INDL vs. DBO
INDL (Direxion Daily India Bull 3x Shares) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - INDL is a Leveraged Equities fund tracking the Indus India 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, INDL returned -1.66%/yr vs 11.43%/yr for DBO. Their 0.22 correlation means their historical movements had little consistent relationship. INDL charges 1.33%/yr vs 0.78%/yr for DBO.
Performance
INDL vs. DBO - Performance Comparison
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Returns By Period
In the year-to-date period, INDL achieves a -18.31% return, which is significantly lower than DBO's 66.72% return. Over the past 10 years, INDL has underperformed DBO with an annualized return of -1.66%, while DBO has yielded a comparatively higher 11.43% annualized return.
INDL
- 1D
- 1.05%
- 1M
- 1.70%
- 6M
- -15.41%
- YTD
- -18.31%
- 1Y
- -16.73%
- 3Y*
- 0.31%
- 5Y*
- -1.53%
- 10Y*
- -1.66%
- ALL TIME*
- -6.57%
DBO
- 1D
- -5.53%
- 1M
- 17.71%
- 6M
- 53.16%
- YTD
- 66.72%
- 1Y
- 51.44%
- 3Y*
- 12.33%
- 5Y*
- 13.64%
- 10Y*
- 11.43%
- ALL TIME*
- 0.22%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $11.34M | $10.71M | $13.49M | |
| $756.04K | $752.34K | $813.97K |
INDL vs. DBO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
INDL Direxion Daily India Bull 3x Shares | -18.31% | -3.21% | 7.56% | 26.06% | -22.88% | 40.26% | -36.43% | 3.15% | -34.29% | 127.98% |
DBO Invesco DB Oil Fund | 66.72% | -11.71% | 7.85% | -4.44% | 13.04% | 60.74% | -20.99% | 28.05% | -15.22% | 4.86% |
Correlation
The correlation between INDL and DBO is -0.38, 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. | -0.38 |
Correlation (3Y) Balances recent behavior with more history. | -0.13 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.01 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.11 |
Correlation (All Time) Calculated using the full available price history since Mar 11, 2010 | 0.22 |
The correlation between INDL and DBO shifts across timeframes, from -0.38 (1 year) to 0.22 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
INDL vs. DBO — Risk / Return Rank
INDL
DBO
INDL vs. DBO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily India Bull 3x Shares (INDL) 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.
| INDL | DBO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.88 | ||
| Sortino ratioReturn per unit of downside risk | -2.57 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.23 | -0.31 |
| Calmar ratioReturn relative to maximum drawdown | -0.48 | 1.86 | -2.35 |
| Martin ratioReturn relative to average drawdown | -0.95 | 5.64 | -6.59 |
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Drawdowns
INDL vs. DBO - Drawdown Comparison
The maximum INDL drawdown since its inception was -95.67%, which is greater than DBO's maximum drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for INDL and DBO.
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Drawdown Indicators
| INDL | DBO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -95.67% | -90.18% | -5.49% |
Max Drawdown (1Y)Largest decline over 1 year | -34.84% | -27.73% | -7.11% |
Max Drawdown (3Y)Largest decline over 3 years | -47.64% | -28.20% | -19.44% |
Max Drawdown (5Y)Largest decline over 5 years | -47.64% | -37.68% | -9.96% |
Max Drawdown (10Y)Largest decline over 10 years | -91.96% | -61.69% | -30.27% |
Current DrawdownCurrent decline from peak | -77.00% | -56.13% | -20.87% |
Average DrawdownAverage peak-to-trough decline | -66.45% | -62.20% | -4.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.70% | 9.16% | +8.54% |
Volatility
INDL vs. DBO - Volatility Comparison
The current volatility for Direxion Daily India Bull 3x Shares (INDL) is 8.21%, while Invesco DB Oil Fund (DBO) has a volatility of 18.99%. This indicates that INDL 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.
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Volatility by Period
| INDL | DBO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.21% | 18.99% | -10.78% |
Volatility (6M)Calculated over the trailing 6-month period | 26.49% | 34.30% | -7.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 30.51% | 38.86% | -8.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.78% | 33.43% | -2.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 52.40% | 32.24% | +20.16% |
INDL vs. DBO - Expense Ratio Comparison
INDL has a 1.33% expense ratio, which is higher than DBO's 0.78% expense ratio.
Dividends
INDL vs. DBO - Dividend Comparison
INDL's dividend yield for the trailing twelve months is around 1.37%, less than DBO's 2.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DBO Invesco DB Oil Fund | 2.11% | 3.51% | 4.68% | 4.59% | 0.66% | 0.00% | 0.00% | 1.63% | 1.58% | 0.00% |
INDL Direxion Daily India Bull 3x Shares | 1.37% | 1.42% | 2.79% | 1.65% | 0.09% | 2.35% | 0.00% | 0.68% | 0.18% | 0.31% |
Frequently Asked Questions
INDL and DBO have a correlation of -0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBO has higher volatility (18.99%) compared to INDL (8.21%). In terms of maximum drawdown, INDL dropped -95.67% vs DBO's -90.18%.
On 10-year performance, DBO leads with 11.43% vs -1.66% for INDL. On fees, DBO is cheaper at 0.78% per year. On volatility, INDL has been the lower-risk option at 8.21%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DBO has performed better with a 11.43% return vs -1.66%. 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 1.33% for INDL.
DBO has the higher dividend yield at 2.11%, compared with 1.37% for INDL.
INDL is categorized as Leveraged Equities, while DBO is Oil & Gas. INDL tracks Indus India 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: 1.33% for INDL and 0.78% for DBO.
DBO currently has the higher Sharpe Ratio (1.33 vs -0.55), 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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