DBO vs. TPL

Last updated Aug 2, 2026

DBO (Invesco DB Oil Fund) is Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return, while TPL (Texas Pacific Land Corporation) is a stock. Over the past 10 years, DBO returned 12.59%/yr vs 37.81%/yr for TPL. Their 0.32 correlation means their historical movements had little consistent relationship.

Performance

DBO vs. TPL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DB Oil Fund (DBO) and Texas Pacific Land Corporation (TPL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DBO achieves a 76.48% return, which is significantly higher than TPL's 40.54% return. Over the past 10 years, DBO has underperformed TPL with an annualized return of 12.59%, while TPL has yielded a comparatively higher 37.81% annualized return.

DBO

• 1D: 1.56%
• 1M: 24.59%
• 6M: 53.46%
• YTD: 76.48%
• 1Y: 60.30%
• 3Y*: 14.86%
• 5Y*: 13.46%
• 10Y*: 12.59%
• ALL TIME*: 0.52%

TPL

• 1D: 2.11%
• 1M: -1.13%
• 6M: 15.87%
• YTD: 40.54%
• 1Y: 30.01%
• 3Y*: 36.08%
• 5Y*: 20.85%
• 10Y*: 37.81%
• ALL TIME*: 20.00%

*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)
DBO Invesco DB Oil Fund	$11.01M	$10.23M	$13.95M
TPL Texas Pacific Land Corporation	$111.11M	$116.94M	$156.85M

DBO vs. TPL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DBO Invesco DB Oil Fund	76.48%	-11.71%	7.85%	-4.44%	13.04%	60.74%	-20.99%	28.05%	-15.22%	4.86%
TPL Texas Pacific Land Corporation	40.54%	-21.61%	115.31%	-32.40%	91.29%	73.25%	-4.69%	44.58%	21.96%	51.18%

Correlation

The correlation between DBO and TPL is 0.27, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.27
Correlation (3Y) Balances recent behavior with more history.	0.33
Correlation (5Y) Shows whether the relationship held over a longer period.	0.43
Correlation (10Y) Provides a long-term view across more market conditions.	0.39
Correlation (All Time) Calculated using the full available price history since Jan 5, 2007	0.32

The correlation between DBO and TPL shifts across timeframes, from 0.27 (1 year) to 0.43 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

DBO vs. TPL — Risk / Return Rank

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

DBO

DBO Risk / Return Rank: 58
DBO Sharpe Ratio Rank: 62
DBO Sortino Ratio Rank: 61
DBO Omega Ratio Rank: 57
DBO Calmar Ratio Rank: 57
DBO Martin Ratio Rank: 52

TPL

TPL Risk / Return Rank: 62
TPL Sharpe Ratio Rank: 63
TPL Sortino Ratio Rank: 60
TPL Omega Ratio Rank: 60
TPL Calmar Ratio Rank: 62
TPL Martin Ratio Rank: 62

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. TPL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DB Oil Fund (DBO) and Texas Pacific Land Corporation (TPL). 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	TPL	Difference
Sharpe ratio: Return per unit of total volatility	1.45	0.54	+0.91
Sortino ratio: Return per unit of downside risk	2.05	1.04	+1.01
Omega ratio: Gain probability vs. loss probability	1.25	1.14	+0.11
Calmar ratio: Return relative to maximum drawdown	2.01	0.75	+1.26
Martin ratio: Return relative to average drawdown	6.09	1.62	+4.47

DBO vs. TPL - Sharpe Ratio Comparison

The current DBO Sharpe Ratio is 1.45, which is higher than the TPL Sharpe Ratio of 0.54. The chart below compares the historical Sharpe Ratios of DBO and TPL, 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. TPL - Drawdown Comparison

The maximum DBO drawdown since its inception was -90.18%, which is greater than TPL's maximum drawdown of -73.05%. Use the drawdown chart below to compare losses from any high point for DBO and TPL.

Drawdown Indicators

	DBO	TPL	Difference
Max Drawdown Largest peak-to-trough decline	-90.18%	-73.05%	-17.13%
Max Drawdown (1Y) Largest decline over 1 year	-27.73%	-34.23%	+6.50%
Max Drawdown (3Y) Largest decline over 3 years	-28.20%	-52.22%	+24.02%
Max Drawdown (5Y) Largest decline over 5 years	-37.68%	-52.50%	+14.82%
Max Drawdown (10Y) Largest decline over 10 years	-61.69%	-65.46%	+3.77%
Current Drawdown Current decline from peak	-53.56%	-29.50%	-24.06%
Average Drawdown Average peak-to-trough decline	-62.20%	-27.28%	-34.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.96%	15.80%	-5.84%

Volatility

DBO vs. TPL - Volatility Comparison

Invesco DB Oil Fund (DBO) has a higher volatility of 17.75% compared to Texas Pacific Land Corporation (TPL) at 10.07%. This indicates that DBO's price experiences larger fluctuations and is considered to be riskier than TPL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DBO	TPL	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.75%	10.07%	+7.68%
Volatility (6M) Calculated over the trailing 6-month period	33.77%	37.29%	-3.52%
Volatility (1Y) Calculated over the trailing 1-year period	38.53%	47.83%	-9.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.35%	46.29%	-12.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.20%	47.30%	-15.10%

Dividends

DBO vs. TPL - Dividend Comparison

DBO's dividend yield for the trailing twelve months is around 1.99%, more than TPL's 0.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DBO Invesco DB Oil Fund	1.99%	3.51%	4.68%	4.59%	0.66%	0.00%	0.00%	1.63%	1.58%	0.00%	0.00%	0.00%
TPL Texas Pacific Land Corporation	0.56%	0.74%	1.37%	0.83%	1.37%	0.88%	2.20%	0.22%	0.55%	0.30%	0.10%	0.22%

Frequently Asked Questions

Can I hold both DBO and TPL in my portfolio?

DBO and TPL have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DBO or TPL?

DBO has higher volatility (17.75%) compared to TPL (10.07%). In terms of maximum drawdown, DBO dropped -90.18% vs TPL's -73.05%.

Which has better risk-adjusted returns?

DBO currently has the higher Sharpe Ratio (1.45 vs 0.54), 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.