DBO vs. USO
DBO (Invesco DB Oil Fund) and USO (United States Oil Fund LP) are both Oil & Gas funds - DBO tracks the DBIQ Optimum Yield Crude Oil Index Excess Return while USO tracks the Front Month Light Sweet Crude Oil. Both are passively managed. Over the past 10 years, DBO returned 12.59%/yr vs 5.64%/yr for USO. Their 0.96 correlation means they have historically moved very closely together. DBO charges 0.78%/yr vs 0.86%/yr for USO.
Performance
DBO vs. USO - Performance Comparison
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Returns By Period
In the year-to-date period, DBO achieves a 76.48% return, which is significantly lower than USO's 86.77% return. Over the past 10 years, DBO has outperformed USO with an annualized return of 12.59%, while USO has yielded a comparatively lower 5.64% 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%
USO
- 1D
- 1.33%
- 1M
- 24.23%
- 6M
- 62.44%
- YTD
- 86.77%
- 1Y
- 66.76%
- 3Y*
- 20.97%
- 5Y*
- 20.59%
- 10Y*
- 5.64%
- ALL TIME*
- -6.85%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $11.01M | $10.23M | $13.95M | |
| $968.42M | $871.56M | $931.57M |
DBO vs. USO - 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% |
USO United States Oil Fund LP | 86.77% | -8.46% | 13.35% | -4.94% | 28.97% | 64.68% | -67.79% | 32.61% | -19.57% | 2.47% |
Correlation
The correlation between DBO and USO is 0.97 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.97 |
Correlation (3Y) Balances recent behavior with more history. | 0.97 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.98 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.96 |
Correlation (All Time) Calculated using the full available price history since Jan 5, 2007 | 0.96 |
The correlation between DBO and USO has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.
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Return for Risk
DBO vs. USO — Risk / Return Rank
DBO
USO
DBO vs. USO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB Oil Fund (DBO) and United States Oil Fund LP (USO). 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 | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.11 | ||
| Sortino ratioReturn per unit of downside risk | +0.06 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.25 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 2.01 | 1.93 | +0.08 |
| Martin ratioReturn relative to average drawdown | 6.09 | 5.60 | +0.49 |
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Drawdowns
DBO vs. USO - Drawdown Comparison
The maximum DBO drawdown since its inception was -90.18%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for DBO and USO.
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Drawdown Indicators
| DBO | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -90.18% | -98.19% | +8.01% |
Max Drawdown (1Y)Largest decline over 1 year | -27.73% | -32.49% | +4.76% |
Max Drawdown (3Y)Largest decline over 3 years | -28.20% | -32.49% | +4.29% |
Max Drawdown (5Y)Largest decline over 5 years | -37.68% | -36.23% | -1.45% |
Max Drawdown (10Y)Largest decline over 10 years | -61.69% | -86.75% | +25.06% |
Current DrawdownCurrent decline from peak | -53.56% | -86.26% | +32.70% |
Average DrawdownAverage peak-to-trough decline | -62.20% | -75.38% | +13.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.96% | 12.03% | -2.07% |
Volatility
DBO vs. USO - Volatility Comparison
Invesco DB Oil Fund (DBO) and United States Oil Fund LP (USO) have volatilities of 17.75% and 17.73%, 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.
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Volatility by Period
| DBO | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.75% | 17.73% | +0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 33.77% | 42.79% | -9.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 38.53% | 46.91% | -8.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.35% | 37.06% | -3.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.20% | 39.29% | -7.09% |
DBO vs. USO - Expense Ratio Comparison
DBO has a 0.78% expense ratio, which is lower than USO's 0.86% expense ratio.
Dividends
DBO vs. USO - Dividend Comparison
DBO's dividend yield for the trailing twelve months is around 1.99%, while USO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBO Invesco DB Oil Fund | 1.99% | 3.51% | 4.68% | 4.59% | 0.66% | 0.00% | 0.00% | 1.63% | 1.58% |
USO United States Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.97, DBO and USO 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.
DBO has higher volatility (17.75%) compared to USO (17.73%). In terms of maximum drawdown, DBO dropped -90.18% vs USO's -98.19%.
On 10-year performance, DBO leads with 12.59% vs 5.64% for USO. On fees, DBO is cheaper at 0.78% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DBO has performed better with a 12.59% return vs 5.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DBO is cheaper with a 0.78% expense ratio, compared with 0.86% for USO.
DBO has the higher dividend yield at 1.99%, compared with 0.00% for USO.
DBO tracks DBIQ Optimum Yield Crude Oil Index Excess Return, while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: Invesco and USCF. Their fees differ too: 0.78% for DBO and 0.86% for USO.
DBO currently has the higher Sharpe Ratio (1.45 vs 1.34), 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.
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