PowerShares DB Oil Fund (DBO)
Market Price (6/21/2026): $18.89
PowerShares DB Oil Fund (DBO)
Market Price (6/21/2026): $18.89
Key Takeaways
- DBO has returned +68.6% YTD vs +9.8% for SPY; +39.1% over the past 12 months (SPY +26.7%). details →
- Priced in gold, DBO has returned -28.2% over the past 3 years, vs +56.6% in dollars — its dollar gains have lagged gold. details →
- Over the past month, DBO has seen net outflows of −$10M (−3.6% of assets). details →
- Risk-adjusted returns trail SPY: 3-year Sharpe ratio of 0.6 vs 1.2. details →
- DBO's +68.6% YTD is ahead of its typical pace — it averaged +19.9% at this point (June 20) over the past 5 years. details →
Asset Allocation with DBO
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| DBO Return | 61% | 13% | -4% | 8% | -15% | 69% | 169% |
| Peers Return | 54% | 26% | -24% | 2% | -14% | 52% | 97% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 98% |
Monthly Win Rates [3] | |||||||
| DBO Win Rate | 75% | 50% | 42% | 58% | 42% | 100% | |
| Peers Win Rate | 72% | 53% | 36% | 47% | 42% | 66% | |
| S&P 500 Win Rate | 75% | 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% | -27% | |
| 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 6/18/2026 (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.
Results as of 5312026.How Low Can It Go
| Event | DBO | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -18.5% | -18.8% |
| % Gain to Breakeven | 22.7% | 23.1% |
| Time to Breakeven | 43 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -13.6% | -6.7% |
| % Gain to Breakeven | 15.8% | 7.1% |
| Time to Breakeven | 17 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -43.7% | -33.7% |
| % Gain to Breakeven | 77.7% | 50.9% |
| Time to Breakeven | 259 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -41.2% | -19.2% |
| % Gain to Breakeven | 69.9% | 23.8% |
| Time to Breakeven | 1008 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -14.1% | -3.7% |
| % Gain to Breakeven | 16.4% | 3.9% |
| Time to Breakeven | 86 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -39.3% | -12.2% |
| % Gain to Breakeven | 64.7% | 13.9% |
| Time to Breakeven | 793 days | 62 days |
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.
| Event | DBO | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -43.7% | -33.7% |
| % Gain to Breakeven | 77.7% | 50.9% |
| Time to Breakeven | 259 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -41.2% | -19.2% |
| % Gain to Breakeven | 69.9% | 23.8% |
| Time to Breakeven | 1008 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -39.3% | -12.2% |
| % Gain to Breakeven | 64.7% | 13.9% |
| Time to Breakeven | 793 days | 62 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -23.9% | -17.9% |
| % Gain to Breakeven | 31.4% | 21.8% |
| Time to Breakeven | 92 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -20.3% | -15.4% |
| % Gain to Breakeven | 25.5% | 18.2% |
| Time to Breakeven | 213 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -53.5% | -53.4% |
| % Gain to Breakeven | 114.9% | 114.4% |
| Time to Breakeven | 779 days | 1085 days |
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.
Current Dip Buy Opportunities Across ETFs
ETFs currently down 5% or more from trailing 6M peaks.
