DBO vs. DBE

Last updated Jun 25, 2026

DBO (Invesco DB Oil Fund) and DBE (Invesco DB Energy Fund) are both Oil & Gas funds from Invesco - DBO tracks the DBIQ Optimum Yield Crude Oil Index Excess Return while DBE tracks the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 10 years, DBO returned 8.76%/yr vs 9.75%/yr for DBE. Their correlation of 0.94 suggests significant overlap in exposure. Both charge a 0.78% expense ratio.

Performance

DBO vs. DBE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DB Oil Fund (DBO) and Invesco DB Energy Fund (DBE). 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 lower than DBE's 48.87% return. Over the past 10 years, DBO has underperformed DBE with an annualized return of 8.76%, while DBE has yielded a comparatively higher 9.75% 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%

DBE

• 1D: -3.31%
• 1M: -19.00%
• YTD: 48.87%
• 6M: 46.64%
• 1Y: 44.16%
• 3Y*: 15.52%
• 5Y*: 13.92%
• 10Y*: 9.75%

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

DBO vs. DBE - 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%
DBE Invesco DB Energy Fund	48.87%	-2.17%	2.96%	-12.14%	33.77%	57.56%	-25.91%	19.72%	-12.95%	5.21%

Correlation

The correlation between DBO and DBE is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Jan 5, 2007	0.94

The correlation between DBO and DBE has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.

Return for Risk

DBO vs. DBE — 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

DBE

DBE Risk / Return Rank: 41
DBE Sharpe Ratio Rank: 40
DBE Sortino Ratio Rank: 39
DBE Omega Ratio Rank: 39
DBE Calmar Ratio Rank: 41
DBE Martin Ratio Rank: 45

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. 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.

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	DBE	Difference
Sharpe ratio: Return per unit of total volatility	1.09	1.28	-0.19
Sortino ratio: Return per unit of downside risk	1.65	1.84	-0.20
Omega ratio: Gain probability vs. loss probability	1.20	1.23	-0.04
Calmar ratio: Return relative to maximum drawdown	1.43	1.86	-0.43
Martin ratio: Return relative to average drawdown	4.33	6.74	-2.41

DBO vs. DBE - Sharpe Ratio Comparison

The current DBO Sharpe Ratio is 1.09, which is comparable to the DBE Sharpe Ratio of 1.28. The chart below compares the historical Sharpe Ratios of DBO and DBE, 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. 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.

Drawdown Indicators

	DBO	DBE	Difference
Max Drawdown Largest peak-to-trough decline	-90.18%	-86.69%	-3.49%
Max Drawdown (1Y) Largest decline over 1 year	-26.22%	-23.89%	-2.33%
Max Drawdown (3Y) Largest decline over 3 years	-28.20%	-23.89%	-4.31%
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 Drawdown Current decline from peak	-62.12%	-43.48%	-18.64%
Average Drawdown Average peak-to-trough decline	-62.22%	-57.24%	-4.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.63%	6.57%	+2.06%

Volatility

DBO vs. DBE - Volatility Comparison

Invesco DB Oil Fund (DBO) has a higher volatility of 10.78% compared to Invesco DB Energy Fund (DBE) at 9.69%. This indicates that DBO's price experiences larger fluctuations and is considered to be riskier than DBE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DBO	DBE	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.78%	9.69%	+1.09%
Volatility (6M) Calculated over the trailing 6-month period	29.70%	31.65%	-1.95%
Volatility (1Y) Calculated over the trailing 1-year period	34.63%	34.90%	-0.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.59%	29.62%	+2.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.84%	28.36%	+3.48%

DBO vs. DBE - Expense Ratio Comparison

Both DBO and DBE have an expense ratio of 0.78%.

Dividends

DBO vs. DBE - Dividend Comparison

DBO's dividend yield for the trailing twelve months is around 2.44%, less than DBE's 2.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBE Invesco DB Energy Fund	2.60%	3.86%	6.32%	3.87%	0.75%	0.00%	0.00%	1.79%	1.67%
DBO Invesco DB Oil Fund	2.44%	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 DBE in my portfolio?

With a correlation of 0.96, DBO and DBE move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, DBO or DBE?

DBO has higher volatility (10.78%) compared to DBE (9.69%). In terms of maximum drawdown, DBO dropped -90.18% vs DBE's -86.69%.

Which ETF is better, DBO or DBE?

On 10-year performance, DBE leads with 9.75% vs 8.76% for DBO. Both ETFs have the same 0.78% expense ratio. On volatility, DBE has been the lower-risk option at 9.69%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DBO or DBE?

Over the 10-year period, DBE has performed better with a 9.75% return vs 8.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DBO or DBE?

DBO and DBE have the same expense ratio: 0.78% per year.

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

DBE has the higher dividend yield at 2.60%, compared with 2.44% for DBO.

What is the main difference between DBO and DBE?

DBO tracks DBIQ Optimum Yield Crude Oil Index Excess Return, while DBE tracks DBIQ Optimum Yield Energy Index.

Which has better risk-adjusted returns?

DBE currently has the higher Sharpe Ratio (1.28 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.