FLYU vs. DBO

Last updated Jun 5, 2026

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 10.52%/yr vs 20.83%/yr for DBO. At a 0.01 correlation, their price movements are largely independent. FLYU charges 0.95%/yr vs 0.78%/yr for DBO.

Performance

FLYU vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors Travel 3X Leveraged ETNs (FLYU) 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, FLYU achieves a -20.70% return, which is significantly lower than DBO's 79.84% return.

FLYU

• 1D: 2.09%
• 1M: 12.82%
• YTD: -20.70%
• 6M: -12.97%
• 1Y: -0.23%
• 3Y*: 10.52%
• 5Y*: —
• 10Y*: —

DBO

• 1D: -2.66%
• 1M: -3.39%
• YTD: 79.84%
• 6M: 74.51%
• 1Y: 77.38%
• 3Y*: 20.83%
• 5Y*: 15.36%
• 10Y*: 10.89%

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

FLYU vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FLYU MicroSectors Travel 3X Leveraged ETNs	-20.70%	-2.29%	33.00%	111.16%	-17.79%
DBO Invesco DB Oil Fund	79.84%	-11.71%	7.85%	-4.44%	-17.69%

Correlation

The correlation between FLYU and DBO is -0.34, 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	-0.34
Correlation (3Y) Calculated over the trailing 3-year period	-0.12
Correlation (All Time) Calculated using the full available price history since Jun 23, 2022	0.01

The correlation between FLYU and DBO shifts across timeframes, from -0.34 (1 year) to 0.01 (all time), reflecting how their relationship changes across market environments.

FLYU vs. DBO - Sectors Allocation Comparison

Sectors	FLYU	DBO
Consumer Cyclical	52.6%	-
Industrials	17.7%	-
Technology	16.4%	-
Communication Services	13.2%	-
Real Estate	0.1%	-
Basic Materials	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	116.0%
Healthcare	-	-
Utilities	-	-

Return for Risk

FLYU vs. DBO — Risk / Return Rank

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

FLYU

FLYU Risk / Return Rank: 11
FLYU Sharpe Ratio Rank: 9
FLYU Sortino Ratio Rank: 14
FLYU Omega Ratio Rank: 13
FLYU Calmar Ratio Rank: 9
FLYU Martin Ratio Rank: 9

DBO

DBO Risk / Return Rank: 65
DBO Sharpe Ratio Rank: 70
DBO Sortino Ratio Rank: 62
DBO Omega Ratio Rank: 61
DBO Calmar Ratio Rank: 82
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.

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.

	FLYU	DBO	Difference
Sharpe ratio: Return per unit of total volatility	-0.00	2.25	-2.25
Sortino ratio: Return per unit of downside risk	0.54	2.85	-2.30
Omega ratio: Gain probability vs. loss probability	1.06	1.36	-0.30
Calmar ratio: Return relative to maximum drawdown	-0.00	4.28	-4.28
Martin ratio: Return relative to average drawdown	-0.01	8.69	-8.70
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FLYU vs. DBO - Sharpe Ratio Comparison

The current FLYU Sharpe Ratio is -0.00, which is lower than the DBO Sharpe Ratio of 2.25. The chart below compares the historical Sharpe Ratios of FLYU 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

	FLYU	DBO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.00	2.25	-2.25
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.48	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.34	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.19	0.02	+0.17

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.

Drawdown Indicators

	FLYU	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-69.00%	-90.18%	+21.18%
Max Drawdown (1Y) Largest decline over 1 year	-52.33%	-18.19%	-34.14%
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 Drawdown Current decline from peak	-37.10%	-52.68%	+15.58%
Average Drawdown Average peak-to-trough decline	-26.48%	-62.25%	+35.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	24.60%	8.94%	+15.66%

Volatility

FLYU vs. DBO - Volatility Comparison

MicroSectors Travel 3X Leveraged ETNs (FLYU) has a higher volatility of 24.39% compared to Invesco DB Oil Fund (DBO) at 12.79%. 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.

Volatility by Period

	FLYU	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	24.39%	12.79%	+11.60%
Volatility (6M) Calculated over the trailing 6-month period	57.28%	28.32%	+28.96%
Volatility (1Y) Calculated over the trailing 1-year period	73.74%	34.58%	+39.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	83.12%	32.31%	+50.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	83.12%	31.79%	+51.33%

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 1.95%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBO Invesco DB Oil Fund	1.95%	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

Can I hold both FLYU and DBO in my portfolio?

FLYU and DBO have a correlation of -0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FLYU or DBO?

FLYU has higher volatility (24.39%) compared to DBO (12.79%). In terms of maximum drawdown, FLYU dropped -69.00% vs DBO's -90.18%.

Which ETF is better, FLYU or DBO?

On 3-year performance, DBO leads with 20.83% vs 10.52% for FLYU. On fees, DBO is cheaper at 0.78% per year. On volatility, DBO has been the lower-risk option at 12.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FLYU or DBO?

Over the 3-year period, DBO has performed better with a 20.83% return vs 10.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLYU or DBO?

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

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

DBO has the higher dividend yield at 1.95%, compared with 0.00% for FLYU.

What is the main difference between FLYU and DBO?

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.

Which has better risk-adjusted returns?

DBO currently has the higher Sharpe Ratio (2.25 vs -0.00), 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.