DBO vs. USOI

Last updated Jun 25, 2026

DBO (Invesco DB Oil Fund) and USOI (Credit Suisse X-Links Crude Oil Shares Covered Call ETN) are both Oil & Gas funds - DBO tracks the DBIQ Optimum Yield Crude Oil Index Excess Return while USOI tracks the Credit Suisse NASDAQ WTI Crude Oil FLOWS 106 Index. Both are passively managed. Over the past year, DBO returned 37.25% vs 21.77% for USOI. Their correlation of 0.93 suggests significant overlap in exposure. DBO charges 0.78%/yr vs 0.85%/yr for USOI.

Performance

DBO vs. USOI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DB Oil Fund (DBO) and Credit Suisse X-Links Crude Oil Shares Covered Call ETN (USOI). 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 higher than USOI's 21.35% 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%

USOI

• 1D: -4.24%
• 1M: -17.61%
• YTD: 21.35%
• 6M: 20.14%
• 1Y: 21.77%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DBO vs. USOI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DBO Invesco DB Oil Fund	43.93%	-11.71%	-1.37%
USOI Credit Suisse X-Links Crude Oil Shares Covered Call ETN	21.35%	-8.78%	3.24%

Correlation

The correlation between DBO and USOI is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (All Time) Calculated using the full available price history since Jun 3, 2024	0.93

The correlation between DBO and USOI has been stable across timeframes, ranging from 0.91 to 0.93 - a consistent structural relationship.

Return for Risk

DBO vs. USOI — 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

USOI

USOI Risk / Return Rank: 26
USOI Sharpe Ratio Rank: 27
USOI Sortino Ratio Rank: 26
USOI Omega Ratio Rank: 26
USOI Calmar Ratio Rank: 23
USOI Martin Ratio Rank: 28

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. USOI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DB Oil Fund (DBO) and Credit Suisse X-Links Crude Oil Shares Covered Call ETN (USOI). 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	USOI	Difference
Sharpe ratio: Return per unit of total volatility	1.09	0.92	+0.17
Sortino ratio: Return per unit of downside risk	1.65	1.34	+0.30
Omega ratio: Gain probability vs. loss probability	1.20	1.17	+0.03
Calmar ratio: Return relative to maximum drawdown	1.43	1.00	+0.43
Martin ratio: Return relative to average drawdown	4.33	3.65	+0.67

DBO vs. USOI - Sharpe Ratio Comparison

The current DBO Sharpe Ratio is 1.09, which is comparable to the USOI Sharpe Ratio of 0.92. The chart below compares the historical Sharpe Ratios of DBO and USOI, 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. USOI - Drawdown Comparison

The maximum DBO drawdown since its inception was -90.18%, which is greater than USOI's maximum drawdown of -21.86%. Use the drawdown chart below to compare losses from any high point for DBO and USOI.

Drawdown Indicators

	DBO	USOI	Difference
Max Drawdown Largest peak-to-trough decline	-90.18%	-21.86%	-68.32%
Max Drawdown (1Y) Largest decline over 1 year	-26.22%	-21.86%	-4.36%
Max Drawdown (3Y) Largest decline over 3 years	-28.20%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-37.68%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-61.69%	—	—
Current Drawdown Current decline from peak	-62.12%	-21.86%	-40.26%
Average Drawdown Average peak-to-trough decline	-62.22%	-7.35%	-54.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.63%	5.97%	+2.66%

Volatility

DBO vs. USOI - Volatility Comparison

Invesco DB Oil Fund (DBO) has a higher volatility of 10.78% compared to Credit Suisse X-Links Crude Oil Shares Covered Call ETN (USOI) at 9.75%. This indicates that DBO's price experiences larger fluctuations and is considered to be riskier than USOI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DBO	USOI	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.78%	9.75%	+1.03%
Volatility (6M) Calculated over the trailing 6-month period	29.70%	19.74%	+9.96%
Volatility (1Y) Calculated over the trailing 1-year period	34.63%	23.82%	+10.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.59%	23.17%	+9.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.84%	23.17%	+8.67%

DBO vs. USOI - Expense Ratio Comparison

DBO has a 0.78% expense ratio, which is lower than USOI's 0.85% expense ratio.

Dividends

DBO vs. USOI - Dividend Comparison

DBO's dividend yield for the trailing twelve months is around 2.44%, less than USOI's 49.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBO Invesco DB Oil Fund	2.44%	3.51%	4.68%	4.59%	0.66%	0.00%	0.00%	1.63%	1.58%
USOI Credit Suisse X-Links Crude Oil Shares Covered Call ETN	49.36%	27.21%	12.54%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DBO and USOI in my portfolio?

With a correlation of 0.91, DBO and USOI 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 USOI?

DBO has higher volatility (10.78%) compared to USOI (9.75%). In terms of maximum drawdown, DBO dropped -90.18% vs USOI's -21.86%.

Which ETF is better, DBO or USOI?

On 1-year performance, DBO leads with 37.25% vs 21.77% for USOI. On fees, DBO is cheaper at 0.78% per year. On volatility, USOI has been the lower-risk option at 9.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DBO or USOI?

Over the 1-year period, DBO has performed better with a 37.25% return vs 21.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DBO or USOI?

DBO is cheaper with a 0.78% expense ratio, compared with 0.85% for USOI.

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

USOI has the higher dividend yield at 49.36%, compared with 2.44% for DBO.

What is the main difference between DBO and USOI?

DBO tracks DBIQ Optimum Yield Crude Oil Index Excess Return, while USOI tracks Credit Suisse NASDAQ WTI Crude Oil FLOWS 106 Index. They also come from different issuers: Invesco and Credit Suisse. Their fees differ too: 0.78% for DBO and 0.85% for USOI.

Which has better risk-adjusted returns?

DBO currently has the higher Sharpe Ratio (1.09 vs 0.92), 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.