USO vs. DBO
Compare and contrast key facts about United States Oil Fund LP (USO) and Invesco DB Oil Fund (DBO).
USO and DBO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. USO is a passively managed fund by Concierge Technologies that tracks the performance of the Front Month Light Sweet Crude Oil. It was launched on Apr 10, 2006. DBO is a passively managed fund by Invesco that tracks the performance of the DBIQ Optimum Yield Crude Oil Index Excess Return. It was launched on Jan 5, 2007. Both USO and DBO are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
USO vs. DBO - Performance Comparison
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USO vs. DBO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
USO United States Oil Fund LP | 83.99% | -8.46% | 13.35% | -4.94% | 28.97% | 64.68% | -67.79% | 32.61% | -19.57% | 2.47% |
DBO Invesco DB Oil Fund | 61.23% | -11.71% | 7.85% | -4.44% | 13.04% | 60.74% | -20.99% | 28.05% | -15.22% | 4.86% |
Returns By Period
In the year-to-date period, USO achieves a 83.99% return, which is significantly higher than DBO's 61.23% return. Over the past 10 years, USO has underperformed DBO with an annualized return of 5.48%, while DBO has yielded a comparatively higher 11.99% annualized return.
USO
- 1D
- -1.99%
- 1M
- 55.28%
- YTD
- 83.99%
- 6M
- 72.54%
- 1Y
- 64.55%
- 3Y*
- 24.19%
- 5Y*
- 24.91%
- 10Y*
- 5.48%
DBO
- 1D
- -5.52%
- 1M
- 36.22%
- YTD
- 61.23%
- 6M
- 51.46%
- 1Y
- 42.16%
- 3Y*
- 15.27%
- 5Y*
- 15.55%
- 10Y*
- 11.99%
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USO vs. DBO - Expense Ratio Comparison
USO has a 0.79% expense ratio, which is higher than DBO's 0.78% expense ratio.
Return for Risk
USO vs. DBO — Risk / Return Rank
USO
DBO
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.
| USO | DBO | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.65 | 1.18 | +0.47 |
Sortino ratioReturn per unit of downside risk | 2.32 | 1.77 | +0.55 |
Omega ratioGain probability vs. loss probability | 1.30 | 1.22 | +0.07 |
Calmar ratioReturn relative to maximum drawdown | 3.44 | 2.52 | +0.92 |
Martin ratioReturn relative to average drawdown | 5.96 | 4.52 | +1.45 |
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 | DBO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.65 | 1.18 | +0.47 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.73 | 0.49 | +0.24 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.14 | 0.38 | -0.24 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.19 | -0.00 | -0.19 |
Correlation
The correlation between USO and DBO is 0.96, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
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 2.18%.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
USO United States Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
DBO Invesco DB Oil Fund | 2.18% | 3.51% | 4.68% | 4.59% | 0.66% | 0.00% | 0.00% | 1.63% | 1.58% |
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.
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Drawdown Indicators
| USO | DBO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.19% | -90.18% | -8.01% |
Max Drawdown (1Y)Largest decline over 1 year | -20.39% | -18.19% | -2.20% |
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 DrawdownCurrent decline from peak | -86.46% | -57.57% | -28.89% |
Average DrawdownAverage peak-to-trough decline | -75.21% | -62.32% | -12.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.77% | 10.15% | +1.62% |
Volatility
USO vs. DBO - Volatility Comparison
United States Oil Fund LP (USO) has a higher volatility of 21.87% compared to Invesco DB Oil Fund (DBO) at 15.71%. 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.
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Volatility by Period
| USO | DBO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 21.87% | 15.71% | +6.16% |
Volatility (6M)Calculated over the trailing 6-month period | 29.71% | 25.15% | +4.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 39.38% | 35.96% | +3.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.41% | 31.74% | +2.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 38.33% | 31.52% | +6.81% |