DBE vs. USO
Compare and contrast key facts about Invesco DB Energy Fund (DBE) and United States Oil Fund LP (USO).
DBE and USO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. DBE is a passively managed fund by Invesco that tracks the performance of the DBIQ Optimum Yield Energy Index. It was launched on Jan 5, 2007. USO is a passively managed fund by Concierge Technologies that tracks the performance of the Front Month Light Sweet Crude Oil. It was launched on Apr 10, 2006. Both DBE and USO are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
DBE vs. USO - Performance Comparison
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DBE vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 68.74% | -2.17% | 2.96% | -12.14% | 33.77% | 57.56% | -25.91% | 19.72% | -12.95% | 5.21% |
USO United States Oil Fund LP | 83.99% | -8.46% | 13.35% | -4.94% | 28.97% | 64.68% | -67.79% | 32.61% | -19.57% | 2.47% |
Returns By Period
In the year-to-date period, DBE achieves a 68.74% return, which is significantly lower than USO's 83.99% return. Over the past 10 years, DBE has outperformed USO with an annualized return of 13.36%, while USO has yielded a comparatively lower 5.48% annualized return.
DBE
- 1D
- -3.79%
- 1M
- 43.62%
- YTD
- 68.74%
- 6M
- 60.99%
- 1Y
- 56.23%
- 3Y*
- 18.11%
- 5Y*
- 19.81%
- 10Y*
- 13.36%
USO
- 1D
- -1.99%
- 1M
- 55.28%
- YTD
- 83.99%
- 6M
- 72.54%
- 1Y
- 64.55%
- 3Y*
- 24.19%
- 5Y*
- 24.91%
- 10Y*
- 5.48%
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DBE vs. USO - Expense Ratio Comparison
DBE has a 0.78% expense ratio, which is lower than USO's 0.79% expense ratio.
Return for Risk
DBE vs. USO — Risk / Return Rank
DBE
USO
DBE vs. USO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB Energy Fund (DBE) and United States Oil Fund LP (USO). 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 | USO | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.79 | 1.65 | +0.14 |
Sortino ratioReturn per unit of downside risk | 2.42 | 2.32 | +0.10 |
Omega ratioGain probability vs. loss probability | 1.32 | 1.30 | +0.02 |
Calmar ratioReturn relative to maximum drawdown | 4.08 | 3.44 | +0.64 |
Martin ratioReturn relative to average drawdown | 7.27 | 5.96 | +1.30 |
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 | USO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.79 | 1.65 | +0.14 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.70 | 0.73 | -0.03 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.48 | 0.14 | +0.34 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.08 | -0.19 | +0.27 |
Correlation
The correlation between DBE and USO is 0.92, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
DBE vs. USO - Dividend Comparison
DBE's dividend yield for the trailing twelve months is around 2.29%, while USO has not paid dividends to shareholders.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.29% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% |
USO United States Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
DBE vs. USO - Drawdown Comparison
The maximum DBE drawdown since its inception was -86.69%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for DBE and USO.
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Drawdown Indicators
| DBE | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -86.69% | -98.19% | +11.50% |
Max Drawdown (1Y)Largest decline over 1 year | -14.70% | -20.39% | +5.69% |
Max Drawdown (5Y)Largest decline over 5 years | -38.74% | -36.23% | -2.51% |
Max Drawdown (10Y)Largest decline over 10 years | -60.84% | -86.75% | +25.91% |
Current DrawdownCurrent decline from peak | -35.94% | -86.46% | +50.52% |
Average DrawdownAverage peak-to-trough decline | -57.53% | -75.21% | +17.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.26% | 11.77% | -3.51% |
Volatility
DBE vs. USO - Volatility Comparison
The current volatility for Invesco DB Energy Fund (DBE) is 17.01%, while United States Oil Fund LP (USO) has a volatility of 21.87%. This indicates that DBE experiences smaller price fluctuations and is considered to be less risky than USO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DBE | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.01% | 21.87% | -4.86% |
Volatility (6M)Calculated over the trailing 6-month period | 25.33% | 29.71% | -4.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 31.66% | 39.38% | -7.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 28.66% | 34.41% | -5.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.87% | 38.33% | -10.46% |