UBT vs. DBO
UBT (ProShares Ultra 20+ Year Treasury) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - UBT is a Leveraged Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index (200% Daily), 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, UBT returned -9.80%/yr vs 12.59%/yr for DBO. Their -0.25 correlation means they have often moved in opposite directions in the past. UBT charges 0.95%/yr vs 0.78%/yr for DBO.
Performance
UBT vs. DBO - Performance Comparison
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Returns By Period
In the year-to-date period, UBT achieves a -9.88% return, which is significantly lower than DBO's 76.48% return. Over the past 10 years, UBT has underperformed DBO with an annualized return of -9.80%, while DBO has yielded a comparatively higher 12.59% annualized return.
UBT
- 1D
- -1.93%
- 1M
- -8.39%
- 6M
- -9.39%
- YTD
- -9.88%
- 1Y
- -9.99%
- 3Y*
- -10.25%
- 5Y*
- -21.36%
- 10Y*
- -9.80%
- ALL TIME*
- 0.25%
DBO
- 1D
- 1.56%
- 1M
- 24.59%
- 6M
- 53.46%
- YTD
- 76.48%
- 1Y
- 60.30%
- 3Y*
- 14.86%
- 5Y*
- 13.46%
- 10Y*
- 12.59%
- ALL TIME*
- 0.52%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $11.01M | $10.23M | $13.95M | |
| $559.65K | $668.92K | $852.70K |
UBT vs. DBO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UBT ProShares Ultra 20+ Year Treasury | -9.88% | 2.03% | -21.81% | -3.68% | -55.54% | -12.14% | 31.87% | 24.46% | -6.54% | 16.12% |
DBO Invesco DB Oil Fund | 76.48% | -11.71% | 7.85% | -4.44% | 13.04% | 60.74% | -20.99% | 28.05% | -15.22% | 4.86% |
Correlation
The correlation between UBT and DBO is -0.40, 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. | -0.40 |
Correlation (3Y) Balances recent behavior with more history. | -0.23 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.19 |
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 21, 2010 | -0.25 |
The correlation between UBT and DBO shifts across timeframes, from -0.40 (1 year) to -0.19 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
UBT vs. DBO — Risk / Return Rank
UBT
DBO
UBT vs. DBO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra 20+ Year Treasury (UBT) 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.
| UBT | DBO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.84 | ||
| Sortino ratioReturn per unit of downside risk | -2.50 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.25 | -0.30 |
| Calmar ratioReturn relative to maximum drawdown | -0.40 | 2.01 | -2.41 |
| Martin ratioReturn relative to average drawdown | -0.86 | 6.09 | -6.95 |
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Drawdowns
UBT vs. DBO - Drawdown Comparison
The maximum UBT drawdown since its inception was -78.90%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for UBT and DBO.
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Drawdown Indicators
| UBT | DBO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -78.90% | -90.18% | +11.28% |
Max Drawdown (1Y)Largest decline over 1 year | -18.25% | -27.73% | +9.48% |
Max Drawdown (3Y)Largest decline over 3 years | -31.18% | -28.20% | -2.98% |
Max Drawdown (5Y)Largest decline over 5 years | -72.49% | -37.68% | -34.81% |
Max Drawdown (10Y)Largest decline over 10 years | -78.90% | -61.69% | -17.21% |
Current DrawdownCurrent decline from peak | -78.38% | -53.56% | -24.82% |
Average DrawdownAverage peak-to-trough decline | -32.72% | -62.20% | +29.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.51% | 9.96% | -1.45% |
Volatility
UBT vs. DBO - Volatility Comparison
The current volatility for ProShares Ultra 20+ Year Treasury (UBT) is 5.14%, while Invesco DB Oil Fund (DBO) has a volatility of 17.75%. This indicates that UBT 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
| UBT | DBO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.14% | 17.75% | -12.61% |
Volatility (6M)Calculated over the trailing 6-month period | 13.53% | 33.77% | -20.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.53% | 38.53% | -20.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.09% | 33.35% | -2.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.17% | 32.20% | -3.03% |
UBT vs. DBO - Expense Ratio Comparison
UBT has a 0.95% expense ratio, which is higher than DBO's 0.78% expense ratio.
Dividends
UBT vs. DBO - Dividend Comparison
UBT's dividend yield for the trailing twelve months is around 3.80%, more than DBO's 1.99% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DBO Invesco DB Oil Fund | 1.99% | 3.51% | 4.68% | 4.59% | 0.66% | 0.00% | 0.00% | 1.63% | 1.58% | 0.00% | 0.00% | 0.00% |
UBT ProShares Ultra 20+ Year Treasury | 3.80% | 4.26% | 4.50% | 3.54% | 0.30% | 0.00% | 0.26% | 1.50% | 1.55% | 1.37% | 0.75% | 1.56% |
Frequently Asked Questions
UBT and DBO have a correlation of -0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBO has higher volatility (17.75%) compared to UBT (5.14%). In terms of maximum drawdown, UBT dropped -78.90% vs DBO's -90.18%.
On 10-year performance, DBO leads with 12.59% vs -9.80% for UBT. On fees, DBO is cheaper at 0.78% per year. On volatility, UBT has been the lower-risk option at 5.14%. 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 12.59% return vs -9.80%. 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 UBT.
UBT has the higher dividend yield at 3.80%, compared with 1.99% for DBO.
UBT is categorized as Leveraged Bonds, while DBO is Oil & Gas. UBT tracks ICE U.S. Treasury 20+ Year Bond Index (200% Daily), 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 UBT and 0.78% for DBO.
DBO currently has the higher Sharpe Ratio (1.45 vs -0.40), 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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