| Ticker | Name | Dip % | Mkt Price | Price Date | Peak Price | Peak Date | # Days |
|---|---|---|---|---|---|---|---|
| MAGS | Roundhill Magnificent Seven ETF | -7.8% | 65.44 | 6202026 | 70.94 | 5142026 | 37 |
| AKRE | Akre Focus ETF | -20.2% | 53.15 | 6202026 | 66.59 | 1062026 | 165 |
| EWZ | iShares MSCI Brazil ETF | -19.2% | 33.73 | 6202026 | 41.73 | 4142026 | 67 |
| FXI | iShares China Large-Cap ETF | -18.3% | 33.30 | 6202026 | 40.78 | 1292026 | 142 |
| ILF | iShares Latin America 40 ETF | -11.0% | 33.90 | 6202026 | 38.10 | 4142026 | 67 |
| KWEB | KraneShares CSI China Internet ETF | -33.0% | 25.24 | 6202026 | 37.66 | 1122026 | 159 |
| SCHY | Schwab International Dividend Equity ETF | -5.2% | 31.97 | 6202026 | 33.73 | 3012026 | 111 |
| COWZ | Pacer US Cash Cows 100 ETF | -5.6% | 61.80 | 6202026 | 65.48 | 6012026 | 19 |
| URA | Global X Uranium ETF | -22.7% | 47.78 | 6202026 | 61.81 | 1282026 | 143 |
| BOTZ | Global X Funds Global X Robotics & Artificial Intelligence ETF | -7.8% | 38.37 | 6202026 | 41.63 | 5132026 | 38 |
| LIT | Global X Lithium & Battery Tech ETF | -10.3% | 82.15 | 6202026 | 91.62 | 5112026 | 40 |
| ICLN | iShares Global Clean Energy ETF | -11.2% | 21.10 | 6202026 | 23.75 | 6022026 | 18 |
| ARKQ | ARK Autonomous Technology & Robotics ETF | -7.4% | 133.17 | 6202026 | 143.82 | 5282026 | 23 |
| ARKW | ARK Next Generation Internet ETF | -5.9% | 146.63 | 6202026 | 155.78 | 12222025 | 180 |
| ARKX | ARK Space & Defense Innovation ETF | -8.4% | 34.56 | 6202026 | 37.74 | 5282026 | 23 |
| NASA | Tema Space Innovators ETF | -25.4% | 31.25 | 6202026 | 41.89 | 5272026 | 24 |
| CGBL | Capital Group Core Balanced ETF | -6.2% | 34.41 | 6202026 | 36.67 | 2252026 | 115 |
| GDE | WisdomTree Efficient Gold Plus Equity Strategy Fund | -9.1% | 63.98 | 6202026 | 70.39 | 5112026 | 40 |
| RAAX | VanEck Real Assets ETF | -6.3% | 40.03 | 6202026 | 42.70 | 5112026 | 40 |
| XLV | State Street Health Care Select Sector SPDR ETF | -6.4% | 149.40 | 6202026 | 159.54 | 3012026 | 111 |
| XLE | State Street Energy Select Sector SPDR ETF | -14.1% | 53.77 | 6202026 | 62.56 | 3292026 | 83 |
| XLC | State Street Communication Services Select Sector SPDR ETF | -8.6% | 109.45 | 6202026 | 119.70 | 2012026 | 139 |
| XLY | State Street Consumer Discretionary Select Sector SPDR ETF | -5.7% | 117.16 | 6202026 | 124.27 | 1122026 | 159 |
| XLP | State Street Consumer Staples Select Sector SPDR ETF | -6.9% | 83.30 | 6202026 | 89.51 | 3012026 | 111 |
| XLU | State Street Utilities Select Sector SPDR ETF | -5.6% | 44.76 | 6202026 | 47.40 | 3012026 | 111 |
| VHT | Vanguard Health Care ETF | -5.3% | 280.41 | 6202026 | 296.16 | 1072026 | 164 |
| FXN | First Trust Energy AlphaDEX Fund | -13.0% | 20.17 | 6202026 | 23.18 | 3292026 | 83 |
| XOP | State Street SPDR S&P Oil & Gas Exploration & Production ETF | -18.5% | 153.36 | 6202026 | 188.18 | 3292026 | 83 |
| IGV | iShares Expanded Tech-Software Sector ETF | -18.2% | 89.09 | 6202026 | 108.95 | 12222025 | 180 |
