DBO vs. BZ=F

Last updated Apr 2, 2026

Compare and contrast key facts about Invesco DB Oil Fund (DBO) and Crude Oil Brent (BZ=F).

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. BZ=F - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DB Oil Fund (DBO) and Crude Oil Brent (BZ=F). The values are adjusted to include any dividend payments, if applicable.

DBO vs. BZ=F - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DBO Invesco DB Oil Fund	55.98%	-11.71%	7.85%	-4.44%	13.04%	60.74%	-20.99%	28.05%	-15.22%	4.86%
BZ=F Crude Oil Brent	64.83%	-18.48%	-3.12%	-10.32%	10.45%	50.15%	-21.52%	22.68%	-19.55%	17.69%

Returns By Period

In the year-to-date period, DBO achieves a 55.98% return, which is significantly lower than BZ=F's 64.83% return. Over the past 10 years, DBO has outperformed BZ=F with an annualized return of 11.62%, while BZ=F has yielded a comparatively lower 10.00% annualized return.

DBO

• 1D: -3.25%
• 1M: 23.41%
• YTD: 55.98%
• 6M: 47.63%
• 1Y: 37.53%
• 3Y*: 14.00%
• 5Y*: 14.79%
• 10Y*: 11.62%

BZ=F

• 1D: -15.25%
• 1M: 29.02%
• YTD: 64.83%
• 6M: 53.48%
• 1Y: 34.65%
• 3Y*: 7.93%
• 5Y*: 9.11%
• 10Y*: 10.00%

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

Return for Risk

DBO vs. BZ=F — Risk / Return Rank

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

DBO

DBO Risk / Return Rank: 56
DBO Sharpe Ratio Rank: 57
DBO Sortino Ratio Rank: 61
DBO Omega Ratio Rank: 51
DBO Calmar Ratio Rank: 75
DBO Martin Ratio Rank: 38

BZ=F

BZ=F Risk / Return Rank: 26
BZ=F Sharpe Ratio Rank: 18
BZ=F Sortino Ratio Rank: 19
BZ=F Omega Ratio Rank: 19
BZ=F Calmar Ratio Rank: 44
BZ=F Martin Ratio Rank: 29

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. BZ=F - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DB Oil Fund (DBO) and Crude Oil Brent (BZ=F). 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	BZ=F	Difference
Sharpe ratio Return per unit of total volatility	1.05	0.72	+0.33
Sortino ratio Return per unit of downside risk	1.62	1.17	+0.44
Omega ratio Gain probability vs. loss probability	1.20	1.17	+0.03
Calmar ratio Return relative to maximum drawdown	2.06	2.20	-0.13
Martin ratio Return relative to average drawdown	3.69	3.87	-0.17
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. BZ=F - Sharpe Ratio Comparison

The current DBO Sharpe Ratio is 1.05, which is higher than the BZ=F Sharpe Ratio of 0.72. The chart below compares the historical Sharpe Ratios of DBO and BZ=F, 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	BZ=F	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.05	0.72	+0.33
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	0.24	+0.22
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.37	0.25	+0.12
Sharpe Ratio (All Time) Calculated using the full available price history	-0.01	0.14	-0.15

Correlation

The correlation between DBO and BZ=F is 0.87, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Drawdowns

DBO vs. BZ=F - Drawdown Comparison

The maximum DBO drawdown since its inception was -90.18%, roughly equal to the maximum BZ=F drawdown of -86.77%. Use the drawdown chart below to compare losses from any high point for DBO and BZ=F.

Drawdown Indicators

	DBO	BZ=F	Difference
Max Drawdown Largest peak-to-trough decline	-90.18%	-86.77%	-3.41%
Max Drawdown (1Y) Largest decline over 1 year	-18.19%	-23.58%	+5.39%
Max Drawdown (5Y) Largest decline over 5 years	-37.68%	-53.96%	+16.28%
Max Drawdown (10Y) Largest decline over 10 years	-61.69%	-77.60%	+15.91%
Current Drawdown Current decline from peak	-58.95%	-31.34%	-27.61%
Average Drawdown Average peak-to-trough decline	-62.32%	-41.03%	-21.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.16%	13.39%	-3.23%

Volatility

DBO vs. BZ=F - Volatility Comparison

The current volatility for Invesco DB Oil Fund (DBO) is 16.15%, while Crude Oil Brent (BZ=F) has a volatility of 32.42%. This indicates that DBO experiences smaller price fluctuations and is considered to be less risky than BZ=F based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DBO	BZ=F	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.15%	32.42%	-16.27%
Volatility (6M) Calculated over the trailing 6-month period	25.38%	37.17%	-11.79%
Volatility (1Y) Calculated over the trailing 1-year period	36.04%	42.17%	-6.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.73%	35.75%	-4.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.53%	38.57%	-7.04%