ULE vs. DBE
ULE (ProShares Ultra Euro) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - ULE is a Leveraged Currency fund tracking the USD/EUR Exchange Rate (-200%), while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 10 years, ULE returned -2.39%/yr vs 11.45%/yr for DBE. At a 0.15 correlation, their price movements are largely independent. ULE charges 0.95%/yr vs 0.78%/yr for DBE.
Performance
ULE vs. DBE - Performance Comparison
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Returns By Period
In the year-to-date period, ULE achieves a -5.85% return, which is significantly lower than DBE's 68.39% return. Over the past 10 years, ULE has underperformed DBE with an annualized return of -2.39%, while DBE has yielded a comparatively higher 11.45% annualized return.
ULE
- 1D
- -0.40%
- 1M
- -2.78%
- 6M
- -3.55%
- YTD
- -5.85%
- 1Y
- -4.77%
- 3Y*
- 0.29%
- 5Y*
- -3.18%
- 10Y*
- -2.39%
DBE
- 1D
- -1.09%
- 1M
- 6.25%
- 6M
- 65.69%
- YTD
- 68.39%
- 1Y
- 57.64%
- 3Y*
- 17.96%
- 5Y*
- 17.10%
- 10Y*
- 11.45%
ULE vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ULE ProShares Ultra Euro | -5.85% | 25.97% | -11.73% | 5.08% | -15.51% | -15.66% | 14.74% | -8.90% | -13.40% | 23.92% |
DBE Invesco DB Energy Fund | 68.39% | -2.17% | 2.96% | -12.14% | 33.77% | 57.56% | -25.91% | 19.72% | -12.95% | 5.21% |
Correlation
The correlation between ULE and DBE is -0.22, 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 | -0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.07 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.03 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.05 |
Correlation (All Time) Calculated using the full available price history since Nov 25, 2008 | 0.15 |
The correlation between ULE and DBE shifts across timeframes, from -0.22 (1 year) to 0.15 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
ULE vs. DBE — Risk / Return Rank
ULE
DBE
ULE vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Euro (ULE) 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.
| ULE | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.98 | ||
| Sortino ratioReturn per unit of downside risk | -2.66 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.28 | -0.33 |
| Calmar ratioReturn relative to maximum drawdown | -0.41 | 2.34 | -2.75 |
| Martin ratioReturn relative to average drawdown | -0.82 | 7.00 | -7.82 |
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Drawdowns
ULE vs. DBE - Drawdown Comparison
The maximum ULE drawdown since its inception was -72.74%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for ULE and DBE.
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Drawdown Indicators
| ULE | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -72.74% | -86.69% | +13.95% |
Max Drawdown (1Y)Largest decline over 1 year | -11.67% | -24.72% | +13.05% |
Max Drawdown (3Y)Largest decline over 3 years | -17.25% | -24.72% | +7.47% |
Max Drawdown (5Y)Largest decline over 5 years | -37.59% | -38.74% | +1.15% |
Max Drawdown (10Y)Largest decline over 10 years | -51.30% | -60.84% | +9.54% |
Current DrawdownCurrent decline from peak | -63.25% | -36.07% | -27.18% |
Average DrawdownAverage peak-to-trough decline | -46.16% | -57.19% | +11.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.80% | 8.26% | -2.46% |
Volatility
ULE vs. DBE - Volatility Comparison
The current volatility for ProShares Ultra Euro (ULE) is 2.85%, while Invesco DB Energy Fund (DBE) has a volatility of 11.68%. This indicates that ULE 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
| ULE | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.85% | 11.68% | -8.83% |
Volatility (6M)Calculated over the trailing 6-month period | 8.95% | 32.70% | -23.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.98% | 35.99% | -23.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.07% | 29.88% | -13.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.08% | 28.39% | -13.31% |
ULE vs. DBE - Expense Ratio Comparison
ULE has a 0.95% expense ratio, which is higher than DBE's 0.78% expense ratio.
Dividends
ULE vs. DBE - Dividend Comparison
ULE has not paid dividends to shareholders, while DBE's dividend yield for the trailing twelve months is around 2.29%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.29% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% |
ULE ProShares Ultra Euro | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ULE and DBE have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBE has higher volatility (11.68%) compared to ULE (2.85%). In terms of maximum drawdown, ULE dropped -72.74% vs DBE's -86.69%.
On 10-year performance, DBE leads with 11.45% vs -2.39% for ULE. On fees, DBE is cheaper at 0.78% per year. On volatility, ULE has been the lower-risk option at 2.85%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DBE has performed better with a 11.45% return vs -2.39%. 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 ULE.
DBE has the higher dividend yield at 2.29%, compared with 0.00% for ULE.
ULE is categorized as Leveraged Currency, while DBE is Oil & Gas. ULE tracks USD/EUR Exchange Rate (-200%), while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: ProShares and Invesco. Their fees differ too: 0.95% for ULE and 0.78% for DBE.
DBE currently has the higher Sharpe Ratio (1.61 vs -0.37), 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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