PowerShares DB Oil Fund (DBO)


Market Price (8/6/2026): $19.3

PowerShares DB Oil Fund (DBO)


Market Price (8/6/2026): $19.3

Key Takeaways

  • DBO has returned +68.6% YTD vs +13.2% for SPY; +51.4% over the past 12 months (SPY +23.6%). details →
  • Priced in gold, DBO has returned -35.1% over the past 3 years, vs +38.4% in dollars — its dollar gains have lagged gold. details →
  • DBO has seen negligible net fund flows over the past month (−0.6% of assets). details →
  • Risk-adjusted returns trail SPY: 3-year Sharpe ratio of 0.4 vs 0.9. details →
  • DBO's +68.6% YTD is ahead of its typical pace — it averaged +15.6% at this point (August 5) over the past 5 years. details →
Last updated: 8/5/2026.

Price Chart

Asset Allocation with DBO

Risk Tolerance:
ConservativeModerateAggressive
Moderate — 55% equity / 25% bonds / 20% alternatives
10Y Return (ann.)
+12.0%
Volatility
10.9%
Sharpe
0.84
YTD
+10.1%
Modeled with monthly rebalancing to target weights; 10-year figures are annualized from monthly returns. Illustrative only — past performance is not indicative of future results.

Learn More →
Tailored Asset Allocation
[1] Personalized 5 Level Risk Tolerance Assessment
[2] Asset Allocation for My Risk Tolerance
Learn More →
Protect Wealth
[1] Defensive Portfolios
[2] Tax-Efficient Strategies

Top 20 Holdings for DBO

Total Weights
Top 5: -2.4% | Top 10: -2.4% | Top 20: -2.4%

HoldingETF Weight
CONTRA FUTURE WTI CRUDE FUTURE SEP26CLU6 COMB 08/20/2026-113.44%
825252885Invesco Government & Agency Portfolio87.21%
46138G888Invesco Short Term Treasury ETF23.83%
CASHUSD00CASH & EQUIVALENTS-0.00%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
DBO Return61%13%-4%8%-15%69%169%
Peers Return54%26%-24%2%-14%48%92%
S&P 500 Return27%-19%24%23%16%13%106%

Monthly Win Rates [3]
DBO Win Rate75%50%42%58%42%100% 
Peers Win Rate72%53%36%47%42%60% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
DBO Max Drawdown-22%-33%-21%-17%-25%-7% 
Peers Max Drawdown-28%-40%-37%-31%-34%-31% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: USO, UNG, BNO.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/5/2026 (YTD)

Sharpe Ratios Compared

One measure of reward vs. risk is a Sharpe ratio. A higher ratio indicates better risk-adjusted returns. Most funds have Sharpe ratios < 1.0.

Ticker1Y3Y5Y
DBO1.270.390.39
Commodity Top Results (3Y)   
SGOL1.381.370.95
BAR1.311.350.93
SIVR1.751.150.77
IAU0.761.070.76
GLDM0.751.070.76

Results as of 7312026.

How Low Can It Go

EventDBOS&P 500
2025 US Tariff Shock
  % Loss-18.5%-18.8%
  % Gain to Breakeven22.7%23.1%
  Time to Breakeven43 days79 days
2023 SVB Regional Banking Crisis
  % Loss-13.6%-6.7%
  % Gain to Breakeven15.8%7.1%
  Time to Breakeven17 days31 days
2020 COVID-19 Crash
  % Loss-43.7%-33.7%
  % Gain to Breakeven77.7%50.9%
  Time to Breakeven259 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-41.2%-19.2%
  % Gain to Breakeven69.9%23.8%
  Time to Breakeven1008 days105 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-14.1%-3.7%
  % Gain to Breakeven16.4%3.9%
  Time to Breakeven86 days6 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-39.3%-12.2%
  % Gain to Breakeven64.7%13.9%
  Time to Breakeven793 days62 days

Compare to USO, UNG, BNO

In The Past

PowerShares DB Oil Fund's stock fell -18.5% during the 2025 US Tariff Shock. Such a loss loss requires a 22.7% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventDBOS&P 500
2020 COVID-19 Crash
  % Loss-43.7%-33.7%
  % Gain to Breakeven77.7%50.9%
  Time to Breakeven259 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-41.2%-19.2%
  % Gain to Breakeven69.9%23.8%
  Time to Breakeven1008 days105 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-39.3%-12.2%
  % Gain to Breakeven64.7%13.9%
  Time to Breakeven793 days62 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-23.9%-17.9%
  % Gain to Breakeven31.4%21.8%
  Time to Breakeven92 days123 days
2010 Eurozone Sovereign Debt Crisis / Flash Crash
  % Loss-20.3%-15.4%
  % Gain to Breakeven25.5%18.2%
  Time to Breakeven213 days125 days
2008-2009 Global Financial Crisis
  % Loss-53.5%-53.4%
  % Gain to Breakeven114.9%114.4%
  Time to Breakeven779 days1085 days

Compare to USO, UNG, BNO

In The Past

PowerShares DB Oil Fund's stock fell -18.5% during the 2025 US Tariff Shock. Such a loss loss requires a 22.7% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

DBO Dip Buy History


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Alerts when dip buy opportunities arise.
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Current Dip Buy Opportunities Across ETFs

ETFs currently down 5% or more from trailing 6M peaks.

