FAS vs. DBO

Last updated Jun 4, 2026

FAS (Direxion Daily Financial Bull 3X Shares) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - FAS is a Leveraged Equities fund tracking the Russell 1000 Financial Services Index (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 10 years, FAS returned 18.36%/yr vs 11.37%/yr for DBO. At a 0.29 correlation, their price movements are largely independent. FAS charges 1.00%/yr vs 0.78%/yr for DBO.

Performance

FAS vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Financial Bull 3X Shares (FAS) 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, FAS achieves a -24.46% return, which is significantly lower than DBO's 84.75% return. Over the past 10 years, FAS has outperformed DBO with an annualized return of 18.36%, while DBO has yielded a comparatively lower 11.37% annualized return.

FAS

• 1D: -3.47%
• 1M: -5.15%
• YTD: -24.46%
• 6M: -18.86%
• 1Y: -12.36%
• 3Y*: 34.13%
• 5Y*: 3.01%
• 10Y*: 18.36%

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%

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

FAS vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FAS Direxion Daily Financial Bull 3X Shares	-24.46%	21.48%	84.47%	14.92%	-43.19%	116.59%	-34.97%	113.04%	-33.84%	67.37%
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%

Correlation

The correlation between FAS and DBO is -0.20, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.20
Correlation (3Y) Calculated over the trailing 3-year period	-0.04
Correlation (5Y) Calculated over the trailing 5-year period	0.12
Correlation (10Y) Calculated over the trailing 10-year period	0.19
Correlation (All Time) Calculated using the full available price history since Nov 20, 2008	0.29

The correlation between FAS and DBO shifts across timeframes, from -0.20 (1 year) to 0.29 (all time), reflecting how their relationship changes across market environments.

FAS vs. DBO - Sectors Allocation Comparison

Sectors	FAS	DBO
Financial Services	98.0%	116.0%
Technology	1.7%	-
Industrials	0.2%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

FAS vs. DBO — Risk / Return Rank

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

FAS

FAS Risk / Return Rank: 6
FAS Sharpe Ratio Rank: 6
FAS Sortino Ratio Rank: 6
FAS Omega Ratio Rank: 6
FAS Calmar Ratio Rank: 6
FAS Martin Ratio Rank: 5

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

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.

FAS vs. DBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Financial Bull 3X Shares (FAS) 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.

	FAS	DBO	Difference
Sharpe ratio Return per unit of total volatility	-0.29	2.34	-2.63
Sortino ratio Return per unit of downside risk	-0.13	2.94	-3.06
Omega ratio Gain probability vs. loss probability	0.98	1.38	-0.39
Calmar ratio Return relative to maximum drawdown	-0.30	4.44	-4.74
Martin ratio Return relative to average drawdown	-0.71	9.02	-9.73
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FAS vs. DBO - Sharpe Ratio Comparison

The current FAS Sharpe Ratio is -0.29, which is lower than the DBO Sharpe Ratio of 2.34. The chart below compares the historical Sharpe Ratios of FAS 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.

Sharpe Ratios by Period

	FAS	DBO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.29	2.34	-2.63
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.05	0.50	-0.44
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.30	0.36	-0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.19	0.02	+0.17

Drawdowns

FAS vs. DBO - Drawdown Comparison

The maximum FAS drawdown since its inception was -91.61%, roughly equal to the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for FAS and DBO.

Drawdown Indicators

	FAS	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-91.61%	-90.18%	-1.43%
Max Drawdown (1Y) Largest decline over 1 year	-40.88%	-18.19%	-22.69%
Max Drawdown (3Y) Largest decline over 3 years	-43.10%	-28.20%	-14.90%
Max Drawdown (5Y) Largest decline over 5 years	-66.88%	-37.68%	-29.20%
Max Drawdown (10Y) Largest decline over 10 years	-85.99%	-61.69%	-24.30%
Current Drawdown Current decline from peak	-30.69%	-51.38%	+20.69%
Average Drawdown Average peak-to-trough decline	-31.11%	-62.25%	+31.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.51%	8.92%	+8.59%

Volatility

FAS vs. DBO - Volatility Comparison

The current volatility for Direxion Daily Financial Bull 3X Shares (FAS) is 9.50%, while Invesco DB Oil Fund (DBO) has a volatility of 12.61%. This indicates that FAS experiences smaller price fluctuations and is considered to be less risky than DBO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FAS	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.50%	12.61%	-3.11%
Volatility (6M) Calculated over the trailing 6-month period	32.51%	28.20%	+4.31%
Volatility (1Y) Calculated over the trailing 1-year period	42.76%	34.46%	+8.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	55.49%	32.29%	+23.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	61.29%	31.78%	+29.51%

FAS vs. DBO - Expense Ratio Comparison

FAS has a 1.00% expense ratio, which is higher than DBO's 0.78% expense ratio.

Dividends

FAS vs. DBO - Dividend Comparison

FAS's dividend yield for the trailing twelve months is around 11.04%, more than DBO's 1.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
DBO Invesco DB Oil Fund	1.90%	3.51%	4.68%	4.59%	0.66%	0.00%	0.00%	1.63%	1.58%	0.00%
FAS Direxion Daily Financial Bull 3X Shares	11.04%	8.21%	0.76%	1.77%	0.91%	0.60%	0.47%	0.62%	1.43%	0.11%

Frequently Asked Questions

Can I hold both FAS and DBO in my portfolio?

FAS and DBO have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FAS or DBO?

DBO has higher volatility (12.61%) compared to FAS (9.50%). In terms of maximum drawdown, FAS dropped -91.61% vs DBO's -90.18%.

Which ETF is better, FAS or DBO?

On 10-year performance, FAS leads with 18.36% vs 11.37% for DBO. On fees, DBO is cheaper at 0.78% per year. On volatility, FAS has been the lower-risk option at 9.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FAS or DBO?

Over the 10-year period, FAS has performed better with a 18.36% return vs 11.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FAS or DBO?

DBO is cheaper with a 0.78% expense ratio, compared with 1.00% for FAS.

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

FAS has the higher dividend yield at 11.04%, compared with 1.90% for DBO.

What is the main difference between FAS and DBO?

FAS is categorized as Leveraged Equities, while DBO is Oil & Gas. FAS tracks Russell 1000 Financial Services Index (300%), while DBO tracks DBIQ Optimum Yield Crude Oil Index Excess Return. They also come from different issuers: Direxion and Invesco. Their fees differ too: 1.00% for FAS and 0.78% for DBO.

Which has better risk-adjusted returns?

DBO currently has the higher Sharpe Ratio (2.34 vs -0.29), 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.