DBO vs. UCO

Last updated Jun 4, 2026

DBO (Invesco DB Oil Fund) and UCO (ProShares Ultra Bloomberg Crude Oil) are both exchange-traded funds - DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return, while UCO is a Leveraged Commodities fund tracking the Dow Jones-UBS Crude Oil Sub-Index (200%). Both are passively managed. Over the past 10 years, DBO returned 11.37%/yr vs -11.31%/yr for UCO. With a 0.96 correlation, they move nearly in lockstep. DBO charges 0.78%/yr vs 0.95%/yr for UCO.

Performance

DBO vs. UCO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DB Oil Fund (DBO) and ProShares Ultra Bloomberg Crude Oil (UCO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DBO achieves a 84.75% return, which is significantly lower than UCO's 149.12% return. Over the past 10 years, DBO has outperformed UCO with an annualized return of 11.37%, while UCO has yielded a comparatively lower -11.31% annualized return.

DBO

• 1D: 2.27%
• 1M: -2.34%
• YTD: 84.75%
• 6M: 81.10%
• 1Y: 80.26%
• 3Y*: 21.86%
• 5Y*: 15.98%
• 10Y*: 11.37%

UCO

• 1D: 2.71%
• 1M: -4.64%
• YTD: 149.12%
• 6M: 137.09%
• 1Y: 120.48%
• 3Y*: 25.90%
• 5Y*: 22.16%
• 10Y*: -11.31%

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

DBO vs. UCO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DBO Invesco DB Oil Fund	84.75%	-11.71%	7.85%	-4.44%	13.04%	60.74%	-20.99%	28.05%	-15.22%	4.86%
UCO ProShares Ultra Bloomberg Crude Oil	149.12%	-29.75%	5.36%	-13.89%	39.71%	139.26%	-92.91%	53.83%	-43.26%	0.34%

Correlation

The correlation between DBO and UCO is 0.98 - 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	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (10Y) Calculated over the trailing 10-year period	0.97
Correlation (All Time) Calculated using the full available price history since Nov 26, 2008	0.96

The correlation between DBO and UCO has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.

Return for Risk

DBO vs. UCO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DBO

DBO Risk / Return Rank: 65
DBO Sharpe Ratio Rank: 70
DBO Sortino Ratio Rank: 62
DBO Omega Ratio Rank: 60
DBO Calmar Ratio Rank: 83
DBO Martin Ratio Rank: 52

UCO

UCO Risk / Return Rank: 54
UCO Sharpe Ratio Rank: 62
UCO Sortino Ratio Rank: 50
UCO Omega Ratio Rank: 50
UCO Calmar Ratio Rank: 69
UCO Martin Ratio Rank: 41

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

DBO vs. UCO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DB Oil Fund (DBO) 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.

	DBO	UCO	Difference
Sharpe ratio: Return per unit of total volatility	2.34	2.12	+0.22
Sortino ratio: Return per unit of downside risk	2.94	2.46	+0.48
Omega ratio: Gain probability vs. loss probability	1.38	1.32	+0.05
Calmar ratio: Return relative to maximum drawdown	4.44	3.49	+0.95
Martin ratio: Return relative to average drawdown	9.02	6.60	+2.43
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DBO vs. UCO - Sharpe Ratio Comparison

The current DBO Sharpe Ratio is 2.34, which is comparable to the UCO Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of DBO and UCO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	DBO	UCO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.34	2.12	+0.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.50	0.37	+0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.36	-0.16	+0.52
Sharpe Ratio (All Time) Calculated using the full available price history	0.02	-0.34	+0.36

Drawdowns

DBO vs. UCO - Drawdown Comparison

The maximum DBO drawdown since its inception was -90.18%, smaller than the maximum UCO drawdown of -99.95%. Use the drawdown chart below to compare losses from any high point for DBO and UCO.

Drawdown Indicators

	DBO	UCO	Difference
Max Drawdown Largest peak-to-trough decline	-90.18%	-99.95%	+9.77%
Max Drawdown (1Y) Largest decline over 1 year	-18.19%	-34.77%	+16.58%
Max Drawdown (3Y) Largest decline over 3 years	-28.20%	-50.38%	+22.18%
Max Drawdown (5Y) Largest decline over 5 years	-37.68%	-67.24%	+29.56%
Max Drawdown (10Y) Largest decline over 10 years	-61.69%	-98.75%	+37.06%
Current Drawdown Current decline from peak	-51.38%	-99.23%	+47.85%
Average Drawdown Average peak-to-trough decline	-62.25%	-85.49%	+23.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.92%	18.33%	-9.41%

Volatility

DBO vs. UCO - Volatility Comparison

The current volatility for Invesco DB Oil Fund (DBO) is 12.61%, while ProShares Ultra Bloomberg Crude Oil (UCO) has a volatility of 20.83%. This indicates that DBO 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.

Volatility by Period

	DBO	UCO	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.61%	20.83%	-8.22%
Volatility (6M) Calculated over the trailing 6-month period	28.20%	46.44%	-18.24%
Volatility (1Y) Calculated over the trailing 1-year period	34.46%	57.11%	-22.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.29%	59.78%	-27.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.78%	71.36%	-39.58%

DBO vs. UCO - Expense Ratio Comparison

DBO has a 0.78% expense ratio, which is lower than UCO's 0.95% expense ratio.

Dividends

DBO vs. UCO - Dividend Comparison

DBO's dividend yield for the trailing twelve months is around 1.90%, while UCO has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBO Invesco DB Oil Fund	1.90%	3.51%	4.68%	4.59%	0.66%	0.00%	0.00%	1.63%	1.58%
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

Can I hold both DBO and UCO in my portfolio?

With a correlation of 0.98, DBO 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.

Which is riskier, DBO or UCO?

UCO has higher volatility (20.83%) compared to DBO (12.61%). In terms of maximum drawdown, DBO dropped -90.18% vs UCO's -99.95%.

Which ETF is better, DBO or UCO?

On 10-year performance, DBO leads with 11.37% vs -11.31% for UCO. On fees, DBO is cheaper at 0.78% per year. On volatility, DBO has been the lower-risk option at 12.61%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DBO or UCO?

Over the 10-year period, DBO has performed better with a 11.37% return vs -11.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DBO or UCO?

DBO is cheaper with a 0.78% expense ratio, compared with 0.95% for UCO.

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

DBO has the higher dividend yield at 1.90%, compared with 0.00% for UCO.

What is the main difference between DBO and UCO?

DBO is categorized as Oil & Gas, while UCO is Leveraged Commodities. DBO tracks DBIQ Optimum Yield Crude Oil Index Excess Return, while UCO tracks Dow Jones-UBS Crude Oil Sub-Index (200%). They also come from different issuers: Invesco and ProShares. Their fees differ too: 0.78% for DBO and 0.95% for UCO.

Which has better risk-adjusted returns?

DBO currently has the higher Sharpe Ratio (2.34 vs 2.12), 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.