Invesco DB Oil Fund (DBO) Performance
DBO total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +120.2% since Dec 31, 2025
- 1 year
- +108.1% total return
- 5 years
- +14.9% a year
- 10 years
- +13.0% a year
- Since first price
- +1.6% a year since 2007
DBO trailing returns vs SPY, QQQ, AGG
| Period | DBO total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | +10.6% | +10.6% | −1.0% | −5.0% | +0.9% |
| 3 months | +15.9% | +15.9% | +3.2% | +1.9% | −0.4% |
| 6 months | +28.1% | +28.1% | +7.8% | +8.4% | −1.5% |
| YTD | +120.2% | +120.2% | +12.3% | +15.1% | −1.0% |
| 1 year | +108.1% | +101.0% | +14.4% | +15.9% | −1.1% |
| 3 years | +75.6%+20.6%/yr | +54.8% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +100.2%+14.9%/yr | +75.3% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | +240.9%+13.0%/yr | +188.9% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| 15 years | +25.3%+1.5%/yr | +6.2% | +696.0%+14.8%/yr | +1,299.3%+19.2%/yr | +32.2%+1.9%/yr |
| Since inceptionJan 5, 2007 | +36.4%+1.6%/yr | +10.7% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: DBO vs SPY
From Jan 5, 2007: DBO grew to $13,643, SPY to $77,514.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
DBO returns by calendar year
10 of 18 full years positive. Best 2021 (+60.7%), worst 2008 (−44.1%). 2026 is year to date.
DBO annual returns table
| Year | DBO | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +120.2% | −27.7% | +12.3% | +15.1% | −1.0% |
| 2025 | −11.7% | −25.0% | +17.7% | +20.8% | +7.2% |
| 2024 | +7.9% | −17.5% | +24.9% | +25.6% | +1.3% |
| 2023 | −4.4% | −21.2% | +26.2% | +54.9% | +5.7% |
| 2022 | +13.0% | −33.1% | −18.2% | −32.6% | −13.0% |
| 2021 | +60.7% | −21.9% | +28.7% | +27.4% | −1.8% |
| 2020 | −21.0% | −52.8% | +18.3% | +48.6% | +7.5% |
| 2019 | +28.1% | −18.6% | +31.2% | +39.0% | +8.5% |
| 2018 | −15.2% | −41.2% | −4.6% | −0.1% | +0.1% |
| 2017 | +4.9% | −22.9% | +21.7% | +32.7% | +3.6% |
| 2016 | +7.0% | −25.0% | +12.0% | +7.1% | +2.4% |
| 2015 | −42.4% | −43.0% | +1.2% | +9.4% | +0.5% |
| 2014 | −43.3% | −49.4% | +13.5% | +19.2% | +6.0% |
| 2013 | +6.8% | −12.4% | +32.3% | +36.6% | −2.0% |
| 2012 | −9.2% | −28.4% | +16.0% | +18.1% | +3.8% |
| 2011 | +1.2% | −34.1% | +1.9% | +3.4% | +7.7% |
| 2010 | +2.4% | −22.8% | +15.1% | +19.9% | +6.4% |
| 2009 | +42.9% | −27.9% | +26.4% | +54.7% | +3.0% |
| 2008 | −44.1% | −68.3% | −36.8% | −41.7% | +7.9% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
DBO largest drawdowns
Now 42.0% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Jul 14, 2008 | −90.2% | Apr 28, 2020 | not yet | 11.8 years | 18.3 years so far |
| Jan 3, 2008 | −11.3% | Jan 23, 2008 | Feb 19, 2008 | 20 days | 47 days |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
DBO risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2007 |
|---|---|---|---|---|
| Annualized return | +15.1% | +14.6% | +12.2% | +0.9% |
| Volatility (annualized) | 33.4% | 31.2% | 30.9% | 30.5% |
| Sharpe ratio | 0.44 | 0.47 | 0.45 | 0.14 |
| Sortino ratio | 0.87 | 0.83 | 0.71 | 0.20 |
| Best month | +36.2% | +36.2% | +36.2% | +36.2% |
| Worst month | −16.5% | −18.7% | −24.5% | −29.0% |
| Best 12 months | +92.9% | +92.9% | +135.7% | +135.7% |
| Worst 12 months | −19.2% | −30.8% | −48.4% | −58.2% |
| Positive months | 53% | 53% | 57% | 54% |
| Beta vs S&P 500 | -0.31 | 0.16 | 0.64 | — |
| Correlation with S&P 500 | -0.12 | 0.08 | 0.32 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
DBO rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 226 | −58.2% | −0.1% | +135.7% | 50% |
| 3-year (a year) | 202 | −36.0% | −0.6% | +38.9% | 48% |
| 5-year (a year) | 178 | −24.8% | −0.9% | +20.9% | 48% |
| 10-year (a year) | 118 | −15.1% | −5.9% | +14.0% | 18% |
Every holding period starting at a month-end since 2007. Returns for 3 years and longer are annualized.
DBO performance overview
Invesco DB Oil Fund (DBO) returned +108.1% over the past year and +13.0% a year over ten years, with distributions reinvested. Since its first recorded price in 2007 it has returned +1.6% a year, turning $10,000 into about $13,643. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −90.2%, from Jul 14, 2008 to Apr 28, 2020; the fund has not yet regained that high. DBO finished 10 of its 18 full calendar years with a gain; the best year was 2021 (+60.7%) and the worst 2008 (−44.1%). Volatility has been 30.5% a year.
Related: DBO chart, DBO dividends. See the DBO overview for the latest quote and fund facts.
DBO performance FAQ
What is the DBO return over the past year?
DBO returned +108.1% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 101.0%.
What is the average annual return of DBO?
DBO has returned +14.9% a year over 5 years, +13.0% a year over 10 years, +1.6% a year since January 5, 2007 (total return, distributions reinvested).
How much would $10,000 invested in DBO be worth?
$10,000 invested in DBO at its first recorded close on January 5, 2007 would be worth about $13,643 on October 23, 2026 with distributions reinvested.
What was the worst year for DBO?
The worst calendar year was 2008, with a total return of −44.1%. The best was 2021 at +60.7%.
What is the biggest drawdown of DBO?
The largest peak-to-trough decline was −90.2% between July 14, 2008 and April 28, 2020. It has not yet recovered to that high; it is 42.0% below its peak.
How volatile is DBO?
Over the past 3 years DBO had an annualized volatility of 33.4% and a Sharpe ratio of 0.44 (excess return over 1–3 month T-bills per unit of risk).