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DBO vs USL

Invesco DB Oil Fund

DBOBNYSE Arca

United States 12 Month Oil Fund

USLCNYSE Arca

Overlap

0.0%by weight

Expense ratio

DBO −0.20pt a year

DBO0.81%USL1.01%

Avg volume · 30D

DBO 44.7×the volume

DBO482KUSL10.8K

10Y return · a year

DBO +0.6pt

DBO+14.1%USL+13.5%

DBO vs USL Performance

Oct 29, 2021 – Oct 30, 2026

+104.2%DBO+122.2%USL

Oct 29, 2021 to Oct 30, 2026. DBO +104.2%. USL +122.2%. Use the arrow keys to read each point.0%25%50%75%Oct 2021Apr 2024Oct 2026
Expense ratio
DBO 0.81%, better
USL 1.01%
Fund size
DBO $330M
USL $52M
1Y total return
DBO +111.8%, better
USL +85.0%
Yield (12M)
DBO 1.58%
USL No data
Holdings
DBO 4
USL 16
Avg volume (30D)
DBO 482K sh, better
USL 10.8K sh
NAV per share
DBO $27.27
USL $65.01
52W range

ETF.net Grade

DBO: Cost 74, Risk 54, Mission not scored, Tradability 66, Holdings 64, Durability 69. USL: Cost 47, Risk 70, Mission not scored, Tradability 47, Holdings not scored, Durability 37.
Pillar letters and Scores for DBO, USL, with each pillar’s weight
PillarDBOUSL
Cost30% weightA74HigherC47
Mission25% weightNot scoredNot scored
Risk15% weightC54A70Higher
Tradability15% weightB66HigherC47
Holdings10% weightB64Not scored
Durability5% weightB69HigherD37

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 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 ›

DBO ranks 3rd 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

DBOBInvesco DB Oil Fund

USLCUnited States 12 Month Oil Fund

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.

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

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

  • 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.
  • 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

  • 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.
  • 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 DBO profile⁠

Full USL profile⁠

DBO vs USL Holdings

How DBO and USL differ

Overlap by weight

0.0%

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

Level by level

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

Sector

No Sector split for USL.

Country, concentration and asset class

Country by domicile

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

Concentration

Weight in the 10 largest Holdings

  • DBO226.8%
  • USL81.9%

Securities held

  • DBO2
  • USL3

Asset class

DBO
Alternatives
USL
Commodities

Holdings

  • Only in DBO2
  • In both0
  • Only in USL3

Only in DBO

2 securities, 100% of DBO by weight

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

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

DBO and USL share no securities.

All 3 DBO 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.

DBO vs USL Cost

Overpaying USL vs DBO

$3,332

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

  • DBO 0.81%

    $15,518

  • USL 1.01%

    $18,850

$10,000
30 years

Cost over time

  • DBO 0.81%
  • 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 $18,850DBO $15,518

Year by year

YearDBOUSLOverpaying
10$1,439$1,780$341
20$5,456$6,686$1,230
30$15,518$18,850$3,332

Expense ratio

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

DBO 3rd cheapest of 11 funds

USL 6th cheapest of 11 funds

DBO vs USL Dividends

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

No distribution history available.

DBO vs USL Risk

Fall from peak · 5 years

  • DBO
  • USL
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%USL 26.1%, better
Return per unit of riskSharpe ratio, 3 years
DBO 0.63, betterUSL 0.62
Worst fallMax drawdown, 5 years
DBO −37.7%USL −33.8%, better
Market sensitivityBeta, 5 years
DBO 1.77USL 1.36

DBO and USL in the news

All news⁠

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