TickerNameDip %Mkt PricePrice DatePeak PricePeak Date# Days
IEMGiShares Core MSCI Emerging Markets ETF-7.0%79.96805202686.00622202644
EEMiShares MSCI Emerging Markets ETF-7.7%65.72805202671.21622202644
ASHRXtrackers Harvest CSI 300 China A-Shares ETF-7.5%34.52805202637.30622202644
EWYiShares MSCI South Korea ETF-22.8%169.148052026219.20621202645
EWZiShares MSCI Brazil ETF-13.5%36.11805202641.734142026113
FXIiShares China Large-Cap ETF-8.7%36.08805202639.532102026176
ILFiShares Latin America 40 ETF-7.9%35.09805202638.104142026113
KWEBKraneShares CSI China Internet ETF-16.9%28.54805202634.342092026177
MTUMiShares MSCI USA Momentum Factor ETF-10.2%309.988052026345.22622202644
SPMOInvesco S&P 500 Momentum ETF-7.0%150.278052026161.66622202644
ARKKARK Innovation ETF-8.9%76.18805202683.61706202630
URAGlobal X Uranium ETF-26.4%42.89805202658.26506202691
BOTZGlobal X Funds Global X Robotics & Artificial Intelligence ETF-10.4%37.30805202641.63513202684
ROBOROBO Global Robotics & Automation Index ETF-6.6%84.37805202690.34602202664
LITGlobal X Lithium & Battery Tech ETF-20.7%72.65805202691.62511202686
ICLNiShares Global Clean Energy ETF-23.8%18.10805202623.75602202664
ARKQARK Autonomous Technology & Robotics ETF-14.9%122.408052026143.82528202669
ARKWARK Next Generation Internet ETF-5.8%145.308052026154.18601202665
ARKXARK Space & Defense Innovation ETF-13.7%32.58805202637.74528202669
NASATema Space Innovators ETF-43.5%23.65805202641.89527202670
XOVREntrepreneurShares Series Trust ERShares Private-Public Crossover ETF-9.1%19.39805202621.34706202630
AGIXKraneShares Artificial Intelligence ETF-9.8%44.57805202649.40601202665
GDEWisdomTree Efficient Gold Plus Equity Strategy Fund-7.1%65.40805202670.39511202686
RAAXVanEck Real Assets ETF-6.3%40.03805202642.70511202686
XLKState Street Technology Select Sector SPDR ETF-6.2%185.918052026198.21602202664
XLEState Street Energy Select Sector SPDR ETF-8.4%57.31805202662.563292026129
XLCState Street Communication Services Select Sector SPDR ETF-6.9%110.878052026119.104192026108
XLUState Street Utilities Select Sector SPDR ETF-7.9%43.66805202647.403012026157
FXNFirst Trust Energy AlphaDEX Fund-8.7%21.16805202623.183292026129
SMHVanEck Semiconductor ETF-14.8%569.708052026668.91622202644
SOXXiShares Semiconductor ETF-19.0%530.708052026655.01622202644
XBIState Street SPDR S&P Biotech ETF-6.9%153.018052026164.28709202627
XOPState Street SPDR S&P Oil & Gas Exploration & Production ETF-12.2%165.198052026188.183292026129
IGViShares Expanded Tech-Software Sector ETF-5.9%101.318052026107.70601202665
MISLFirst Trust Indxx Aerospace & Defense ETF-9.4%45.92805202650.663022026156
RINGiShares MSCI Global Gold Miners ETF-27.4%72.19805202699.423012026157
SOXQInvesco PHLX Semiconductor ETF-17.9%94.538052026115.11622202644
TLTiShares 20+ Year Treasury Bond ETF-6.9%83.00805202689.153012026157
VGLTVanguard Long-Term Treasury ETF-5.8%53.25805202656.533012026157
SPTLState Street SPDR Portfolio Long Term Treasury ETF-6.2%25.33805202626.993012026157
TLHiShares 10-20 Year Treasury Bond ETF-5.5%97.368052026103.083012026157
EDVVanguard World Funds Extended Duration ETF-10.0%60.65805202667.423012026157
PDBCInvesco Optimum Yield Diversified Commodity Strategy No K-1 ETF-10.2%16.98805202618.91512202685
DBCInvesco DB Commodity Index Tracking Fund-10.1%28.48805202631.69512202685
COMTiShares GSCI Commodity Dynamic Roll Strategy ETF-11.8%32.24805202636.53519202678
GSGiShares GSCI Commodity-5.8%30.01805202631.853182026140
BCIabrdn Bloomberg All Commodity Strategy K-1 Free ETF-9.1%23.54805202625.91512202685
FTGCFirst Trust Global Tactical Commodity Strategy Fund-6.2%28.63805202630.53512202685
GLDSPDR Gold Trust-20.5%389.648052026490.003022026156
IAUiShares Gold Trust-20.5%79.858052026100.383022026156
GLDMSPDR Gold MiniShares Trust-20.4%84.038052026105.543022026156
SGOLETFS Physical Swiss Gold Shares-12.1%44.66805202650.813022026156
BARDirexion Daily Gold Bull 3X Shares-15.6%44.34805202652.533022026156
SLViShares Silver Trust-34.0%56.07805202684.993012026157
SIVRETFS Physical Silver Shares Trust ETF-6.6%83.39805202689.263012026157
PPLTETFS Physical Platinum Shares-26.7%15.73805202621.473012026157
CPERUnited States Copper Index Fund ETV-9.6%33.33805202636.883012026157
PALLETFS Physical Palladium Shares-23.7%24.82805202632.542242026162
USOUnited States Oil Fund LP-24.9%114.888052026152.96519202678
UNGUnited States Natural Gas Fund LP-28.0%9.74805202613.522052026181
BNOUnited States Brent Oil Fund LP ETV-7.1%55.85805202660.13504202693
IBITiShares Bitcoin Trust ETF-20.9%36.74805202646.47511202686
FBTCFidelity Wise Origin Bitcoin Fund-20.9%56.42805202671.35511202686
ETHAiShares Ethereum Trust ETF-21.2%14.48805202618.384192026108

