DBO vs. BPH

Last updated Aug 5, 2026

DBO (Invesco DB Oil Fund) and BPH (BP p.l.c. ADRhedged ETF) are both exchange-traded funds - DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return, while BPH is a Energy Equities fund actively managed by Precidian. DBO is passively managed, while BPH is actively managed. Their correlation of 0.80 means they have usually moved in the same direction. DBO charges 0.78%/yr vs 0.19%/yr for BPH.

Performance

DBO vs. BPH - 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. ADRhedged ETF (BPH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

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%

BPH

• 1D: -4.23%
• 1M: 12.03%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BPH BP p.l.c. ADRhedged ETF	$45.76K	$51.75K	$50.82K
DBO Invesco DB Oil Fund	$11.97M	$10.83M	$13.36M

DBO vs. BPH - Yearly Performance Comparison

	2026 (YTD)
DBO Invesco DB Oil Fund	-14.76%
BPH BP p.l.c. ADRhedged ETF	-0.39%

Correlation

The correlation between DBO and BPH is 0.80, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 26, 2026	0.80

Return for Risk

DBO vs. BPH — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

DBO

DBO Risk / Return Rank: 40
DBO Sharpe Ratio Rank: 40
DBO Sortino Ratio Rank: 41
DBO Omega Ratio Rank: 39
DBO Calmar Ratio Rank: 40
DBO Martin Ratio Rank: 40

BPH

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

DBO vs. BPH - 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. ADRhedged ETF (BPH). 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	BPH	Difference
Sharpe ratio: Return per unit of total volatility	1.13	—	—
Sortino ratio: Return per unit of downside risk	1.70	—	—
Omega ratio: Gain probability vs. loss probability	1.21	—	—
Calmar ratio: Return relative to maximum drawdown	1.60	—	—
Martin ratio: Return relative to average drawdown	4.82	—	—

Drawdowns

DBO vs. BPH - Drawdown Comparison

The maximum DBO drawdown since its inception was -90.18%, which is greater than BPH's maximum drawdown of -15.58%. Use the drawdown chart below to compare losses from any high point for DBO and BPH.

Drawdown Indicators

	DBO	BPH	Difference
Max Drawdown Largest peak-to-trough decline	-90.18%	-15.58%	-74.60%
Max Drawdown (1Y) Largest decline over 1 year	-27.73%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-28.20%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-37.68%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-61.69%	—	—
Current Drawdown Current decline from peak	-58.63%	-5.73%	-52.90%
Average Drawdown Average peak-to-trough decline	-62.19%	-5.56%	-56.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.22%	—	—

Volatility

Volatility by Period

	DBO	BPH	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.12%	—	—
Volatility (6M) Calculated over the trailing 6-month period	34.37%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	39.23%	29.90%	+9.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.50%	29.90%	+3.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.29%	29.90%	+2.39%

DBO vs. BPH - Expense Ratio Comparison

DBO has a 0.78% expense ratio, which is higher than BPH's 0.19% expense ratio.

Dividends

DBO vs. BPH - Dividend Comparison

DBO's dividend yield for the trailing twelve months is around 2.23%, more than BPH's 0.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
BPH BP p.l.c. ADRhedged ETF	0.50%	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

Can I hold both DBO and BPH in my portfolio?

DBO and BPH have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DBO or BPH?

On fees, BPH is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DBO or BPH?

BPH is cheaper with a 0.19% expense ratio, compared with 0.78% for DBO.

Which ETF pays a higher dividend yield, DBO or BPH?

DBO has the higher dividend yield at 2.23%, compared with 0.50% for BPH.

What is the main difference between DBO and BPH?

DBO is categorized as Oil & Gas, while BPH is Energy Equities. They also come from different issuers: Invesco and Precidian. Their fees differ too: 0.78% for DBO and 0.19% for BPH.