| MISL | First Trust Indxx Aerospace & Defense ETF | -9.0% | 46.40 | 6202026 | 50.98 | 1192026 | 152 |
| RING | iShares MSCI Global Gold Miners ETF | -28.2% | 71.35 | 6202026 | 99.42 | 3012026 | 111 |
| PDBC | Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | -12.7% | 16.50 | 6202026 | 18.91 | 5122026 | 39 |
| DBC | Invesco DB Commodity Index Tracking Fund | -12.8% | 27.63 | 6202026 | 31.69 | 5122026 | 39 |
| COMT | iShares GSCI Commodity Dynamic Roll Strategy ETF | -14.1% | 31.37 | 6202026 | 36.53 | 5192026 | 32 |
| GSG | iShares GSCI Commodity | -5.8% | 30.01 | 6202026 | 31.85 | 3182026 | 94 |
| BCI | abrdn Bloomberg All Commodity Strategy K-1 Free ETF | -11.5% | 22.94 | 6202026 | 25.91 | 5122026 | 39 |
| FTGC | First Trust Global Tactical Commodity Strategy Fund | -9.6% | 27.59 | 6202026 | 30.53 | 5122026 | 39 |
| HGER | Harbor Commodity All-Weather Strategy ETF | -10.6% | 29.91 | 6202026 | 33.47 | 5122026 | 39 |
| GLD | SPDR Gold Trust | -21.9% | 387.12 | 6202026 | 495.90 | 1292026 | 142 |
| IAU | iShares Gold Trust | -21.9% | 79.33 | 6202026 | 101.57 | 1292026 | 142 |
| GLDM | SPDR Gold MiniShares Trust | -21.9% | 83.44 | 6202026 | 106.77 | 1292026 | 142 |
| SGOL | ETFS Physical Swiss Gold Shares | -13.1% | 44.66 | 6202026 | 51.41 | 1292026 | 142 |
| BAR | Direxion Daily Gold Bull 3X Shares | -16.6% | 44.34 | 6202026 | 53.16 | 1292026 | 142 |
| SLV | iShares Silver Trust | -43.6% | 59.51 | 6202026 | 105.60 | 1282026 | 143 |
| SIVR | ETFS Physical Silver Shares Trust ETF | -24.8% | 83.39 | 6202026 | 110.87 | 1282026 | 143 |
| PPLT | ETFS Physical Platinum Shares | -39.1% | 15.37 | 6202026 | 25.23 | 1252026 | 146 |
| CPER | United States Copper Index Fund ETV | -13.9% | 33.33 | 6202026 | 38.71 | 1292026 | 142 |
| PALL | ETFS Physical Palladium Shares | -37.5% | 23.23 | 6202026 | 37.18 | 1282026 | 143 |
| USO | United States Oil Fund LP | -24.9% | 114.87 | 6202026 | 152.96 | 5192026 | 32 |
| UNG | United States Natural Gas Fund LP | -30.5% | 11.74 | 6202026 | 16.90 | 2012026 | 139 |
| BNO | United States Brent Oil Fund LP ETV | -7.1% | 55.85 | 6202026 | 60.13 | 5042026 | 47 |
| IBIT | iShares Bitcoin Trust ETF | -35.8% | 35.62 | 6202026 | 55.44 | 1142026 | 157 |
| FBTC | Fidelity Wise Origin Bitcoin Fund | -35.7% | 54.77 | 6202026 | 85.12 | 1142026 | 157 |
| GBTC | Grayscale Bitcoin Trust ETF | -19.0% | 61.84 | 6202026 | 76.31 | 1142026 | 157 |
| ETHA | iShares Ethereum Trust ETF | -49.7% | 12.88 | 6202026 | 25.59 | 1142026 | 157 |
ETF Fund Flows
Largest fund inflows and outflows across ETFs, with the asset-allocation rotation they imply.
Asset allocation rotation · Past month
- Equity ETFs drew the largest net inflows (+$96.3B), followed by Bond (+$25.3B), while Crypto (−$4.3B) and Commodity (−$3.9B) saw the largest outflows.
- Within the mix, money rotated into US Large Cap Core (+$35.8B) and out of Emerging Markets (−$4.6B).
