At a glance
DBO charges 0.75% a year, above the 0.74% average of the 7 funds most like it (the 5th cheapest of 8). It has $215.5M in assets, the 5th largest of that group; it paid 1.64% of its price in distributions over the past 12 months, annual. Over the past year it returned +104.3% with distributions reinvested (S&P 500: +11.5%), 4th of those 8 funds; over three years it returned +18.9% a year. At its worst it fell 40.9% in the 2020 crash (S&P 500: 33.7%) and 30.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 10 months and 41 months after the lows.
The short version
Invesco DB Oil Fund (DBO) is a commodity pool. It holds crude oil futures contracts, not oil company stocks, and aims to track the DBIQ Optimum Yield Crude Oil Index Excess Return, which is based on West Texas Intermediate (WTI) crude. Its index does not automatically roll into the next month's contract. It picks the contract with the most favorable "roll yield." The fund charges 0.75% a year, close to the 0.74% peer average, and issues a Schedule K-1 at tax time.
Price history
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DBO +104.3% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| DBO price data to Oct 27, 2026 | +115.3% | +104.3% | +18.9% | +14.9% | +13.0% | +1.5% |
- Over the year to Oct 27, 2026, DBO returned +104.3%, 4th of 8 among similar funds.
- Its 5-year annualized return was +14.9% and its 10-year +13.0%.
- In the 2020 COVID crash it fell 40.9% and regained its old high 9.9 months after the low.
- Its worst full calendar year was 2008 (-44.1%); its best was 2021 (+60.7%).
- The deepest fall in its price history was 90.2% (Jul 14, 2008 to Apr 28, 2020), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +115.3% |
| 2025 | -11.8% |
| 2024 | +7.9% |
| 2023 | -4.5% |
| 2022 | +13.0% |
| 2021 | +60.7% |
| 2020 | -21.0% |
| 2019 | +28.0% |
| 2018 | -15.2% |
| 2017 | +4.9% |
| 2016 | +7.0% |
| 2015 | -42.4% |
| 2014 | -43.3% |
| 2013 | +6.8% |
| 2012 | -9.2% |
| 2011 | +1.2% |
| 2010 | +2.4% |
| 2009 | +42.9% |
| 2008 | -44.1% |
| 2007 | +48.6% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 34% over that stretch · deepest drop along the way 71.1%, not recovered by the end of the data |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 36.6% over that stretch · deepest drop along the way 40.9%, back to its old high 9.9 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 20.2% over that stretch · deepest drop along the way 30.4%, back to its old high 41.4 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.4300 | -35.8% |
| 2024 | $0.6700 | +4.7% |
| 2023 | $0.6400 | +540.0% |
| 2022 | $0.1000 | -41.2% |
| 2019 | $0.1700 | +30.8% |
| 2018 | $0.1300 | +8.3% |
| 2008 | $0.1200 | -90.6% |
| 2007 | $1.2800 |
What's inside
The fund holds futures contracts and the cash and Treasury bills backing them, not the commodity itself; its net assets were $215.5M as of Jun 30, 2026 (per its 10-Q). As a commodity pool it files 10-Q and 10-K reports instead of N-PORT holdings reports, so there is no holdings list.
How it works
DBO tries to match the DBIQ Optimum Yield Crude Oil Index Excess Return. Deutsche Bank Securities runs the index, and Invesco Capital Management LLC manages the fund. According to the fund's annual report, Invesco has no say in which contracts the index picks. Since November 10, 2025, the index has held a single commodity: light, sweet WTI crude oil. The fund buys futures contracts, which are agreements to buy oil at a set price on a future date. It may switch to other, related futures if WTI contracts become impractical to use, for example because of trading limits set by regulators.
Futures expire, so they have to be "rolled," meaning sold and replaced with later contracts. On the first index business day of each month, the index checks whether its contract delivers next month. If it does, the index rolls into a new contract between the second and sixth business days. It picks the contract with the highest implied roll yield. The goal is to soften losses when later contracts cost more (contango) and to capture gains when they cost less (backwardation).
Futures need only a fraction of their value as collateral. The fund holds the rest in Treasury bills, money market funds and Treasury bill ETFs, and the interest those earn is added to the index return. Large institutions create and redeem shares in blocks of 50,000.
What it really costs
- DBO charges 0.75% a year, versus an average of 0.74% for the similar funds below (5th of 8, cheapest first).
Structure and tax notes
- A commodity pool: it holds futures contracts (and the cash and Treasury bills backing them), not the commodity itself, and it is not a 1940 Act investment company, so it lacks some fund-specific investor protections. It is taxed as a partnership: investors get a Schedule K-1 rather than a 1099 and owe tax on their share of its gains each year, even without selling. Expiring contracts must be rolled into later ones, and the price gap between them adds to or takes from returns, so over time it can drift well away from the spot price of what it tracks. Besides the sponsor's fee, it pays brokerage commissions and other costs.
