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DBO vs USO

Invesco DB Oil Fund

DBOBNYSE Arca

United States Oil Fund, LP

USOBNYSE Arca

Overlap

Expense ratio

DBO −0.05pt a year

DBO0.81%USO0.86%

Avg volume · 30D

USO 11.9×the volume

DBO482KUSO5.73M

10Y return · a year

DBO +6.9pt

DBO+14.1%USO+7.2%

DBO vs USO Performance

Oct 29, 2021 – Oct 30, 2026

+104.2%DBO+195.4%USO

Oct 29, 2021 to Oct 30, 2026. DBO +104.2%. USO +195.4%. Use the arrow keys to read each point.0%50%150%Oct 2021Apr 2024Oct 2026
Expense ratio
DBO 0.81%, better
USO 0.86%
Fund size
DBO $330M
USO $1.95B
1Y total return
DBO +111.8%
USO +132.7%, better
Yield (12M)
DBO 1.58%
USO No data
Holdings
DBO 4
USO 17
Avg volume (30D)
DBO 482K sh
USO 5.73M sh, better
NAV per share
DBO $27.27
USO $170.39
52W range

ETF.net Grade

DBO: Cost 74, Risk 54, Mission not scored, Tradability 66, Holdings 64, Durability 69. USO: Cost 65, Risk 43, Mission not scored, Tradability 70, Holdings 100, Durability 71.
Pillar letters and Scores for DBO, USO, with each pillar’s weight
PillarDBOUSO
Cost30% weightA74HigherB65
Mission25% weightNot scoredNot scored
Risk15% weightC54HigherC43
Tradability15% weightB66A70Higher
Holdings10% weightB64A100Higher
Durability5% weightB69A71Higher

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 USO 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 USO 4th 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

Our read on each fund

ETF.net Research

DBOBInvesco DB Oil Fund

USOBUnited States Oil 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.

USO The original US crude oil ETF, trading since 2006 and still one of the busiest ways to get WTI exposure without opening a futures account. It holds oil futures near the front of the curve, not barrels in a tank.

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.

USO USO seeks daily NAV percentage changes that reflect changes in the spot price of light, sweet crude oil delivered to Cushing, Oklahoma, measured by the Benchmark Oil Futures Contract, 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.
  • USO Cheap for this corner of the market: 0.86% a year against a cohort median of 1.08%.
  • Live since 2006 and one of the most actively traded funds in its category, so bids and offers are usually there when you need them.
  • Targets daily moves in light, sweet crude delivered to Cushing, Oklahoma, via its benchmark futures contract. No margin account, no expiries to roll yourself.sec.gov
  • Since April 2020 the portfolio has reached past pure front-month into later-dated contracts, a change the fund disclosed in its filings.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.
  • USO It's a commodity pool, so tax season brings a Schedule K-1 rather than a 1099. Peer OILK is built specifically to skip that paperwork.uscfinvestments.com
  • Futures, not barrels. Rolling contracts forward can cost when later months trade above nearer ones, which pulls results away from headline spot oil.sec.gov
  • One commodity, one price driver, and no income stream: the fund hasn't been paying distributions, so everything rides on the oil move.

Full DBO profile⁠

Full USO profile⁠

DBO vs USO 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 USO Cost

Overpaying USO vs DBO

$850

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

  • DBO 0.81%

    $15,518

  • USO 0.86%

    $16,368

$10,000
30 years

Cost over time

  • DBO 0.81%
  • USO 0.86%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530USO $16,368DBO $15,518

Year by year

YearDBOUSOOverpaying
10$1,439$1,525$86
20$5,456$5,768$312
30$15,518$16,368$850

Expense ratio

  • 0.81%DBO, cheaper
  • 0.86%USO
  • Middle half of Energy Futures funds
  • Median 1.01%

DBO 3rd cheapest of 11 funds

USO 4th cheapest of 11 funds

DBO vs USO Dividends

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

No distribution history available.

DBO vs USO Risk

Fall from peak · 5 years

  • DBO
  • USO
Oct 29, 2021 to Oct 30, 2026. Worst fall: USO −36.2% · Mar 2023. 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%, betterUSO 43.1%
Return per unit of riskSharpe ratio, 3 years
DBO 0.63USO 0.71, better
Worst fallMax drawdown, 5 years
DBO −37.7%USO −36.2%, better
Market sensitivityBeta, 5 years
DBO 1.77USO 2.22

DBO and USO in the news

All news⁠

Popular comparisons

  • DBOBvsOILKA

    Invesco DB Oil Fund · ProShares K-1 Free Crude Oil ETF

    Expense ratio
    0.81% · 0.70%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • USOBvsOILKA

    United States Oil Fund, LP · ProShares K-1 Free Crude Oil ETF

    Expense ratio
    0.86% · 0.70%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • DBOBvsDBEB

    Invesco DB Oil Fund · Invesco DB Energy Fund

    Expense ratio
    0.81% · 0.79%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • USOBvsDBEB

    United States Oil Fund, LP · Invesco DB Energy Fund

    Expense ratio
    0.86% · 0.79%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • DBOBvsUSLC

    Invesco DB Oil Fund · United States 12 Month Oil Fund

    Expense ratio
    0.81% · 1.01%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • USOBvsUSLC

    United States Oil Fund, LP · United States 12 Month Oil Fund

    Expense ratio
    0.86% · 1.01%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.