RXL vs. DBO
RXL (ProShares Ultra Health Care) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - RXL is a Leveraged Equities fund tracking the Dow Jones U.S. Health Care Index (200%), 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, RXL returned 12.64%/yr vs 11.43%/yr for DBO. Their 0.14 correlation means their historical movements had little consistent relationship. RXL charges 0.95%/yr vs 0.78%/yr for DBO.
Performance
RXL vs. DBO - Performance Comparison
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Returns By Period
In the year-to-date period, RXL achieves a 6.87% return, which is significantly lower than DBO's 66.72% return. Over the past 10 years, RXL has outperformed DBO with an annualized return of 12.64%, while DBO has yielded a comparatively lower 11.43% annualized return.
RXL
- 1D
- -0.19%
- 1M
- -2.41%
- 6M
- 6.27%
- YTD
- 6.87%
- 1Y
- 46.56%
- 3Y*
- 9.19%
- 5Y*
- 1.90%
- 10Y*
- 12.64%
- ALL TIME*
- 14.62%
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 | |
| $1.28M | $1.02M | $641.31K |
RXL vs. DBO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
RXL ProShares Ultra Health Care | 6.87% | 19.76% | -2.72% | -3.15% | -15.26% | 48.06% | 19.24% | 40.40% | 3.38% | 46.92% |
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 RXL and DBO is -0.28, 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. | -0.28 |
Correlation (3Y) Balances recent behavior with more history. | -0.19 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.06 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.06 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2007 | 0.14 |
The correlation between RXL and DBO shifts across timeframes, from -0.28 (1 year) to 0.14 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
RXL vs. DBO — Risk / Return Rank
RXL
DBO
RXL vs. DBO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Health Care (RXL) 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.
| RXL | DBO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.15 | ||
| Sortino ratioReturn per unit of downside risk | +0.39 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.23 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.19 | 1.86 | +0.33 |
| Martin ratioReturn relative to average drawdown | 5.06 | 5.64 | -0.58 |
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Drawdowns
RXL vs. DBO - Drawdown Comparison
The maximum RXL drawdown since its inception was -67.70%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for RXL and DBO.
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Drawdown Indicators
| RXL | DBO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -67.70% | -90.18% | +22.48% |
Max Drawdown (1Y)Largest decline over 1 year | -21.33% | -27.73% | +6.40% |
Max Drawdown (3Y)Largest decline over 3 years | -36.08% | -28.20% | -7.88% |
Max Drawdown (5Y)Largest decline over 5 years | -36.08% | -37.68% | +1.60% |
Max Drawdown (10Y)Largest decline over 10 years | -51.00% | -61.69% | +10.69% |
Current DrawdownCurrent decline from peak | -5.75% | -56.13% | +50.38% |
Average DrawdownAverage peak-to-trough decline | -15.78% | -62.20% | +46.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.22% | 9.16% | +0.06% |
Volatility
RXL vs. DBO - Volatility Comparison
The current volatility for ProShares Ultra Health Care (RXL) is 10.75%, while Invesco DB Oil Fund (DBO) has a volatility of 18.99%. This indicates that RXL 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
| RXL | DBO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.75% | 18.99% | -8.24% |
Volatility (6M)Calculated over the trailing 6-month period | 24.13% | 34.30% | -10.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 31.53% | 38.86% | -7.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.29% | 33.43% | -3.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.48% | 32.24% | +1.24% |
RXL vs. DBO - Expense Ratio Comparison
RXL has a 0.95% expense ratio, which is higher than DBO's 0.78% expense ratio.
Dividends
RXL vs. DBO - Dividend Comparison
RXL's dividend yield for the trailing twelve months is around 1.29%, less than DBO's 2.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% |
RXL ProShares Ultra Health Care | 1.29% | 1.43% | 1.22% | 0.18% | 0.32% | 0.10% | 0.15% | 0.27% | 0.32% | 0.11% | 0.12% | 0.93% |
Frequently Asked Questions
RXL and DBO have a correlation of -0.28, 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 RXL (10.75%). In terms of maximum drawdown, RXL dropped -67.70% vs DBO's -90.18%.
On 10-year performance, RXL leads with 12.64% vs 11.43% for DBO. On fees, DBO is cheaper at 0.78% per year. On volatility, RXL has been the lower-risk option at 10.75%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, RXL has performed better with a 12.64% return vs 11.43%. 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 RXL.
DBO has the higher dividend yield at 2.11%, compared with 1.29% for RXL.
RXL is categorized as Leveraged Equities, while DBO is Oil & Gas. RXL tracks Dow Jones U.S. Health Care Index (200%), while DBO tracks DBIQ Optimum Yield Crude Oil Index Excess Return. They also come from different issuers: ProShares and Invesco. Their fees differ too: 0.95% for RXL and 0.78% for DBO.
RXL currently has the higher Sharpe Ratio (1.49 vs 1.33), 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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