In a retirement portfolio
DBO gives direct exposure to crude oil prices, but deep, long drawdowns make it more suitable for a small position than a foundation.
DBO offers something most stock and bond funds don't: direct exposure to oil prices. From January to October 2022, while stocks fell, it gained 20.2%. Its one-year beta was -1.21 as of October 27, 2026, meaning it tended to move against the stock market over that stretch. The cost of that exposure is severe drops. DBO lost 71.1% between July 2008 and February 2009. It lost 40.9% in early 2020 and took about 10 months to recover. A 30.4% slide in 2022 took about 41 months to recover. From its July 2008 peak it fell as much as 90.2%, and it had still not regained that peak as of October 27, 2026. Someone who has to sell in a stretch like that could lock in deep losses. The fund pays income once a year: its trailing yield was 1.64%. It costs 0.75% a year. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want a small, direct position in WTI crude oil prices through futures, not through oil company stocks like those in XOP or IEO.
- Holders who want a roll method designed to reduce contango drag, and who accept a commodity pool's partnership tax treatment.
- Those looking for something that has sometimes moved against stocks, such as its 20.2% gain during the 2022 stock market decline.
Look elsewhere if
- Anyone who wants to avoid Schedule K-1 forms and owing tax on their share of the fund's gains each year, even without selling.
- Retirees who may need to sell in a downturn: it fell 90.2% from its July 2008 peak and remained below it as of October 27, 2026.
- Income seekers: its trailing yield was 1.64%, paid once a year, and its 0.75% expense ratio is above USO's 0.70%.
Close alternatives
Matched by legacy category (no holdings report for this fund).
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| DBO this fund | 0.75% | $215.5M | +104.3% | +18.9% |
| XOP SPDR S&P Oil & Gas Exploration & Production… | 0.35% | $2.20B | +59.0% | +14.2% |
| USO United States Oil Fund LP | 0.7% | $1.10B | +124.1% | +27.9% |
| IEO iShares U.S. Oil & Gas Exploration & Produc… | 0.4% | $567.1M | +67.3% | +18.3% |
| UNG United States Natural Gas Fund LP | 1.01% | $440.3M | -25.2% | -30.6% |
| FTXN First Trust Nasdaq Oil & Gas ETF | 0.6% | $157.3M | +57.0% | +16.5% |
| BNO United States Brent Oil Fund LP | 0.94% | $98.1M | +134.6% | +30.4% |
| UGA United States Gasoline Fund LP | 1.17% | $90.0M | +118.7% | +29.3% |
Questions investors ask
Does DBO own actual barrels of oil?
No. DBO holds futures contracts on WTI crude oil, not physical oil and not oil company stocks. It backs those contracts with Treasury bills, money market funds and Treasury bill ETFs, which also earn interest. Because it has to keep rolling expiring contracts into later ones, its returns can drift far from the spot price of oil over time. The price gap between contracts can add to returns or take away from them.
What's the difference between DBO and USO?
Both are oil funds that pay for oil exposure through partnership-style structures, not oil stocks. DBO tracks an index that rolls into whichever WTI contract has the most favorable roll yield. USO charged 0.70% a year versus DBO's 0.75%. USO had about $1.1 billion in assets, while DBO had about $215 million as of June 30, 2026. Through October 27, 2026, USO returned 124.1% over one year and 27.9% a year over three years. DBO returned 104.3% and 18.9%.
Does DBO pay a dividend?
Yes, but only once a year, and it is small. The trailing 12-month payout was $0.43 per share, a 1.64% yield as of October 27, 2026. The fund earns interest on the Treasury and money market holdings it keeps as collateral. Because DBO is taxed as a partnership, investors owe tax on their share of its gains each year, even if they receive no cash and don't sell.
Is DBO a good long-term investment for retirement?
DBO has been very volatile, which is a serious drawback for many retirees. Its worst calendar year was 2008, with a 44.1% loss. From its July 2008 peak it fell as much as 90.2%, and it had not recovered that level as of October 27, 2026. It has had strong stretches, too: 104.3% over one year and 13% a year over 10 years through that date. It may suit investors who want a small oil position alongside a broader portfolio.
What is contango and how does it affect DBO?
Contango happens when futures for later months cost more than near-term ones, often because storing oil costs money. When a fund rolls into pricier contracts, it loses a little each time, which drags on returns. Backwardation is the opposite: later contracts are cheaper, and rolling adds to returns. DBO's index picks the contract with the most favorable implied roll yield. The goal is to lessen contango losses and capture backwardation gains, but it can't remove them entirely.