PILL vs. DBO

Last updated Jun 4, 2026

PILL (Direxion Daily Pharmaceutical & Medical Bull 3X Shares) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - PILL is a Leveraged Equities fund tracking the Dynamic Pharmaceuticals Intellidex 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 5 years, PILL returned -11.92%/yr vs 15.98%/yr for DBO. At a 0.13 correlation, their price movements are largely independent. PILL charges 0.98%/yr vs 0.78%/yr for DBO.

Performance

PILL vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Pharmaceutical & Medical Bull 3X Shares (PILL) 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, PILL achieves a -9.17% return, which is significantly lower than DBO's 84.75% return.

PILL

• 1D: 2.86%
• 1M: -15.52%
• YTD: -9.17%
• 6M: 0.63%
• 1Y: 106.72%
• 3Y*: 13.99%
• 5Y*: -11.92%
• 10Y*: —

DBO

• 1D: 2.27%
• 1M: -2.34%
• YTD: 84.75%
• 6M: 81.10%
• 1Y: 80.26%
• 3Y*: 21.86%
• 5Y*: 15.98%
• 10Y*: 11.37%

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

PILL vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PILL Direxion Daily Pharmaceutical & Medical Bull 3X Shares	-9.17%	75.14%	-7.26%	-12.06%	-43.16%	-37.33%	0.28%	19.26%	-21.15%	16.39%
DBO Invesco DB Oil Fund	84.75%	-11.71%	7.85%	-4.44%	13.04%	60.74%	-20.99%	28.05%	-15.22%	7.86%

Correlation

The correlation between PILL and DBO is -0.27, 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	-0.27
Correlation (3Y) Calculated over the trailing 3-year period	-0.09
Correlation (5Y) Calculated over the trailing 5-year period	0.02
Correlation (All Time) Calculated using the full available price history since Nov 16, 2017	0.13

The correlation between PILL and DBO shifts across timeframes, from -0.27 (1 year) to 0.13 (all time), reflecting how their relationship changes across market environments.

PILL vs. DBO - Sectors Allocation Comparison

Sectors	PILL	DBO
Healthcare	100.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	116.0%
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

PILL vs. DBO — Risk / Return Rank

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

PILL

PILL Risk / Return Rank: 53
PILL Sharpe Ratio Rank: 50
PILL Sortino Ratio Rank: 47
PILL Omega Ratio Rank: 43
PILL Calmar Ratio Rank: 65
PILL Martin Ratio Rank: 60

DBO

DBO Risk / Return Rank: 65
DBO Sharpe Ratio Rank: 70
DBO Sortino Ratio Rank: 62
DBO Omega Ratio Rank: 60
DBO Calmar Ratio Rank: 83
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.

PILL vs. DBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Pharmaceutical & Medical Bull 3X Shares (PILL) 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.

	PILL	DBO	Difference
Sharpe ratio: Return per unit of total volatility	1.74	2.34	-0.60
Sortino ratio: Return per unit of downside risk	2.31	2.94	-0.63
Omega ratio: Gain probability vs. loss probability	1.28	1.38	-0.10
Calmar ratio: Return relative to maximum drawdown	3.23	4.44	-1.20
Martin ratio: Return relative to average drawdown	10.63	9.02	+1.61
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PILL vs. DBO - Sharpe Ratio Comparison

The current PILL Sharpe Ratio is 1.74, which is comparable to the DBO Sharpe Ratio of 2.34. The chart below compares the historical Sharpe Ratios of PILL 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

	PILL	DBO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.74	2.34	-0.60
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.20	0.50	-0.70
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.36	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.12	0.02	-0.14

Drawdowns

PILL vs. DBO - Drawdown Comparison

The maximum PILL drawdown since its inception was -88.76%, roughly equal to the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for PILL and DBO.

Drawdown Indicators

	PILL	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-88.76%	-90.18%	+1.42%
Max Drawdown (1Y) Largest decline over 1 year	-33.21%	-18.19%	-15.02%
Max Drawdown (3Y) Largest decline over 3 years	-60.43%	-28.20%	-32.23%
Max Drawdown (5Y) Largest decline over 5 years	-83.38%	-37.68%	-45.70%
Max Drawdown (10Y) Largest decline over 10 years	—	-61.69%	—
Current Drawdown Current decline from peak	-68.88%	-51.38%	-17.50%
Average Drawdown Average peak-to-trough decline	-58.54%	-62.25%	+3.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.07%	8.92%	+1.15%

Volatility

PILL vs. DBO - Volatility Comparison

Direxion Daily Pharmaceutical & Medical Bull 3X Shares (PILL) has a higher volatility of 20.62% compared to Invesco DB Oil Fund (DBO) at 12.61%. This indicates that PILL'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

	PILL	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.62%	12.61%	+8.01%
Volatility (6M) Calculated over the trailing 6-month period	48.56%	28.20%	+20.36%
Volatility (1Y) Calculated over the trailing 1-year period	61.71%	34.46%	+27.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.42%	32.29%	+28.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	63.79%	31.78%	+32.01%

PILL vs. DBO - Expense Ratio Comparison

PILL has a 0.98% expense ratio, which is higher than DBO's 0.78% expense ratio.

Dividends

PILL vs. DBO - Dividend Comparison

PILL's dividend yield for the trailing twelve months is around 0.69%, less than DBO's 1.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
DBO Invesco DB Oil Fund	1.90%	3.51%	4.68%	4.59%	0.66%	0.00%	0.00%	1.63%	1.58%	0.00%
PILL Direxion Daily Pharmaceutical & Medical Bull 3X Shares	0.69%	0.69%	1.28%	1.83%	0.67%	0.00%	0.00%	0.38%	0.91%	0.10%

Frequently Asked Questions

Can I hold both PILL and DBO in my portfolio?

PILL and DBO have a correlation of -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PILL or DBO?

PILL has higher volatility (20.62%) compared to DBO (12.61%). In terms of maximum drawdown, PILL dropped -88.76% vs DBO's -90.18%.

Which ETF is better, PILL or DBO?

On 5-year performance, DBO leads with 15.98% vs -11.92% for PILL. On fees, DBO is cheaper at 0.78% per year. On volatility, DBO has been the lower-risk option at 12.61%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PILL or DBO?

Over the 5-year period, DBO has performed better with a 15.98% return vs -11.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PILL or DBO?

DBO is cheaper with a 0.78% expense ratio, compared with 0.98% for PILL.

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

DBO has the higher dividend yield at 1.90%, compared with 0.69% for PILL.

What is the main difference between PILL and DBO?

PILL is categorized as Leveraged Equities, while DBO is Oil & Gas. PILL tracks Dynamic Pharmaceuticals Intellidex 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: 0.98% for PILL and 0.78% for DBO.

Which has better risk-adjusted returns?

DBO currently has the higher Sharpe Ratio (2.34 vs 1.74), 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.