Which returned more over the last year, DBO or USO?

In the year to Oct 28, 2026, with distributions reinvested, DBO returned +113.3% and USO +133.3%.

Which is cheaper, DBO or USO?

DBO is cheaper, by 0.13 percentage points a year. That is about $13 on $10,000 held for a year. Fees come from each fund's own filings.

Data as of Oct 28, 2026.

Across categories

DBO vs USO: Differences, Returns & Fees

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DBO and USO are both commodity futures funds, and over the year to Oct 28, 2026, USO returned +133.3% against +113.3%.

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Net assets: $286m on Oct 27, 2026 for Invesco DB Oil Fund, and $1.9bn on Oct 28, 2026 for United States Oil Fund, LP.

DBO on its own →USO on its own →

At a glance

+113.3%

DBO total return, 1 year

+133.3%

USO total return, 1 year

0.73%

DBO expense ratio

0.86%

USO expense ratio

Pair scorecard

DBO costs 0.13 points a year less; their one-year returns differ by 20.0 points; USO is 6.6 times larger.

DBO vs USO: Differences, Returns & Fees
Measure	DBO	USO
Return
Measure	DBO	USO
Total return, 1 year	+113.3%	+133.3%
Drawdown
Measure	DBO	USO
Below its high	42.2%, high on Jul 14, 2008	82.3%, high on Jul 14, 2008
Benchmark
Measure	DBO	USO
What it tracks	Energy futures	Oil futures
Cost and size
Measure	DBO	USO
Expense ratio	0.73%	0.86%
Net assets, as of Oct 27, 2026	$286m	$1.9bn
Holdings
Measure	DBO	USO
Holdings in common	not published

Method

Risk and return

Jan 12, 2007 to Oct 23, 2026 · 1,032 weekly returns

DBO USO

Return

Total return edge DBO +45.3% −52.5%

Annualized edge DBO +1.9% −3.7%

Price return edge DBO +18.0% −52.5%

Risk

Volatility edge DBO 30.6% 37.5%

Max drawdown edge DBO (slight) −89.9% −98.0%

Risk-adjusted

Sharpe edge DBO 0.16 0.05

Sortino edge DBO 0.23 0.07

Calmar edge DBO 0.02 −0.04

Reading

DBO returned more: +45.3% to −52.5%. DBO swung less: 30.6% to 37.5%. DBO fell slightly less at its worst: −89.9% to −98.0%.

Full scorecard

9 measures, with how each is measured Open ↓

Risk and return: DBO vs USO: Differences, Returns & Fees
Measure	DBO	USO	Edge	How it is measured
Return
Total return	+45.3%	−52.5%	DBO	Price change plus distributions, reinvested.
Annualized	+1.9%	−3.7%	DBO	Total return as a yearly rate.
Price return	+18.0%	−52.5%	DBO	Price change alone, distributions left out.
Risk
Volatility	30.6%	37.5%	DBO	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	21.5%	27.0%	DBO	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−89.9%	−98.0%	DBO (slight)	Deepest fall from a high to the low after it.
Risk-adjusted
Sharpe	0.16	0.05	DBO	Return above Treasury bills per unit of volatility.
Sortino	0.23	0.07	DBO	Return above Treasury bills per unit of downside deviation.
Calmar	0.02	−0.04	DBO	Annualized return divided by the max drawdown.

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 1,032 weekly returns. Cash rate: the 13-week Treasury bill.

Side by side

DBO Invesco DB Oil Fund USO United States Oil Fund, LP

Where it sits Commodity ETF Commodity ETF

Issuer Invesco USCF

What it is Holds energy futures Holds oil futures

Total return, 1 year +113.3% +133.3%

Expense ratio 0.73% 0.86%

Net assets, DBO as of Oct 27, 2026 and USO as of Oct 28, 2026 $286m $1.9bn

DBO and USO on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.

Client brief · page 1 of 2 Report BR-1A62427D60

DBO and USO are built for the same job. How do they differ in cost, holdings and results?

What each follows. DBO follows Energy futures and USO follows Oil futures.
One-year total return. Over 1 year to Oct 28, 2026 DBO returned +113.3% and USO +133.3% with distributions reinvested, a gap of 20.0 points.
Cost. DBO charges 0.73% of assets a year and USO 0.86%, a gap of 0.13 points.

Data as of Oct 28, 2026.

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About each fund

DBO

Its expense ratio is 0.73% a year, for the three months to Jun 30, 2026, as its 10-Q states.

DBO holds energy futures. Over the year to Oct 28, 2026 it returned +113.3% with distributions reinvested. It sat 42.2% below its high of Jul 14, 2008 on Oct 28, 2026.

USO

USO holds oil futures. Over the year to Oct 28, 2026 it returned +133.3% with distributions reinvested. The prospectus expense ratio is 0.86% a year. It sat 82.3% below its high of Jul 14, 2008 on Oct 28, 2026.

Questions people ask

Which returned more over the last year, DBO or USO?: In the year to Oct 28, 2026, with distributions reinvested, DBO returned +113.3% and USO +133.3%.
Which is cheaper, DBO or USO?: DBO is cheaper, by 0.13 percentage points a year. That is about $13 on $10,000 held for a year. Fees come from each fund's own filings.

Other comparisons

DBO vs OILK BNO vs DBO SLV vs USO GLDM vs USO IAU vs USO GLD vs USO BNO vs USO SIVR vs USO

Where to next

DBO on its own →USO on its own →Hold both: look the portfolio through →Rankings →DBO dividend history →Standards and sources →

Sources and dates

DBO filings on SEC EDGAR ↗

Invesco page for DBO ↗

USCF website ↗

Links are sources, not endorsements. A comparison is not a recommendation.

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ETFIQ, DBO against USO, data as of Oct 28, 2026. https://etfiq.com/compare/any/dbo-vs-uso

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