ETF Fund Flows

Largest fund inflows and outflows across ETFs, with the asset-allocation rotation they imply.

Net fund flows · as of 2026-08-04

Asset allocation rotation · Past month

  • Equity ETFs drew the largest net inflows (+$65.1B), followed by Bond (+$17.3B), with every major asset class in net inflows.
  • Within the mix, money rotated into US Large Cap Core (+$17.2B) and out of US Nasdaq Growth (−$4.5B).
  • Relative to fund size, BFLX drew the largest inflow (+56.6% of AUM) and FTXL the largest outflow (−39.2%).
Largest inflows
#TickerNameTypeNet flow% of AUM
1VOOVanguard S&P 500 ETFEquity US Large Cap Core+$11.98B+1.2%
2VTIVanguard Morningstar Total Stock Market ETFEquity US Total Market+$10.93B+1.6%
3SPYState Street SPDR S&P 500 ETFEquity US Large Cap Core+$10.43B+1.3%
4SOXXiShares Semiconductor ETFEquity Industry Subsector+$6.68B+14.6%
5SPYMState Street SPDR Portfolio S&P 500 ETFEquity US Large Cap Core+$6.2B+3.9%
6DRAMRoundhill Memory ETFOther+$6.13B+25.4%
7EWYiShares MSCI South Korea ETFEquity Emerging Markets+$5.95B+26.4%
8SGOViShares 0-3 Month Treasury Bond ETFCash+$3.85B+3.9%
9EFViShares MSCI EAFE Value ETFEquity International Developed Broad+$3.64B+13.1%
10XLFState Street Financial Select Sector SPDR ETFEquity Broad Sector+$3.53B+6.3%
Largest outflows
#TickerNameTypeNet flow% of AUM
1IVViShares Core S&P 500 ETFEquity US Large Cap Core-$12.17B-1.4%
2QQQInvesco QQQ Trust, Series 1Equity US Nasdaq Growth-$7.07B-1.5%
3IQMMProShares - GENIUS Money Market ETFOther-$3.14B-17.3%
4LQDiShares iBoxx $ Investment Grade Corporate Bond ETFBond Intermediate Corporate-$1.49B-4.3%
5IWDiShares Russell 1000 Value ETFEquity US Large Value-$1.13B-1.4%
6SCZiShares MSCI EAFE Small-Cap ETFEquity International Small Cap-$1.05B-7.9%
7XLCState Street Communication Services Select Sector SPDR ETFEquity Broad Sector-$908M-4.0%
8FTXLFirst Trust Nasdaq Semiconductor ETFOther-$885M-39.2%
9IWFiShares Russell 1000 Growth ETFEquity US Large Growth-$855M-0.7%
10IWMiShares Russell 2000 ETFEquity US Small Cap Core-$854M-1.0%

Largest ETF fund flows across ~2589 funds (min AUM $100M). Net creations/redemptions; leveraged & inverse ETFs excluded. A ⚠ marks a day excluded as a suspected data error.

