DBO vs. BP

Last updated Jun 25, 2026

DBO (Invesco DB Oil Fund) is Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return, while BP (BP p.l.c.) is a stock. Over the past 10 years, DBO returned 8.76%/yr vs 7.33%/yr for BP. A 0.54 correlation means they provide meaningful diversification when combined.

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.

Returns By Period

In the year-to-date period, DBO achieves a 43.93% return, which is significantly higher than BP's 11.69% return. Over the past 10 years, DBO has outperformed BP with an annualized return of 8.76%, while BP has yielded a comparatively lower 7.33% annualized return.

DBO

• 1D: -4.15%
• 1M: -21.96%
• YTD: 43.93%
• 6M: 41.96%
• 1Y: 37.25%
• 3Y*: 12.72%
• 5Y*: 9.10%
• 10Y*: 8.76%

BP

• 1D: -3.74%
• 1M: -14.65%
• YTD: 11.69%
• 6M: 13.06%
• 1Y: 33.77%
• 3Y*: 8.52%
• 5Y*: 12.21%
• 10Y*: 7.33%

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

DBO vs. BP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DBO Invesco DB Oil Fund	43.93%	-11.71%	7.85%	-4.44%	13.04%	60.74%	-20.99%	28.05%	-15.22%	4.86%
BP BP p.l.c.	11.69%	24.54%	-11.84%	6.00%	37.01%	36.38%	-41.31%	5.83%	-4.57%	20.02%

Correlation

The correlation between DBO and BP is 0.59, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.59
Correlation (3Y) Calculated over the trailing 3-year period	0.60
Correlation (5Y) Calculated over the trailing 5-year period	0.61
Correlation (10Y) Calculated over the trailing 10-year period	0.57
Correlation (All Time) Calculated using the full available price history since Jan 5, 2007	0.54

The correlation between DBO and BP has been stable across timeframes, ranging from 0.54 to 0.61 - a consistent structural relationship.

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: 32
DBO Sharpe Ratio Rank: 33
DBO Sortino Ratio Rank: 34
DBO Omega Ratio Rank: 31
DBO Calmar Ratio Rank: 31
DBO Martin Ratio Rank: 32

BP

BP Risk / Return Rank: 75
BP Sharpe Ratio Rank: 79
BP Sortino Ratio Rank: 71
BP Omega Ratio Rank: 71
BP Calmar Ratio Rank: 74
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.

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	BP	Difference
Sharpe ratio: Return per unit of total volatility	1.09	1.25	-0.16
Sortino ratio: Return per unit of downside risk	1.65	1.69	-0.04
Omega ratio: Gain probability vs. loss probability	1.20	1.22	-0.02
Calmar ratio: Return relative to maximum drawdown	1.43	1.73	-0.30
Martin ratio: Return relative to average drawdown	4.33	6.95	-2.62

DBO vs. BP - Sharpe Ratio Comparison

The current DBO Sharpe Ratio is 1.09, which is comparable to the BP Sharpe Ratio of 1.25. The chart below compares the historical Sharpe Ratios of DBO and BP, 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

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	-26.22%	-19.60%	-6.62%
Max Drawdown (3Y) Largest decline over 3 years	-28.20%	-30.63%	+2.43%
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	-62.12%	-19.60%	-42.52%
Average Drawdown Average peak-to-trough decline	-62.22%	-25.25%	-36.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.63%	4.87%	+3.76%

Volatility

DBO vs. BP - Volatility Comparison

Invesco DB Oil Fund (DBO) has a higher volatility of 10.78% compared to BP p.l.c. (BP) at 8.87%. 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	10.78%	8.87%	+1.91%
Volatility (6M) Calculated over the trailing 6-month period	29.70%	22.12%	+7.58%
Volatility (1Y) Calculated over the trailing 1-year period	34.63%	27.21%	+7.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.59%	28.64%	+3.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.84%	31.25%	+0.59%

Dividends

DBO vs. BP - Dividend Comparison

DBO's dividend yield for the trailing twelve months is around 2.44%, less than BP's 5.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BP BP p.l.c.	5.27%	5.64%	6.20%	4.71%	3.94%	4.83%	9.21%	6.52%	6.41%	5.66%	6.37%	7.63%
DBO Invesco DB Oil Fund	2.44%	3.51%	4.68%	4.59%	0.66%	0.00%	0.00%	1.63%	1.58%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DBO and BP in my portfolio?

DBO and BP have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DBO or BP?

DBO has higher volatility (10.78%) compared to BP (8.87%). In terms of maximum drawdown, DBO dropped -90.18% vs BP's -74.94%.

Which has better risk-adjusted returns?

BP currently has the higher Sharpe Ratio (1.25 vs 1.09), 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.