FLYU vs. DBO
FLYU (MicroSectors Travel 3X Leveraged ETNs) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - FLYU is a Leveraged Equities fund tracking the MerQube MicroSectors U.S. Travel 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 3 years, FLYU returned 0.98%/yr vs 14.86%/yr for DBO. Their -0.02 correlation means they have often moved in opposite directions in the past. FLYU charges 0.95%/yr vs 0.78%/yr for DBO.
Performance
FLYU vs. DBO - Performance Comparison
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Returns By Period
In the year-to-date period, FLYU achieves a -14.35% return, which is significantly lower than DBO's 76.48% return.
FLYU
- 1D
- -2.10%
- 1M
- -9.79%
- 6M
- -1.73%
- YTD
- -14.35%
- 1Y
- -4.05%
- 3Y*
- 0.98%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 16.94%
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 | |
| $41.17K | $39.32K | $61.70K |
FLYU vs. DBO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
FLYU MicroSectors Travel 3X Leveraged ETNs | -14.35% | -2.29% | 33.00% | 111.16% | -19.09% |
DBO Invesco DB Oil Fund | 76.48% | -11.71% | 7.85% | -4.44% | -20.76% |
Correlation
The correlation between FLYU and DBO is -0.40, 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. | -0.40 |
Correlation (3Y) Balances recent behavior with more history. | -0.18 |
Correlation (All Time) Calculated using the full available price history since Jun 22, 2022 | -0.02 |
Over the past year, the inverse relationship between FLYU and DBO has strengthened: their correlation has moved from -0.02 to -0.40, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
FLYU vs. DBO — Risk / Return Rank
FLYU
DBO
FLYU vs. DBO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for MicroSectors Travel 3X Leveraged ETNs (FLYU) 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.
| FLYU | DBO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.59 | ||
| Sortino ratioReturn per unit of downside risk | -1.71 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 1.25 | -0.21 |
| Calmar ratioReturn relative to maximum drawdown | -0.21 | 2.01 | -2.21 |
| Martin ratioReturn relative to average drawdown | -0.41 | 6.09 | -6.50 |
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Drawdowns
FLYU vs. DBO - Drawdown Comparison
The maximum FLYU drawdown since its inception was -69.00%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for FLYU and DBO.
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Drawdown Indicators
| FLYU | DBO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -69.00% | -90.18% | +21.18% |
Max Drawdown (1Y)Largest decline over 1 year | -52.33% | -27.73% | -24.60% |
Max Drawdown (3Y)Largest decline over 3 years | -69.00% | -28.20% | -40.80% |
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 | -32.06% | -53.56% | +21.50% |
Average DrawdownAverage peak-to-trough decline | -26.65% | -62.20% | +35.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 26.23% | 9.96% | +16.27% |
Volatility
FLYU vs. DBO - Volatility Comparison
MicroSectors Travel 3X Leveraged ETNs (FLYU) has a higher volatility of 21.04% compared to Invesco DB Oil Fund (DBO) at 17.75%. This indicates that FLYU'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
| FLYU | DBO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 21.04% | 17.75% | +3.29% |
Volatility (6M)Calculated over the trailing 6-month period | 61.81% | 33.77% | +28.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 76.03% | 38.53% | +37.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 82.98% | 33.35% | +49.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 82.98% | 32.20% | +50.78% |
FLYU vs. DBO - Expense Ratio Comparison
FLYU has a 0.95% expense ratio, which is higher than DBO's 0.78% expense ratio.
Dividends
FLYU vs. DBO - Dividend Comparison
FLYU has not paid dividends to shareholders, while DBO's dividend yield for the trailing twelve months is around 1.99%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBO Invesco DB Oil Fund | 1.99% | 3.51% | 4.68% | 4.59% | 0.66% | 0.00% | 0.00% | 1.63% | 1.58% |
FLYU MicroSectors Travel 3X Leveraged ETNs | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FLYU and DBO have a correlation of -0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FLYU has higher volatility (21.04%) compared to DBO (17.75%). In terms of maximum drawdown, FLYU dropped -69.00% vs DBO's -90.18%.
On 3-year performance, DBO leads with 14.86% vs 0.98% for FLYU. On fees, DBO is cheaper at 0.78% per year. On volatility, DBO has been the lower-risk option at 17.75%. 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 14.86% return vs 0.98%. 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 FLYU.
DBO has the higher dividend yield at 1.99%, compared with 0.00% for FLYU.
FLYU is categorized as Leveraged Equities, while DBO is Oil & Gas. FLYU tracks MerQube MicroSectors U.S. Travel Index, while DBO tracks DBIQ Optimum Yield Crude Oil Index Excess Return. They also come from different issuers: REX and Invesco. Their fees differ too: 0.95% for FLYU and 0.78% for DBO.
DBO currently has the higher Sharpe Ratio (1.45 vs -0.14), 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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