UST vs. DBO
UST (ProShares Ultra 7-10 Year Treasury) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - UST is a Leveraged Bonds fund tracking the ICE U.S. Treasury 7-10 Year Bond Index, 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, UST returned -2.53%/yr vs 11.43%/yr for DBO. Their -0.23 correlation means they have often moved in opposite directions in the past. UST charges 0.95%/yr vs 0.78%/yr for DBO.
Performance
UST vs. DBO - 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 DBO's 66.72% return. Over the past 10 years, UST has underperformed DBO with an annualized return of -2.53%, while DBO has yielded a comparatively higher 11.43% 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%
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 | |
| $493.89K | $437.03K | $327.72K |
UST vs. DBO - 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% |
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 UST and DBO is -0.42, 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. | -0.42 |
Correlation (3Y) Balances recent behavior with more history. | -0.25 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.17 |
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 | -0.23 |
The correlation between UST and DBO shifts across timeframes, from -0.42 (1 year) to -0.17 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
UST vs. DBO — Risk / Return Rank
UST
DBO
UST vs. DBO - 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 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.
| UST | DBO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.63 | ||
| Sortino ratioReturn per unit of downside risk | -2.27 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.23 | -0.27 |
| Calmar ratioReturn relative to maximum drawdown | -0.30 | 1.86 | -2.17 |
| Martin ratioReturn relative to average drawdown | -0.66 | 5.64 | -6.30 |
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Drawdowns
UST vs. DBO - Drawdown Comparison
The maximum UST drawdown since its inception was -47.99%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for UST and DBO.
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Drawdown Indicators
| UST | DBO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -47.99% | -90.18% | +42.19% |
Max Drawdown (1Y)Largest decline over 1 year | -8.86% | -27.73% | +18.87% |
Max Drawdown (3Y)Largest decline over 3 years | -14.85% | -28.20% | +13.35% |
Max Drawdown (5Y)Largest decline over 5 years | -43.53% | -37.68% | -5.85% |
Max Drawdown (10Y)Largest decline over 10 years | -47.99% | -61.69% | +13.70% |
Current DrawdownCurrent decline from peak | -39.52% | -56.13% | +16.61% |
Average DrawdownAverage peak-to-trough decline | -15.35% | -62.20% | +46.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.07% | 9.16% | -5.09% |
Volatility
UST vs. DBO - Volatility Comparison
The current volatility for ProShares Ultra 7-10 Year Treasury (UST) is 2.65%, while Invesco DB Oil Fund (DBO) has a volatility of 18.99%. This indicates that UST 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
| UST | DBO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.65% | 18.99% | -16.34% |
Volatility (6M)Calculated over the trailing 6-month period | 7.24% | 34.30% | -27.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.01% | 38.86% | -29.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.45% | 33.43% | -17.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.15% | 32.24% | -19.09% |
UST vs. DBO - Expense Ratio Comparison
UST has a 0.95% expense ratio, which is higher than DBO's 0.78% expense ratio.
Dividends
UST vs. DBO - Dividend Comparison
UST's dividend yield for the trailing twelve months is around 3.63%, more 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% |
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 DBO have a correlation of -0.42, 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 UST (2.65%). In terms of maximum drawdown, UST dropped -47.99% vs DBO's -90.18%.
On 10-year performance, DBO leads with 11.43% vs -2.53% for UST. On fees, DBO 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, DBO has performed better with a 11.43% return vs -2.53%. 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 UST.
UST has the higher dividend yield at 3.63%, compared with 2.11% for DBO.
UST is categorized as Leveraged Bonds, while DBO is Oil & Gas. UST tracks ICE U.S. Treasury 7-10 Year Bond Index, 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 UST and 0.78% for DBO.
DBO currently has the higher Sharpe Ratio (1.33 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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