YCL vs. DBE
YCL (ProShares Ultra Yen) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - YCL is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%), while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 10 years, YCL returned -13.37%/yr vs 10.12%/yr for DBE. At a correlation of -0.10, they often move in opposite directions. YCL charges 0.95%/yr vs 0.78%/yr for DBE.
Performance
YCL vs. DBE - Performance Comparison
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Returns By Period
In the year-to-date period, YCL achieves a -7.56% return, which is significantly lower than DBE's 53.97% return. Over the past 10 years, YCL has underperformed DBE with an annualized return of -13.37%, while DBE has yielded a comparatively higher 10.12% annualized return.
YCL
- 1D
- 0.22%
- 1M
- -2.97%
- YTD
- -7.56%
- 6M
- -8.37%
- 1Y
- -22.14%
- 3Y*
- -13.96%
- 5Y*
- -19.30%
- 10Y*
- -13.37%
DBE
- 1D
- -0.63%
- 1M
- -16.23%
- YTD
- 53.97%
- 6M
- 50.93%
- 1Y
- 43.95%
- 3Y*
- 16.83%
- 5Y*
- 14.66%
- 10Y*
- 10.12%
YCL vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
YCL ProShares Ultra Yen | -7.56% | -6.34% | -25.97% | -20.46% | -26.92% | -20.94% | 7.16% | -2.99% | 0.17% | 3.48% |
DBE Invesco DB Energy Fund | 53.97% | -2.17% | 2.96% | -12.14% | 33.77% | 57.56% | -25.91% | 19.72% | -12.95% | 5.21% |
Correlation
The correlation between YCL and DBE is -0.27, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.27 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.12 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.08 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.09 |
Correlation (All Time) Calculated using the full available price history since Dec 9, 2008 | -0.10 |
The correlation between YCL and DBE shifts across timeframes, from -0.27 (1 year) to -0.08 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
YCL vs. DBE — Risk / Return Rank
YCL
DBE
YCL vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Yen (YCL) 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.
| YCL | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.62 | ||
| Sortino ratioReturn per unit of downside risk | -3.93 | ||
| Omega ratioGain probability vs. loss probability | 0.78 | 1.23 | -0.46 |
| Calmar ratioReturn relative to maximum drawdown | -0.90 | 2.07 | -2.97 |
| Martin ratioReturn relative to average drawdown | -1.35 | 6.89 | -8.24 |
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Drawdowns
YCL vs. DBE - Drawdown Comparison
The maximum YCL drawdown since its inception was -88.39%, roughly equal to the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for YCL and DBE.
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Drawdown Indicators
| YCL | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.39% | -86.69% | -1.70% |
Max Drawdown (1Y)Largest decline over 1 year | -24.74% | -21.28% | -3.46% |
Max Drawdown (3Y)Largest decline over 3 years | -41.14% | -23.89% | -17.25% |
Max Drawdown (5Y)Largest decline over 5 years | -66.88% | -38.74% | -28.14% |
Max Drawdown (10Y)Largest decline over 10 years | -77.19% | -60.84% | -16.35% |
Current DrawdownCurrent decline from peak | -88.37% | -41.55% | -46.82% |
Average DrawdownAverage peak-to-trough decline | -53.21% | -57.24% | +4.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.38% | 6.42% | +9.96% |
Volatility
YCL vs. DBE - Volatility Comparison
The current volatility for ProShares Ultra Yen (YCL) is 1.35%, while Invesco DB Energy Fund (DBE) has a volatility of 9.37%. This indicates that YCL 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
| YCL | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.35% | 9.37% | -8.02% |
Volatility (6M)Calculated over the trailing 6-month period | 11.23% | 31.44% | -20.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.43% | 35.27% | -18.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.51% | 29.58% | -9.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.45% | 28.34% | -9.89% |
YCL vs. DBE - Expense Ratio Comparison
YCL has a 0.95% expense ratio, which is higher than DBE's 0.78% expense ratio.
Dividends
YCL vs. DBE - Dividend Comparison
YCL has not paid dividends to shareholders, while DBE's dividend yield for the trailing twelve months is around 2.51%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.51% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% |
YCL ProShares Ultra Yen | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
YCL and DBE have a correlation of -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBE has higher volatility (9.37%) compared to YCL (1.35%). In terms of maximum drawdown, YCL dropped -88.39% vs DBE's -86.69%.
On 10-year performance, DBE leads with 10.12% vs -13.37% for YCL. On fees, DBE is cheaper at 0.78% per year. On volatility, YCL has been the lower-risk option at 1.35%. 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 10.12% return vs -13.37%. 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 YCL.
DBE has the higher dividend yield at 2.51%, compared with 0.00% for YCL.
YCL is categorized as Leveraged Currency, while DBE is Oil & Gas. YCL tracks USD/JPY Exchange Rate (-200%), while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: ProShares and Invesco. Their fees differ too: 0.95% for YCL and 0.78% for DBE.
DBE currently has the higher Sharpe Ratio (1.27 vs -1.35), 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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