UST vs. DBE
UST (ProShares Ultra 7-10 Year Treasury) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - UST is a Leveraged Bonds fund tracking the ICE U.S. Treasury 7-10 Year Bond Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 10 years, UST returned -2.53%/yr vs 12.24%/yr for DBE. Their -0.22 correlation means they have often moved in opposite directions in the past. UST charges 0.95%/yr vs 0.78%/yr for DBE.
Performance
UST vs. DBE - Performance Comparison
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Returns By Period
In the year-to-date period, UST achieves a -4.75% return, which is significantly lower than DBE's 71.26% return. Over the past 10 years, UST has underperformed DBE with an annualized return of -2.53%, while DBE has yielded a comparatively higher 12.24% annualized return.
UST
- 1D
- 0.56%
- 1M
- -2.55%
- 6M
- -3.81%
- YTD
- -4.75%
- 1Y
- -2.66%
- 3Y*
- 0.46%
- 5Y*
- -8.21%
- 10Y*
- -2.53%
- ALL TIME*
- 2.37%
DBE
- 1D
- -4.26%
- 1M
- 15.98%
- 6M
- 57.84%
- YTD
- 71.26%
- 1Y
- 61.44%
- 3Y*
- 15.22%
- 5Y*
- 17.82%
- 10Y*
- 12.24%
- ALL TIME*
- 2.29%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.27M | $1.08M | $1.67M | |
| $493.89K | $437.03K | $327.72K |
UST vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UST ProShares Ultra 7-10 Year Treasury | -4.75% | 10.26% | -6.19% | 0.16% | -30.19% | -7.81% | 18.83% | 13.34% | -1.09% | 3.21% |
DBE Invesco DB Energy Fund | 71.26% | -2.17% | 2.96% | -12.14% | 33.77% | 57.56% | -25.91% | 19.72% | -12.95% | 5.21% |
Correlation
The correlation between UST and DBE is -0.43, 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. | -0.43 |
Correlation (3Y) Balances recent behavior with more history. | -0.26 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.18 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.19 |
Correlation (All Time) Calculated using the full available price history since Feb 2, 2010 | -0.22 |
Over the past year, the inverse relationship between UST and DBE has strengthened: their correlation has moved from -0.22 to -0.43, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
UST vs. DBE — Risk / Return Rank
UST
DBE
UST vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra 7-10 Year Treasury (UST) 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.
| UST | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.94 | ||
| Sortino ratioReturn per unit of downside risk | -2.58 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.28 | -0.32 |
| Calmar ratioReturn relative to maximum drawdown | -0.30 | 2.50 | -2.80 |
| Martin ratioReturn relative to average drawdown | -0.66 | 7.82 | -8.47 |
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Drawdowns
UST vs. DBE - Drawdown Comparison
The maximum UST drawdown since its inception was -47.99%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for UST and DBE.
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Drawdown Indicators
| UST | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -47.99% | -86.69% | +38.70% |
Max Drawdown (1Y)Largest decline over 1 year | -8.86% | -24.72% | +15.86% |
Max Drawdown (3Y)Largest decline over 3 years | -14.85% | -24.72% | +9.87% |
Max Drawdown (5Y)Largest decline over 5 years | -43.53% | -38.74% | -4.79% |
Max Drawdown (10Y)Largest decline over 10 years | -47.99% | -60.84% | +12.85% |
Current DrawdownCurrent decline from peak | -39.52% | -34.98% | -4.54% |
Average DrawdownAverage peak-to-trough decline | -15.35% | -57.13% | +41.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.07% | 7.90% | -3.83% |
Volatility
UST vs. DBE - Volatility Comparison
The current volatility for ProShares Ultra 7-10 Year Treasury (UST) is 2.65%, while Invesco DB Energy Fund (DBE) has a volatility of 15.07%. This indicates that UST 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
| UST | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.65% | 15.07% | -12.42% |
Volatility (6M)Calculated over the trailing 6-month period | 7.24% | 34.26% | -27.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.01% | 37.66% | -28.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.45% | 30.15% | -14.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.15% | 28.60% | -15.45% |
UST vs. DBE - Expense Ratio Comparison
UST has a 0.95% expense ratio, which is higher than DBE's 0.78% expense ratio.
Dividends
UST vs. DBE - Dividend Comparison
UST's dividend yield for the trailing twelve months is around 3.63%, more than DBE's 2.26% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.26% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% | 0.00% | 0.00% | 0.00% |
UST ProShares Ultra 7-10 Year Treasury | 3.63% | 3.65% | 4.09% | 3.49% | 0.47% | 0.27% | 0.53% | 1.42% | 1.71% | 0.84% | 0.64% | 0.75% |
Frequently Asked Questions
UST and DBE have a correlation of -0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBE has higher volatility (15.07%) compared to UST (2.65%). In terms of maximum drawdown, UST dropped -47.99% vs DBE's -86.69%.
On 10-year performance, DBE leads with 12.24% vs -2.53% for UST. On fees, DBE is cheaper at 0.78% per year. On volatility, UST has been the lower-risk option at 2.65%. 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 12.24% return vs -2.53%. 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 UST.
UST has the higher dividend yield at 3.63%, compared with 2.26% for DBE.
UST is categorized as Leveraged Bonds, while DBE is Oil & Gas. UST tracks ICE U.S. Treasury 7-10 Year Bond Index, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: ProShares and Invesco. Their fees differ too: 0.95% for UST and 0.78% for DBE.
DBE currently has the higher Sharpe Ratio (1.64 vs -0.30), 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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