UMDD vs. DBO
UMDD (ProShares UltraPro MidCap400) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - UMDD is a Leveraged Equities fund tracking the S&P MidCap 400 Index (300%), 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, UMDD returned 10.96%/yr vs 11.43%/yr for DBO. Their 0.30 correlation means their historical movements had little consistent relationship. UMDD charges 0.95%/yr vs 0.78%/yr for DBO.
Performance
UMDD vs. DBO - Performance Comparison
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Returns By Period
In the year-to-date period, UMDD achieves a 39.73% return, which is significantly lower than DBO's 66.72% return. Both investments have delivered pretty close results over the past 10 years, with UMDD having a 10.96% annualized return and DBO not far ahead at 11.43%.
UMDD
- 1D
- 3.16%
- 1M
- -0.95%
- 6M
- 22.93%
- YTD
- 39.73%
- 1Y
- 60.12%
- 3Y*
- 19.36%
- 5Y*
- 3.98%
- 10Y*
- 10.96%
- ALL TIME*
- 19.42%
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 | |
| $270.14K | $258.68K | $250.88K |
UMDD vs. DBO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UMDD ProShares UltraPro MidCap400 | 39.73% | -2.57% | 19.68% | 27.21% | -49.60% | 72.27% | -17.30% | 78.90% | -40.29% | 49.17% |
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 UMDD and DBO is -0.26, 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. | -0.26 |
Correlation (3Y) Balances recent behavior with more history. | -0.04 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.10 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.20 |
Correlation (All Time) Calculated using the full available price history since Feb 11, 2010 | 0.30 |
The correlation between UMDD and DBO shifts across timeframes, from -0.26 (1 year) to 0.30 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
UMDD vs. DBO — Risk / Return Rank
UMDD
DBO
UMDD vs. DBO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro MidCap400 (UMDD) 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.
| UMDD | DBO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.05 | ||
| Sortino ratioReturn per unit of downside risk | -0.01 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.23 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 2.32 | 1.86 | +0.46 |
| Martin ratioReturn relative to average drawdown | 7.72 | 5.64 | +2.07 |
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Drawdowns
UMDD vs. DBO - Drawdown Comparison
The maximum UMDD drawdown since its inception was -86.24%, roughly equal to the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for UMDD and DBO.
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Drawdown Indicators
| UMDD | DBO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -86.24% | -90.18% | +3.94% |
Max Drawdown (1Y)Largest decline over 1 year | -26.04% | -27.73% | +1.69% |
Max Drawdown (3Y)Largest decline over 3 years | -60.33% | -28.20% | -32.13% |
Max Drawdown (5Y)Largest decline over 5 years | -64.61% | -37.68% | -26.93% |
Max Drawdown (10Y)Largest decline over 10 years | -86.24% | -61.69% | -24.55% |
Current DrawdownCurrent decline from peak | -5.06% | -56.13% | +51.07% |
Average DrawdownAverage peak-to-trough decline | -23.43% | -62.20% | +38.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.81% | 9.16% | -1.35% |
Volatility
UMDD vs. DBO - Volatility Comparison
The current volatility for ProShares UltraPro MidCap400 (UMDD) is 11.11%, while Invesco DB Oil Fund (DBO) has a volatility of 18.99%. This indicates that UMDD 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
| UMDD | DBO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.11% | 18.99% | -7.88% |
Volatility (6M)Calculated over the trailing 6-month period | 35.07% | 34.30% | +0.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 47.12% | 38.86% | +8.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 58.72% | 33.43% | +25.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 62.12% | 32.24% | +29.88% |
UMDD vs. DBO - Expense Ratio Comparison
UMDD has a 0.95% expense ratio, which is higher than DBO's 0.78% expense ratio.
Dividends
UMDD vs. DBO - Dividend Comparison
UMDD's dividend yield for the trailing twelve months is around 0.67%, 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% |
UMDD ProShares UltraPro MidCap400 | 0.67% | 1.00% | 0.76% | 0.19% | 0.49% | 0.06% | 0.08% | 0.64% | 0.32% | 0.00% | 0.03% | 0.06% |
Frequently Asked Questions
UMDD and DBO have a correlation of -0.26, 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 UMDD (11.11%). In terms of maximum drawdown, UMDD dropped -86.24% vs DBO's -90.18%.
On 10-year performance, DBO leads with 11.43% vs 10.96% for UMDD. On fees, DBO is cheaper at 0.78% per year. On volatility, UMDD has been the lower-risk option at 11.11%. 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 11.43% return vs 10.96%. 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 UMDD.
DBO has the higher dividend yield at 2.11%, compared with 0.67% for UMDD.
UMDD is categorized as Leveraged Equities, while DBO is Oil & Gas. UMDD tracks S&P MidCap 400 Index (300%), 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 UMDD and 0.78% for DBO.
DBO currently has the higher Sharpe Ratio (1.33 vs 1.28), 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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