There is the USD/GDP currency component to DXO if I am not mistaken and this is what usually accounts for the deviation from USO/CL.
Of course not. Oil went from 140 to 40... a 75% loss and it ain't zero..... Oil would have to lose half in one day for DXO to go to zero. Otherwise, as days goes by, DXO takes smaller and smaller dollar cuts as the price shrinks, even though the % should be roughly 2x oil.
interesting disparity... looks like if you have the guns to arby this by exchanging it in, you can make a pretty penny. PowerShares DB Crude Oil Double Long ETN NYSE: DXO 2.47 PowerShares DB Crude Oil Double Long ETN (Intraday Indicative Value) INDEXNYSE: DXO.IV 2.53
According to the Proshares and Powershares websites, DXO is using the June light crude contract and UCO is using CLH9 (March).