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 Equal-Weighted 12-Month NYMEX WTI Crude Oil Futures Contracts. Both are passively managed. Over the past 10 years, DBE returned 11.75%/yr vs 10.73%/yr for USL. Their correlation of 0.93 means they have usually moved in the same direction. DBE charges 0.78%/yr vs 1.02%/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 63.93% return, which is significantly higher than USL's 42.12% return. Over the past 10 years, DBE has outperformed USL with an annualized return of 11.75%, while USL has yielded a comparatively lower 10.73% 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%
USL
- 1D
- -2.31%
- 1M
- 5.30%
- 6M
- 29.91%
- YTD
- 42.12%
- 1Y
- 30.23%
- 3Y*
- 8.03%
- 5Y*
- 13.78%
- 10Y*
- 10.73%
- ALL TIME*
- -0.35%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.35M | $1.09M | $1.64M | |
| $624.51K | $673.47K | $1.06M |
DBE vs. USL - 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% |
USL United States 12 Month Oil Fund, LP | 42.12% | -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 - 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. | 0.95 |
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 Dec 6, 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.
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 | USL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.47 | ||
| Sortino ratioReturn per unit of downside risk | +0.55 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.18 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.26 | 1.45 | +0.81 |
| Martin ratioReturn relative to average drawdown | 7.03 | 3.98 | +3.06 |
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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 | -24.72% | -20.91% | -3.81% |
Max Drawdown (3Y)Largest decline over 3 years | -24.72% | -23.33% | -1.39% |
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 | -37.77% | -46.10% | +8.33% |
Average DrawdownAverage peak-to-trough decline | -57.12% | -61.29% | +4.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.95% | 7.63% | +0.32% |
Volatility
DBE vs. USL - Volatility Comparison
Invesco DB Energy Fund (DBE) has a higher volatility of 15.88% compared to United States 12 Month Oil Fund, LP (USL) at 11.47%. 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 | 15.88% | 11.47% | +4.41% |
Volatility (6M)Calculated over the trailing 6-month period | 33.82% | 25.59% | +8.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 37.86% | 30.00% | +7.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.19% | 30.37% | -0.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.64% | 32.37% | -3.73% |
DBE vs. USL - Expense Ratio Comparison
DBE has a 0.78% expense ratio, which is lower than USL's 1.02% expense ratio.
Dividends
DBE vs. USL - Dividend Comparison
DBE's dividend yield for the trailing twelve months is around 2.36%, while USL has not paid dividends to shareholders.
| 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% |
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 (15.88%) compared to USL (11.47%). In terms of maximum drawdown, DBE dropped -86.69% vs USL's -89.06%.
On 10-year performance, DBE leads with 11.75% vs 10.73% for USL. On fees, DBE is cheaper at 0.78% per year. On volatility, USL has been the lower-risk option at 11.47%. 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 10.73%. 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 1.02% for USL.
DBE has the higher dividend yield at 2.36%, compared with 0.00% for USL.
DBE tracks DBIQ Optimum Yield Energy Index, while USL tracks Equal-Weighted 12-Month NYMEX WTI Crude Oil Futures Contracts. They also come from different issuers: Invesco and USCF. Their fees differ too: 0.78% for DBE and 1.02% for USL.
DBE currently has the higher Sharpe Ratio (1.48 vs 1.01), 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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