DBO vs. DBE
Compare and contrast key facts about Invesco DB Oil Fund (DBO) and Invesco DB Energy Fund (DBE).
DBO and DBE are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. 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. DBE is a passively managed fund by Invesco that tracks the performance of the DBIQ Optimum Yield Energy Index. It was launched on Jan 5, 2007. Both DBO and DBE are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
DBO vs. DBE - Performance Comparison
Loading graphics...
DBO vs. DBE - 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% |
DBE Invesco DB Energy Fund | 68.74% | -2.17% | 2.96% | -12.14% | 33.77% | 57.56% | -25.91% | 19.72% | -12.95% | 5.21% |
Returns By Period
In the year-to-date period, DBO achieves a 61.23% return, which is significantly lower than DBE's 68.74% return. Over the past 10 years, DBO has underperformed DBE with an annualized return of 11.99%, while DBE has yielded a comparatively higher 13.36% 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%
DBE
- 1D
- -3.79%
- 1M
- 43.62%
- YTD
- 68.74%
- 6M
- 60.99%
- 1Y
- 56.23%
- 3Y*
- 18.11%
- 5Y*
- 19.81%
- 10Y*
- 13.36%
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
DBO vs. DBE - Expense Ratio Comparison
Both DBO and DBE have an expense ratio of 0.78%.
Return for Risk
DBO vs. DBE — Risk / Return Rank
DBO
DBE
DBO vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB Oil Fund (DBO) and Invesco DB Energy Fund (DBE). 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 | DBE | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.18 | 1.79 | -0.61 |
Sortino ratioReturn per unit of downside risk | 1.77 | 2.42 | -0.65 |
Omega ratioGain probability vs. loss probability | 1.22 | 1.32 | -0.09 |
Calmar ratioReturn relative to maximum drawdown | 2.52 | 4.08 | -1.56 |
Martin ratioReturn relative to average drawdown | 4.52 | 7.27 | -2.75 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading graphics...
Sharpe Ratios by Period
| DBO | DBE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.18 | 1.79 | -0.61 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.49 | 0.70 | -0.20 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.38 | 0.48 | -0.10 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.00 | 0.08 | -0.08 |
Correlation
The correlation between DBO and DBE is 0.94, 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.
Dividends
DBO vs. DBE - Dividend Comparison
DBO's dividend yield for the trailing twelve months is around 2.18%, less than DBE's 2.29% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
DBO Invesco DB Oil Fund | 2.18% | 3.51% | 4.68% | 4.59% | 0.66% | 0.00% | 0.00% | 1.63% | 1.58% |
DBE Invesco DB Energy Fund | 2.29% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% |
Drawdowns
DBO vs. DBE - Drawdown Comparison
The maximum DBO drawdown since its inception was -90.18%, roughly equal to the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for DBO and DBE.
Loading graphics...
Drawdown Indicators
| DBO | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -90.18% | -86.69% | -3.49% |
Max Drawdown (1Y)Largest decline over 1 year | -18.19% | -14.70% | -3.49% |
Max Drawdown (5Y)Largest decline over 5 years | -37.68% | -38.74% | +1.06% |
Max Drawdown (10Y)Largest decline over 10 years | -61.69% | -60.84% | -0.85% |
Current DrawdownCurrent decline from peak | -57.57% | -35.94% | -21.63% |
Average DrawdownAverage peak-to-trough decline | -62.32% | -57.53% | -4.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.15% | 8.26% | +1.89% |
Volatility
DBO vs. DBE - Volatility Comparison
The current volatility for Invesco DB Oil Fund (DBO) is 15.71%, while Invesco DB Energy Fund (DBE) has a volatility of 17.01%. This indicates that DBO experiences smaller price fluctuations and is considered to be less risky than DBE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading graphics...
Volatility by Period
| DBO | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.71% | 17.01% | -1.30% |
Volatility (6M)Calculated over the trailing 6-month period | 25.15% | 25.33% | -0.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.96% | 31.66% | +4.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.74% | 28.66% | +3.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 31.52% | 27.87% | +3.65% |