DBO vs. USL

Last updated Jun 23, 2026

DBO (Invesco DB Oil Fund) and USL (United States 12 Month Oil Fund LP) are both Oil & Gas funds - DBO tracks the DBIQ Optimum Yield Crude Oil Index Excess Return while USL tracks the 12 Month Light Sweet Crude Oil. Both are passively managed. Over the past 10 years, DBO returned 9.34%/yr vs 9.48%/yr for USL. With a 0.96 correlation, they move nearly in lockstep. DBO charges 0.78%/yr vs 0.88%/yr for USL.

Performance

DBO vs. USL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DB Oil Fund (DBO) and United States 12 Month Oil Fund LP (USL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DBO achieves a 51.89% return, which is significantly higher than USL's 40.68% return. Both investments have delivered pretty close results over the past 10 years, with DBO having a 9.34% annualized return and USL not far ahead at 9.48%.

DBO

• 1D: -1.91%
• 1M: -17.64%
• YTD: 51.89%
• 6M: 50.65%
• 1Y: 29.75%
• 3Y*: 14.76%
• 5Y*: 10.50%
• 10Y*: 9.34%

USL

• 1D: -1.37%
• 1M: -12.93%
• YTD: 40.68%
• 6M: 39.29%
• 1Y: 20.67%
• 3Y*: 13.48%
• 5Y*: 12.91%
• 10Y*: 9.48%

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

DBO vs. USL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DBO Invesco DB Oil Fund	51.89%	-11.71%	7.85%	-4.44%	13.04%	60.74%	-20.99%	28.05%	-15.22%	4.86%
USL United States 12 Month Oil Fund LP	40.68%	-12.37%	8.30%	-1.11%	27.10%	62.48%	-25.23%	28.01%	-14.15%	2.55%

Correlation

The correlation between DBO and USL is 0.98 - 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	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (10Y) Calculated over the trailing 10-year period	0.98
Correlation (All Time) Calculated using the full available price history since Dec 6, 2007	0.96

The correlation between DBO and USL has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.

Return for Risk

DBO vs. USL — Risk / Return Rank

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

DBO

DBO Risk / Return Rank: 26
DBO Sharpe Ratio Rank: 25
DBO Sortino Ratio Rank: 25
DBO Omega Ratio Rank: 24
DBO Calmar Ratio Rank: 28
DBO Martin Ratio Rank: 27

USL

USL Risk / Return Rank: 22
USL Sharpe Ratio Rank: 21
USL Sortino Ratio Rank: 21
USL Omega Ratio Rank: 20
USL Calmar Ratio Rank: 26
USL Martin Ratio Rank: 22

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. USL - Risk-Adjusted Trends 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.

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	USL	Difference
Sharpe ratio: Return per unit of total volatility	0.86	0.72	+0.14
Sortino ratio: Return per unit of downside risk	1.36	1.13	+0.23
Omega ratio: Gain probability vs. loss probability	1.17	1.14	+0.03
Calmar ratio: Return relative to maximum drawdown	1.35	1.22	+0.13
Martin ratio: Return relative to average drawdown	3.56	2.71	+0.84

DBO vs. USL - Sharpe Ratio Comparison

The current DBO Sharpe Ratio is 0.86, which is comparable to the USL Sharpe Ratio of 0.72. The chart below compares the historical Sharpe Ratios of DBO and USL, 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. 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.

Drawdown Indicators

	DBO	USL	Difference
Max Drawdown Largest peak-to-trough decline	-90.18%	-89.06%	-1.12%
Max Drawdown (1Y) Largest decline over 1 year	-22.14%	-17.09%	-5.05%
Max Drawdown (3Y) Largest decline over 3 years	-28.20%	-23.33%	-4.87%
Max Drawdown (5Y) Largest decline over 5 years	-37.68%	-33.82%	-3.86%
Max Drawdown (10Y) Largest decline over 10 years	-61.69%	-66.02%	+4.33%
Current Drawdown Current decline from peak	-60.03%	-46.65%	-13.38%
Average Drawdown Average peak-to-trough decline	-62.22%	-61.39%	-0.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.52%	8.62%	+0.90%

Volatility

DBO vs. USL - Volatility Comparison

Invesco DB Oil Fund (DBO) has a higher volatility of 10.39% compared to United States 12 Month Oil Fund LP (USL) at 8.21%. This indicates that DBO's price experiences larger fluctuations and is considered to be riskier than USL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DBO	USL	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.39%	8.21%	+2.18%
Volatility (6M) Calculated over the trailing 6-month period	29.37%	24.22%	+5.15%
Volatility (1Y) Calculated over the trailing 1-year period	34.94%	28.95%	+5.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.53%	30.24%	+2.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.84%	32.36%	-0.52%

DBO vs. USL - Expense Ratio Comparison

DBO has a 0.78% expense ratio, which is lower than USL's 0.88% expense ratio.

Dividends

DBO vs. USL - Dividend Comparison

DBO's dividend yield for the trailing twelve months is around 2.31%, while USL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBO Invesco DB Oil Fund	2.31%	3.51%	4.68%	4.59%	0.66%	0.00%	0.00%	1.63%	1.58%
USL United States 12 Month Oil Fund LP	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DBO and USL in my portfolio?

With a correlation of 0.98, DBO and USL 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 USL?

DBO has higher volatility (10.39%) compared to USL (8.21%). In terms of maximum drawdown, DBO dropped -90.18% vs USL's -89.06%.

Which ETF is better, DBO or USL?

On 10-year performance, USL leads with 9.48% vs 9.34% for DBO. On fees, DBO is cheaper at 0.78% per year. On volatility, USL has been the lower-risk option at 8.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DBO or USL?

Over the 10-year period, USL has performed better with a 9.48% return vs 9.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DBO or USL?

DBO is cheaper with a 0.78% expense ratio, compared with 0.88% for USL.

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

DBO has the higher dividend yield at 2.31%, compared with 0.00% for USL.

What is the main difference between DBO and USL?

DBO tracks DBIQ Optimum Yield Crude Oil Index Excess Return, while USL tracks 12 Month Light Sweet Crude Oil. They also come from different issuers: Invesco and Concierge Technologies. Their fees differ too: 0.78% for DBO and 0.88% for USL.

Which has better risk-adjusted returns?

DBO currently has the higher Sharpe Ratio (0.86 vs 0.72), 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.