PDBA vs. USO
PDBA (Invesco Agriculture Commodity Strategy No K-1 ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - PDBA is a Agricultural Commodities fund actively managed by Invesco, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. PDBA is actively managed, while USO is passively managed. Over the past 3 years, PDBA returned 13.50%/yr vs 29.98%/yr for USO. At a 0.18 correlation, their price movements are largely independent. PDBA charges 0.59%/yr vs 0.86%/yr for USO.
Performance
PDBA vs. USO - Performance Comparison
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Returns By Period
In the year-to-date period, PDBA achieves a 5.38% return, which is significantly lower than USO's 103.67% return.
PDBA
- 1D
- -0.89%
- 1M
- -4.99%
- YTD
- 5.38%
- 6M
- 5.65%
- 1Y
- 3.79%
- 3Y*
- 13.50%
- 5Y*
- —
- 10Y*
- —
USO
- 1D
- 2.62%
- 1M
- -4.57%
- YTD
- 103.67%
- 6M
- 99.35%
- 1Y
- 101.55%
- 3Y*
- 29.98%
- 5Y*
- 24.41%
- 10Y*
- 4.07%
PDBA vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
PDBA Invesco Agriculture Commodity Strategy No K-1 ETF | 5.38% | -0.76% | 34.16% | 7.83% | -1.60% |
USO United States Oil Fund LP | 103.67% | -8.46% | 13.35% | -4.94% | -10.16% |
Correlation
The correlation between PDBA and USO is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.13 |
Correlation (All Time) Calculated using the full available price history since Aug 25, 2022 | 0.18 |
The correlation between PDBA and USO shifts across timeframes, from 0.13 (3 years) to 0.23 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
PDBA vs. USO — Risk / Return Rank
PDBA
USO
PDBA vs. USO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Agriculture Commodity Strategy No K-1 ETF (PDBA) 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.
| PDBA | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.96 | ||
| Sortino ratioReturn per unit of downside risk | -2.32 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 1.38 | -0.32 |
| Calmar ratioReturn relative to maximum drawdown | 0.47 | 5.01 | -4.53 |
| Martin ratioReturn relative to average drawdown | 0.92 | 9.42 | -8.50 |
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
| PDBA | USO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.35 | 2.31 | -1.96 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.68 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.10 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.84 | -0.18 | +1.02 |
Drawdowns
PDBA vs. USO - Drawdown Comparison
The maximum PDBA drawdown since its inception was -12.45%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for PDBA and USO.
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Drawdown Indicators
| PDBA | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.45% | -98.19% | +85.74% |
Max Drawdown (1Y)Largest decline over 1 year | -8.05% | -20.39% | +12.34% |
Max Drawdown (3Y)Largest decline over 3 years | -12.45% | -26.05% | +13.60% |
Max Drawdown (5Y)Largest decline over 5 years | — | -36.23% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -86.75% | — |
Current DrawdownCurrent decline from peak | -6.47% | -85.01% | +78.54% |
Average DrawdownAverage peak-to-trough decline | -3.79% | -75.30% | +71.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.14% | 10.82% | -6.68% |
Volatility
PDBA vs. USO - Volatility Comparison
The current volatility for Invesco Agriculture Commodity Strategy No K-1 ETF (PDBA) is 4.05%, while United States Oil Fund LP (USO) has a volatility of 14.87%. This indicates that PDBA experiences smaller price fluctuations and is considered to be less risky than USO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PDBA | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.05% | 14.87% | -10.82% |
Volatility (6M)Calculated over the trailing 6-month period | 6.51% | 38.23% | -31.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.77% | 44.20% | -33.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.29% | 36.06% | -22.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.29% | 39.00% | -25.71% |
PDBA vs. USO - Expense Ratio Comparison
PDBA has a 0.59% expense ratio, which is lower than USO's 0.86% expense ratio.
Dividends
PDBA vs. USO - Dividend Comparison
PDBA's dividend yield for the trailing twelve months is around 3.15%, while USO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
PDBA Invesco Agriculture Commodity Strategy No K-1 ETF | 3.15% | 3.32% | 13.01% | 6.82% | 0.74% |
USO United States Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PDBA and USO have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USO has higher volatility (14.87%) compared to PDBA (4.05%). In terms of maximum drawdown, PDBA dropped -12.45% vs USO's -98.19%.
On 3-year performance, USO leads with 29.98% vs 13.50% for PDBA. On fees, PDBA is cheaper at 0.59% per year. On volatility, PDBA has been the lower-risk option at 4.05%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, USO has performed better with a 29.98% return vs 13.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PDBA is cheaper with a 0.59% expense ratio, compared with 0.86% for USO.
PDBA has the higher dividend yield at 3.15%, compared with 0.00% for USO.
PDBA is categorized as Agricultural Commodities, while USO is Oil & Gas. They also come from different issuers: Invesco and USCF. Their fees differ too: 0.59% for PDBA and 0.86% for USO.
USO currently has the higher Sharpe Ratio (2.31 vs 0.35), 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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