JANZ vs. DBO

Last updated Jun 5, 2026

JANZ (TrueShares Structured Outcome (January) ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - JANZ is a Defined Outcome fund actively managed by TrueShares, while DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return. JANZ is actively managed, while DBO is passively managed. Over the past 5 years, JANZ returned 10.77%/yr vs 15.36%/yr for DBO. At a 0.10 correlation, their price movements are largely independent. JANZ charges 0.79%/yr vs 0.78%/yr for DBO.

Performance

JANZ vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TrueShares Structured Outcome (January) ETF (JANZ) and Invesco DB Oil Fund (DBO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JANZ achieves a 8.58% return, which is significantly lower than DBO's 79.84% return.

JANZ

• 1D: 0.32%
• 1M: 3.89%
• YTD: 8.58%
• 6M: 8.38%
• 1Y: 20.83%
• 3Y*: 16.35%
• 5Y*: 10.77%
• 10Y*: —

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%

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

JANZ vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
JANZ TrueShares Structured Outcome (January) ETF	8.58%	12.47%	18.10%	19.09%	-11.43%	21.58%
DBO Invesco DB Oil Fund	79.84%	-11.71%	7.85%	-4.44%	13.04%	64.04%

Correlation

The correlation between JANZ and DBO is -0.27, 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	-0.27
Correlation (3Y) Calculated over the trailing 3-year period	-0.05
Correlation (5Y) Calculated over the trailing 5-year period	0.09
Correlation (All Time) Calculated using the full available price history since Jan 5, 2021	0.10

The correlation between JANZ and DBO shifts across timeframes, from -0.27 (1 year) to 0.10 (all time), reflecting how their relationship changes across market environments.

JANZ vs. DBO - Sectors Allocation Comparison

Sectors	JANZ	DBO
Technology	35.3%	-
Financial Services	13.4%	116.0%
Consumer Cyclical	10.6%	-
Communication Services	9.9%	-
Healthcare	8.8%	-
Industrials	7.8%	-
Consumer Defensive	5.2%	-
Energy	3.0%	-
Utilities	2.5%	-
Real Estate	2.0%	-
Basic Materials	1.6%	-

Return for Risk

JANZ vs. DBO — Risk / Return Rank

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

JANZ

JANZ Risk / Return Rank: 68
JANZ Sharpe Ratio Rank: 68
JANZ Sortino Ratio Rank: 69
JANZ Omega Ratio Rank: 67
JANZ Calmar Ratio Rank: 63
JANZ Martin Ratio Rank: 73

DBO

DBO Risk / Return Rank: 65
DBO Sharpe Ratio Rank: 70
DBO Sortino Ratio Rank: 62
DBO Omega Ratio Rank: 61
DBO Calmar Ratio Rank: 82
DBO 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.

JANZ vs. DBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TrueShares Structured Outcome (January) ETF (JANZ) 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.

	JANZ	DBO	Difference
Sharpe ratio: Return per unit of total volatility	2.22	2.25	-0.03
Sortino ratio: Return per unit of downside risk	3.10	2.85	+0.25
Omega ratio: Gain probability vs. loss probability	1.40	1.36	+0.03
Calmar ratio: Return relative to maximum drawdown	3.06	4.28	-1.21
Martin ratio: Return relative to average drawdown	13.56	8.69	+4.87
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JANZ vs. DBO - Sharpe Ratio Comparison

The current JANZ Sharpe Ratio is 2.22, which is comparable to the DBO Sharpe Ratio of 2.25. The chart below compares the historical Sharpe Ratios of JANZ and DBO, 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

	JANZ	DBO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.22	2.25	-0.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.82	0.48	+0.35
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.34	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.93	0.02	+0.91

Drawdowns

JANZ vs. DBO - Drawdown Comparison

The maximum JANZ drawdown since its inception was -18.11%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for JANZ and DBO.

Drawdown Indicators

	JANZ	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-18.11%	-90.18%	+72.07%
Max Drawdown (1Y) Largest decline over 1 year	-6.83%	-18.19%	+11.36%
Max Drawdown (3Y) Largest decline over 3 years	-14.33%	-28.20%	+13.87%
Max Drawdown (5Y) Largest decline over 5 years	-18.11%	-37.68%	+19.57%
Max Drawdown (10Y) Largest decline over 10 years	—	-61.69%	—
Current Drawdown Current decline from peak	-0.23%	-52.68%	+52.45%
Average Drawdown Average peak-to-trough decline	-3.48%	-62.25%	+58.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.54%	8.94%	-7.40%

Volatility

JANZ vs. DBO - Volatility Comparison

The current volatility for TrueShares Structured Outcome (January) ETF (JANZ) is 2.41%, while Invesco DB Oil Fund (DBO) has a volatility of 12.79%. This indicates that JANZ 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.

Volatility by Period

	JANZ	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.41%	12.79%	-10.38%
Volatility (6M) Calculated over the trailing 6-month period	7.10%	28.32%	-21.22%
Volatility (1Y) Calculated over the trailing 1-year period	9.41%	34.58%	-25.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.14%	32.31%	-19.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.97%	31.79%	-18.82%

JANZ vs. DBO - Expense Ratio Comparison

JANZ has a 0.79% expense ratio, which is higher than DBO's 0.78% expense ratio.

Dividends

JANZ vs. DBO - Dividend Comparison

JANZ's dividend yield for the trailing twelve months is around 1.31%, less than DBO's 1.95% yield.

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%
JANZ TrueShares Structured Outcome (January) ETF	1.31%	1.42%	2.70%	2.58%	0.21%	4.52%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both JANZ and DBO in my portfolio?

JANZ and DBO have a correlation of -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JANZ or DBO?

DBO has higher volatility (12.79%) compared to JANZ (2.41%). In terms of maximum drawdown, JANZ dropped -18.11% vs DBO's -90.18%.

Which ETF is better, JANZ or DBO?

On 5-year performance, DBO leads with 15.36% vs 10.77% for JANZ. On fees, DBO is cheaper at 0.78% per year. On volatility, JANZ has been the lower-risk option at 2.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JANZ or DBO?

Over the 5-year period, DBO has performed better with a 15.36% return vs 10.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JANZ or DBO?

DBO is cheaper with a 0.78% expense ratio, compared with 0.79% for JANZ.

Which ETF pays a higher dividend yield, JANZ or DBO?

DBO has the higher dividend yield at 1.95%, compared with 1.31% for JANZ.

What is the main difference between JANZ and DBO?

JANZ is categorized as Defined Outcome, while DBO is Oil & Gas. They also come from different issuers: TrueShares and Invesco. Their fees differ too: 0.79% for JANZ and 0.78% for DBO.

Which has better risk-adjusted returns?

DBO currently has the higher Sharpe Ratio (2.25 vs 2.22), 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.