DBO vs. XLE
DBO (Invesco DB Oil Fund) and XLE (State Street Energy Select Sector SPDR ETF) are both exchange-traded funds - DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return, while XLE is a Energy Equities fund tracking the Energy Select Sector Index. Both are passively managed. Over the past 10 years, DBO returned 9.34%/yr vs 9.29%/yr for XLE. A 0.63 correlation means they provide meaningful diversification when combined. DBO charges 0.78%/yr vs 0.08%/yr for XLE.
Performance
DBO vs. XLE - Performance Comparison
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Returns By Period
In the year-to-date period, DBO achieves a 51.89% return, which is significantly higher than XLE's 22.58% return. Both investments have delivered pretty close results over the past 10 years, with DBO having a 9.34% annualized return and XLE not far behind at 9.29%.
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%
XLE
- 1D
- 1.26%
- 1M
- -8.47%
- YTD
- 22.58%
- 6M
- 23.97%
- 1Y
- 26.32%
- 3Y*
- 15.44%
- 5Y*
- 18.90%
- 10Y*
- 9.29%
DBO vs. XLE - 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% |
XLE State Street Energy Select Sector SPDR ETF | 22.58% | 7.88% | 5.56% | -0.63% | 64.32% | 53.28% | -32.67% | 11.74% | -18.22% | -0.89% |
Correlation
The correlation between DBO and XLE is 0.64, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.64 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.61 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.65 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.62 |
Correlation (All Time) Calculated using the full available price history since Jan 5, 2007 | 0.63 |
The correlation between DBO and XLE has been stable across timeframes, ranging from 0.61 to 0.65 - a consistent structural relationship.
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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.
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 | XLE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.41 | ||
| Sortino ratioReturn per unit of downside risk | -0.39 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.21 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 1.35 | 1.88 | -0.53 |
| Martin ratioReturn relative to average drawdown | 3.56 | 5.70 | -2.14 |
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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 | -22.14% | -14.05% | -8.09% |
Max Drawdown (3Y)Largest decline over 3 years | -28.20% | -20.14% | -8.06% |
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 | -60.03% | -12.96% | -47.07% |
Average DrawdownAverage peak-to-trough decline | -62.22% | -17.97% | -44.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.52% | 4.66% | +4.86% |
Volatility
DBO vs. XLE - Volatility Comparison
Invesco DB Oil Fund (DBO) has a higher volatility of 10.39% compared to State Street Energy Select Sector SPDR ETF (XLE) at 7.06%. 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 | 10.39% | 7.06% | +3.33% |
Volatility (6M)Calculated over the trailing 6-month period | 29.37% | 16.89% | +12.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 34.94% | 20.96% | +13.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 32.53% | 25.98% | +6.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 31.84% | 29.62% | +2.22% |
DBO vs. XLE - Expense Ratio Comparison
DBO has a 0.78% expense ratio, which is higher than XLE's 0.08% expense ratio.
Dividends
DBO vs. XLE - Dividend Comparison
DBO's dividend yield for the trailing twelve months is around 2.31%, less than XLE's 3.47% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DBO Invesco DB Oil Fund | 2.31% | 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 | 3.47% | 3.28% | 3.36% | 3.55% | 3.68% | 4.21% | 5.62% | 6.72% | 3.54% | 3.03% | 2.26% | 3.39% |
Frequently Asked Questions
DBO and XLE have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBO has higher volatility (10.39%) compared to XLE (7.06%). In terms of maximum drawdown, DBO dropped -90.18% vs XLE's -71.26%.
On 10-year performance, DBO leads with 9.34% vs 9.29% for XLE. On fees, XLE is cheaper at 0.08% per year. On volatility, XLE has been the lower-risk option at 7.06%. 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 9.34% return vs 9.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XLE is cheaper with a 0.08% expense ratio, compared with 0.78% for DBO.
XLE has the higher dividend yield at 3.47%, compared with 2.31% for DBO.
DBO is categorized as Oil & Gas, while XLE is Energy Equities. DBO tracks DBIQ Optimum Yield Crude Oil Index Excess Return, while XLE tracks Energy Select Sector Index. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.78% for DBO and 0.08% for XLE.
XLE currently has the higher Sharpe Ratio (1.26 vs 0.86), 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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