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DBO vs UGA

Invesco DB Oil Fund

DBOBNYSE Arca

United States Gasoline Fund, LP

UGACNYSE Arca

Overlap

0.0%by weight

Expense ratio

DBO −0.27pt a year

DBO0.81%UGA1.08%

Avg volume · 30D

DBO 10.1×the volume

DBO482KUGA47.8K

10Y return · a year

UGA +4.2pt

DBO+14.1%UGA+18.3%

DBO vs UGA Performance

Oct 29, 2021 – Oct 30, 2026

+104.2%DBO+240.5%UGA

Oct 29, 2021 to Oct 30, 2026. DBO +104.2%. UGA +240.5%. Use the arrow keys to read each point.0%50%150%200%Oct 2021Apr 2024Oct 2026
Expense ratio
DBO 0.81%, better
UGA 1.08%
Fund size
DBO $330M
UGA $161M
1Y total return
DBO +111.8%
UGA +120.5%, better
Yield (12M)
DBO 1.58%
UGA No data
Holdings
DBO 4
UGA 8
Avg volume (30D)
DBO 482K sh, better
UGA 47.8K sh
NAV per share
DBO $27.27
UGA $146.05
52W range

ETF.net Grade

DBO: Cost 74, Risk 54, Mission not scored, Tradability 66, Holdings 64, Durability 69. UGA: Cost 38, Risk 68, Mission not scored, Tradability 45, Holdings not scored, Durability 48.
Pillar letters and Scores for DBO, UGA, with each pillar’s weight
PillarDBOUGA
Cost30% weightA74HigherD38
Mission25% weightNot scoredNot scored
Risk15% weightC54B68Higher
Tradability15% weightB66HigherC45
Holdings10% weightB64Not scored
Durability5% weightB69HigherC48

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. DBO 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 ›

DBO ranks 3rd 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 4BUSOUnited States Oil Fund, LPScore 61
  5. Rank 5CUSLUnited States 12 Month Oil FundScore 51
  6. Rank 6CUGAUnited States Gasoline Fund, LPScore 47
  7. Rank 7CBNOUnited States Brent Oil Fund LPScore 42

Our read on each fund

ETF.net Research

DBOBInvesco DB Oil Fund

UGACUnited States Gasoline Fund, LP

In short

DBO Oil exposure with a roll rule. DBO tracks a WTI crude futures index whose Optimum Yield design shops across contract months instead of camping in the front month, and it has run that way 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

DBO The fund seeks to track positive or negative changes in the level of the DBIQ Optimum Yield Crude Oil 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

  • DBO The index picks the contract month its rules score as most favorable rather than automatically buying the nearest one, a design built to soften the drag of an upward-sloping futures curve.invesco.com
  • Charges 0.81% a year, meaningfully below the median for energy-futures funds in its group.
  • Launched in 2007 and traded through multiple oil booms and busts, it sits in the upper half of a small, well-known peer group.
  • 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

  • DBO It's a commodity pool, so tax paperwork follows partnership rules rather than ordinary fund reporting. Peer OILK charges 0.69% and is built to skip that step.
  • You own a futures index, not a barrel. Results track the DBIQ Optimum Yield Crude Oil Index Excess Return and can diverge from headline spot crude.
  • One commodity, one curve. There are no operating businesses underneath to cushion a move in crude, and payouts come on an annual or semiannual schedule.
  • 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 DBO profile⁠

Full UGA profile⁠

DBO vs UGA Holdings

How DBO and UGA differ

Overlap by weight

0.0%

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

Level by level

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

Sector

No Sector split for UGA.

Country, concentration and asset class

Country by domicile

Country weights in DBO and UGA, widest gap first
CountryMore in DBOMore in UGA
United StatesSame weight

Concentration

Weight in the 10 largest Holdings

  • DBO226.8%
  • UGA100.0%

Securities held

  • DBO2
  • UGA5

Asset class

DBO
Alternatives
UGA
Commodities

Holdings

  • Only in DBO2
  • In both0
  • Only in UGA5

Only in DBO

2 securities, 100% of DBO by weight

  • Invesco Government & Agency Portfolio92.82%
  • Invesco Short Term Treasury ETF20.91%

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

DBO and UGA share no securities.

All 3 DBO 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.

DBO vs UGA Cost

Overpaying UGA vs DBO

$4,456

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

  • DBO 0.81%

    $15,518

  • UGA 1.08%

    $19,974

$10,000
30 years

Cost over time

  • DBO 0.81%
  • 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 $19,974DBO $15,518

Year by year

YearDBOUGAOverpaying
10$1,439$1,898$459
20$5,456$7,106$1,650
30$15,518$19,974$4,456

Expense ratio

  • 0.81%DBO, cheaper
  • 1.08%UGA
  • Middle half of Energy Futures funds
  • Median 1.01%

DBO 3rd cheapest of 11 funds

UGA 7th cheapest of 11 funds

DBO vs UGA Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
DBO 1.58%
UGA No data
Payout (12M)
DBO $0.43
UGA None
Last payment
DBO $0.43
UGA No data
Ex-dividend
DBO Dec 22, 2025
UGA No data
Paid on
DBO Dec 26, 2025
UGA No data
Frequency
DBO Annual
UGA No data

Distribution history

Per share, 2017 to 2026, same scale for both

DBOAnnual · 6 paymentsAll DBO payments⁠
One bar per payment. 6 payments from 2017 to 2026 YTD. Dec 24, 2018 $0.13; Dec 23, 2019 $0.17; Dec 19, 2022 $0.10; Dec 18, 2023 $0.64; Dec 23, 2024 $0.67; Dec 22, 2025 $0.43. Use the arrow keys to read each point.$0$0.502017202020232026YTD
UGAAll UGA payments⁠

No distribution history available.

DBO vs UGA Risk

Fall from peak · 5 years

  • DBO
  • UGA
Oct 29, 2021 to Oct 30, 2026. Worst fall: DBO −37.7% · May 2025. Use the arrow keys to read each point.−30%−20%−10%0%Oct 2021Apr 2024Oct 2026

Risk facts

VolatilityStd dev, 3 years
DBO 33.8%UGA 33.1%, better
Return per unit of riskSharpe ratio, 3 years
DBO 0.63UGA 0.85, better
Worst fallMax drawdown, 5 years
DBO −37.7%, betterUGA −38.1%
Market sensitivityBeta, 5 years
DBO 1.77UGA 1.62

DBO and UGA in the news

All news⁠

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