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DBE vs UGA

Invesco DB Energy Fund

DBEBNYSE Arca

United States Gasoline Fund, LP

UGACNYSE Arca

Overlap

0.0%by weight

Expense ratio

DBE −0.29pt a year

DBE0.79%UGA1.08%

Avg volume · 30D

UGA 1.04×the volume

DBE45.9KUGA47.8K

10Y return · a year

UGA +3.4pt

DBE+14.9%UGA+18.3%

DBE vs UGA Performance

Oct 29, 2021 – Oct 30, 2026

+158.8%DBE+240.5%UGA

Oct 29, 2021 to Oct 30, 2026. DBE +158.8%. UGA +240.5%. Use the arrow keys to read each point.0%50%100%200%Oct 2021Apr 2024Oct 2026
Expense ratio
DBE 0.79%, better
UGA 1.08%
Fund size
DBE $152M
UGA $161M
1Y total return
DBE +121.4%, better
UGA +120.5%
Yield (12M)
DBE 1.65%
UGA No data
Holdings
DBE 8
UGA 8
Avg volume (30D)
DBE 45.9K sh
UGA 47.8K sh, better
NAV per share
DBE $41.15
UGA $146.05
52W range

ETF.net Grade

DBE: Cost 83, Risk 68, Mission not scored, Tradability 46, Holdings 43, Durability 59. UGA: Cost 38, Risk 68, Mission not scored, Tradability 45, Holdings not scored, Durability 48.
Pillar letters and Scores for DBE, UGA, with each pillar’s weight
PillarDBEUGA
Cost30% weightA83HigherD38
Mission25% weightNot scoredNot scored
Risk15% weightB68B68
Tradability15% weightC46HigherC45
Holdings10% weightC43Not scored
Durability5% weightB59HigherC48

Rank among Energy Futures funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. DBE and UGA are both graded against the same 11 Energy Futures funds, so their Grades compare head to head.

Energy Futures⁠

Category · 11 funds
See all 11 ›

DBE ranks 2nd and UGA 6th of 11 funds in the Energy Futures Category.

  1. Rank 1AOILKProShares K-1 Free Crude Oil ETFScore 79
  2. Rank 2BDBEInvesco DB Energy FundScore 69
  3. Rank 3BDBOInvesco DB Oil FundScore 67
  4. Rank 5CUSLUnited States 12 Month Oil FundScore 51
  5. Rank 6CUGAUnited States Gasoline Fund, LPScore 47
  6. Rank 7CBNOUnited States Brent Oil Fund LPScore 42

Our read on each fund

ETF.net Research

DBEBInvesco DB Energy Fund

UGACUnited States Gasoline Fund, LP

In short

DBE Most energy ETFs buy the companies. DBE buys the barrels: a basket of energy futures tracking an Invesco commodity index, running since 2007.

UGA Its energy-futures cohort is wall-to-wall crude. UGA aims at the refined stuff you actually pump, tracking front-month NYMEX RBOB gasoline futures inside a commodity pool that has run since 2008.

Stated mandate

DBE The fund seeks to follow both increases and decreases in the DBIQ Optimum Yield Energy Index Excess Return.

UGA The fund seeks daily NAV percentage changes to reflect daily percentage changes in the spot price of RBOB gasoline for delivery to New York Harbor, measured through the Benchmark Futures Contract. It targets average daily tracking within plus or minus 10% over 30 successive valuation days.

Why people hold it

  • DBE Holds energy futures tracking the DBIQ Optimum Yield Energy Index Excess Return, so it follows fuel prices themselves rather than oil-company earnings, buybacks or balance sheets.invesco.com
  • Live since 2007, which puts multiple full commodity cycles behind it. That kind of run time is uncommon among futures-based funds.
  • At 0.79% it sits right at the median for its energy peer group, and the fund handles the futures contracts, rolls and collateral you would otherwise manage yourself.
  • UGA A direct line to pump fuel: the benchmark is the near-month NYMEX gasoline (RBOB) contract for New York Harbor delivery, rolling to the next month within two weeks of expiry.sec.govuscfinvestments.com
  • Trading since 2008 under the same passive mandate, so the mechanism has been through multiple gasoline booms and busts rather than being a new launch.
  • The prospectus puts a number on tracking: average daily NAV moves are targeted within plus or minus 10% of the benchmark's over 30 successive valuation days.sec.gov

