DBE vs. USOI

Last updated Jul 15, 2026

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 57.89% vs 25.55% for USOI. Their correlation of 0.90 suggests significant overlap in exposure. DBE charges 0.78%/yr vs 0.85%/yr for USOI.

Performance

DBE vs. USOI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DB Energy Fund (DBE) and Credit Suisse X-Links Crude Oil Shares Covered Call ETN (USOI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DBE achieves a 69.05% return, which is significantly higher than USOI's 30.62% return.

DBE

• 1D: 1.79%
• 1M: 0.60%
• 6M: 61.38%
• YTD: 69.05%
• 1Y: 57.89%
• 3Y*: 17.83%
• 5Y*: 17.23%
• 10Y*: 11.34%

USOI

• 1D: 1.26%
• 1M: -6.19%
• 6M: 26.53%
• YTD: 30.62%
• 1Y: 25.55%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DBE vs. USOI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DBE Invesco DB Energy Fund	69.05%	-2.17%	-1.65%
USOI Credit Suisse X-Links Crude Oil Shares Covered Call ETN	30.62%	-8.78%	3.24%

Correlation

The correlation between DBE and USOI is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.90
Correlation (All Time) Calculated using the full available price history since Jun 3, 2024	0.90

The correlation between DBE and USOI has been stable across timeframes, ranging from 0.90 to 0.90 - a consistent structural relationship.

Return for Risk

DBE vs. USOI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DBE

DBE Risk / Return Rank: 57
DBE Sharpe Ratio Rank: 61
DBE Sortino Ratio Rank: 58
DBE Omega Ratio Rank: 57
DBE Calmar Ratio Rank: 59
DBE Martin Ratio Rank: 52

USOI

USOI Risk / Return Rank: 32
USOI Sharpe Ratio Rank: 35
USOI Sortino Ratio Rank: 34
USOI Omega Ratio Rank: 33
USOI Calmar Ratio Rank: 27
USOI Martin Ratio Rank: 30

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. 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 ratio: Return per unit of total volatility	1.62	1.03	+0.59
Sortino ratio: Return per unit of downside risk	2.22	1.50	+0.72
Omega ratio: Gain probability vs. loss probability	1.28	1.18	+0.10
Calmar ratio: Return relative to maximum drawdown	2.35	1.09	+1.26
Martin ratio: Return relative to average drawdown	7.10	3.39	+3.72

DBE vs. USOI - Sharpe Ratio Comparison

The current DBE Sharpe Ratio is 1.62, which is higher than the USOI Sharpe Ratio of 1.03. The chart below compares the historical Sharpe Ratios of DBE and USOI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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.

Drawdown Indicators

	DBE	USOI	Difference
Max Drawdown Largest 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 Drawdown Current decline from peak	-35.82%	-15.89%	-19.93%
Average Drawdown Average peak-to-trough decline	-57.19%	-7.67%	-49.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.17%	7.56%	+0.61%

Volatility

DBE vs. USOI - Volatility Comparison

Invesco DB Energy Fund (DBE) has a higher volatility of 12.20% compared to Credit Suisse X-Links Crude Oil Shares Covered Call ETN (USOI) at 10.68%. 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.

Volatility by Period

	DBE	USOI	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.20%	10.68%	+1.52%
Volatility (6M) Calculated over the trailing 6-month period	32.74%	20.59%	+12.15%
Volatility (1Y) Calculated over the trailing 1-year period	35.99%	24.97%	+11.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.88%	23.56%	+6.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.40%	23.56%	+4.84%

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 2.29%, less than USOI's 45.86% yield.

Position	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%
USOI Credit Suisse X-Links Crude Oil Shares Covered Call ETN	45.86%	27.21%	12.54%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DBE and USOI in my portfolio?

With a correlation of 0.90, DBE and USOI 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 USOI?

DBE has higher volatility (12.20%) compared to USOI (10.68%). In terms of maximum drawdown, DBE dropped -86.69% vs USOI's -23.54%.

Which ETF is better, DBE or USOI?

On 1-year performance, DBE leads with 57.89% vs 25.55% for USOI. On fees, DBE is cheaper at 0.78% per year. On volatility, USOI has been the lower-risk option at 10.68%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DBE or USOI?

Over the 1-year period, DBE has performed better with a 57.89% return vs 25.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DBE or USOI?

DBE is cheaper with a 0.78% expense ratio, compared with 0.85% for USOI.

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

USOI has the higher dividend yield at 45.86%, compared with 2.29% for DBE.

What is the main difference between DBE and USOI?

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.

Which has better risk-adjusted returns?

DBE currently has the higher Sharpe Ratio (1.62 vs 1.03), 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.