USO vs. DBO

Last updated Jun 26, 2026

USO (United States Oil Fund LP) and DBO (Invesco DB Oil Fund) are both Oil & Gas funds - USO tracks the Front Month Light Sweet Crude Oil while DBO tracks the DBIQ Optimum Yield Crude Oil Index Excess Return. Both are passively managed. Over the past 10 years, USO returned 2.02%/yr vs 9.19%/yr for DBO. With a 0.96 correlation, they move nearly in lockstep. USO charges 0.86%/yr vs 0.78%/yr for DBO.

Performance

USO vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in United States Oil Fund LP (USO) 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, USO achieves a 58.05% return, which is significantly higher than DBO's 48.11% return. Over the past 10 years, USO has underperformed DBO with an annualized return of 2.02%, while DBO has yielded a comparatively higher 9.19% annualized return.

USO

• 1D: 2.84%
• 1M: -20.21%
• YTD: 58.05%
• 6M: 55.71%
• 1Y: 49.11%
• 3Y*: 20.34%
• 5Y*: 16.82%
• 10Y*: 2.02%

DBO

• 1D: 2.90%
• 1M: -17.26%
• YTD: 48.11%
• 6M: 46.08%
• 1Y: 41.77%
• 3Y*: 13.64%
• 5Y*: 9.72%
• 10Y*: 9.19%

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

USO vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
USO United States Oil Fund LP	58.05%	-8.46%	13.35%	-4.94%	28.97%	64.68%	-67.79%	32.61%	-19.57%	2.47%
DBO Invesco DB Oil Fund	48.11%	-11.71%	7.85%	-4.44%	13.04%	60.74%	-20.99%	28.05%	-15.22%	4.86%

Correlation

The correlation between USO and DBO 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	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Jan 5, 2007	0.96

The correlation between USO and DBO has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.

Return for Risk

USO vs. DBO — Risk / Return Rank

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

USO

USO Risk / Return Rank: 36
USO Sharpe Ratio Rank: 35
USO Sortino Ratio Rank: 38
USO Omega Ratio Rank: 37
USO Calmar Ratio Rank: 36
USO Martin Ratio Rank: 35

DBO

DBO Risk / Return Rank: 37
DBO Sharpe Ratio Rank: 38
DBO Sortino Ratio Rank: 38
DBO Omega Ratio Rank: 36
DBO Calmar Ratio Rank: 35
DBO Martin Ratio Rank: 36

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.

USO vs. DBO - Risk-Adjusted Trends Comparison

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

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.

	USO	DBO	Difference
Sharpe ratio: Return per unit of total volatility	1.13	1.22	-0.09
Sortino ratio: Return per unit of downside risk	1.77	1.79	-0.03
Omega ratio: Gain probability vs. loss probability	1.22	1.22	0.00
Calmar ratio: Return relative to maximum drawdown	1.62	1.60	+0.02
Martin ratio: Return relative to average drawdown	4.76	4.78	-0.02

USO vs. DBO - Sharpe Ratio Comparison

The current USO Sharpe Ratio is 1.13, which is comparable to the DBO Sharpe Ratio of 1.22. The chart below compares the historical Sharpe Ratios of USO 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.

Drawdowns

USO vs. DBO - Drawdown Comparison

The maximum USO drawdown since its inception was -98.19%, which is greater than DBO's maximum drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for USO and DBO.

Drawdown Indicators

	USO	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-98.19%	-90.18%	-8.01%
Max Drawdown (1Y) Largest decline over 1 year	-30.51%	-26.22%	-4.29%
Max Drawdown (3Y) Largest decline over 3 years	-30.51%	-28.20%	-2.31%
Max Drawdown (5Y) Largest decline over 5 years	-36.23%	-37.68%	+1.45%
Max Drawdown (10Y) Largest decline over 10 years	-86.75%	-61.69%	-25.06%
Current Drawdown Current decline from peak	-88.37%	-61.02%	-27.35%
Average Drawdown Average peak-to-trough decline	-75.32%	-62.22%	-13.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.34%	8.77%	+1.57%

Volatility

USO vs. DBO - Volatility Comparison

United States Oil Fund LP (USO) has a higher volatility of 12.83% compared to Invesco DB Oil Fund (DBO) at 11.32%. This indicates that USO's price experiences larger fluctuations and is considered to be riskier than DBO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USO	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.83%	11.32%	+1.51%
Volatility (6M) Calculated over the trailing 6-month period	39.67%	29.75%	+9.92%
Volatility (1Y) Calculated over the trailing 1-year period	43.65%	34.39%	+9.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.40%	32.61%	+3.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.04%	31.84%	+7.20%

USO vs. DBO - Expense Ratio Comparison

USO has a 0.86% expense ratio, which is higher than DBO's 0.78% expense ratio.

Dividends

USO vs. DBO - Dividend Comparison

USO has not paid dividends to shareholders, while DBO's dividend yield for the trailing twelve months is around 2.37%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBO Invesco DB Oil Fund	2.37%	3.51%	4.68%	4.59%	0.66%	0.00%	0.00%	1.63%	1.58%
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

Can I hold both USO and DBO in my portfolio?

With a correlation of 0.96, USO and DBO 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.

Which is riskier, USO or DBO?

USO has higher volatility (12.83%) compared to DBO (11.32%). In terms of maximum drawdown, USO dropped -98.19% vs DBO's -90.18%.

Which ETF is better, USO or DBO?

On 10-year performance, DBO leads with 9.19% vs 2.02% for USO. On fees, DBO is cheaper at 0.78% per year. On volatility, DBO has been the lower-risk option at 11.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USO or DBO?

Over the 10-year period, DBO has performed better with a 9.19% return vs 2.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USO or DBO?

DBO is cheaper with a 0.78% expense ratio, compared with 0.86% for USO.

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

DBO has the higher dividend yield at 2.37%, compared with 0.00% for USO.

What is the main difference between USO and DBO?

USO tracks Front Month Light Sweet Crude Oil, while DBO tracks DBIQ Optimum Yield Crude Oil Index Excess Return. They also come from different issuers: USCF and Invesco. Their fees differ too: 0.86% for USO and 0.78% for DBO.

Which has better risk-adjusted returns?

DBO currently has the higher Sharpe Ratio (1.22 vs 1.13), 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.