MIDU vs. DBO
MIDU (Direxion Daily Mid Cap Bull 3X Shares) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - MIDU is a Leveraged Equities fund tracking the S&P MidCap 400 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, MIDU returned 10.97%/yr vs 11.43%/yr for DBO. Their 0.32 correlation means their historical movements had little consistent relationship. MIDU charges 1.06%/yr vs 0.78%/yr for DBO.
Performance
MIDU vs. DBO - Performance Comparison
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Returns By Period
In the year-to-date period, MIDU achieves a 40.40% return, which is significantly lower than DBO's 66.72% return. Both investments have delivered pretty close results over the past 10 years, with MIDU having a 10.97% annualized return and DBO not far ahead at 11.43%.
MIDU
- 1D
- 3.38%
- 1M
- -0.99%
- 6M
- 23.24%
- YTD
- 40.40%
- 1Y
- 60.73%
- 3Y*
- 19.76%
- 5Y*
- 4.39%
- 10Y*
- 10.97%
- ALL TIME*
- 22.01%
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 | |
| $1.17M | $1.08M | $1.53M |
MIDU vs. DBO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MIDU Direxion Daily Mid Cap Bull 3X Shares | 40.40% | -2.75% | 20.32% | 27.79% | -49.27% | 72.89% | -18.31% | 77.38% | -39.21% | 46.86% |
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 MIDU 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. | -0.04 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.10 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.20 |
Correlation (All Time) Calculated using the full available price history since Jan 8, 2009 | 0.32 |
The correlation between MIDU and DBO shifts across timeframes, from -0.26 (1 year) to 0.32 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
MIDU vs. DBO — Risk / Return Rank
MIDU
DBO
MIDU vs. DBO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Mid Cap Bull 3X Shares (MIDU) 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.
| MIDU | DBO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.03 | ||
| Sortino ratioReturn per unit of downside risk | +0.01 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.23 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 2.37 | 1.86 | +0.50 |
| Martin ratioReturn relative to average drawdown | 7.78 | 5.64 | +2.14 |
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Drawdowns
MIDU vs. DBO - Drawdown Comparison
The maximum MIDU drawdown since its inception was -86.26%, roughly equal to the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for MIDU and DBO.
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Drawdown Indicators
| MIDU | DBO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -86.26% | -90.18% | +3.92% |
Max Drawdown (1Y)Largest decline over 1 year | -25.80% | -27.73% | +1.93% |
Max Drawdown (3Y)Largest decline over 3 years | -60.41% | -28.20% | -32.21% |
Max Drawdown (5Y)Largest decline over 5 years | -64.14% | -37.68% | -26.46% |
Max Drawdown (10Y)Largest decline over 10 years | -86.26% | -61.69% | -24.57% |
Current DrawdownCurrent decline from peak | -5.10% | -56.13% | +51.03% |
Average DrawdownAverage peak-to-trough decline | -22.27% | -62.20% | +39.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.83% | 9.16% | -1.33% |
Volatility
MIDU vs. DBO - Volatility Comparison
The current volatility for Direxion Daily Mid Cap Bull 3X Shares (MIDU) is 10.70%, while Invesco DB Oil Fund (DBO) has a volatility of 18.99%. This indicates that MIDU 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
| MIDU | DBO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.70% | 18.99% | -8.29% |
Volatility (6M)Calculated over the trailing 6-month period | 34.53% | 34.30% | +0.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 46.82% | 38.86% | +7.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 59.25% | 33.43% | +25.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 63.48% | 32.24% | +31.24% |
MIDU vs. DBO - Expense Ratio Comparison
MIDU has a 1.06% expense ratio, which is higher than DBO's 0.78% expense ratio.
Dividends
MIDU vs. DBO - Dividend Comparison
MIDU's dividend yield for the trailing twelve months is around 0.50%, less than DBO's 2.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% |
MIDU Direxion Daily Mid Cap Bull 3X Shares | 0.50% | 1.04% | 1.10% | 1.43% | 0.11% | 0.00% | 0.06% | 0.71% | 0.70% | 2.67% | 1.89% |
Frequently Asked Questions
MIDU 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 (18.99%) compared to MIDU (10.70%). In terms of maximum drawdown, MIDU dropped -86.26% vs DBO's -90.18%.
On 10-year performance, DBO leads with 11.43% vs 10.97% for MIDU. On fees, DBO is cheaper at 0.78% per year. On volatility, MIDU has been the lower-risk option at 10.70%. 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 10.97%. 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 1.06% for MIDU.
DBO has the higher dividend yield at 2.11%, compared with 0.50% for MIDU.
MIDU is categorized as Leveraged Equities, while DBO is Oil & Gas. MIDU tracks S&P MidCap 400 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: 1.06% for MIDU and 0.78% for DBO.
DBO currently has the higher Sharpe Ratio (1.33 vs 1.31), 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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