XXXX vs. DBO

Last updated Aug 4, 2026

XXXX (MAX S&P 500 4X Leveraged ETN) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - XXXX is a Leveraged Equities fund tracking the S&P 500 Index (400%), while DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return. Both are passively managed. Over the past year, XXXX returned 58.56% vs 51.44% for DBO. Their -0.06 correlation means they have often moved in opposite directions in the past. XXXX charges 2.95%/yr vs 0.78%/yr for DBO.

Performance

XXXX vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MAX S&P 500 4X Leveraged ETN (XXXX) and Invesco DB Oil Fund (DBO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XXXX achieves a 24.33% return, which is significantly lower than DBO's 66.72% return.

XXXX

• 1D: 5.54%
• 1M: 3.81%
• 6M: 18.22%
• YTD: 24.33%
• 1Y: 58.56%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 46.23%

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%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DBO Invesco DB Oil Fund	$11.34M	$10.71M	$13.49M
XXXX MAX S&P 500 4X Leveraged ETN	$20.67M	$23.79M	$27.25M

XXXX vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
XXXX MAX S&P 500 4X Leveraged ETN	24.33%	17.36%	61.36%	16.77%
DBO Invesco DB Oil Fund	66.72%	-11.71%	7.85%	-3.56%

Correlation

The correlation between XXXX 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 (All Time) Calculated using the full available price history since Dec 5, 2023	-0.06

Over the past year, the inverse relationship between XXXX and DBO has strengthened: their correlation has moved from -0.06 to -0.26, meaning they now move in opposite directions more often than their long-term average.

Return for Risk

XXXX vs. DBO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

XXXX

XXXX Risk / Return Rank: 45
XXXX Sharpe Ratio Rank: 46
XXXX Sortino Ratio Rank: 45
XXXX Omega Ratio Rank: 45
XXXX Calmar Ratio Rank: 44
XXXX Martin Ratio Rank: 47

DBO

DBO Risk / Return Rank: 51
DBO Sharpe Ratio Rank: 53
DBO Sortino Ratio Rank: 53
DBO Omega Ratio Rank: 50
DBO Calmar Ratio Rank: 51
DBO Martin Ratio Rank: 48

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

XXXX vs. DBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MAX S&P 500 4X Leveraged ETN (XXXX) 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.

	XXXX	DBO	Difference
Sharpe ratio: Return per unit of total volatility	1.16	1.33	-0.17
Sortino ratio: Return per unit of downside risk	1.68	1.92	-0.24
Omega ratio: Gain probability vs. loss probability	1.21	1.23	-0.02
Calmar ratio: Return relative to maximum drawdown	1.58	1.86	-0.28
Martin ratio: Return relative to average drawdown	5.50	5.64	-0.14

XXXX vs. DBO - Sharpe Ratio Comparison

The current XXXX Sharpe Ratio is 1.16, which is comparable to the DBO Sharpe Ratio of 1.33. The chart below compares the historical Sharpe Ratios of XXXX and DBO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

XXXX vs. DBO - Drawdown Comparison

The maximum XXXX drawdown since its inception was -62.27%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for XXXX and DBO.

Drawdown Indicators

	XXXX	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-62.27%	-90.18%	+27.91%
Max Drawdown (1Y) Largest decline over 1 year	-37.25%	-27.73%	-9.52%
Max Drawdown (3Y) Largest decline over 3 years	—	-28.20%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-37.68%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-61.69%	—
Current Drawdown Current decline from peak	-6.63%	-56.13%	+49.50%
Average Drawdown Average peak-to-trough decline	-11.53%	-62.20%	+50.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.68%	9.16%	+1.52%

Volatility

XXXX vs. DBO - Volatility Comparison

The current volatility for MAX S&P 500 4X Leveraged ETN (XXXX) is 15.38%, while Invesco DB Oil Fund (DBO) has a volatility of 18.99%. This indicates that XXXX 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.

Volatility by Period

	XXXX	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.38%	18.99%	-3.61%
Volatility (6M) Calculated over the trailing 6-month period	40.62%	34.30%	+6.32%
Volatility (1Y) Calculated over the trailing 1-year period	50.83%	38.86%	+11.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.74%	33.43%	+27.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	60.74%	32.24%	+28.50%

XXXX vs. DBO - Expense Ratio Comparison

XXXX has a 2.95% expense ratio, which is higher than DBO's 0.78% expense ratio.

Dividends

XXXX vs. DBO - Dividend Comparison

XXXX has not paid dividends to shareholders, while DBO's dividend yield for the trailing twelve months is around 2.11%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBO Invesco DB Oil Fund	2.11%	3.51%	4.68%	4.59%	0.66%	0.00%	0.00%	1.63%	1.58%
XXXX MAX S&P 500 4X Leveraged ETN	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XXXX and DBO in my portfolio?

XXXX 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.

Which is riskier, XXXX or DBO?

DBO has higher volatility (18.99%) compared to XXXX (15.38%). In terms of maximum drawdown, XXXX dropped -62.27% vs DBO's -90.18%.

Which ETF is better, XXXX or DBO?

On 1-year performance, XXXX leads with 58.56% vs 51.44% for DBO. On fees, DBO is cheaper at 0.78% per year. On volatility, XXXX has been the lower-risk option at 15.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XXXX or DBO?

Over the 1-year period, XXXX has performed better with a 58.56% return vs 51.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XXXX or DBO?

DBO is cheaper with a 0.78% expense ratio, compared with 2.95% for XXXX.

Which ETF pays a higher dividend yield, XXXX or DBO?

DBO has the higher dividend yield at 2.11%, compared with 0.00% for XXXX.

What is the main difference between XXXX and DBO?

XXXX is categorized as Leveraged Equities, while DBO is Oil & Gas. XXXX tracks S&P 500 Index (400%), while DBO tracks DBIQ Optimum Yield Crude Oil Index Excess Return. They also come from different issuers: Max and Invesco. Their fees differ too: 2.95% for XXXX and 0.78% for DBO.

Which has better risk-adjusted returns?

DBO currently has the higher Sharpe Ratio (1.33 vs 1.16), 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.