YCL vs. DBE

Last updated Jun 4, 2026

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 -12.52%/yr vs 12.03%/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

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Yen (YCL) and Invesco DB Energy Fund (DBE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, YCL achieves a -5.93% return, which is significantly lower than DBE's 83.68% return. Over the past 10 years, YCL has underperformed DBE with an annualized return of -12.52%, while DBE has yielded a comparatively higher 12.03% annualized return.

YCL

• 1D: -0.11%
• 1M: -4.01%
• YTD: -5.93%
• 6M: -8.29%
• 1Y: -23.60%
• 3Y*: -15.11%
• 5Y*: -19.42%
• 10Y*: -12.52%

DBE

• 1D: 2.33%
• 1M: -5.45%
• YTD: 83.68%
• 6M: 74.95%
• 1Y: 84.41%
• 3Y*: 23.42%
• 5Y*: 19.66%
• 10Y*: 12.03%

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

YCL vs. DBE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
YCL ProShares Ultra Yen	-5.93%	-6.34%	-25.97%	-20.46%	-26.92%	-20.94%	7.16%	-2.99%	0.17%	3.48%
DBE Invesco DB Energy Fund	83.68%	-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 -0.28, 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	-0.28
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 10, 2008	-0.10

The correlation between YCL and DBE shifts across timeframes, from -0.28 (1 year) to -0.08 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

YCL vs. DBE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

YCL

YCL Risk / Return Rank: 1
YCL Sharpe Ratio Rank: 0
YCL Sortino Ratio Rank: 0
YCL Omega Ratio Rank: 1
YCL Calmar Ratio Rank: 1
YCL Martin Ratio Rank: 2

DBE

DBE Risk / Return Rank: 71
DBE Sharpe Ratio Rank: 74
DBE Sortino Ratio Rank: 63
DBE Omega Ratio Rank: 65
DBE Calmar Ratio Rank: 91
DBE Martin Ratio Rank: 63

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

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.

	YCL	DBE	Difference
Sharpe ratio Return per unit of total volatility	-1.42	2.43	-3.84
Sortino ratio Return per unit of downside risk	-2.19	2.96	-5.15
Omega ratio Gain probability vs. loss probability	0.77	1.40	-0.63
Calmar ratio Return relative to maximum drawdown	-0.96	5.89	-6.85
Martin ratio Return relative to average drawdown	-1.41	11.53	-12.94
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

YCL vs. DBE - Sharpe Ratio Comparison

The current YCL Sharpe Ratio is -1.42, which is lower than the DBE Sharpe Ratio of 2.43. The chart below compares the historical Sharpe Ratios of YCL and DBE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	YCL	DBE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.42	2.43	-3.84
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.95	0.67	-1.62
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.67	0.43	-1.10
Sharpe Ratio (All Time) Calculated using the full available price history	-0.50	0.09	-0.60

Drawdowns

YCL vs. DBE - Drawdown Comparison

The maximum YCL drawdown since its inception was -88.16%, 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.

Drawdown Indicators

	YCL	DBE	Difference
Max Drawdown Largest peak-to-trough decline	-88.16%	-86.69%	-1.47%
Max Drawdown (1Y) Largest decline over 1 year	-24.63%	-14.41%	-10.22%
Max Drawdown (3Y) Largest decline over 3 years	-39.97%	-23.89%	-16.08%
Max Drawdown (5Y) Largest decline over 5 years	-66.22%	-38.74%	-27.48%
Max Drawdown (10Y) Largest decline over 10 years	-76.74%	-60.84%	-15.90%
Current Drawdown Current decline from peak	-88.16%	-30.27%	-57.89%
Average Drawdown Average peak-to-trough decline	-53.11%	-57.31%	+4.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.81%	7.35%	+9.46%

Volatility

YCL vs. DBE - Volatility Comparison

The current volatility for ProShares Ultra Yen (YCL) is 2.71%, while Invesco DB Energy Fund (DBE) has a volatility of 12.95%. 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.

Volatility by Period

	YCL	DBE	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.71%	12.95%	-10.24%
Volatility (6M) Calculated over the trailing 6-month period	11.53%	30.86%	-19.33%
Volatility (1Y) Calculated over the trailing 1-year period	16.80%	34.97%	-18.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.52%	29.39%	-8.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.61%	28.33%	-9.72%

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 2.10%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBE Invesco DB Energy Fund	2.10%	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

Can I hold both YCL and DBE in my portfolio?

YCL and DBE have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, YCL or DBE?

DBE has higher volatility (12.95%) compared to YCL (2.71%). In terms of maximum drawdown, YCL dropped -88.16% vs DBE's -86.69%.

Which ETF is better, YCL or DBE?

On 10-year performance, DBE leads with 12.03% vs -12.52% for YCL. On fees, DBE is cheaper at 0.78% per year. On volatility, YCL has been the lower-risk option at 2.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, YCL or DBE?

Over the 10-year period, DBE has performed better with a 12.03% return vs -12.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, YCL or DBE?

DBE is cheaper with a 0.78% expense ratio, compared with 0.95% for YCL.

Which ETF pays a higher dividend yield, YCL or DBE?

DBE has the higher dividend yield at 2.10%, compared with 0.00% for YCL.

What is the main difference between YCL and DBE?

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.

Which has better risk-adjusted returns?

DBE currently has the higher Sharpe Ratio (2.43 vs -1.42), 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.