UDI vs. DBO

Last updated Jun 4, 2026

UDI (USCF ESG Dividend Income Fund) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - UDI is a Large Cap Value Equities fund actively managed by USCF Advisers, while DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return. UDI is actively managed, while DBO is passively managed. Over the past 3 years, UDI returned 16.39%/yr vs 21.86%/yr for DBO. At a 0.09 correlation, their price movements are largely independent. UDI charges 0.65%/yr vs 0.78%/yr for DBO.

Performance

UDI vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in USCF ESG Dividend Income Fund (UDI) and Invesco DB Oil Fund (DBO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UDI achieves a 9.46% return, which is significantly lower than DBO's 84.75% return.

UDI

• 1D: -0.16%
• 1M: 1.43%
• YTD: 9.46%
• 6M: 11.05%
• 1Y: 21.78%
• 3Y*: 16.39%
• 5Y*: —
• 10Y*: —

DBO

• 1D: 2.27%
• 1M: -2.34%
• YTD: 84.75%
• 6M: 81.10%
• 1Y: 80.26%
• 3Y*: 21.86%
• 5Y*: 15.98%
• 10Y*: 11.37%

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

UDI vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
UDI USCF ESG Dividend Income Fund	9.46%	14.23%	17.07%	6.35%	3.81%
DBO Invesco DB Oil Fund	84.75%	-11.71%	7.85%	-4.44%	-27.34%

Correlation

The correlation between UDI and DBO is -0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.08
Correlation (3Y) Calculated over the trailing 3-year period	-0.00
Correlation (All Time) Calculated using the full available price history since Jun 9, 2022	0.09

The correlation between UDI and DBO shifts across timeframes, from -0.08 (1 year) to 0.09 (all time), reflecting how their relationship changes across market environments.

UDI vs. DBO - Sectors Allocation Comparison

Sectors	UDI	DBO
Financial Services	29.5%	116.0%
Healthcare	16.8%	-
Energy	11.9%	-
Real Estate	8.7%	-
Utilities	8.3%	-
Technology	6.8%	-
Communication Services	6.1%	-
Basic Materials	4.2%	-
Consumer Defensive	2.9%	-
Industrials	2.5%	-
Consumer Cyclical	2.4%	-

Return for Risk

UDI vs. DBO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

UDI

UDI Risk / Return Rank: 70
UDI Sharpe Ratio Rank: 65
UDI Sortino Ratio Rank: 67
UDI Omega Ratio Rank: 61
UDI Calmar Ratio Rank: 77
UDI Martin Ratio Rank: 77

DBO

DBO Risk / Return Rank: 65
DBO Sharpe Ratio Rank: 70
DBO Sortino Ratio Rank: 62
DBO Omega Ratio Rank: 60
DBO Calmar Ratio Rank: 83
DBO Martin Ratio Rank: 52

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.

UDI vs. DBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USCF ESG Dividend Income Fund (UDI) and Invesco DB Oil Fund (DBO). 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.

	UDI	DBO	Difference
Sharpe ratio: Return per unit of total volatility	2.15	2.34	-0.19
Sortino ratio: Return per unit of downside risk	3.07	2.94	+0.13
Omega ratio: Gain probability vs. loss probability	1.37	1.38	0.00
Calmar ratio: Return relative to maximum drawdown	3.87	4.44	-0.57
Martin ratio: Return relative to average drawdown	14.72	9.02	+5.70
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UDI vs. DBO - Sharpe Ratio Comparison

The current UDI Sharpe Ratio is 2.15, which is comparable to the DBO Sharpe Ratio of 2.34. The chart below compares the historical Sharpe Ratios of UDI and DBO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	UDI	DBO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.15	2.34	-0.19
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.50	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.36	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.92	0.02	+0.90

Drawdowns

UDI vs. DBO - Drawdown Comparison

The maximum UDI drawdown since its inception was -14.17%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for UDI and DBO.

Drawdown Indicators

	UDI	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-14.17%	-90.18%	+76.01%
Max Drawdown (1Y) Largest decline over 1 year	-5.66%	-18.19%	+12.53%
Max Drawdown (3Y) Largest decline over 3 years	-14.17%	-28.20%	+14.03%
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	-0.97%	-51.38%	+50.41%
Average Drawdown Average peak-to-trough decline	-3.07%	-62.25%	+59.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.48%	8.92%	-7.44%

Volatility

UDI vs. DBO - Volatility Comparison

The current volatility for USCF ESG Dividend Income Fund (UDI) is 2.67%, while Invesco DB Oil Fund (DBO) has a volatility of 12.61%. This indicates that UDI experiences smaller price fluctuations and is considered to be less risky than DBO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UDI	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.67%	12.61%	-9.94%
Volatility (6M) Calculated over the trailing 6-month period	6.95%	28.20%	-21.25%
Volatility (1Y) Calculated over the trailing 1-year period	10.19%	34.46%	-24.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.04%	32.29%	-18.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.04%	31.78%	-17.74%

UDI vs. DBO - Expense Ratio Comparison

UDI has a 0.65% expense ratio, which is lower than DBO's 0.78% expense ratio.

Dividends

UDI vs. DBO - Dividend Comparison

UDI's dividend yield for the trailing twelve months is around 2.49%, more than DBO's 1.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBO Invesco DB Oil Fund	1.90%	3.51%	4.68%	4.59%	0.66%	0.00%	0.00%	1.63%	1.58%
UDI USCF ESG Dividend Income Fund	2.49%	2.42%	5.33%	2.61%	1.79%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both UDI and DBO in my portfolio?

UDI and DBO have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UDI or DBO?

DBO has higher volatility (12.61%) compared to UDI (2.67%). In terms of maximum drawdown, UDI dropped -14.17% vs DBO's -90.18%.

Which ETF is better, UDI or DBO?

On 3-year performance, DBO leads with 21.86% vs 16.39% for UDI. On fees, UDI is cheaper at 0.65% per year. On volatility, UDI has been the lower-risk option at 2.67%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UDI or DBO?

Over the 3-year period, DBO has performed better with a 21.86% return vs 16.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UDI or DBO?

UDI is cheaper with a 0.65% expense ratio, compared with 0.78% for DBO.

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

UDI has the higher dividend yield at 2.49%, compared with 1.90% for DBO.

What is the main difference between UDI and DBO?

UDI is categorized as Large Cap Value Equities, while DBO is Oil & Gas. They also come from different issuers: USCF Advisers and Invesco. Their fees differ too: 0.65% for UDI and 0.78% for DBO.

Which has better risk-adjusted returns?

DBO currently has the higher Sharpe Ratio (2.34 vs 2.15), 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.