Worth knowing

  • DBE It is structured as a partnership, so tax time brings a Schedule K-1 instead of the usual 1099. Worth knowing before one shows up in the mail.invesco.com
  • Futures plumbing costs more than owning stocks. Equity-based energy peers like XES (0.35%) and MLPX (0.45%) charge well under half of DBE's 0.79%.
  • A single-commodity-complex bet that follows energy futures both up and down, with no company dividends underneath. Our overall read places it in the lower half of its energy cohort.
  • UGA At 1.08%, fees land mid-pack among energy futures funds, while crude-focused peers such as OILK (0.69%) and USO (0.86%) charge less.
  • A commodity pool, not a 1099 fund: shareholders receive a Schedule K-1 at tax time, and the fund does not intend to pay cash distributions.uscfinvestments.comsec.gov
  • It trades lightly next to the big crude funds, and the front-month roll means it follows the futures curve, not the price on the sign at your local station.sec.gov

Full DBE profile⁠

Full UGA profile⁠

DBE vs UGA Holdings

How DBE and UGA differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of DBE and 0.0% of UGA.

Level by level

  • Asset classAlternatives, Commodities0.0%
  • Holdings0 in both0.0%
  • Countryby domicile100%

Sector

No Sector split for DBE and UGA.

Country, concentration and asset class

Country by domicile

Country weights in DBE and UGA, widest gap first
CountryMore in DBEMore in UGA
United StatesSame weight

Concentration

Weight in the 10 largest Holdings

  • DBE223.3%
  • UGA100.0%

Securities held

  • DBE1
  • UGA5

Asset class

DBE
Alternatives
UGA
Commodities

Holdings

  • Only in DBE1
  • In both0
  • Only in UGA5

Only in DBE

1 security, 100% of DBE by weight

  • Invesco Government & Agency Portfolio106.91%

Only in UGA

5 securities, 33.4% of UGA by weight

  • Drey Inst Pref Gov Mm Inst 654628.40%
  • Treasury Bill 0 11/10/20262.18%
  • Treasury Bill 0 11/3/20261.56%

Weight gaps

DBE and UGA share no securities.

All 7 DBE holdings⁠All UGA holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

DBE vs UGA Cost

Overpaying UGA vs DBE

$4,800

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • DBE 0.79%

    $15,174

  • UGA 1.08%

    $19,974

$10,000
30 years

Cost over time

  • DBE 0.79%
  • UGA 1.08%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530UGA $19,974DBE $15,174

Year by year

YearDBEUGAOverpaying
10$1,405$1,898$493
20$5,331$7,106$1,775
30$15,174$19,974$4,800

Expense ratio

  • 0.79%DBE, cheaper
  • 1.08%UGA
  • Middle half of Energy Futures funds
  • Median 1.01%

DBE 2nd cheapest of 11 funds

UGA 7th cheapest of 11 funds

DBE vs UGA Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
DBE 1.65%
UGA No data
Payout (12M)
DBE $0.67
UGA None
Last payment
DBE $0.67
UGA No data
Ex-dividend
DBE Dec 22, 2025
UGA No data
Paid on
DBE Dec 26, 2025
UGA No data
Frequency
DBE Special
UGA No data

Distribution history

Per share, 2017 to 2026, same scale for both

DBESpecial · 6 paymentsAll DBE payments⁠
One bar per payment. 6 payments from 2017 to 2026 YTD. Dec 24, 2018 $0.21; Dec 23, 2019 $0.26; Dec 19, 2022 $0.17; Dec 18, 2023 $0.74; Dec 23, 2024 $1.17; Dec 22, 2025 $0.67. Use the arrow keys to read each point.$0$12017202020232026YTD
UGAAll UGA payments⁠

No distribution history available.

DBE vs UGA Risk

Fall from peak · 5 years

  • DBE
  • UGA
Oct 29, 2021 to Oct 30, 2026. Worst fall: DBE −38.8% · Sep 2024. Use the arrow keys to read each point.−30%−20%−10%0%Oct 2021Apr 2024Oct 2026

Risk facts

VolatilityStd dev, 3 years
DBE 34.8%UGA 33.1%, better
Return per unit of riskSharpe ratio, 3 years
DBE 0.73UGA 0.85, better
Worst fallMax drawdown, 5 years
DBE −38.8%UGA −38.1%, better
Market sensitivityBeta, 5 years
DBE 1.92UGA 1.62

DBE and UGA in the news

All news⁠

Popular comparisons

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