YCL vs. DBO
YCL (ProShares Ultra Yen) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - YCL is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%), 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, YCL returned -13.42%/yr vs 12.59%/yr for DBO. Their -0.10 correlation means they have often moved in opposite directions in the past. YCL charges 0.95%/yr vs 0.78%/yr for DBO.
Performance
YCL vs. DBO - Performance Comparison
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Returns By Period
In the year-to-date period, YCL achieves a -5.82% return, which is significantly lower than DBO's 76.48% return. Over the past 10 years, YCL has underperformed DBO with an annualized return of -13.42%, while DBO has yielded a comparatively higher 12.59% annualized return.
YCL
- 1D
- 0.22%
- 1M
- 1.24%
- 6M
- -7.85%
- YTD
- -5.82%
- 1Y
- -18.77%
- 3Y*
- -13.30%
- 5Y*
- -19.30%
- 10Y*
- -13.42%
- ALL TIME*
- -9.77%
DBO
- 1D
- 1.56%
- 1M
- 24.59%
- 6M
- 53.46%
- YTD
- 76.48%
- 1Y
- 60.30%
- 3Y*
- 14.86%
- 5Y*
- 13.46%
- 10Y*
- 12.59%
- ALL TIME*
- 0.52%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $11.01M | $10.23M | $13.95M | |
| $965.32K | $858.06K | $714.31K |
YCL vs. DBO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
YCL ProShares Ultra Yen | -5.82% | -6.34% | -25.97% | -20.46% | -26.92% | -20.94% | 7.16% | -2.99% | 0.17% | 3.48% |
DBO Invesco DB Oil Fund | 76.48% | -11.71% | 7.85% | -4.44% | 13.04% | 60.74% | -20.99% | 28.05% | -15.22% | 4.86% |
Correlation
The correlation between YCL and DBO is -0.28, 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. | -0.28 |
Correlation (3Y) Balances recent behavior with more history. | -0.14 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.07 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.08 |
Correlation (All Time) Calculated using the full available price history since Dec 9, 2008 | -0.10 |
The correlation between YCL and DBO shifts across timeframes, from -0.28 (1 year) to -0.07 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
YCL vs. DBO — Risk / Return Rank
YCL
DBO
YCL vs. DBO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Yen (YCL) 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.
| YCL | DBO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.36 | ||
| Sortino ratioReturn per unit of downside risk | -3.45 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.25 | -0.40 |
| Calmar ratioReturn relative to maximum drawdown | -0.65 | 2.01 | -2.66 |
| Martin ratioReturn relative to average drawdown | -1.03 | 6.09 | -7.12 |
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Drawdowns
YCL vs. DBO - Drawdown Comparison
The maximum YCL drawdown since its inception was -88.74%, roughly equal to the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for YCL and DBO.
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Drawdown Indicators
| YCL | DBO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.74% | -90.18% | +1.44% |
Max Drawdown (1Y)Largest decline over 1 year | -23.28% | -27.73% | +4.45% |
Max Drawdown (3Y)Largest decline over 3 years | -39.44% | -28.20% | -11.24% |
Max Drawdown (5Y)Largest decline over 5 years | -67.87% | -37.68% | -30.19% |
Max Drawdown (10Y)Largest decline over 10 years | -77.87% | -61.69% | -16.18% |
Current DrawdownCurrent decline from peak | -88.15% | -53.56% | -34.59% |
Average DrawdownAverage peak-to-trough decline | -53.42% | -62.20% | +8.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.60% | 9.96% | +4.64% |
Volatility
YCL vs. DBO - Volatility Comparison
The current volatility for ProShares Ultra Yen (YCL) is 5.60%, while Invesco DB Oil Fund (DBO) has a volatility of 17.75%. This indicates that YCL 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
| YCL | DBO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.60% | 17.75% | -12.15% |
Volatility (6M)Calculated over the trailing 6-month period | 11.00% | 33.77% | -22.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.66% | 38.53% | -21.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.60% | 33.35% | -12.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.20% | 32.20% | -14.00% |
YCL vs. DBO - Expense Ratio Comparison
YCL has a 0.95% expense ratio, which is higher than DBO's 0.78% expense ratio.
Dividends
YCL vs. DBO - Dividend Comparison
YCL has not paid dividends to shareholders, while DBO's dividend yield for the trailing twelve months is around 1.99%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBO Invesco DB Oil Fund | 1.99% | 3.51% | 4.68% | 4.59% | 0.66% | 0.00% | 0.00% | 1.63% | 1.58% |
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 DBO 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.
DBO has higher volatility (17.75%) compared to YCL (5.60%). In terms of maximum drawdown, YCL dropped -88.74% vs DBO's -90.18%.
On 10-year performance, DBO leads with 12.59% vs -13.42% for YCL. On fees, DBO is cheaper at 0.78% per year. On volatility, YCL has been the lower-risk option at 5.60%. 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 12.59% return vs -13.42%. 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 YCL.
DBO has the higher dividend yield at 1.99%, compared with 0.00% for YCL.
YCL is categorized as Leveraged Currency, while DBO is Oil & Gas. YCL tracks USD/JPY Exchange Rate (-200%), 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 YCL and 0.78% for DBO.
DBO currently has the higher Sharpe Ratio (1.45 vs -0.91), 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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