ETF Evaluator:
Invesco DB Oil (DBO)
Follow This ETF
(as of Jul 31)
Best Performing in Commodities Focused Over the Last Year
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ETF Details
Invesco DB Oil Overview
Invesco DB Oil (DBO) is a passively managed Commodities Commodities Focused exchange-traded fund (ETF). Invesco launched the ETF in 2007.
The investment seeks to track the DBIQ Optimum Yield Crude Oil Index Excess Return™ (DBIQ-OY CL ER™), which is intended to reflect the changes in market value of crude oil.
The single index Commodity consists of Light, Sweet Crude Oil (WTI). The fund invests in futures contracts in an attempt to track its corresponding index.
About Invesco DB Oil (DBO)
There are 1 members of the management team with an average tenure of 19.50 years: Management Team (2007). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: DBIQ Optimum Yield Crude Oil TR USD index with a weighting of 100%. Invesco DB Oil has 5 securities in its portfolio. The top 10 holdings constitute 97.4% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Invesco DB Oil is part of the Real Assets global asset class and is within the Commodities ETF group. Invesco DB Oil has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 5.8% (5.8% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Invesco DB Oil has 45.9% of the portfolio in cash.
Assets Under Management
The fund has $216 million in total assets, which is below the $4 billion average for the Commodities Focused category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
DBO Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Invesco DB Oil expense ratio is above average compared to funds in the Commodities Focused category. Invesco DB Oil has an expense ratio of 0.75%, which is 1% lower than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Invesco DB Oil has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 15% for the Commodities Focused category.
Recently, in the month of June 2026, Invesco DB Oil returned -16.6%, which earned it a grade of F, as the Commodities Focused category had an average return of -10.3%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Invesco DB Oil has a trailing yield of 2.45%, which is below the 6.89% category average.
The fund normally distributes its income annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Invesco DB Oil Grades
Year to date, the ETF has returned 43.5%, 27.9 percentage points better than the category, which translates into a grade of A. The fund has returned 36.8% over the past year (grade of A), 11.9% over the past three years (grade of C) and 9.1% per year over the past five years (grade of D) and 8.5% per year over the past 10 years (grade of C).
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DBO Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| DBO Return (NAV) | -16.6% | -10.5% | 36.8% | 11.9% | 9.1% | 8.5% |
| DBO Return (Price) | -16.5% | -10.3% | 38.2% | 12.3% | 9.3% | 8.5% |
| NAV +/- Price Return | -0.046% | -0.222% | -1.360% | -0.414% | -0.193% | -0.084% |
| Commodities Focused Avg | -10.3% | -8.3% | 43.7% | 14.0% | 8.9% | 5.2% |
| DBO Grade (NAV) | F | C | A | C | D | C |
| +/- Category (NAV) | -6.3% | -2.2% | -6.9% | -2.1% | 0.3% | 3.3% |
| DBO Tax-Cost Ratio | na | na | 1.4% | 1.7% | 1.1% | 0.7% |
DBO Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| DBO Return (NAV) | 43.5% | -11.7% | 7.3% | -3.9% | 13.2% | 59.6% | -20.7% | 29.3% | -16.5% | 5.5% | 6.6% |
| DBO Return (Price) | 44.7% | -11.8% | 7.9% | -4.5% | 13.0% | 60.7% | -21.0% | 28.0% | -15.2% | 4.9% | 7.0% |
| NAV +/- Price Ret | 0.028% | 0.010% | 0.081% | 0.138% | -0.015% | 0.018% | 0.014% | -4.4% | -7.9% | -12.3% | 4.9% |
| Commodities Focused Avg | 15.5% | 35.6% | 6.2% | -1.1% | 9.2% | 27.8% | 1.5% | 14.9% | -9.5% | 3.1% | 10.0% |
| DBO Grade (NAV) | A | F | C | D | B | B | D | A | D | C | D |
| +/- Category | 27.9% | -47.2% | 1.0% | -2.9% | 4.1% | 31.8% | -22.2% | 14.4% | -7.0% | 2.4% | -3.4% |
| Risk Measures | |
| Beta: | 1.77 |
| R-Squared: | 55% |
| Standard Deviation: | 31.9% |
| Category Risk Index: | 1.26 |
| Category Risk Rating: | High |
| Total Risk Index: | 2.62 |
| Total Risk Rating: | High |
| Portfolio Characteristics | |
| Yield: | 2.5% |
| Total Assets: | $ 216 Mil |
| Share Class Assets: | $ 216 Mil |
| Turnover: | na |
| Expense Ratio: | 0.75% |
| Index Fund: | Yes |
| Index Tracked: | DBIQ Optimum Yield Crude Oil TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 19.5 years | |||
| Average Tenure: 19.5 years | |||
| Managers (Year): Team Management (2007) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 5 |
| % in Top 10 Holdings: | 97.4% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 5.8% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 48.3% |
| Cash: | 45.9% |
Purchase Information
| Legal Structure: | Partnership (3C1) |
| Fund Family: | Invesco |
| Phone Number: | 800-983-0903 |
| Website: | http://www.deutsche-bank.com/ir |
| Inception Date: | January 5, 2007 |
Expenses and Fees
| Expense Ratio (%): | 0.75% (Rating: Above Avg) |
| Category Average Expense Ratio (%): | 0.76% |
