Tearsheet

Key Takeaways

  • DBO has returned +68.6% YTD vs +9.8% for SPY; +39.8% over the past 12 months (SPY +26.4%). details →
  • Priced in gold, DBO has returned -26.9% over the past 3 years, vs +59.2% in dollars — its dollar gains have lagged gold. details →
  • Over the past month, DBO has seen net outflows of −$14M (−4.9% 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 +19.8% at this point (June 19) over the past 5 years. details →
Last updated: 6/19/2026.

Price Chart

Asset Allocation with DBO

Risk Tolerance:
ConservativeModerateAggressive
Moderate — 55% equity / 25% bonds / 20% alternatives
10Y Return (ann.)
+12.2%
Volatility
11.0%
Sharpe
0.86
YTD
+8.0%
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.

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Tailored Asset Allocation
[1] Personalized 5 Level Risk Tolerance Assessment
[2] Asset Allocation for My Risk Tolerance
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Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
DBO Return61%13%-4%8%-15%69%169%
Peers Return54%26%-24%2%-14%52%97%
S&P 500 Return27%-19%24%23%16%8%98%

Monthly Win Rates [3]
DBO Win Rate75%50%42%58%42%100% 
Peers Win Rate72%53%36%47%42%66% 
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%-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.

Ticker1Y3Y5Y
DBO1.720.610.46
Commodity Top Results (3Y)   
SGOL1.331.360.90
BAR1.241.350.87
IAU1.201.300.86
GLDM1.191.300.86
GLD1.171.280.84

Results as of 5312026.

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
MAGSRoundhill Magnificent Seven ETF-7.8%65.44619202670.94514202636
AKREAkre Focus ETF-20.2%53.15619202666.591062026164
EWZiShares MSCI Brazil ETF-19.2%33.73619202641.73414202666
FXIiShares China Large-Cap ETF-18.3%33.30619202640.781292026141
ILFiShares Latin America 40 ETF-11.0%33.90619202638.10414202666
KWEBKraneShares CSI China Internet ETF-33.0%25.24619202637.661122026158
SCHYSchwab International Dividend Equity ETF-5.2%31.97619202633.733012026110
COWZPacer US Cash Cows 100 ETF-5.6%61.80619202665.48601202618
URAGlobal X Uranium ETF-22.7%47.78619202661.811282026142
BOTZGlobal X Funds Global X Robotics & Artificial Intelligence ETF-7.8%38.37619202641.63513202637
LITGlobal X Lithium & Battery Tech ETF-10.3%82.15619202691.62511202639
ICLNiShares Global Clean Energy ETF-11.2%21.10619202623.75602202617
ARKQARK Autonomous Technology & Robotics ETF-7.4%133.176192026143.82528202622
ARKWARK Next Generation Internet ETF-5.9%146.636192026155.7812222025179
ARKXARK Space & Defense Innovation ETF-8.4%34.56619202637.74528202622
NASATema Space Innovators ETF-25.4%31.25619202641.89527202623
CGBLCapital Group Core Balanced ETF-6.2%34.41619202636.672252026114
GDEWisdomTree Efficient Gold Plus Equity Strategy Fund-9.1%63.98619202670.39511202639
RAAXVanEck Real Assets ETF-6.3%40.03619202642.70511202639
XLVState Street Health Care Select Sector SPDR ETF-6.4%149.406192026159.543012026110
XLEState Street Energy Select Sector SPDR ETF-14.1%53.77619202662.56329202682
XLCState Street Communication Services Select Sector SPDR ETF-8.6%109.456192026119.702012026138
XLYState Street Consumer Discretionary Select Sector SPDR ETF-5.7%117.166192026124.271122026158
XLPState Street Consumer Staples Select Sector SPDR ETF-6.9%83.30619202689.513012026110
XLUState Street Utilities Select Sector SPDR ETF-5.6%44.76619202647.403012026110
VHTVanguard Health Care ETF-5.3%280.416192026296.161072026163
FXNFirst Trust Energy AlphaDEX Fund-13.0%20.17619202623.18329202682
XOPState Street SPDR S&P Oil & Gas Exploration & Production ETF-18.5%153.366192026188.18329202682
IGViShares Expanded Tech-Software Sector ETF-18.2%89.096192026108.9512222025179
MISLFirst Trust Indxx Aerospace & Defense ETF-9.0%46.40619202650.981192026151
RINGiShares MSCI Global Gold Miners ETF-28.2%71.35619202699.423012026110
PDBCInvesco Optimum Yield Diversified Commodity Strategy No K-1 ETF-12.7%16.50619202618.91512202638
DBCInvesco DB Commodity Index Tracking Fund-12.8%27.63619202631.69512202638
COMTiShares GSCI Commodity Dynamic Roll Strategy ETF-14.1%31.37619202636.53519202631
GSGiShares GSCI Commodity-5.8%30.01619202631.85318202693
BCIabrdn Bloomberg All Commodity Strategy K-1 Free ETF-11.5%22.94619202625.91512202638
FTGCFirst Trust Global Tactical Commodity Strategy Fund-9.6%27.59619202630.53512202638
HGERHarbor Commodity All-Weather Strategy ETF-10.6%29.91619202633.47512202638
GLDSPDR Gold Trust-21.9%387.126192026495.901292026141
IAUiShares Gold Trust-21.9%79.336192026101.571292026141
GLDMSPDR Gold MiniShares Trust-21.9%83.446192026106.771292026141
SGOLETFS Physical Swiss Gold Shares-13.1%44.66619202651.411292026141
BARDirexion Daily Gold Bull 3X Shares-16.6%44.34619202653.161292026141
SLViShares Silver Trust-43.6%59.516192026105.601282026142
SIVRETFS Physical Silver Shares Trust ETF-24.8%83.396192026110.871282026142
PPLTETFS Physical Platinum Shares-39.1%15.37619202625.231252026145
CPERUnited States Copper Index Fund ETV-13.9%33.33619202638.711292026141
PALLETFS Physical Palladium Shares-37.5%23.23619202637.181282026142
USOUnited States Oil Fund LP-24.9%114.876192026152.96519202631
UNGUnited States Natural Gas Fund LP-30.5%11.74619202616.902012026138
BNOUnited States Brent Oil Fund LP ETV-7.1%55.85619202660.13504202646
IBITiShares Bitcoin Trust ETF-35.8%35.62619202655.441142026156
FBTCFidelity Wise Origin Bitcoin Fund-35.7%54.77619202685.121142026156
GBTCGrayscale Bitcoin Trust ETF-19.0%61.84619202676.311142026156
ETHAiShares Ethereum Trust ETF-49.7%12.88619202625.591142026156

