UDOW vs. DBE
UDOW (ProShares UltraPro Dow30) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - UDOW is a Leveraged Equities fund tracking the Dow Jones Industrial Average (300%), while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 10 years, UDOW returned 24.14%/yr vs 11.73%/yr for DBE. Their 0.26 correlation means their historical movements had little consistent relationship. UDOW charges 0.95%/yr vs 0.78%/yr for DBE.
Performance
UDOW vs. DBE - Performance Comparison
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Returns By Period
In the year-to-date period, UDOW achieves a 34.72% return, which is significantly lower than DBE's 63.53% return. Over the past 10 years, UDOW has outperformed DBE with an annualized return of 24.14%, while DBE has yielded a comparatively lower 11.73% annualized return.
UDOW
- 1D
- 1.27%
- 1M
- 5.99%
- 6M
- 24.98%
- YTD
- 34.72%
- 1Y
- 68.15%
- 3Y*
- 37.02%
- 5Y*
- 16.20%
- 10Y*
- 24.14%
- ALL TIME*
- 27.06%
DBE
- 1D
- -0.24%
- 1M
- 9.43%
- 6M
- 46.31%
- YTD
- 63.53%
- 1Y
- 57.60%
- 3Y*
- 13.46%
- 5Y*
- 16.54%
- 10Y*
- 11.73%
- ALL TIME*
- 2.05%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.42M | $1.12M | $1.57M | |
| $139.29M | $118.80M | $141.03M |
UDOW vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UDOW ProShares UltraPro Dow30 | 34.72% | 24.46% | 28.47% | 32.72% | -32.39% | 65.67% | -17.15% | 75.24% | -23.86% | 99.07% |
DBE Invesco DB Energy Fund | 63.53% | -2.17% | 2.96% | -12.14% | 33.77% | 57.56% | -25.91% | 19.72% | -12.95% | 5.21% |
Correlation
The correlation between UDOW and DBE is -0.41, 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. | -0.41 |
Correlation (3Y) Balances recent behavior with more history. | -0.15 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.05 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.18 |
Correlation (All Time) Calculated using the full available price history since Feb 11, 2010 | 0.26 |
The correlation between UDOW and DBE shifts across timeframes, from -0.41 (1 year) to 0.26 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
UDOW vs. DBE — Risk / Return Rank
UDOW
DBE
UDOW vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Dow30 (UDOW) and Invesco DB Energy Fund (DBE). 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.
| UDOW | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.30 | ||
| Sortino ratioReturn per unit of downside risk | +0.31 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.26 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 2.44 | 2.34 | +0.10 |
| Martin ratioReturn relative to average drawdown | 8.67 | 7.22 | +1.45 |
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Drawdowns
UDOW vs. DBE - Drawdown Comparison
The maximum UDOW drawdown since its inception was -80.29%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for UDOW and DBE.
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Drawdown Indicators
| UDOW | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -80.29% | -86.69% | +6.40% |
Max Drawdown (1Y)Largest decline over 1 year | -28.07% | -24.72% | -3.35% |
Max Drawdown (3Y)Largest decline over 3 years | -44.83% | -24.72% | -20.11% |
Max Drawdown (5Y)Largest decline over 5 years | -55.79% | -38.74% | -17.05% |
Max Drawdown (10Y)Largest decline over 10 years | -80.29% | -60.84% | -19.45% |
Current DrawdownCurrent decline from peak | 0.00% | -37.92% | +37.92% |
Average DrawdownAverage peak-to-trough decline | -14.27% | -57.12% | +42.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.89% | 8.00% | -0.11% |
Volatility
UDOW vs. DBE - Volatility Comparison
The current volatility for ProShares UltraPro Dow30 (UDOW) is 12.46%, while Invesco DB Energy Fund (DBE) has a volatility of 15.65%. This indicates that UDOW experiences smaller price fluctuations and is considered to be less risky than DBE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UDOW | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.46% | 15.65% | -3.19% |
Volatility (6M)Calculated over the trailing 6-month period | 29.77% | 33.76% | -3.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 37.41% | 37.85% | -0.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 44.38% | 30.19% | +14.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 51.80% | 28.63% | +23.17% |
UDOW vs. DBE - Expense Ratio Comparison
UDOW has a 0.95% expense ratio, which is higher than DBE's 0.78% expense ratio.
Dividends
UDOW vs. DBE - Dividend Comparison
UDOW's dividend yield for the trailing twelve months is around 1.00%, less than DBE's 2.36% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.36% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% | 0.00% | 0.00% | 0.00% |
UDOW ProShares UltraPro Dow30 | 1.00% | 1.38% | 0.95% | 0.95% | 0.83% | 0.26% | 0.19% | 0.61% | 0.73% | 0.13% | 0.26% | 0.21% |
Frequently Asked Questions
UDOW and DBE have a correlation of -0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBE has higher volatility (15.65%) compared to UDOW (12.46%). In terms of maximum drawdown, UDOW dropped -80.29% vs DBE's -86.69%.
On 10-year performance, UDOW leads with 24.14% vs 11.73% for DBE. On fees, DBE is cheaper at 0.78% per year. On volatility, UDOW has been the lower-risk option at 12.46%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UDOW has performed better with a 24.14% return vs 11.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DBE is cheaper with a 0.78% expense ratio, compared with 0.95% for UDOW.
DBE has the higher dividend yield at 2.36%, compared with 1.00% for UDOW.
UDOW is categorized as Leveraged Equities, while DBE is Oil & Gas. UDOW tracks Dow Jones Industrial Average (300%), while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: ProShares and Invesco. Their fees differ too: 0.95% for UDOW and 0.78% for DBE.
UDOW currently has the higher Sharpe Ratio (1.83 vs 1.53), 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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