CARU vs. DBO
CARU (Max Auto Industry 3X Leveraged ETN) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - CARU is a Leveraged Equities fund tracking the Prime Auto Industry Index - Benchmark TR Net (--300%), while DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return. Both are passively managed. Over the past 3 years, CARU returned -8.94%/yr vs 12.33%/yr for DBO. Their -0.03 correlation means they have often moved in opposite directions in the past. CARU charges 0.95%/yr vs 0.78%/yr for DBO.
Performance
CARU vs. DBO - Performance Comparison
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Returns By Period
In the year-to-date period, CARU achieves a -24.98% return, which is significantly lower than DBO's 66.72% return.
CARU
- 1D
- 3.40%
- 1M
- -4.68%
- 6M
- -23.35%
- YTD
- -24.98%
- 1Y
- -12.14%
- 3Y*
- -8.94%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -3.46%
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%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $54.44K | $33.09K | $19.89K | |
| $11.34M | $10.71M | $13.49M |
CARU vs. DBO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
CARU Max Auto Industry 3X Leveraged ETN | -24.98% | 7.29% | 23.44% | -9.74% |
DBO Invesco DB Oil Fund | 66.72% | -11.71% | 7.85% | 6.24% |
Correlation
The correlation between CARU and DBO is -0.29, 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. | -0.29 |
Correlation (3Y) Balances recent behavior with more history. | -0.04 |
Correlation (All Time) Calculated using the full available price history since Jun 28, 2023 | -0.03 |
Over the past year, the inverse relationship between CARU and DBO has strengthened: their correlation has moved from -0.03 to -0.29, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
CARU vs. DBO — Risk / Return Rank
CARU
DBO
CARU vs. DBO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Max Auto Industry 3X Leveraged ETN (CARU) 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.
| CARU | DBO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.50 | ||
| Sortino ratioReturn per unit of downside risk | -1.67 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 1.23 | -0.21 |
| Calmar ratioReturn relative to maximum drawdown | -0.24 | 1.86 | -2.10 |
| Martin ratioReturn relative to average drawdown | -0.43 | 5.64 | -6.07 |
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Drawdowns
CARU vs. DBO - Drawdown Comparison
The maximum CARU drawdown since its inception was -66.44%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for CARU and DBO.
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Drawdown Indicators
| CARU | DBO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -66.44% | -90.18% | +23.74% |
Max Drawdown (1Y)Largest decline over 1 year | -50.87% | -27.73% | -23.14% |
Max Drawdown (3Y)Largest decline over 3 years | -59.03% | -28.20% | -30.83% |
Max Drawdown (5Y)Largest decline over 5 years | — | -37.68% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -61.69% | — |
Current DrawdownCurrent decline from peak | -40.76% | -56.13% | +15.37% |
Average DrawdownAverage peak-to-trough decline | -36.15% | -62.20% | +26.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 28.31% | 9.16% | +19.15% |
Volatility
CARU vs. DBO - Volatility Comparison
Max Auto Industry 3X Leveraged ETN (CARU) has a higher volatility of 23.85% compared to Invesco DB Oil Fund (DBO) at 18.99%. This indicates that CARU'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.
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Volatility by Period
| CARU | DBO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 23.85% | 18.99% | +4.86% |
Volatility (6M)Calculated over the trailing 6-month period | 54.89% | 34.30% | +20.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 71.88% | 38.86% | +33.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 80.17% | 33.43% | +46.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 80.17% | 32.24% | +47.93% |
CARU vs. DBO - Expense Ratio Comparison
CARU has a 0.95% expense ratio, which is higher than DBO's 0.78% expense ratio.
Dividends
CARU vs. DBO - Dividend Comparison
CARU 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 |
|---|---|---|---|---|---|---|---|---|---|
CARU Max Auto Industry 3X Leveraged ETN | 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
CARU and DBO have a correlation of -0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CARU has higher volatility (23.85%) compared to DBO (18.99%). In terms of maximum drawdown, CARU dropped -66.44% vs DBO's -90.18%.
On 3-year performance, DBO leads with 12.33% vs -8.94% for CARU. On fees, DBO is cheaper at 0.78% 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.
Over the 3-year period, DBO has performed better with a 12.33% return vs -8.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DBO is cheaper with a 0.78% expense ratio, compared with 0.95% for CARU.
DBO has the higher dividend yield at 2.11%, compared with 0.00% for CARU.
CARU is categorized as Leveraged Equities, while DBO is Oil & Gas. CARU tracks Prime Auto Industry Index - Benchmark TR Net (--300%), while DBO tracks DBIQ Optimum Yield Crude Oil Index Excess Return. They also come from different issuers: Max and Invesco. Their fees differ too: 0.95% for CARU and 0.78% for DBO.
DBO currently has the higher Sharpe Ratio (1.33 vs -0.17), 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.
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