DBO vs. BNO
DBO (Invesco DB Oil Fund) and BNO (United States Brent Oil Fund LP) are both Oil & Gas funds - DBO tracks the DBIQ Optimum Yield Crude Oil Index Excess Return while BNO tracks the Crude Oil Brent ICE Near Term Futures. Both are passively managed. Over the past 10 years, DBO returned 10.78%/yr vs 13.19%/yr for BNO. Their correlation of 0.93 means they have usually moved in the same direction. DBO charges 0.78%/yr vs 1.00%/yr for BNO.
Performance
DBO vs. BNO - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with DBO having a 57.21% return and BNO slightly higher at 60.03%. Over the past 10 years, DBO has underperformed BNO with an annualized return of 10.78%, while BNO has yielded a comparatively higher 13.19% annualized return.
DBO
- 1D
- -5.70%
- 1M
- 11.00%
- 6M
- 40.20%
- YTD
- 57.21%
- 1Y
- 44.25%
- 3Y*
- 10.15%
- 5Y*
- 11.90%
- 10Y*
- 10.78%
- ALL TIME*
- -0.08%
BNO
- 1D
- -5.25%
- 1M
- 14.24%
- 6M
- 41.10%
- YTD
- 60.03%
- 1Y
- 48.54%
- 3Y*
- 15.74%
- 5Y*
- 19.59%
- 10Y*
- 13.19%
- ALL TIME*
- 3.62%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $121.14M | $105.09M | $141.08M | |
| $11.97M | $10.83M | $13.36M |
DBO vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DBO Invesco DB Oil Fund | 57.21% | -11.71% | 7.85% | -4.44% | 13.04% | 60.74% | -20.99% | 28.05% | -15.22% | 4.86% |
BNO United States Brent Oil Fund LP | 60.03% | -5.44% | 9.67% | -3.43% | 35.25% | 62.34% | -38.23% | 36.01% | -15.30% | 15.43% |
Correlation
The correlation between DBO and BNO is 0.96 - 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. | 0.96 |
Correlation (3Y) Balances recent behavior with more history. | 0.97 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.97 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.95 |
Correlation (All Time) Calculated using the full available price history since Jun 2, 2010 | 0.93 |
The correlation between DBO and BNO has been stable across timeframes, ranging from 0.93 to 0.97 - a consistent structural relationship.
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Return for Risk
DBO vs. BNO — Risk / Return Rank
DBO
BNO
DBO vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB Oil Fund (DBO) and United States Brent Oil Fund LP (BNO). 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.
| DBO | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.05 | ||
| Sortino ratioReturn per unit of downside risk | +0.04 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.21 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.60 | 1.42 | +0.19 |
| Martin ratioReturn relative to average drawdown | 4.82 | 4.24 | +0.58 |
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Drawdowns
DBO vs. BNO - Drawdown Comparison
The maximum DBO drawdown since its inception was -90.18%, roughly equal to the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for DBO and BNO.
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Drawdown Indicators
| DBO | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -90.18% | -87.06% | -3.12% |
Max Drawdown (1Y)Largest decline over 1 year | -27.73% | -34.46% | +6.73% |
Max Drawdown (3Y)Largest decline over 3 years | -28.20% | -34.46% | +6.26% |
Max Drawdown (5Y)Largest decline over 5 years | -37.68% | -34.46% | -3.22% |
Max Drawdown (10Y)Largest decline over 10 years | -61.69% | -75.18% | +13.49% |
Current DrawdownCurrent decline from peak | -58.63% | -24.63% | -34.00% |
Average DrawdownAverage peak-to-trough decline | -62.19% | -39.98% | -22.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.22% | 11.49% | -2.27% |
Volatility
DBO vs. BNO - Volatility Comparison
Invesco DB Oil Fund (DBO) and United States Brent Oil Fund LP (BNO) have volatilities of 20.12% and 19.63%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DBO | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 20.12% | 19.63% | +0.49% |
Volatility (6M)Calculated over the trailing 6-month period | 34.37% | 41.36% | -6.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 39.23% | 45.04% | -5.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.50% | 36.52% | -3.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.29% | 37.04% | -4.75% |
DBO vs. BNO - Expense Ratio Comparison
DBO has a 0.78% expense ratio, which is lower than BNO's 1.00% expense ratio.
Dividends
DBO vs. BNO - Dividend Comparison
DBO's dividend yield for the trailing twelve months is around 2.23%, while BNO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BNO United States Brent Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
DBO Invesco DB Oil Fund | 2.23% | 3.51% | 4.68% | 4.59% | 0.66% | 0.00% | 0.00% | 1.63% | 1.58% |
Frequently Asked Questions
With a correlation of 0.96, DBO and BNO 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.
DBO has higher volatility (20.12%) compared to BNO (19.63%). In terms of maximum drawdown, DBO dropped -90.18% vs BNO's -87.06%.
On 10-year performance, BNO leads with 13.19% vs 10.78% for DBO. On fees, DBO is cheaper at 0.78% per year. On volatility, BNO has been the lower-risk option at 19.63%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, BNO has performed better with a 13.19% return vs 10.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DBO is cheaper with a 0.78% expense ratio, compared with 1.00% for BNO.
DBO has the higher dividend yield at 2.23%, compared with 0.00% for BNO.
DBO tracks DBIQ Optimum Yield Crude Oil Index Excess Return, while BNO tracks Crude Oil Brent ICE Near Term Futures. They also come from different issuers: Invesco and USCF. Their fees differ too: 0.78% for DBO and 1.00% for BNO.
DBO currently has the higher Sharpe Ratio (1.13 vs 1.08), 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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