DBE vs. USOI
DBE (Invesco DB Energy Fund) and USOI (Credit Suisse X-Links Crude Oil Shares Covered Call ETN) are both Oil & Gas funds - DBE tracks the DBIQ Optimum Yield Energy Index while USOI tracks the Credit Suisse NASDAQ WTI Crude Oil FLOWS 106 Index. Both are passively managed. Over the past year, DBE returned 55.67% vs 24.70% for USOI. Their correlation of 0.89 means they have usually moved in the same direction. DBE charges 0.78%/yr vs 0.85%/yr for USOI.
Performance
DBE vs. USOI - 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 USOI's 30.69% 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%
USOI
- 1D
- -1.16%
- 1M
- 9.92%
- 6M
- 21.84%
- YTD
- 30.69%
- 1Y
- 24.70%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 10.05%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.35M | $1.09M | $1.64M | |
| $16.92M | $18.15M | $9.02M |
DBE vs. USOI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
DBE Invesco DB Energy Fund | 63.93% | -2.17% | -1.65% |
USOI Credit Suisse X-Links Crude Oil Shares Covered Call ETN | 30.69% | -8.78% | 3.24% |
Correlation
The correlation between DBE and USOI is 0.88, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.88 |
Correlation (All Time) Calculated using the full available price history since Jun 3, 2024 | 0.89 |
The correlation between DBE and USOI has been stable across timeframes, ranging from 0.88 to 0.89 - a consistent structural relationship.
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Return for Risk
DBE vs. USOI — Risk / Return Rank
DBE
USOI
DBE vs. USOI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB Energy Fund (DBE) and Credit Suisse X-Links Crude Oil Shares Covered Call ETN (USOI). 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 | USOI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.47 | ||
| Sortino ratioReturn per unit of downside risk | +0.59 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.18 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.26 | 1.05 | +1.21 |
| Martin ratioReturn relative to average drawdown | 7.03 | 3.27 | +3.77 |
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Drawdowns
DBE vs. USOI - Drawdown Comparison
The maximum DBE drawdown since its inception was -86.69%, which is greater than USOI's maximum drawdown of -23.54%. Use the drawdown chart below to compare losses from any high point for DBE and USOI.
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Drawdown Indicators
| DBE | USOI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -86.69% | -23.54% | -63.15% |
Max Drawdown (1Y)Largest decline over 1 year | -24.72% | -23.54% | -1.18% |
Max Drawdown (3Y)Largest decline over 3 years | -24.72% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -38.74% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -60.84% | — | — |
Current DrawdownCurrent decline from peak | -37.77% | -15.85% | -21.92% |
Average DrawdownAverage peak-to-trough decline | -57.12% | -7.88% | -49.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.95% | 7.60% | +0.35% |
Volatility
DBE vs. USOI - Volatility Comparison
Invesco DB Energy Fund (DBE) has a higher volatility of 15.88% compared to Credit Suisse X-Links Crude Oil Shares Covered Call ETN (USOI) at 6.44%. This indicates that DBE's price experiences larger fluctuations and is considered to be riskier than USOI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DBE | USOI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.88% | 6.44% | +9.44% |
Volatility (6M)Calculated over the trailing 6-month period | 33.82% | 20.38% | +13.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 37.86% | 24.67% | +13.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.19% | 23.29% | +6.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.64% | 23.29% | +5.35% |
DBE vs. USOI - Expense Ratio Comparison
DBE has a 0.78% expense ratio, which is lower than USOI's 0.85% expense ratio.
Dividends
DBE vs. USOI - Dividend Comparison
DBE's dividend yield for the trailing twelve months is around 2.36%, less than USOI's 47.10% 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% |
USOI Credit Suisse X-Links Crude Oil Shares Covered Call ETN | 47.10% | 27.21% | 12.54% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
DBE and USOI have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBE has higher volatility (15.88%) compared to USOI (6.44%). In terms of maximum drawdown, DBE dropped -86.69% vs USOI's -23.54%.
On 1-year performance, DBE leads with 55.67% vs 24.70% for USOI. On fees, DBE is cheaper at 0.78% per year. On volatility, USOI has been the lower-risk option at 6.44%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, DBE has performed better with a 55.67% return vs 24.70%. 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 0.85% for USOI.
USOI has the higher dividend yield at 47.10%, compared with 2.36% for DBE.
DBE tracks DBIQ Optimum Yield Energy Index, while USOI tracks Credit Suisse NASDAQ WTI Crude Oil FLOWS 106 Index. They also come from different issuers: Invesco and Credit Suisse. Their fees differ too: 0.78% for DBE and 0.85% for USOI.
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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