FAS vs. DBO
FAS (Direxion Daily Financial Bull 3X ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - FAS is a Leveraged Equities fund tracking the Financial Select Sector Index, 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 22.40%/yr vs 12.59%/yr for DBO. Their 0.28 correlation means their historical movements had little consistent relationship. FAS charges 0.88%/yr vs 0.78%/yr for DBO.
Performance
FAS vs. DBO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, FAS achieves a 4.28% return, which is significantly lower than DBO's 76.48% return. Over the past 10 years, FAS has outperformed DBO with an annualized return of 22.40%, while DBO has yielded a comparatively lower 12.59% annualized return.
FAS
- 1D
- -0.26%
- 1M
- 6.21%
- 6M
- 13.95%
- YTD
- 4.28%
- 1Y
- 20.90%
- 3Y*
- 39.15%
- 5Y*
- 13.37%
- 10Y*
- 22.40%
- ALL TIME*
- 14.10%
DBO
- 1D
- 1.56%
- 1M
- 24.59%
- 6M
- 53.46%
- YTD
- 76.48%
- 1Y
- 60.30%
- 3Y*
- 14.86%
- 5Y*
- 13.46%
- 10Y*
- 12.59%
- ALL TIME*
- 0.52%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $11.01M | $10.23M | $13.95M | |
| $68.48M | $83.31M | $86.79M |
FAS vs. DBO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FAS Direxion Daily Financial Bull 3X ETF | 4.28% | 21.48% | 84.47% | 14.92% | -43.19% | 116.59% | -34.97% | 113.04% | -33.84% | 67.37% |
DBO Invesco DB Oil Fund | 76.48% | -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 -0.26, 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. | -0.26 |
Correlation (3Y) Balances recent behavior with more history. | -0.10 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.08 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.17 |
Correlation (All Time) Calculated using the full available price history since Nov 19, 2008 | 0.28 |
The correlation between FAS and DBO shifts across timeframes, from -0.26 (1 year) to 0.28 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
FAS vs. DBO — Risk / Return Rank
FAS
DBO
FAS vs. DBO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Financial Bull 3X ETF (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.
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.
| FAS | DBO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.12 | ||
| Sortino ratioReturn per unit of downside risk | -1.32 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 1.25 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | 0.35 | 2.01 | -1.66 |
| Martin ratioReturn relative to average drawdown | 0.78 | 6.09 | -5.31 |
Loading charts...
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.
Loading charts...
Drawdown Indicators
| FAS | DBO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -91.61% | -90.18% | -1.43% |
Max Drawdown (1Y)Largest decline over 1 year | -40.88% | -27.73% | -13.15% |
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 DrawdownCurrent decline from peak | -4.32% | -53.56% | +49.24% |
Average DrawdownAverage peak-to-trough decline | -30.97% | -62.20% | +31.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.40% | 9.96% | +8.44% |
Volatility
FAS vs. DBO - Volatility Comparison
The current volatility for Direxion Daily Financial Bull 3X ETF (FAS) is 11.99%, while Invesco DB Oil Fund (DBO) has a volatility of 17.75%. 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.
Loading charts...
Volatility by Period
| FAS | DBO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.99% | 17.75% | -5.76% |
Volatility (6M)Calculated over the trailing 6-month period | 32.90% | 33.77% | -0.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.83% | 38.53% | +5.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 54.99% | 33.35% | +21.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 61.11% | 32.20% | +28.91% |
FAS vs. DBO - Expense Ratio Comparison
FAS has a 0.88% 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 8.05%, more than DBO's 1.99% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DBO Invesco DB Oil Fund | 1.99% | 3.51% | 4.68% | 4.59% | 0.66% | 0.00% | 0.00% | 1.63% | 1.58% | 0.00% |
FAS Direxion Daily Financial Bull 3X ETF | 8.05% | 8.21% | 0.76% | 1.77% | 0.91% | 0.60% | 0.47% | 0.62% | 1.43% | 0.11% |
Frequently Asked Questions
FAS and DBO have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBO has higher volatility (17.75%) compared to FAS (11.99%). In terms of maximum drawdown, FAS dropped -91.61% vs DBO's -90.18%.
On 10-year performance, FAS leads with 22.40% vs 12.59% for DBO. On fees, DBO is cheaper at 0.78% per year. On volatility, FAS has been the lower-risk option at 11.99%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FAS has performed better with a 22.40% return vs 12.59%. 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 0.88% for FAS.
FAS has the higher dividend yield at 8.05%, compared with 1.99% for DBO.
FAS is categorized as Leveraged Equities, while DBO is Oil & Gas. FAS tracks Financial Select Sector Index, while DBO tracks DBIQ Optimum Yield Crude Oil Index Excess Return. They also come from different issuers: Direxion and Invesco. Their fees differ too: 0.88% for FAS and 0.78% for DBO.
DBO currently has the higher Sharpe Ratio (1.45 vs 0.33), 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.
Find the right allocation for FAS and DBO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer