BOEG vs. DBO

Last updated Aug 4, 2026

BOEG (Leverage Shares 2X Long BA Daily ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - BOEG is a Leveraged Equities fund actively managed by Leverage Shares, while DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return. BOEG is actively managed, while DBO is passively managed. Over the past year, BOEG returned -12.14% vs 51.44% for DBO. Their -0.25 correlation means they have often moved in opposite directions in the past. BOEG charges 0.75%/yr vs 0.78%/yr for DBO.

Performance

BOEG vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Leverage Shares 2X Long BA Daily ETF (BOEG) and Invesco DB Oil Fund (DBO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BOEG achieves a 0.59% return, which is significantly lower than DBO's 66.72% return.

BOEG

• 1D: 15.82%
• 1M: 3.97%
• 6M: -11.16%
• YTD: 0.59%
• 1Y: -12.14%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 6.54%

DBO

• 1D: -5.53%
• 1M: 17.71%
• 6M: 53.16%
• YTD: 66.72%
• 1Y: 51.44%
• 3Y*: 12.33%
• 5Y*: 13.64%
• 10Y*: 11.43%
• ALL TIME*: 0.22%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BOEG Leverage Shares 2X Long BA Daily ETF	$787.34K	$569.94K	$587.43K
DBO Invesco DB Oil Fund	$11.34M	$10.71M	$13.49M

BOEG vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025
BOEG Leverage Shares 2X Long BA Daily ETF	0.59%	6.85%
DBO Invesco DB Oil Fund	66.72%	-7.10%

Correlation

The correlation between BOEG and DBO is -0.27, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.27
Correlation (All Time) Calculated using the full available price history since Jun 13, 2025	-0.25

Return for Risk

BOEG vs. DBO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

BOEG

BOEG Risk / Return Rank: 9
BOEG Sharpe Ratio Rank: 8
BOEG Sortino Ratio Rank: 12
BOEG Omega Ratio Rank: 11
BOEG Calmar Ratio Rank: 7
BOEG Martin Ratio Rank: 8

DBO

DBO Risk / Return Rank: 51
DBO Sharpe Ratio Rank: 53
DBO Sortino Ratio Rank: 53
DBO Omega Ratio Rank: 50
DBO Calmar Ratio Rank: 51
DBO Martin Ratio Rank: 48

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

BOEG vs. DBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 2X Long BA Daily ETF (BOEG) and Invesco DB Oil Fund (DBO). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	BOEG	DBO	Difference
Sharpe ratio: Return per unit of total volatility	-0.18	1.33	-1.51
Sortino ratio: Return per unit of downside risk	0.21	1.92	-1.71
Omega ratio: Gain probability vs. loss probability	1.02	1.23	-0.21
Calmar ratio: Return relative to maximum drawdown	-0.26	1.86	-2.13
Martin ratio: Return relative to average drawdown	-0.47	5.64	-6.12

BOEG vs. DBO - Sharpe Ratio Comparison

The current BOEG Sharpe Ratio is -0.18, which is lower than the DBO Sharpe Ratio of 1.33. The chart below compares the historical Sharpe Ratios of BOEG and DBO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BOEG vs. DBO - Drawdown Comparison

The maximum BOEG drawdown since its inception was -46.47%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for BOEG and DBO.

Drawdown Indicators

	BOEG	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-46.47%	-90.18%	+43.71%
Max Drawdown (1Y) Largest decline over 1 year	-46.13%	-27.73%	-18.40%
Max Drawdown (3Y) Largest decline over 3 years	—	-28.20%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-37.68%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-61.69%	—
Current Drawdown Current decline from peak	-24.48%	-56.13%	+31.65%
Average Drawdown Average peak-to-trough decline	-20.86%	-62.20%	+41.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.69%	9.16%	+16.53%

Volatility

BOEG vs. DBO - Volatility Comparison

Leverage Shares 2X Long BA Daily ETF (BOEG) has a higher volatility of 25.87% compared to Invesco DB Oil Fund (DBO) at 18.99%. This indicates that BOEG's price experiences larger fluctuations and is considered to be riskier than DBO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BOEG	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	25.87%	18.99%	+6.88%
Volatility (6M) Calculated over the trailing 6-month period	51.38%	34.30%	+17.08%
Volatility (1Y) Calculated over the trailing 1-year period	67.06%	38.86%	+28.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	66.04%	33.43%	+32.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	66.04%	32.24%	+33.80%

BOEG vs. DBO - Expense Ratio Comparison

BOEG has a 0.75% expense ratio, which is lower than DBO's 0.78% expense ratio.

Dividends

BOEG vs. DBO - Dividend Comparison

BOEG has not paid dividends to shareholders, while DBO's dividend yield for the trailing twelve months is around 2.11%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
BOEG Leverage Shares 2X Long BA Daily ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
DBO Invesco DB Oil Fund	2.11%	3.51%	4.68%	4.59%	0.66%	0.00%	0.00%	1.63%	1.58%

Frequently Asked Questions

Can I hold both BOEG and DBO in my portfolio?

BOEG and DBO have a correlation of -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BOEG or DBO?

BOEG has higher volatility (25.87%) compared to DBO (18.99%). In terms of maximum drawdown, BOEG dropped -46.47% vs DBO's -90.18%.

Which ETF is better, BOEG or DBO?

On 1-year performance, DBO leads with 51.44% vs -12.14% for BOEG. On fees, BOEG is cheaper at 0.75% per year. On volatility, DBO has been the lower-risk option at 18.99%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BOEG or DBO?

Over the 1-year period, DBO has performed better with a 51.44% return vs -12.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BOEG or DBO?

BOEG is cheaper with a 0.75% expense ratio, compared with 0.78% for DBO.

Which ETF pays a higher dividend yield, BOEG or DBO?

DBO has the higher dividend yield at 2.11%, compared with 0.00% for BOEG.

What is the main difference between BOEG and DBO?

BOEG is categorized as Leveraged Equities, while DBO is Oil & Gas. They also come from different issuers: Leverage Shares and Invesco. Their fees differ too: 0.75% for BOEG and 0.78% for DBO.

Which has better risk-adjusted returns?

DBO currently has the higher Sharpe Ratio (1.33 vs -0.18), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.