ETF Fund Flows

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

Net fund flows · as of 2026-06-18

Asset allocation rotation · Past month

  • Equity ETFs drew the largest net inflows (+$91.7B), followed by Bond (+$27.5B), while Crypto (−$4.7B) and Commodity (−$4.0B) saw the largest outflows.
  • Within the mix, money rotated into US Large Cap Core (+$31.9B) and out of Emerging Markets (−$5.0B).
  • Relative to fund size, NASA drew the largest inflow (+82.1% of AUM) and THRO the largest outflow (−35.5%).
Largest inflows
#TickerNameTypeNet flow% of AUM
1VOOVanguard S&P 500 ETFEquity US Large Cap Core+$15.29B+1.5%
2IVViShares Core S&P 500 ETFEquity US Large Cap Core+$8.8B+1.1%
3SPYMState Street SPDR Portfolio S&P 500 ETFEquity US Large Cap Core+$6.81B+4.7%
4DRAMRoundhill Memory ETFOther+$6.19B+39.7%
5VTIVanguard Total Stock Market ETFEquity US Total Market+$5.97B+0.9%
6VOVanguard Mid-Cap ETFEquity US Mid Cap Core+$5.8B+5.6%
7SGOViShares 0-3 Month Treasury Bond ETFCash+$5.38B+5.8%
8IUSBiShares Core Universal USD Bond ETFBond Core Plus Multisector+$5.25B+12.6%
9QQQMInvesco NASDAQ 100 ETFEquity US Nasdaq Growth+$5.19B+5.4%
10VHTVanguard Health Care ETFEquity Broad Sector+$4.38B+26.6%
Largest outflows
#TickerNameTypeNet flow% of AUM
1QUALiShares MSCI USA Quality Factor ETFEquity Factor Smart Beta-$7.09B-15.4%
2EFViShares MSCI EAFE Value ETFEquity International Developed Broad-$5.61B-21.3%
3IBITiShares Bitcoin Trust ETFCrypto-$3.33B-6.5%
4TLTiShares 20+ Year Treasury Bond ETFBond Long Treasury-$3.15B-7.7%
5IAGGiShares Core International Aggregate Bond ETFBond International-$2.77B-24.7%
6IVEiShares S&P 500 Value ETFEquity US Large Value-$2.61B-5.5%
7GLDSPDR Gold SharesCommodity Gold-$2.58B-1.8%
8THROiShares U.S. Thematic Rotation Active ETFEquity Thematic-$2.38B-35.5%
9XLEState Street Energy Select Sector SPDR ETFEquity Broad Sector-$1.25B-3.2%
10IAUiShares Gold TrustCommodity Gold-$1.2B-1.8%

Largest ETF fund flows across ~2562 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)0.31.90.60.90.7
Expense Ratio0.81%0.60%1.24%1.00%0.91%
10-D Avg Volume (Mil)0.332.715.700.451.58
Latest Day Volume (Mil)0.524.953.943.813.87
Holdings Count31312
Inception Date1/5/20074/10/20064/18/20076/2/2010-

Fundamentals

DBOUSOUNGBNOMedian
NamePowerShare.United Sta.United Sta.United Sta. 
Net Asset Value21.32140.9212.7551.44-
Premium/Discount--18.5%-7.9%--13.2%
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)32.3%44.3%60.5%41.4%42.8%
Volatility (3Y)29.2%34.9%57.6%32.4%33.6%
Volatility (5Y)31.9%36.2%63.3%35.4%35.8%
Beta (1Y)-0.46-1.13-0.83-1.17-0.98
Beta (3Y)0.290.010.060.020.04
Beta (5Y)0.350.220.320.210.27
Sharpe Ratio (1Y)1.380.88-0.431.541.13
Sharpe Ratio (3Y)0.610.64-0.240.890.62
Sharpe Ratio (5Y)0.440.56-0.170.710.50
Max Drawdown (1Y)-19.0%-25.3%-43.9%-17.9%-22.2%
Max Drawdown (3Y)-28.2%-26.0%-68.2%-23.8%-27.1%
Max Drawdown (5Y)-37.7%-36.2%-92.5%-33.7%-37.0%

Returns

DBOUSOUNGBNOMedian
NamePowerShare.United Sta.United Sta.United Sta. 
1M Return--24.9%-1.3%--13.1%
3M Return--2.1%-6.5%--4.3%
6M Return-73.6%-3.0%-35.3%
YTD Return-66.1%-4.2%-30.9%
1Y Return-39.6%-33.2%-3.2%
2Y Return-51.7%-33.3%-9.2%
3Y Return-84.9%-54.3%-15.3%

Short Interest

Short Interest: As Of Date5292026
Short Interest: Shares Quantity0.2 Mil
Short Interest: % Change Since 515202614.4%
Average Daily Volume1.0 Mil
Days-to-Cover Short Interest1