HOLA vs. DBE

Last updated Jul 17, 2026

HOLA (JPMorgan International Hedged Equity Laddered Overlay ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - HOLA is a Equity Hedged fund actively managed by JPMorgan, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. HOLA is actively managed, while DBE is passively managed. Over the past year, HOLA returned 14.43% vs 57.64% for DBE. At a correlation of -0.28, they often move in opposite directions. HOLA charges 0.50%/yr vs 0.78%/yr for DBE.

Performance

HOLA vs. DBE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan International Hedged Equity Laddered Overlay ETF (HOLA) 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, HOLA achieves a 5.81% return, which is significantly lower than DBE's 68.39% return.

HOLA

• 1D: -0.54%
• 1M: 0.31%
• 6M: 3.12%
• YTD: 5.81%
• 1Y: 14.43%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DBE

• 1D: -1.09%
• 1M: 6.25%
• 6M: 65.69%
• YTD: 68.39%
• 1Y: 57.64%
• 3Y*: 17.96%
• 5Y*: 17.10%
• 10Y*: 11.45%

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

HOLA vs. DBE - Yearly Performance Comparison

	2026 (YTD)	2025
HOLA JPMorgan International Hedged Equity Laddered Overlay ETF	5.81%	7.60%
DBE Invesco DB Energy Fund	68.39%	-7.74%

Correlation

The correlation between HOLA and DBE is -0.29, 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	-0.29
Correlation (All Time) Calculated using the full available price history since Jul 14, 2025	-0.28

Return for Risk

HOLA vs. DBE — Risk / Return Rank

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

HOLA

HOLA Risk / Return Rank: 52
HOLA Sharpe Ratio Rank: 52
HOLA Sortino Ratio Rank: 54
HOLA Omega Ratio Rank: 50
HOLA Calmar Ratio Rank: 51
HOLA Martin Ratio Rank: 51

DBE

DBE Risk / Return Rank: 57
DBE Sharpe Ratio Rank: 60
DBE Sortino Ratio Rank: 57
DBE Omega Ratio Rank: 55
DBE Calmar Ratio Rank: 58
DBE Martin Ratio Rank: 52

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.

HOLA vs. DBE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan International Hedged Equity Laddered Overlay ETF (HOLA) 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.

	HOLA	DBE	Difference
Sharpe ratio: Return per unit of total volatility	1.46	1.61	-0.15
Sortino ratio: Return per unit of downside risk	2.13	2.21	-0.08
Omega ratio: Gain probability vs. loss probability	1.26	1.28	-0.02
Calmar ratio: Return relative to maximum drawdown	2.07	2.34	-0.27
Martin ratio: Return relative to average drawdown	6.91	7.00	-0.09

HOLA vs. DBE - Sharpe Ratio Comparison

The current HOLA Sharpe Ratio is 1.46, which is comparable to the DBE Sharpe Ratio of 1.61. The chart below compares the historical Sharpe Ratios of HOLA 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.

Drawdowns

HOLA vs. DBE - Drawdown Comparison

The maximum HOLA drawdown since its inception was -6.99%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for HOLA and DBE.

Drawdown Indicators

	HOLA	DBE	Difference
Max Drawdown Largest peak-to-trough decline	-6.99%	-86.69%	+79.70%
Max Drawdown (1Y) Largest decline over 1 year	-6.99%	-24.72%	+17.73%
Max Drawdown (3Y) Largest decline over 3 years	—	-24.72%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-38.74%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-60.84%	—
Current Drawdown Current decline from peak	-1.05%	-36.07%	+35.02%
Average Drawdown Average peak-to-trough decline	-1.41%	-57.19%	+55.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.09%	8.26%	-6.17%

Volatility

HOLA vs. DBE - Volatility Comparison

The current volatility for JPMorgan International Hedged Equity Laddered Overlay ETF (HOLA) is 3.91%, while Invesco DB Energy Fund (DBE) has a volatility of 11.68%. This indicates that HOLA 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

	HOLA	DBE	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.91%	11.68%	-7.77%
Volatility (6M) Calculated over the trailing 6-month period	8.05%	32.70%	-24.65%
Volatility (1Y) Calculated over the trailing 1-year period	9.92%	35.99%	-26.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.93%	29.88%	-19.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.93%	28.39%	-18.46%

HOLA vs. DBE - Expense Ratio Comparison

HOLA has a 0.50% expense ratio, which is lower than DBE's 0.78% expense ratio.

Dividends

HOLA vs. DBE - Dividend Comparison

HOLA's dividend yield for the trailing twelve months is around 2.85%, more than DBE's 2.29% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBE Invesco DB Energy Fund	2.29%	3.86%	6.32%	3.87%	0.75%	0.00%	0.00%	1.79%	1.67%
HOLA JPMorgan International Hedged Equity Laddered Overlay ETF	2.85%	3.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HOLA and DBE in my portfolio?

HOLA and DBE have a correlation of -0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HOLA or DBE?

DBE has higher volatility (11.68%) compared to HOLA (3.91%). In terms of maximum drawdown, HOLA dropped -6.99% vs DBE's -86.69%.

Which ETF is better, HOLA or DBE?

On 1-year performance, DBE leads with 57.64% vs 14.43% for HOLA. On fees, HOLA is cheaper at 0.50% per year. On volatility, HOLA has been the lower-risk option at 3.91%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HOLA or DBE?

Over the 1-year period, DBE has performed better with a 57.64% return vs 14.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HOLA or DBE?

HOLA is cheaper with a 0.50% expense ratio, compared with 0.78% for DBE.

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

HOLA has the higher dividend yield at 2.85%, compared with 2.29% for DBE.

What is the main difference between HOLA and DBE?

HOLA is categorized as Equity Hedged, while DBE is Oil & Gas. They also come from different issuers: JPMorgan and Invesco. Their fees differ too: 0.50% for HOLA and 0.78% for DBE.

Which has better risk-adjusted returns?

DBE currently has the higher Sharpe Ratio (1.61 vs 1.46), 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.