- Relative to fund size, NASA drew the largest inflow (+80.3% of AUM) and THRO the largest outflow (−35.6%).
| # | Ticker | Name | Net flow | % of AUM |
|---|---|---|---|---|
| 1 | VOO | Vanguard S&P 500 ETF | +$12.86B | +1.3% |
| 2 | IVV | iShares Core S&P 500 ETF | +$9.29B | +1.1% |
| 3 | SPYM | State Street SPDR Portfolio S&P 500 ETF | +$6.68B | +4.6% |
| 4 | SPY | State Street SPDR S&P 500 ETF Trust | +$6.33B | +0.8% |
| 5 | DRAM | Roundhill Memory ETF | +$6.19B | +39.4% |
| 6 | VTI | Vanguard Total Stock Market ETF | +$5.88B | +0.9% |
| 7 | VO | Vanguard Mid-Cap ETF | +$5.78B | +5.6% |
| 8 | QQQM | Invesco NASDAQ 100 ETF | +$5.3B | +5.5% |
| 9 | IUSB | iShares Core Universal USD Bond ETF | +$5.25B | +12.6% |
| 10 | SGOV | iShares 0-3 Month Treasury Bond ETF | +$4.88B | +5.2% |
| # | Ticker | Name | Net flow | % of AUM |
|---|---|---|---|---|
| 1 | QUAL | iShares MSCI USA Quality Factor ETF | -$7.08B | -15.4% |
| 2 | EFV | iShares MSCI EAFE Value ETF | -$5.61B | -21.5% |
| 3 | TLT | iShares 20+ Year Treasury Bond ETF | -$3.33B | -8.1% |
| 4 | IBIT | iShares Bitcoin Trust ETF | -$3.0B | -5.9% |
| 5 | IAGG | iShares Core International Aggregate Bond ETF | -$2.77B | -24.7% |
| 6 | IVE | iShares S&P 500 Value ETF | -$2.63B | -5.5% |
| 7 | THRO | iShares U.S. Thematic Rotation Active ETF | -$2.39B | -35.6% |
| 8 | GLD | SPDR Gold Shares | -$2.29B | -1.6% |
| 9 | XLE | State Street Energy Select Sector SPDR ETF | -$1.35B | -3.4% |
| 10 | IAU | iShares Gold Trust | -$1.2B | -1.8% |
Largest ETF fund flows across ~2566 funds (min AUM $100M). Net creations/redemptions; leveraged & inverse ETFs excluded. A ⚠ marks a day excluded as a suspected data error.
About DBO
| Holdings Count: 3Expense Ratio: 0.81%Inception Date: 2007-01-05 | Invesco DB Oil FundThe Invesco DB Oil Fund (DBO) endeavors to replicate the performance, whether positive or negative, of the DBIQ Optimum Yield Crude Oil Index Excess Return (the Index). Its total return also incorporates net interest income generated from the Fund's primary investments in US Treasury securities and money market instruments, after accounting for its expenses. This Fund provides investors with an efficient and convenient vehicle to gain exposure to commodity futures. The underlying Index is a rules-based benchmark constructed from futures contracts tied to light sweet crude oil (West Texas Intermediate or WTI). It's important to note that direct investment in the Index itself is not possible. Both the Fund and its benchmark undergo annual adjustments and rebalancing every November. Prospective investors should be aware that this Fund is not appropriate for everyone. Its investment strategy is speculative, operating within highly volatile markets. The inherent volatility of futures contracts means that rapid fluctuations in the market prices of the underlying contracts could lead to substantial financial losses. For a complete understanding of these and other potential risks, please consult the "Risk and Other Information" section and the Fund's official Prospectus. Further tax-related compliance information, including qualified notices concerning IRS Section 1446(f) for Publicly Traded Partnerships (PTPs) and the Form 1065 Schedule K-3 FAQ for Invesco DB Funds, is available on our dedicated ETF tax center.Asset Class: Alternatives | ETF Website |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Profile
| Median | |
|---|---|
| Name | |
| Asset Class | - |
| AUM ($ Bil) | 0.7 |
| Expense Ratio | 0.91% |
| 10-D Avg Volume (Mil) | 7.13 |
| Latest Day Volume (Mil) | 3.87 |
| Holdings Count | 2 |
| Inception Date | - |
Fundamentals
| Median | |
|---|---|
| Name | |
| Net Asset Value | - |
| Premium/Discount | -13.2% |
| Distribution Yield | 0.0% |
| Sales Yield | - |
| Earnings Yield | - |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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