USD vs. DBC
USD (ProShares Ultra Semiconductors) and DBC (Invesco DB Commodity Index Tracking Fund) are both exchange-traded funds - USD is a Leveraged Equities fund tracking the Dow Jones U.S. Semiconductors Index (200%), while DBC is a Commodities fund tracking the DBIQ Optimum Yield Diversified Commodity Index Excess Return. Both are passively managed. Over the past 10 years, USD returned 58.67%/yr vs 7.98%/yr for DBC. At a 0.24 correlation, their price movements are largely independent. USD charges 0.95%/yr vs 0.85%/yr for DBC.
Performance
USD vs. DBC - Performance Comparison
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Returns By Period
In the year-to-date period, USD achieves a 85.14% return, which is significantly higher than DBC's 23.08% return. Over the past 10 years, USD has outperformed DBC with an annualized return of 58.67%, while DBC has yielded a comparatively lower 7.98% annualized return.
USD
- 1D
- 3.09%
- 1M
- 1.14%
- 6M
- 76.15%
- YTD
- 85.14%
- 1Y
- 147.75%
- 3Y*
- 110.61%
- 5Y*
- 62.46%
- 10Y*
- 58.67%
DBC
- 1D
- -0.22%
- 1M
- -4.61%
- 6M
- 20.17%
- YTD
- 23.08%
- 1Y
- 26.37%
- 3Y*
- 10.50%
- 5Y*
- 10.59%
- 10Y*
- 7.98%
USD vs. DBC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
USD ProShares Ultra Semiconductors | 85.14% | 62.08% | 139.64% | 228.79% | -68.57% | 104.27% | 68.16% | 110.37% | -26.88% | 81.72% |
DBC Invesco DB Commodity Index Tracking Fund | 23.08% | 8.10% | 2.18% | -6.19% | 19.34% | 41.36% | -7.84% | 11.84% | -11.63% | 4.86% |
Correlation
The correlation between USD and DBC is 0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.01 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.09 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.13 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.18 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2007 | 0.24 |
Over the past year, the correlation between USD and DBC has dropped to 0.01 - well below their long-term average of 0.24, suggesting their price drivers have been diverging.
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Return for Risk
USD vs. DBC — Risk / Return Rank
USD
DBC
USD vs. DBC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Semiconductors (USD) and Invesco DB Commodity Index Tracking Fund (DBC). 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.
| USD | DBC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.63 | ||
| Sortino ratioReturn per unit of downside risk | +0.32 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.26 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 4.70 | 1.70 | +3.00 |
| Martin ratioReturn relative to average drawdown | 12.39 | 6.03 | +6.36 |
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Drawdowns
USD vs. DBC - Drawdown Comparison
The maximum USD drawdown since its inception was -88.63%, which is greater than DBC's maximum drawdown of -76.36%. Use the drawdown chart below to compare losses from any high point for USD and DBC.
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Drawdown Indicators
| USD | DBC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.63% | -76.36% | -12.27% |
Max Drawdown (1Y)Largest decline over 1 year | -31.80% | -16.54% | -15.26% |
Max Drawdown (3Y)Largest decline over 3 years | -64.46% | -16.54% | -47.92% |
Max Drawdown (5Y)Largest decline over 5 years | -77.85% | -27.34% | -50.51% |
Max Drawdown (10Y)Largest decline over 10 years | -77.85% | -41.71% | -36.14% |
Current DrawdownCurrent decline from peak | -14.47% | -28.80% | +14.33% |
Average DrawdownAverage peak-to-trough decline | -32.26% | -46.13% | +13.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.05% | 4.66% | +7.39% |
Volatility
USD vs. DBC - Volatility Comparison
ProShares Ultra Semiconductors (USD) has a higher volatility of 32.27% compared to Invesco DB Commodity Index Tracking Fund (DBC) at 5.21%. This indicates that USD's price experiences larger fluctuations and is considered to be riskier than DBC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USD | DBC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 32.27% | 5.21% | +27.06% |
Volatility (6M)Calculated over the trailing 6-month period | 57.13% | 16.48% | +40.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 69.99% | 18.63% | +51.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 78.11% | 19.23% | +58.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 69.98% | 17.78% | +52.20% |
USD vs. DBC - Expense Ratio Comparison
USD has a 0.95% expense ratio, which is higher than DBC's 0.85% expense ratio.
Dividends
USD vs. DBC - Dividend Comparison
USD's dividend yield for the trailing twelve months is around 0.31%, less than DBC's 2.70% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DBC Invesco DB Commodity Index Tracking Fund | 2.70% | 3.33% | 5.22% | 4.94% | 0.59% | 0.00% | 0.00% | 1.59% | 1.30% | 0.00% | 0.00% | 0.00% |
USD ProShares Ultra Semiconductors | 0.31% | 0.39% | 0.10% | 0.05% | 0.30% | 0.00% | 0.14% | 0.72% | 0.93% | 0.32% | 0.46% | 0.39% |
Frequently Asked Questions
USD and DBC have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USD has higher volatility (32.27%) compared to DBC (5.21%). In terms of maximum drawdown, USD dropped -88.63% vs DBC's -76.36%.
On 10-year performance, USD leads with 58.67% vs 7.98% for DBC. On fees, DBC is cheaper at 0.85% per year. On volatility, DBC has been the lower-risk option at 5.21%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, USD has performed better with a 58.67% return vs 7.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DBC is cheaper with a 0.85% expense ratio, compared with 0.95% for USD.
DBC has the higher dividend yield at 2.70%, compared with 0.31% for USD.
USD is categorized as Leveraged Equities, while DBC is Commodities. USD tracks Dow Jones U.S. Semiconductors Index (200%), while DBC tracks DBIQ Optimum Yield Diversified Commodity Index Excess Return. They also come from different issuers: ProShares and Invesco. Their fees differ too: 0.95% for USD and 0.85% for DBC.
USD currently has the higher Sharpe Ratio (2.14 vs 1.51), 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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