DBO vs. BPH

Last updated Jun 4, 2026

DBO (Invesco DB Oil Fund) and BPH (BP p.l.c. ADRhedged ETF) are both Oil & Gas funds. DBO is passively managed, while BPH is actively managed. Their correlation of 0.83 suggests significant overlap in exposure. 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: 2.27%
• 1M: -2.34%
• YTD: 84.75%
• 6M: 81.10%
• 1Y: 80.26%
• 3Y*: 21.86%
• 5Y*: 15.98%
• 10Y*: 11.37%

BPH

• 1D: 1.20%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DBO vs. BPH - Yearly Performance Comparison

	2026 (YTD)
DBO Invesco DB Oil Fund	3.21%
BPH BP p.l.c. ADRhedged ETF	2.83%

Correlation

The correlation between DBO and BPH is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 27, 2026	0.83

DBO vs. BPH - Sectors Allocation Comparison

Sectors	DBO	BPH
Financial Services	116.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	100.0%
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

DBO vs. BPH — Risk / Return Rank

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

DBO

DBO Risk / Return Rank: 65
DBO Sharpe Ratio Rank: 70
DBO Sortino Ratio Rank: 62
DBO Omega Ratio Rank: 60
DBO Calmar Ratio Rank: 83
DBO Martin Ratio Rank: 52

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. 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.

	DBO	BPH	Difference
Sharpe ratio: Return per unit of total volatility	2.34	—	—
Sortino ratio: Return per unit of downside risk	2.94	—	—
Omega ratio: Gain probability vs. loss probability	1.38	—	—
Calmar ratio: Return relative to maximum drawdown	4.44	—	—
Martin ratio: Return relative to average drawdown	9.02	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	DBO	BPH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.34	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.50	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.36	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.02	9.48	-9.46

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 -2.35%. 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%	-2.35%	-87.83%
Max Drawdown (1Y) Largest decline over 1 year	-18.19%	—	—
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	-51.38%	0.00%	-51.38%
Average Drawdown Average peak-to-trough decline	-62.25%	-1.08%	-61.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.92%	—	—

Volatility

Volatility by Period

	DBO	BPH	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.61%	—	—
Volatility (6M) Calculated over the trailing 6-month period	28.20%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	34.46%	25.75%	+8.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.29%	25.75%	+6.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.78%	25.75%	+6.03%

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 1.90%, while BPH has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
BPH BP p.l.c. ADRhedged ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
DBO Invesco DB Oil Fund	1.90%	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 0.83, 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 1.90%, compared with 0.00% for BPH.

What is the main difference between DBO and BPH?

They also come from different issuers: Invesco and Precidian. Their fees differ too: 0.78% for DBO and 0.19% for BPH.