownCurrent decline from peak | -31.85% | -39.10% | +7.25% |
Average DrawdownAverage peak-to-trough decline | -57.31% | -61.46% | +4.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.34% | 8.26% | -0.92% |
Volatility
DBE vs. USL - Volatility Comparison
Invesco DB Energy Fund (DBE) has a higher volatility of 13.47% compared to United States 12 Month Oil Fund LP (USL) at 11.15%. This indicates that DBE's price experiences larger fluctuations and is considered to be riskier than USL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DBE | USL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.47% | 11.15% | +2.32% |
Volatility (6M)Calculated over the trailing 6-month period | 30.80% | 23.30% | +7.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.02% | 28.65% | +6.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.37% | 30.07% | -0.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.33% | 32.35% | -4.02% |
DBE vs. USL - Expense Ratio Comparison
DBE has a 0.78% expense ratio, which is lower than USL's 0.88% expense ratio.
Dividends
DBE vs. USL - Dividend Comparison
DBE's dividend yield for the trailing twelve months is around 2.15%, while USL has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.15% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% |
USL United States 12 Month Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.95, DBE and USL 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.
DBE has higher volatility (13.47%) compared to USL (11.15%). In terms of maximum drawdown, DBE dropped -86.69% vs USL's -89.06%.
On 10-year performance, DBE leads with 11.78% vs 10.74% for USL. On fees, DBE is cheaper at 0.78% per year. On volatility, USL has been the lower-risk option at 11.15%. 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 11.78% return vs 10.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DBE is cheaper with a 0.78% expense ratio, compared with 0.88% for USL.
DBE has the higher dividend yield at 2.15%, compared with 0.00% for USL.
DBE tracks DBIQ Optimum Yield Energy Index, while USL tracks 12 Month Light Sweet Crude Oil. They also come from different issuers: Invesco and Concierge Technologies. Their fees differ too: 0.78% for DBE and 0.88% for USL.
DBE currently has the higher Sharpe Ratio (2.37 vs 2.00), 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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