JBBB vs. DBC

Last updated Jun 13, 2026

JBBB (Janus Henderson B-BBB CLO ETF) and DBC (Invesco DB Commodity Index Tracking Fund) are both exchange-traded funds - JBBB is a CLO fund actively managed by Janus Henderson, while DBC is a Commodities fund tracking the DBIQ Optimum Yield Diversified Commodity Index Excess Return. JBBB is actively managed, while DBC is passively managed. Over the past 3 years, JBBB returned 10.46%/yr vs 12.92%/yr for DBC. At a correlation of -0.04, they often move in opposite directions. JBBB charges 0.49%/yr vs 0.85%/yr for DBC.

Performance

JBBB vs. DBC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Janus Henderson B-BBB CLO ETF (JBBB) and Invesco DB Commodity Index Tracking Fund (DBC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JBBB achieves a 2.03% return, which is significantly lower than DBC's 27.68% return.

JBBB

• 1D: 0.15%
• 1M: 0.52%
• YTD: 2.03%
• 6M: 2.43%
• 1Y: 5.67%
• 3Y*: 10.46%
• 5Y*: —
• 10Y*: —

DBC

• 1D: -1.04%
• 1M: -8.35%
• YTD: 27.68%
• 6M: 28.76%
• 1Y: 30.29%
• 3Y*: 12.92%
• 5Y*: 11.29%
• 10Y*: 8.27%

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

JBBB vs. DBC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
JBBB Janus Henderson B-BBB CLO ETF	2.03%	5.43%	12.50%	17.63%	-5.88%
DBC Invesco DB Commodity Index Tracking Fund	27.68%	8.10%	2.18%	-6.19%	15.02%

Correlation

The correlation between JBBB and DBC is -0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.07
Correlation (3Y) Calculated over the trailing 3-year period	-0.05
Correlation (All Time) Calculated using the full available price history since Jan 12, 2022	-0.04

JBBB vs. DBC - Sectors Allocation Comparison

Sectors	JBBB	DBC
Financial Services	4.2%	91.5%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

JBBB vs. DBC — Risk / Return Rank

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

JBBB

JBBB Risk / Return Rank: 56
JBBB Sharpe Ratio Rank: 52
JBBB Sortino Ratio Rank: 62
JBBB Omega Ratio Rank: 64
JBBB Calmar Ratio Rank: 50
JBBB Martin Ratio Rank: 51

DBC

DBC Risk / Return Rank: 64
DBC Sharpe Ratio Rank: 63
DBC Sortino Ratio Rank: 59
DBC Omega Ratio Rank: 60
DBC Calmar Ratio Rank: 77
DBC Martin Ratio Rank: 61

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.

JBBB vs. DBC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Janus Henderson B-BBB CLO ETF (JBBB) and Invesco DB Commodity Index Tracking Fund (DBC). 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.

	JBBB	DBC	Difference
Sharpe ratio: Return per unit of total volatility	1.58	1.82	-0.24
Sortino ratio: Return per unit of downside risk	2.52	2.42	+0.10
Omega ratio: Gain probability vs. loss probability	1.34	1.32	+0.02
Calmar ratio: Return relative to maximum drawdown	2.21	3.48	-1.27
Martin ratio: Return relative to average drawdown	7.50	9.64	-2.14

JBBB vs. DBC - Sharpe Ratio Comparison

The current JBBB Sharpe Ratio is 1.58, which is comparable to the DBC Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of JBBB and DBC, 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

JBBB vs. DBC - Drawdown Comparison

The maximum JBBB drawdown since its inception was -10.57%, smaller than the maximum DBC drawdown of -76.36%. Use the drawdown chart below to compare losses from any high point for JBBB and DBC.

Drawdown Indicators

	JBBB	DBC	Difference
Max Drawdown Largest peak-to-trough decline	-10.57%	-76.36%	+65.79%
Max Drawdown (1Y) Largest decline over 1 year	-2.46%	-9.91%	+7.45%
Max Drawdown (3Y) Largest decline over 3 years	-3.82%	-13.82%	+10.00%
Max Drawdown (5Y) Largest decline over 5 years	—	-27.34%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-41.71%	—
Current Drawdown Current decline from peak	0.00%	-26.14%	+26.14%
Average Drawdown Average peak-to-trough decline	-1.57%	-46.19%	+44.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.72%	3.57%	-2.85%

Volatility

JBBB vs. DBC - Volatility Comparison

The current volatility for Janus Henderson B-BBB CLO ETF (JBBB) is 1.02%, while Invesco DB Commodity Index Tracking Fund (DBC) has a volatility of 5.20%. This indicates that JBBB experiences smaller price fluctuations and is considered to be less risky than DBC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JBBB	DBC	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.02%	5.20%	-4.18%
Volatility (6M) Calculated over the trailing 6-month period	2.90%	16.11%	-13.21%
Volatility (1Y) Calculated over the trailing 1-year period	3.45%	18.94%	-15.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.26%	19.22%	-13.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.26%	17.82%	-12.56%

JBBB vs. DBC - Expense Ratio Comparison

JBBB has a 0.49% expense ratio, which is lower than DBC's 0.85% expense ratio.

Dividends

JBBB vs. DBC - Dividend Comparison

JBBB's dividend yield for the trailing twelve months is around 7.11%, more than DBC's 2.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBC Invesco DB Commodity Index Tracking Fund	2.61%	3.33%	5.22%	4.94%	0.59%	0.00%	0.00%	1.59%	1.30%
JBBB Janus Henderson B-BBB CLO ETF	7.11%	8.41%	9.24%	8.71%	5.71%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both JBBB and DBC in my portfolio?

JBBB and DBC have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JBBB or DBC?

DBC has higher volatility (5.20%) compared to JBBB (1.02%). In terms of maximum drawdown, JBBB dropped -10.57% vs DBC's -76.36%.

Which ETF is better, JBBB or DBC?

On 3-year performance, DBC leads with 12.92% vs 10.46% for JBBB. On fees, JBBB is cheaper at 0.49% per year. On volatility, JBBB has been the lower-risk option at 1.02%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JBBB or DBC?

Over the 3-year period, DBC has performed better with a 12.92% return vs 10.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JBBB or DBC?

JBBB is cheaper with a 0.49% expense ratio, compared with 0.85% for DBC.

Which ETF pays a higher dividend yield, JBBB or DBC?

JBBB has the higher dividend yield at 7.11%, compared with 2.61% for DBC.

What is the main difference between JBBB and DBC?

JBBB is categorized as CLO, while DBC is Commodities. They also come from different issuers: Janus Henderson and Invesco. Their fees differ too: 0.49% for JBBB and 0.85% for DBC.

Which has better risk-adjusted returns?

DBC currently has the higher Sharpe Ratio (1.82 vs 1.58), 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.