DBO vs. USL
Compare and contrast key facts about Invesco DB Oil Fund (DBO) and United States 12 Month Oil Fund LP (USL).
DBO and USL 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. USL is a passively managed fund by Concierge Technologies that tracks the performance of the 12 Month Light Sweet Crude Oil. It was launched on Dec 6, 2007. Both DBO and USL are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: DBO or USL.
Key characteristics
| DBO | USL | |
|---|---|---|
| YTD Return | 11.43% | 11.85% |
| 1Y Return | 14.78% | 19.27% |
| 3Y Return (Ann) | 11.72% | 18.78% |
| 5Y Return (Ann) | 8.88% | 10.91% |
| 10Y Return (Ann) | -5.44% | -1.35% |
| Sharpe Ratio | 0.56 | 0.99 |
| Daily Std Dev | 24.74% | 23.33% |
| Max Drawdown | -90.18% | -89.06% |
| Current Drawdown | -69.21% | -55.30% |
Correlation
The correlation between DBO and USL is 0.96, 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.
Performance
DBO vs. USL - Performance Comparison
The year-to-date returns for both investments are quite close, with DBO having a 11.43% return and USL slightly higher at 11.85%. Over the past 10 years, DBO has underperformed USL with an annualized return of -5.44%, while USL has yielded a comparatively higher -1.35% annualized return. The chart below displays the growth of a $10,000 investment in both assets, with all prices adjusted for splits and dividends.
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DBO vs. USL - Expense Ratio Comparison
DBO has a 0.78% expense ratio, which is lower than USL's 0.88% expense ratio.
Risk-Adjusted Performance
DBO vs. USL - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB Oil Fund (DBO) and United States 12 Month Oil Fund LP (USL). 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.
Dividends
DBO vs. USL - Dividend Comparison
DBO's dividend yield for the trailing twelve months is around 4.12%, while USL has not paid dividends to shareholders.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|
DBO Invesco DB Oil Fund | 4.12% | 4.59% | 0.66% | 0.00% | 0.00% | 1.63% | 1.59% |
USL United States 12 Month Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
DBO vs. USL - Drawdown Comparison
The maximum DBO drawdown since its inception was -90.18%, roughly equal to the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for DBO and USL. For additional features, visit the drawdowns tool.
Volatility
DBO vs. USL - Volatility Comparison
Invesco DB Oil Fund (DBO) and United States 12 Month Oil Fund LP (USL) have volatilities of 4.01% and 4.15%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.