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 -12.41%/yr vs 10.89%/yr for DBO. At a correlation of -0.10, they often move in opposite directions. 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 79.84% return. Over the past 10 years, YCL has underperformed DBO with an annualized return of -12.41%, while DBO has yielded a comparatively higher 10.89% annualized return.
YCL
- 1D
- 0.11%
- 1M
- -2.76%
- YTD
- -5.82%
- 6M
- -8.37%
- 1Y
- -24.55%
- 3Y*
- -15.26%
- 5Y*
- -19.41%
- 10Y*
- -12.41%
DBO
- 1D
- -2.66%
- 1M
- -3.39%
- YTD
- 79.84%
- 6M
- 74.51%
- 1Y
- 77.38%
- 3Y*
- 20.83%
- 5Y*
- 15.36%
- 10Y*
- 10.89%
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 | 79.84% | -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 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 | -0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.07 |
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 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.
| YCL | DBO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.73 | ||
| Sortino ratioReturn per unit of downside risk | -5.15 | ||
| Omega ratioGain probability vs. loss probability | 0.76 | 1.36 | -0.61 |
| Calmar ratioReturn relative to maximum drawdown | -1.04 | 4.28 | -5.31 |
| Martin ratioReturn relative to average drawdown | -1.54 | 8.69 | -10.22 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| YCL | DBO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.48 | 2.25 | -3.73 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.95 | 0.48 | -1.43 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.67 | 0.34 | -1.01 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.50 | 0.02 | -0.52 |
Drawdowns
YCL vs. DBO - Drawdown Comparison
The maximum YCL drawdown since its inception was -88.16%, 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 | -88.16% | -90.18% | +2.02% |
Max Drawdown (1Y)Largest decline over 1 year | -23.73% | -18.19% | -5.54% |
Max Drawdown (3Y)Largest decline over 3 years | -39.97% | -28.20% | -11.77% |
Max Drawdown (5Y)Largest decline over 5 years | -66.22% | -37.68% | -28.54% |
Max Drawdown (10Y)Largest decline over 10 years | -76.74% | -61.69% | -15.05% |
Current DrawdownCurrent decline from peak | -88.15% | -52.68% | -35.47% |
Average DrawdownAverage peak-to-trough decline | -53.12% | -62.25% | +9.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.88% | 8.94% | +7.94% |
Volatility
YCL vs. DBO - Volatility Comparison
The current volatility for ProShares Ultra Yen (YCL) is 2.51%, while Invesco DB Oil Fund (DBO) has a volatility of 12.79%. 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 | 2.51% | 12.79% | -10.28% |
Volatility (6M)Calculated over the trailing 6-month period | 11.53% | 28.32% | -16.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.73% | 34.58% | -17.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.51% | 32.31% | -11.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.61% | 31.79% | -13.18% |
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 1.95%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBO Invesco DB Oil Fund | 1.95% | 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 (12.79%) compared to YCL (2.51%). In terms of maximum drawdown, YCL dropped -88.16% vs DBO's -90.18%.
On 10-year performance, DBO leads with 10.89% vs -12.41% for YCL. On fees, DBO is cheaper at 0.78% per year. On volatility, YCL has been the lower-risk option at 2.51%. 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 10.89% return vs -12.41%. 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 1.95%, 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 (2.25 vs -1.48), 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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