UPV vs. DBO
UPV (ProShares Ultra Europe) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - UPV is a Leveraged Equities fund tracking the MSCI Europe 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, UPV returned 12.29%/yr vs 12.59%/yr for DBO. Their 0.26 correlation means their historical movements had little consistent relationship. UPV charges 0.95%/yr vs 0.78%/yr for DBO.
Performance
UPV vs. DBO - Performance Comparison
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Returns By Period
In the year-to-date period, UPV achieves a 15.25% return, which is significantly lower than DBO's 76.48% return. Both investments have delivered pretty close results over the past 10 years, with UPV having a 12.29% annualized return and DBO not far ahead at 12.59%.
UPV
- 1D
- -0.78%
- 1M
- 2.19%
- 6M
- 5.99%
- YTD
- 15.25%
- 1Y
- 41.67%
- 3Y*
- 24.41%
- 5Y*
- 9.52%
- 10Y*
- 12.29%
- ALL TIME*
- 10.10%
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 | |
| $55.59K | $49.44K | $105.04K |
UPV vs. DBO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UPV ProShares Ultra Europe | 15.25% | 68.63% | -4.51% | 32.16% | -36.58% | 32.38% | -3.15% | 47.04% | -32.64% | 57.44% |
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 UPV and DBO is -0.31, 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. | -0.31 |
Correlation (3Y) Balances recent behavior with more history. | -0.12 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.05 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.16 |
Correlation (All Time) Calculated using the full available price history since May 7, 2010 | 0.26 |
The correlation between UPV and DBO shifts across timeframes, from -0.31 (1 year) to 0.26 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
UPV vs. DBO — Risk / Return Rank
UPV
DBO
UPV vs. DBO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Europe (UPV) 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.
| UPV | DBO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.16 | ||
| Sortino ratioReturn per unit of downside risk | -0.18 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.25 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.73 | 2.01 | -0.27 |
| Martin ratioReturn relative to average drawdown | 5.85 | 6.09 | -0.24 |
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Drawdowns
UPV vs. DBO - Drawdown Comparison
The maximum UPV drawdown since its inception was -67.25%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for UPV and DBO.
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Drawdown Indicators
| UPV | DBO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -67.25% | -90.18% | +22.93% |
Max Drawdown (1Y)Largest decline over 1 year | -23.41% | -27.73% | +4.32% |
Max Drawdown (3Y)Largest decline over 3 years | -27.54% | -28.20% | +0.66% |
Max Drawdown (5Y)Largest decline over 5 years | -58.33% | -37.68% | -20.65% |
Max Drawdown (10Y)Largest decline over 10 years | -67.25% | -61.69% | -5.56% |
Current DrawdownCurrent decline from peak | -0.78% | -53.56% | +52.78% |
Average DrawdownAverage peak-to-trough decline | -20.67% | -62.20% | +41.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.92% | 9.96% | -3.04% |
Volatility
UPV vs. DBO - Volatility Comparison
The current volatility for ProShares Ultra Europe (UPV) is 8.89%, while Invesco DB Oil Fund (DBO) has a volatility of 17.75%. This indicates that UPV 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
| UPV | DBO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.89% | 17.75% | -8.86% |
Volatility (6M)Calculated over the trailing 6-month period | 27.48% | 33.77% | -6.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 31.74% | 38.53% | -6.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.53% | 33.35% | +2.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 36.16% | 32.20% | +3.96% |
UPV vs. DBO - Expense Ratio Comparison
UPV has a 0.95% expense ratio, which is higher than DBO's 0.78% expense ratio.
Dividends
UPV vs. DBO - Dividend Comparison
UPV's dividend yield for the trailing twelve months is around 2.15%, more than DBO's 1.99% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBO Invesco DB Oil Fund | 1.99% | 3.51% | 4.68% | 4.59% | 0.66% | 0.00% | 0.00% | 1.63% | 1.58% |
UPV ProShares Ultra Europe | 2.15% | 2.11% | 2.70% | 1.57% | 0.00% | 0.00% | 0.00% | 0.65% | 3.80% |
Frequently Asked Questions
UPV and DBO have a correlation of -0.31, 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 UPV (8.89%). In terms of maximum drawdown, UPV dropped -67.25% vs DBO's -90.18%.
On 10-year performance, DBO leads with 12.59% vs 12.29% for UPV. On fees, DBO is cheaper at 0.78% per year. On volatility, UPV has been the lower-risk option at 8.89%. 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 12.29%. 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 UPV.
UPV has the higher dividend yield at 2.15%, compared with 1.99% for DBO.
UPV is categorized as Leveraged Equities, while DBO is Oil & Gas. UPV tracks MSCI Europe 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 UPV and 0.78% for DBO.
DBO currently has the higher Sharpe Ratio (1.45 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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