DBE vs. USO

Last updated Jun 3, 2026

DBE (Invesco DB Energy Fund) and USO (United States Oil Fund LP) are both Oil & Gas funds - DBE tracks the DBIQ Optimum Yield Energy Index while USO tracks the Front Month Light Sweet Crude Oil. Both are passively managed. Over the past 10 years, DBE returned 11.78%/yr vs 4.07%/yr for USO. Their correlation of 0.92 suggests significant overlap in exposure. DBE charges 0.78%/yr vs 0.86%/yr for USO.

Performance

DBE vs. USO - Performance Comparison

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

Returns By Period

In the year-to-date period, DBE achieves a 79.50% return, which is significantly lower than USO's 103.67% return. Over the past 10 years, DBE has outperformed USO with an annualized return of 11.78%, while USO has yielded a comparatively lower 4.07% 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%

USO

• 1D: 2.62%
• 1M: -4.57%
• YTD: 103.67%
• 6M: 99.35%
• 1Y: 101.55%
• 3Y*: 29.98%
• 5Y*: 24.41%
• 10Y*: 4.07%

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

DBE vs. USO - 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%
USO United States Oil Fund LP	103.67%	-8.46%	13.35%	-4.94%	28.97%	64.68%	-67.79%	32.61%	-19.57%	2.47%

Correlation

The correlation between DBE and USO 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	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since Jan 8, 2007	0.92

The correlation between DBE and USO has been stable across timeframes, ranging from 0.92 to 0.96 - a consistent structural relationship.

Return for Risk

DBE vs. USO — 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: 71
DBE Sortino Ratio Rank: 61
DBE Omega Ratio Rank: 64
DBE Calmar Ratio Rank: 92
DBE Martin Ratio Rank: 65

USO

USO Risk / Return Rank: 66
USO Sharpe Ratio Rank: 69
USO Sortino Ratio Rank: 60
USO Omega Ratio Rank: 61
USO Calmar Ratio Rank: 87
USO Martin Ratio Rank: 54

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. 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 ratio Return per unit of total volatility	2.37	2.31	+0.06
Sortino ratio Return per unit of downside risk	2.91	2.89	+0.01
Omega ratio Gain probability vs. loss probability	1.39	1.38	+0.01
Calmar ratio Return relative to maximum drawdown	6.10	5.01	+1.09
Martin ratio Return relative to average drawdown	11.98	9.42	+2.56
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. USO - Sharpe Ratio Comparison

The current DBE Sharpe Ratio is 2.37, which is comparable to the USO Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of DBE and USO, 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	USO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.37	2.31	+0.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.66	0.68	-0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.42	0.10	+0.31
Sharpe Ratio (All Time) Calculated using the full available price history	0.09	-0.18	+0.27

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.

Drawdown Indicators

	DBE	USO	Difference
Max Drawdown Largest peak-to-trough decline	-86.69%	-98.19%	+11.50%
Max Drawdown (1Y) Largest decline over 1 year	-14.41%	-20.39%	+5.98%
Max Drawdown (3Y) Largest decline over 3 years	-23.89%	-26.05%	+2.16%
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 Drawdown Current decline from peak	-31.85%	-85.01%	+53.16%
Average Drawdown Average peak-to-trough decline	-57.31%	-75.30%	+17.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.34%	10.82%	-3.48%

Volatility

DBE vs. USO - Volatility Comparison

The current volatility for Invesco DB Energy Fund (DBE) is 13.47%, while United States Oil Fund LP (USO) has a volatility of 14.87%. 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.

Volatility by Period

	DBE	USO	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.47%	14.87%	-1.40%
Volatility (6M) Calculated over the trailing 6-month period	30.80%	38.23%	-7.43%
Volatility (1Y) Calculated over the trailing 1-year period	35.02%	44.20%	-9.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.37%	36.06%	-6.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.33%	39.00%	-10.67%

DBE vs. USO - Expense Ratio Comparison

DBE has a 0.78% expense ratio, which is lower than USO's 0.86% expense ratio.

Dividends

DBE vs. USO - Dividend Comparison

DBE's dividend yield for the trailing twelve months is around 2.15%, while USO 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%
USO United States Oil Fund LP	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DBE and USO in my portfolio?

With a correlation of 0.96, DBE and USO 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 USO?

USO has higher volatility (14.87%) compared to DBE (13.47%). In terms of maximum drawdown, DBE dropped -86.69% vs USO's -98.19%.

Which ETF is better, DBE or USO?

On 10-year performance, DBE leads with 11.78% vs 4.07% for USO. On fees, DBE is cheaper at 0.78% per year. On volatility, DBE has been the lower-risk option at 13.47%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DBE or USO?

Over the 10-year period, DBE has performed better with a 11.78% return vs 4.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DBE or USO?

DBE is cheaper with a 0.78% expense ratio, compared with 0.86% for USO.

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

DBE has the higher dividend yield at 2.15%, compared with 0.00% for USO.

What is the main difference between DBE and USO?

DBE tracks DBIQ Optimum Yield Energy Index, while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: Invesco and USCF. Their fees differ too: 0.78% for DBE and 0.86% for USO.

Which has better risk-adjusted returns?

DBE currently has the higher Sharpe Ratio (2.37 vs 2.31), 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.