USO vs. DBE
USO (United States Oil Fund LP) and DBE (Invesco DB Energy Fund) are both Oil & Gas funds - USO tracks the Front Month Light Sweet Crude Oil while DBE tracks the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 10 years, USO returned 3.13%/yr vs 11.19%/yr for DBE. Their correlation of 0.92 suggests significant overlap in exposure. USO charges 0.86%/yr vs 0.78%/yr for DBE.
Performance
USO vs. DBE - Performance Comparison
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Returns By Period
In the year-to-date period, USO achieves a 92.34% return, which is significantly higher than DBE's 75.49% return. Over the past 10 years, USO has underperformed DBE with an annualized return of 3.13%, while DBE has yielded a comparatively higher 11.19% annualized return.
USO
- 1D
- -2.72%
- 1M
- -0.69%
- YTD
- 92.34%
- 6M
- 84.96%
- 1Y
- 90.22%
- 3Y*
- 27.76%
- 5Y*
- 22.99%
- 10Y*
- 3.13%
DBE
- 1D
- -1.98%
- 1M
- -1.03%
- YTD
- 75.49%
- 6M
- 64.58%
- 1Y
- 76.30%
- 3Y*
- 21.68%
- 5Y*
- 18.57%
- 10Y*
- 11.19%
USO vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
USO United States Oil Fund LP | 92.34% | -8.46% | 13.35% | -4.94% | 28.97% | 64.68% | -67.79% | 32.61% | -19.57% | 2.47% |
DBE Invesco DB Energy Fund | 75.49% | -2.17% | 2.96% | -12.14% | 33.77% | 57.56% | -25.91% | 19.72% | -12.95% | 5.21% |
Correlation
The correlation between USO and DBE is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.95 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.95 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.94 |
Correlation (All Time) Calculated using the full available price history since Jan 8, 2007 | 0.92 |
The correlation between USO and DBE has been stable across timeframes, ranging from 0.92 to 0.96 - a consistent structural relationship.
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Return for Risk
USO vs. DBE — Risk / Return Rank
USO
DBE
USO vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States Oil Fund LP (USO) and Invesco DB Energy Fund (DBE). 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.
| USO | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.14 | ||
| Sortino ratioReturn per unit of downside risk | -0.08 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.37 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 4.45 | 5.32 | -0.88 |
| Martin ratioReturn relative to average drawdown | 8.33 | 10.35 | -2.03 |
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
| USO | DBE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.04 | 2.18 | -0.14 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.64 | 0.63 | +0.01 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.08 | 0.40 | -0.32 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.18 | 0.09 | -0.27 |
Drawdowns
USO vs. DBE - Drawdown Comparison
The maximum USO drawdown since its inception was -98.19%, which is greater than DBE's maximum drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for USO and DBE.
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Drawdown Indicators
| USO | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.19% | -86.69% | -11.50% |
Max Drawdown (1Y)Largest decline over 1 year | -20.39% | -14.41% | -5.98% |
Max Drawdown (3Y)Largest decline over 3 years | -26.05% | -23.89% | -2.16% |
Max Drawdown (5Y)Largest decline over 5 years | -36.23% | -38.74% | +2.51% |
Max Drawdown (10Y)Largest decline over 10 years | -86.75% | -60.84% | -25.91% |
Current DrawdownCurrent decline from peak | -85.85% | -33.38% | -52.47% |
Average DrawdownAverage peak-to-trough decline | -75.30% | -57.30% | -18.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.87% | 7.39% | +3.48% |
Volatility
USO vs. DBE - Volatility Comparison
United States Oil Fund LP (USO) has a higher volatility of 13.30% compared to Invesco DB Energy Fund (DBE) at 11.07%. This indicates that USO's price experiences larger fluctuations and is considered to be riskier than DBE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USO | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.30% | 11.07% | +2.23% |
Volatility (6M)Calculated over the trailing 6-month period | 38.49% | 31.06% | +7.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.41% | 35.12% | +9.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.09% | 29.41% | +6.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 39.01% | 28.34% | +10.67% |
USO vs. DBE - Expense Ratio Comparison
USO has a 0.86% expense ratio, which is higher than DBE's 0.78% expense ratio.
Dividends
USO vs. DBE - Dividend Comparison
USO has not paid dividends to shareholders, while DBE's dividend yield for the trailing twelve months is around 2.20%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.20% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% |
USO United States Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.96, USO and DBE move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
USO has higher volatility (13.30%) compared to DBE (11.07%). In terms of maximum drawdown, USO dropped -98.19% vs DBE's -86.69%.
On 10-year performance, DBE leads with 11.19% vs 3.13% for USO. On fees, DBE is cheaper at 0.78% per year. On volatility, DBE has been the lower-risk option at 11.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DBE has performed better with a 11.19% return vs 3.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DBE is cheaper with a 0.78% expense ratio, compared with 0.86% for USO.
DBE has the higher dividend yield at 2.20%, compared with 0.00% for USO.
USO tracks Front Month Light Sweet Crude Oil, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: USCF and Invesco. Their fees differ too: 0.86% for USO and 0.78% for DBE.
DBE currently has the higher Sharpe Ratio (2.18 vs 2.04), 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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