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DBE vs USL

Invesco DB Energy Fund

DBEBNYSE Arca

United States 12 Month Oil Fund

USLCNYSE Arca

Overlap

0.0%by weight

Expense ratio

DBE −0.22pt a year

DBE0.79%USL1.01%

Avg volume · 30D

DBE 4.3×the volume

DBE45.9KUSL10.8K

10Y return · a year

DBE +1.4pt

DBE+14.9%USL+13.5%

DBE vs USL Performance

Oct 29, 2021 – Oct 30, 2026

+158.8%DBE+122.2%USL

Oct 29, 2021 to Oct 30, 2026. DBE +158.8%. USL +122.2%. Use the arrow keys to read each point.0%25%50%75%100%Oct 2021Apr 2024Oct 2026
Expense ratio
DBE 0.79%, better
USL 1.01%
Fund size
DBE $152M
USL $52M
1Y total return
DBE +121.4%, better
USL +85.0%
Yield (12M)
DBE 1.65%
USL No data
Holdings
DBE 8
USL 16
Avg volume (30D)
DBE 45.9K sh, better
USL 10.8K sh
NAV per share
DBE $41.15
USL $65.01
52W range

ETF.net Grade

DBE: Cost 83, Risk 68, Mission not scored, Tradability 46, Holdings 43, Durability 59. USL: Cost 47, Risk 70, Mission not scored, Tradability 47, Holdings not scored, Durability 37.
Pillar letters and Scores for DBE, USL, with each pillar’s weight
PillarDBEUSL
Cost30% weightA83HigherC47
Mission25% weightNot scoredNot scored
Risk15% weightB68A70Higher
Tradability15% weightC46C47Higher
Holdings10% weightC43Not scored
Durability5% weightB59HigherD37

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 USL 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 USL 5th 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 4BUSOUnited States Oil Fund, LPScore 61
  5. Rank 5CUSLUnited States 12 Month Oil FundScore 51
  6. Rank 6CUGAUnited States Gasoline Fund, LPScore 47

Our read on each fund

ETF.net Research

DBEBInvesco DB Energy Fund

USLCUnited States 12 Month Oil Fund

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.

USL Oil exposure without the front-month cliff. USL spreads equal weight across 12 consecutive months of WTI futures, so each monthly roll touches only about a twelfth of the book. It has run that ladder since 2007.

Stated mandate

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

USL USL seeks to track daily percentage changes in the spot price of light, sweet crude oil delivered to Cushing, Oklahoma, using specified short-term crude-oil futures contracts, plus collateral interest and less expenses.

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.
  • USL Holds the near-month NYMEX WTI contract plus the next 11, each equally weighted, so no single expiration dominates the portfolio.sec.gov
  • Expenses of 1.01% sit below the median fee in its energy-futures peer group, though OILK (0.69%) and DBO (0.81%) come cheaper.
  • Trading since December 2007, it has carried the same 12-contract benchmark rule through multiple crude cycles.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.
  • USL Structured as a limited partnership, so tax season brings a Schedule K-1 rather than a 1099. Peer OILK is built to skip that step.sec.gov
  • It tracks an average of 12 futures contracts, not the spot barrel. USCF states contango and backwardation have affected returns versus spot crude.sec.gov
  • A small fund that trades thinly, so bid-ask spreads can run wider than the category's headline oil funds.

Full DBE profile⁠

Full USL profile⁠

DBE vs USL Holdings

How DBE and USL differ

Overlap by weight

0.0%

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

Level by level

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

Sector

No Sector split for DBE and USL.

Country, concentration and asset class

Country by domicile

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

Concentration

Weight in the 10 largest Holdings

  • DBE223.3%
  • USL81.9%

Securities held

  • DBE1
  • USL3

Asset class

DBE
Alternatives
USL
Commodities

Holdings

  • Only in DBE1
  • In both0
  • Only in USL3

Only in DBE

1 security, 100% of DBE by weight

  • Invesco Government & Agency Portfolio106.91%

Only in USL

3 securities, 39.9% of USL by weight

  • Drey Inst Pref Gov Mm Inst 654627.17%
  • Morgan Stanley Liq Govt Inst 830211.68%
  • Treasury Bill 0 11/3/20261.08%

Weight gaps

DBE and USL share no securities.

All 7 DBE holdings⁠All USL 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 USL Cost

Overpaying USL vs DBE

$3,676

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

  • DBE 0.79%

    $15,174

  • USL 1.01%

    $18,850

$10,000
30 years

Cost over time

  • DBE 0.79%
  • USL 1.01%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530USL $18,850DBE $15,174

Year by year

YearDBEUSLOverpaying
10$1,405$1,780$375
20$5,331$6,686$1,355
30$15,174$18,850$3,676

Expense ratio

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

DBE 2nd cheapest of 11 funds

USL 6th cheapest of 11 funds

DBE vs USL Dividends

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

No distribution history available.

DBE vs USL Risk

Fall from peak · 5 years

  • DBE
  • USL
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%USL 26.1%, better
Return per unit of riskSharpe ratio, 3 years
DBE 0.73, betterUSL 0.62
Worst fallMax drawdown, 5 years
DBE −38.8%USL −33.8%, better
Market sensitivityBeta, 5 years
DBE 1.92USL 1.36

DBE and USL in the news

All news⁠

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