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USL vs. DBO
Performance
Risk-Adjusted Performance
Dividends
Drawdowns
Volatility

Correlation

The correlation between USL and DBO is 0.33, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.


-0.50.00.51.0
Correlation: 0.3

Performance

USL vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in United States 12 Month Oil Fund LP (USL) and Invesco DB Oil Fund (DBO). The values are adjusted to include any dividend payments, if applicable.

-60.00%-50.00%-40.00%-30.00%-20.00%NovemberDecember2025FebruaryMarchApril
-33.05%
-54.32%
USL
DBO

Key characteristics

Sharpe Ratio

USL:

-0.60

DBO:

-0.46

Sortino Ratio

USL:

-0.70

DBO:

-0.48

Omega Ratio

USL:

0.91

DBO:

0.94

Calmar Ratio

USL:

-0.24

DBO:

-0.19

Martin Ratio

USL:

-1.57

DBO:

-1.37

Ulcer Index

USL:

9.56%

DBO:

10.13%

Daily Std Dev

USL:

24.98%

DBO:

30.10%

Max Drawdown

USL:

-89.06%

DBO:

-90.18%

Current Drawdown

USL:

-60.82%

DBO:

-73.07%

Returns By Period

The year-to-date returns for both stocks are quite close, with USL having a -9.47% return and DBO slightly lower at -9.64%. Over the past 10 years, USL has outperformed DBO with an annualized return of 2.17%, while DBO has yielded a comparatively lower -0.30% annualized return.


USL

YTD

-9.47%

1M

-7.37%

6M

-8.89%

1Y

-15.72%

5Y*

29.20%

10Y*

2.17%

DBO

YTD

-9.64%

1M

-7.44%

6M

-8.22%

1Y

-14.80%

5Y*

22.46%

10Y*

-0.30%

*Annualized

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USL vs. DBO - Expense Ratio Comparison

USL has a 0.88% expense ratio, which is higher than DBO's 0.78% expense ratio.


Expense ratio chart for USL: current value is 0.88%, compared with the broader market range of 0.00% to 2.12%.0.50%1.00%1.50%2.00%
USL: 0.88%
Expense ratio chart for DBO: current value is 0.78%, compared with the broader market range of 0.00% to 2.12%.0.50%1.00%1.50%2.00%
DBO: 0.78%

Risk-Adjusted Performance

USL vs. DBO — Risk-Adjusted Performance Rank

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

USL
The Risk-Adjusted Performance Rank of USL is 44
Overall Rank
The Sharpe Ratio Rank of USL is 33
Sharpe Ratio Rank
The Sortino Ratio Rank of USL is 33
Sortino Ratio Rank
The Omega Ratio Rank of USL is 44
Omega Ratio Rank
The Calmar Ratio Rank of USL is 88
Calmar Ratio Rank
The Martin Ratio Rank of USL is 11
Martin Ratio Rank

DBO
The Risk-Adjusted Performance Rank of DBO is 66
Overall Rank
The Sharpe Ratio Rank of DBO is 66
Sharpe Ratio Rank
The Sortino Ratio Rank of DBO is 66
Sortino Ratio Rank
The Omega Ratio Rank of DBO is 66
Omega Ratio Rank
The Calmar Ratio Rank of DBO is 1010
Calmar Ratio Rank
The Martin Ratio Rank of DBO is 33
Martin Ratio Rank
The risk-adjusted ranks indicate the investment's position relative to the market. A rank closer to 100 signifies top-performing investments, while a rank closer to 0 might suggest underperformance, based on the selected ratio. The values are calculated based on the past 12 months of returns.

USL vs. DBO - Risk-Adjusted Performance Comparison

This table presents a comparison of risk-adjusted performance metrics for United States 12 Month Oil Fund LP (USL) 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.


The chart of Sharpe ratio for USL, currently valued at -0.60, compared to the broader market-1.000.001.002.003.004.00
USL: -0.60
DBO: -0.46
The chart of Sortino ratio for USL, currently valued at -0.70, compared to the broader market-2.000.002.004.006.008.00
USL: -0.70
DBO: -0.48
The chart of Omega ratio for USL, currently valued at 0.91, compared to the broader market0.501.001.502.002.50
USL: 0.91
DBO: 0.94
The chart of Calmar ratio for USL, currently valued at -0.24, compared to the broader market0.002.004.006.008.0010.0012.00
USL: -0.24
DBO: -0.19
The chart of Martin ratio for USL, currently valued at -1.57, compared to the broader market0.0020.0040.0060.00
USL: -1.57
DBO: -1.37

The current USL Sharpe Ratio is -0.60, which is lower than the DBO Sharpe Ratio of -0.46. The chart below compares the historical Sharpe Ratios of USL and DBO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.


Rolling 12-month Sharpe Ratio-1.00-0.500.000.50NovemberDecember2025FebruaryMarchApril
-0.60
-0.46
USL
DBO

Dividends

USL vs. DBO - Dividend Comparison

USL has not paid dividends to shareholders, while DBO's dividend yield for the trailing twelve months is around 5.18%.


TTM2024202320222021202020192018
USL
United States 12 Month Oil Fund LP
0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
DBO
Invesco DB Oil Fund
5.18%4.68%4.59%0.66%0.00%0.00%1.63%1.59%

Drawdowns

USL vs. DBO - Drawdown Comparison

The maximum USL drawdown since its inception was -89.06%, roughly equal to the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for USL and DBO. For additional features, visit the drawdowns tool.


-75.00%-70.00%-65.00%-60.00%-55.00%NovemberDecember2025FebruaryMarchApril
-60.82%
-73.07%
USL
DBO

Volatility

USL vs. DBO - Volatility Comparison

The current volatility for United States 12 Month Oil Fund LP (USL) is 12.50%, while Invesco DB Oil Fund (DBO) has a volatility of 17.90%. This indicates that USL 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.


5.00%10.00%15.00%NovemberDecember2025FebruaryMarchApril
12.50%
17.90%
USL
DBO