DBO vs. XLE
Compare and contrast key facts about Invesco DB Oil Fund (DBO) and State Street Energy Select Sector SPDR ETF (XLE).
DBO and XLE 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. XLE is a passively managed fund by State Street that tracks the performance of the Energy Select Sector Index. It was launched on Dec 16, 1998. Both DBO and XLE are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
DBO vs. XLE - Performance Comparison
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DBO vs. XLE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DBO Invesco DB Oil Fund | 61.23% | -11.71% | 7.85% | -4.44% | 13.04% | 60.74% | -20.99% | 28.05% | -15.22% | 4.86% |
XLE State Street Energy Select Sector SPDR ETF | 37.91% | 7.88% | 5.56% | -0.63% | 64.32% | 53.28% | -32.67% | 11.74% | -18.22% | -0.89% |
Returns By Period
In the year-to-date period, DBO achieves a 61.23% return, which is significantly higher than XLE's 37.91% return. Both investments have delivered pretty close results over the past 10 years, with DBO having a 11.99% annualized return and XLE not far behind at 11.65%.
DBO
- 1D
- -5.52%
- 1M
- 36.22%
- YTD
- 61.23%
- 6M
- 51.46%
- 1Y
- 42.16%
- 3Y*
- 15.27%
- 5Y*
- 15.55%
- 10Y*
- 11.99%
XLE
- 1D
- -1.13%
- 1M
- 10.27%
- YTD
- 37.91%
- 6M
- 39.21%
- 1Y
- 35.32%
- 3Y*
- 17.71%
- 5Y*
- 23.99%
- 10Y*
- 11.65%
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DBO vs. XLE - Expense Ratio Comparison
DBO has a 0.78% expense ratio, which is higher than XLE's 0.08% expense ratio.
Return for Risk
DBO vs. XLE — Risk / Return Rank
DBO
XLE
DBO vs. XLE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB Oil Fund (DBO) and State Street Energy Select Sector SPDR ETF (XLE). 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.
| DBO | XLE | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.18 | 1.42 | -0.24 |
Sortino ratioReturn per unit of downside risk | 1.77 | 1.84 | -0.06 |
Omega ratioGain probability vs. loss probability | 1.22 | 1.28 | -0.05 |
Calmar ratioReturn relative to maximum drawdown | 2.52 | 1.96 | +0.56 |
Martin ratioReturn relative to average drawdown | 4.52 | 5.16 | -0.64 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| DBO | XLE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.18 | 1.42 | -0.24 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.49 | 0.93 | -0.43 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.38 | 0.40 | -0.01 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.00 | 0.32 | -0.32 |
Correlation
The correlation between DBO and XLE is 0.63, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Dividends
DBO vs. XLE - Dividend Comparison
DBO's dividend yield for the trailing twelve months is around 2.18%, less than XLE's 2.44% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DBO Invesco DB Oil Fund | 2.18% | 3.51% | 4.68% | 4.59% | 0.66% | 0.00% | 0.00% | 1.63% | 1.58% | 0.00% | 0.00% | 0.00% |
XLE State Street Energy Select Sector SPDR ETF | 2.44% | 3.28% | 3.36% | 3.55% | 3.68% | 4.21% | 5.62% | 6.72% | 3.54% | 3.03% | 2.26% | 3.39% |
Drawdowns
DBO vs. XLE - Drawdown Comparison
The maximum DBO drawdown since its inception was -90.18%, which is greater than XLE's maximum drawdown of -71.26%. Use the drawdown chart below to compare losses from any high point for DBO and XLE.
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Drawdown Indicators
| DBO | XLE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -90.18% | -71.26% | -18.92% |
Max Drawdown (1Y)Largest decline over 1 year | -18.19% | -18.79% | +0.60% |
Max Drawdown (5Y)Largest decline over 5 years | -37.68% | -26.04% | -11.64% |
Max Drawdown (10Y)Largest decline over 10 years | -61.69% | -66.81% | +5.12% |
Current DrawdownCurrent decline from peak | -57.57% | -2.08% | -55.49% |
Average DrawdownAverage peak-to-trough decline | -62.32% | -18.05% | -44.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.15% | 7.14% | +3.01% |
Volatility
DBO vs. XLE - Volatility Comparison
Invesco DB Oil Fund (DBO) has a higher volatility of 15.71% compared to State Street Energy Select Sector SPDR ETF (XLE) at 5.05%. This indicates that DBO's price experiences larger fluctuations and is considered to be riskier than XLE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DBO | XLE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.71% | 5.05% | +10.66% |
Volatility (6M)Calculated over the trailing 6-month period | 25.15% | 13.94% | +11.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.96% | 24.93% | +11.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.74% | 26.06% | +5.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 31.52% | 29.48% | +2.04% |