DBE vs. UCO
DBE (Invesco DB Energy Fund) and UCO (ProShares Ultra Bloomberg Crude Oil) are both Oil & Gas funds - DBE tracks the DBIQ Optimum Yield Energy Index while UCO tracks the Bloomberg Commodity Balanced WTI Crude Oil Index (200%). Both are passively managed. Over the past 10 years, DBE returned 10.12%/yr vs 19.46%/yr for UCO. Their correlation of 0.93 suggests significant overlap in exposure. DBE charges 0.78%/yr vs 0.95%/yr for UCO.
Performance
DBE vs. UCO - Performance Comparison
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Returns By Period
In the year-to-date period, DBE achieves a 53.97% return, which is significantly lower than UCO's 81.88% return. Over the past 10 years, DBE has underperformed UCO with an annualized return of 10.12%, while UCO has yielded a comparatively higher 19.46% annualized return.
DBE
- 1D
- -0.63%
- 1M
- -16.23%
- YTD
- 53.97%
- 6M
- 50.93%
- 1Y
- 43.95%
- 3Y*
- 16.83%
- 5Y*
- 14.66%
- 10Y*
- 10.12%
UCO
- 1D
- -1.26%
- 1M
- -25.61%
- YTD
- 81.88%
- 6M
- 76.32%
- 1Y
- 42.04%
- 3Y*
- 15.38%
- 5Y*
- 12.42%
- 10Y*
- 19.46%
DBE vs. UCO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 53.97% | -2.17% | 2.96% | -12.14% | 33.77% | 57.56% | -25.91% | 19.72% | -12.95% | 5.21% |
UCO ProShares Ultra Bloomberg Crude Oil | 81.88% | -29.75% | 5.36% | -13.89% | 39.71% | 139.26% | 77.27% | 53.83% | -43.26% | 0.34% |
Correlation
The correlation between DBE and UCO is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.96 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.96 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.94 |
Correlation (All Time) Calculated using the full available price history since Nov 25, 2008 | 0.93 |
The correlation between DBE and UCO has been stable across timeframes, ranging from 0.93 to 0.96 - a consistent structural relationship.
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Return for Risk
DBE vs. UCO — Risk / Return Rank
DBE
UCO
DBE vs. UCO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB Energy Fund (DBE) and ProShares Ultra Bloomberg Crude Oil (UCO). 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.
| DBE | UCO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.52 | ||
| Sortino ratioReturn per unit of downside risk | +0.54 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.16 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.07 | 1.30 | +0.77 |
| Martin ratioReturn relative to average drawdown | 6.89 | 2.61 | +4.28 |
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Drawdowns
DBE vs. UCO - Drawdown Comparison
The maximum DBE drawdown since its inception was -86.69%, smaller than the maximum UCO drawdown of -99.86%. Use the drawdown chart below to compare losses from any high point for DBE and UCO.
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Drawdown Indicators
| DBE | UCO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -86.69% | -99.86% | +13.17% |
Max Drawdown (1Y)Largest decline over 1 year | -21.28% | -32.37% | +11.09% |
Max Drawdown (3Y)Largest decline over 3 years | -23.89% | -50.38% | +26.49% |
Max Drawdown (5Y)Largest decline over 5 years | -38.74% | -67.24% | +28.50% |
Max Drawdown (10Y)Largest decline over 10 years | -60.84% | -96.50% | +35.66% |
Current DrawdownCurrent decline from peak | -41.55% | -85.89% | +44.34% |
Average DrawdownAverage peak-to-trough decline | -57.24% | -82.11% | +24.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.42% | 16.23% | -9.81% |
Volatility
DBE vs. UCO - Volatility Comparison
The current volatility for Invesco DB Energy Fund (DBE) is 9.37%, while ProShares Ultra Bloomberg Crude Oil (UCO) has a volatility of 16.11%. This indicates that DBE experiences smaller price fluctuations and is considered to be less risky than UCO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DBE | UCO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.37% | 16.11% | -6.74% |
Volatility (6M)Calculated over the trailing 6-month period | 31.44% | 48.06% | -16.62% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.27% | 57.57% | -22.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.58% | 60.09% | -30.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.34% | 317.77% | -289.43% |
DBE vs. UCO - Expense Ratio Comparison
DBE has a 0.78% expense ratio, which is lower than UCO's 0.95% expense ratio.
Dividends
DBE vs. UCO - Dividend Comparison
DBE's dividend yield for the trailing twelve months is around 2.51%, while UCO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.51% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% |
UCO ProShares Ultra Bloomberg Crude Oil | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.96, DBE and UCO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
UCO has higher volatility (16.11%) compared to DBE (9.37%). In terms of maximum drawdown, DBE dropped -86.69% vs UCO's -99.86%.
On 10-year performance, UCO leads with 19.46% vs 10.12% for DBE. On fees, DBE is cheaper at 0.78% per year. On volatility, DBE has been the lower-risk option at 9.37%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UCO has performed better with a 19.46% return vs 10.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DBE is cheaper with a 0.78% expense ratio, compared with 0.95% for UCO.
DBE has the higher dividend yield at 2.51%, compared with 0.00% for UCO.
DBE tracks DBIQ Optimum Yield Energy Index, while UCO tracks Bloomberg Commodity Balanced WTI Crude Oil Index (200%). They also come from different issuers: Invesco and ProShares. Their fees differ too: 0.78% for DBE and 0.95% for UCO.
DBE currently has the higher Sharpe Ratio (1.27 vs 0.75), 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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