DBO vs. BP

Last updated Apr 1, 2026

Compare and contrast key facts about Invesco DB Oil Fund (DBO) and BP p.l.c. (BP).

DBO is a passively managed fund by Invesco that tracks the performance of the DBIQ Optimum Yield Crude Oil Index Excess Return. It was launched on Jan 5, 2007.

Performance

DBO vs. BP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DB Oil Fund (DBO) and BP p.l.c. (BP). The values are adjusted to include any dividend payments, if applicable.

DBO vs. BP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DBO Invesco DB Oil Fund	61.23%	-11.71%	7.85%	-4.44%	13.04%	60.74%	-20.99%	28.05%	-15.22%	4.86%
BP BP p.l.c.	37.08%	24.54%	-11.84%	6.00%	37.01%	36.38%	-41.31%	5.83%	-4.57%	20.02%

Returns By Period

In the year-to-date period, DBO achieves a 61.23% return, which is significantly higher than BP's 37.08% return. Over the past 10 years, DBO has outperformed BP with an annualized return of 11.99%, while BP has yielded a comparatively lower 10.96% annualized return.

DBO

• 1D: -5.52%
• 1M: 36.22%
• YTD: 61.23%
• 6M: 51.46%
• 1Y: 42.16%
• 3Y*: 15.27%
• 5Y*: 15.55%
• 10Y*: 11.99%

BP

• 1D: -0.74%
• 1M: 20.95%
• YTD: 37.08%
• 6M: 40.07%
• 1Y: 47.29%
• 3Y*: 13.31%
• 5Y*: 19.68%
• 10Y*: 10.96%

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

Return for Risk

DBO vs. BP — Risk / Return Rank

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

DBO

DBO Risk / Return Rank: 68
DBO Sharpe Ratio Rank: 69
DBO Sortino Ratio Rank: 73
DBO Omega Ratio Rank: 63
DBO Calmar Ratio Rank: 86
DBO Martin Ratio Rank: 50

BP

BP Risk / Return Rank: 81
BP Sharpe Ratio Rank: 86
BP Sortino Ratio Rank: 79
BP Omega Ratio Rank: 80
BP Calmar Ratio Rank: 79
BP Martin Ratio Rank: 82

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.

DBO vs. BP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DB Oil Fund (DBO) and BP p.l.c. (BP). 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.

	DBO	BP	Difference
Sharpe ratio Return per unit of total volatility	1.18	1.57	-0.39
Sortino ratio Return per unit of downside risk	1.77	1.97	-0.19
Omega ratio Gain probability vs. loss probability	1.22	1.28	-0.05
Calmar ratio Return relative to maximum drawdown	2.52	2.06	+0.46
Martin ratio Return relative to average drawdown	4.52	6.29	-1.77
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DBO vs. BP - Sharpe Ratio Comparison

The current DBO Sharpe Ratio is 1.18, which is comparable to the BP Sharpe Ratio of 1.57. The chart below compares the historical Sharpe Ratios of DBO and BP, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	DBO	BP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.18	1.57	-0.39
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.49	0.69	-0.20
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.38	0.35	+0.03
Sharpe Ratio (All Time) Calculated using the full available price history	-0.00	0.19	-0.19

Correlation

The correlation between DBO and BP is 0.54, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

DBO vs. BP - Dividend Comparison

DBO's dividend yield for the trailing twelve months is around 2.18%, less than BP's 4.21% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DBO Invesco DB Oil Fund	2.18%	3.51%	4.68%	4.59%	0.66%	0.00%	0.00%	1.63%	1.58%	0.00%	0.00%	0.00%
BP BP p.l.c.	4.21%	5.64%	6.20%	4.71%	3.94%	4.83%	9.21%	6.52%	6.41%	5.66%	6.37%	7.63%

Drawdowns

DBO vs. BP - Drawdown Comparison

The maximum DBO drawdown since its inception was -90.18%, which is greater than BP's maximum drawdown of -74.94%. Use the drawdown chart below to compare losses from any high point for DBO and BP.

Drawdown Indicators

	DBO	BP	Difference
Max Drawdown Largest peak-to-trough decline	-90.18%	-74.94%	-15.24%
Max Drawdown (1Y) Largest decline over 1 year	-18.19%	-22.77%	+4.58%
Max Drawdown (5Y) Largest decline over 5 years	-37.68%	-30.63%	-7.05%
Max Drawdown (10Y) Largest decline over 10 years	-61.69%	-63.91%	+2.22%
Current Drawdown Current decline from peak	-57.57%	-0.74%	-56.83%
Average Drawdown Average peak-to-trough decline	-62.32%	-25.34%	-36.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.15%	7.47%	+2.68%

Volatility

DBO vs. BP - Volatility Comparison

Invesco DB Oil Fund (DBO) has a higher volatility of 15.71% compared to BP p.l.c. (BP) at 8.27%. This indicates that DBO's price experiences larger fluctuations and is considered to be riskier than BP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DBO	BP	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.71%	8.27%	+7.44%
Volatility (6M) Calculated over the trailing 6-month period	25.15%	19.92%	+5.23%
Volatility (1Y) Calculated over the trailing 1-year period	35.96%	30.34%	+5.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.74%	28.50%	+3.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.52%	31.21%	+0.31%