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About DBO

0Holdings Count: 3
Expense Ratio: 0.81%
Inception Date: 2007-01-05
Invesco DB Oil Fund
The Invesco DB Oil Fund (DBO) endeavors to replicate the performance, whether positive or negative, of the DBIQ Optimum Yield Crude Oil Index Excess Return (the Index). Its total return also incorporates net interest income generated from the Fund's primary investments in US Treasury securities and money market instruments, after accounting for its expenses. This Fund provides investors with an efficient and convenient vehicle to gain exposure to commodity futures. The underlying Index is a rules-based benchmark constructed from futures contracts tied to light sweet crude oil (West Texas Intermediate or WTI). It's important to note that direct investment in the Index itself is not possible. Both the Fund and its benchmark undergo annual adjustments and rebalancing every November. Prospective investors should be aware that this Fund is not appropriate for everyone. Its investment strategy is speculative, operating within highly volatile markets. The inherent volatility of futures contracts means that rapid fluctuations in the market prices of the underlying contracts could lead to substantial financial losses. For a complete understanding of these and other potential risks, please consult the "Risk and Other Information" section and the Fund's official Prospectus. Further tax-related compliance information, including qualified notices concerning IRS Section 1446(f) for Publicly Traded Partnerships (PTPs) and the Form 1065 Schedule K-3 FAQ for Invesco DB Funds, is available on our dedicated ETF tax center.
Asset Class: Alternatives | ETF Website

Recent Active Movers

Peer Comparisons

Peers to compare with:

Profile

DBOUSOUNGBNOMedian
NamePowerShare.United Sta.United Sta.United Sta. 
Asset ClassCommodityCommodityCommodityCommodity-
AUM ($ Bil)0.32.00.50.60.5
Expense Ratio0.81%0.86%1.17%1.15%1.00%
10-D Avg Volume (Mil)0.677.428.102.985.20
Latest Day Volume (Mil)0.385.237.822.343.79
Holdings Count31312
Inception Date1/5/20074/10/20064/18/20076/2/2010-

Fundamentals

DBOUSOUNGBNOMedian
NamePowerShare.United Sta.United Sta.United Sta. 
Net Asset Value21.44128.9710.1450.23-
Premium/Discount--10.9%-3.9%--7.4%
Distribution Yield-0.0%0.0%-0.0%
Sales Yield-----
Earnings Yield-----

Valuation

DBOUSOUNGBNOMedian
NamePowerShare.United Sta.United Sta.United Sta. 
P/S (TTM)-----
P/E (TTM)-----
P/FCF (TTM)-----
Forward P/E-----
Forward P/S-----

Risk

DBOUSOUNGBNOMedian
NamePowerShare.United Sta.United Sta.United Sta. 
Volatility (1Y)32.7%47.4%58.9%42.4%44.9%
Volatility (3Y)29.5%36.6%57.1%32.7%34.6%
Volatility (5Y)32.0%37.2%63.3%35.6%36.4%
Beta (1Y)-0.40-1.25-0.70-1.17-0.93
Beta (3Y)0.29-0.060.040.020.03
Beta (5Y)0.340.170.310.200.25
Sharpe Ratio (1Y)2.071.10-0.192.051.58
Sharpe Ratio (3Y)0.570.59-0.340.880.58
Sharpe Ratio (5Y)0.540.64-0.230.810.59
Max Drawdown (1Y)-14.6%-32.5%-42.4%-16.8%-24.7%
Max Drawdown (3Y)-28.2%-32.5%-69.4%-23.8%-30.3%
Max Drawdown (5Y)-37.7%-36.2%-92.8%-33.7%-37.0%

Returns

DBOUSOUNGBNOMedian
NamePowerShare.United Sta.United Sta.United Sta. 
1M Return-5.5%-17.2%--5.9%
3M Return--20.3%-8.5%--14.4%
6M Return-48.3%-25.0%-11.7%
YTD Return-66.1%-20.6%-22.8%
1Y Return-50.9%-24.8%-13.0%
2Y Return-47.8%-28.1%-9.9%
3Y Return-57.0%-65.8%--4.4%

Short Interest

Short Interest: As Of Date7152026
Short Interest: Shares Quantity0.2 Mil
Short Interest: % Change Since 6302026-16.0%
Average Daily Volume0.5 Mil
Days-to-Cover Short Interest1