UCO vs. DBO

Last updated Jun 3, 2026

UCO (ProShares Ultra Bloomberg Crude Oil) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - UCO is a Leveraged Commodities fund tracking the Dow Jones-UBS Crude Oil Sub-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, UCO returned -11.55%/yr vs 11.12%/yr for DBO. With a 0.96 correlation, they move nearly in lockstep. UCO charges 0.95%/yr vs 0.78%/yr for DBO.

Performance

UCO vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Bloomberg Crude Oil (UCO) 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, UCO achieves a 142.55% return, which is significantly higher than DBO's 80.66% return. Over the past 10 years, UCO has underperformed DBO with an annualized return of -11.55%, while DBO has yielded a comparatively higher 11.12% annualized return.

UCO

• 1D: 2.52%
• 1M: 0.21%
• YTD: 142.55%
• 6M: 133.13%
• 1Y: 118.05%
• 3Y*: 24.78%
• 5Y*: 21.76%
• 10Y*: -11.55%

DBO

• 1D: 1.05%
• 1M: -0.09%
• YTD: 80.66%
• 6M: 78.46%
• 1Y: 78.18%
• 3Y*: 20.95%
• 5Y*: 15.57%
• 10Y*: 11.12%

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

UCO vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UCO ProShares Ultra Bloomberg Crude Oil	142.55%	-29.75%	5.36%	-13.89%	39.71%	139.26%	-92.91%	53.83%	-43.26%	0.34%
DBO Invesco DB Oil Fund	80.66%	-11.71%	7.85%	-4.44%	13.04%	60.74%	-20.99%	28.05%	-15.22%	4.86%

Correlation

The correlation between UCO and DBO is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (10Y) Calculated over the trailing 10-year period	0.97
Correlation (All Time) Calculated using the full available price history since Nov 26, 2008	0.96

The correlation between UCO and DBO has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.

Return for Risk

UCO vs. DBO — Risk / Return Rank

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

UCO

UCO Risk / Return Rank: 56
UCO Sharpe Ratio Rank: 61
UCO Sortino Ratio Rank: 49
UCO Omega Ratio Rank: 50
UCO Calmar Ratio Rank: 74
UCO Martin Ratio Rank: 44

DBO

DBO Risk / Return Rank: 65
DBO Sharpe Ratio Rank: 68
DBO Sortino Ratio Rank: 61
DBO Omega Ratio Rank: 60
DBO Calmar Ratio Rank: 84
DBO Martin Ratio Rank: 54

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.

UCO vs. DBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Bloomberg Crude Oil (UCO) 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.

	UCO	DBO	Difference
Sharpe ratio Return per unit of total volatility	2.08	2.28	-0.20
Sortino ratio Return per unit of downside risk	2.43	2.88	-0.45
Omega ratio Gain probability vs. loss probability	1.32	1.37	-0.05
Calmar ratio Return relative to maximum drawdown	3.78	4.62	-0.84
Martin ratio Return relative to average drawdown	7.17	9.43	-2.26
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UCO vs. DBO - Sharpe Ratio Comparison

The current UCO Sharpe Ratio is 2.08, which is comparable to the DBO Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of UCO 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

	UCO	DBO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.08	2.28	-0.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.37	0.49	-0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.16	0.35	-0.51
Sharpe Ratio (All Time) Calculated using the full available price history	-0.34	0.02	-0.36

Drawdowns

UCO vs. DBO - Drawdown Comparison

The maximum UCO drawdown since its inception was -99.95%, which is greater than DBO's maximum drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for UCO and DBO.

Drawdown Indicators

	UCO	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-99.95%	-90.18%	-9.77%
Max Drawdown (1Y) Largest decline over 1 year	-34.77%	-18.19%	-16.58%
Max Drawdown (3Y) Largest decline over 3 years	-50.38%	-28.20%	-22.18%
Max Drawdown (5Y) Largest decline over 5 years	-67.24%	-37.68%	-29.56%
Max Drawdown (10Y) Largest decline over 10 years	-98.75%	-61.69%	-37.06%
Current Drawdown Current decline from peak	-99.25%	-52.46%	-46.79%
Average Drawdown Average peak-to-trough decline	-85.48%	-62.25%	-23.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.32%	8.92%	+9.40%

Volatility

UCO vs. DBO - Volatility Comparison

ProShares Ultra Bloomberg Crude Oil (UCO) has a higher volatility of 22.10% compared to Invesco DB Oil Fund (DBO) at 13.25%. This indicates that UCO'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

	UCO	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.10%	13.25%	+8.85%
Volatility (6M) Calculated over the trailing 6-month period	46.40%	28.15%	+18.25%
Volatility (1Y) Calculated over the trailing 1-year period	57.35%	34.54%	+22.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	59.77%	32.28%	+27.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.36%	31.78%	+39.58%

UCO vs. DBO - Expense Ratio Comparison

UCO has a 0.95% expense ratio, which is higher than DBO's 0.78% expense ratio.

Dividends

UCO vs. DBO - Dividend Comparison

UCO has not paid dividends to shareholders, while DBO's dividend yield for the trailing twelve months is around 1.94%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBO Invesco DB Oil Fund	1.94%	3.51%	4.68%	4.59%	0.66%	0.00%	0.00%	1.63%	1.58%
UCO ProShares Ultra Bloomberg Crude Oil	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both UCO and DBO in my portfolio?

With a correlation of 0.98, UCO and DBO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, UCO or DBO?

UCO has higher volatility (22.10%) compared to DBO (13.25%). In terms of maximum drawdown, UCO dropped -99.95% vs DBO's -90.18%.

Which ETF is better, UCO or DBO?

On 10-year performance, DBO leads with 11.12% vs -11.55% for UCO. On fees, DBO is cheaper at 0.78% per year. On volatility, DBO has been the lower-risk option at 13.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UCO or DBO?

Over the 10-year period, DBO has performed better with a 11.12% return vs -11.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UCO or DBO?

DBO is cheaper with a 0.78% expense ratio, compared with 0.95% for UCO.

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

DBO has the higher dividend yield at 1.94%, compared with 0.00% for UCO.

What is the main difference between UCO and DBO?

UCO is categorized as Leveraged Commodities, while DBO is Oil & Gas. UCO tracks Dow Jones-UBS Crude Oil Sub-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 UCO and 0.78% for DBO.

Which has better risk-adjusted returns?

DBO currently has the higher Sharpe Ratio (2.28 vs 2.08), 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.