JHEM vs. DBO

Last updated Jun 4, 2026

JHEM (John Hancock Multifactor Emerging Markets ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - JHEM is a Emerging Markets Equities fund tracking the John Hancock Dimensional Emerging Markets Index, while DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return. Both are passively managed. Over the past 5 years, JHEM returned 8.05%/yr vs 15.98%/yr for DBO. At a 0.20 correlation, their price movements are largely independent. JHEM charges 0.49%/yr vs 0.78%/yr for DBO.

Performance

JHEM vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in John Hancock Multifactor Emerging Markets ETF (JHEM) 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, JHEM achieves a 25.90% return, which is significantly lower than DBO's 84.75% return.

JHEM

• 1D: -1.24%
• 1M: 9.35%
• YTD: 25.90%
• 6M: 29.30%
• 1Y: 52.05%
• 3Y*: 22.30%
• 5Y*: 8.05%
• 10Y*: —

DBO

• 1D: 2.27%
• 1M: -2.34%
• YTD: 84.75%
• 6M: 81.10%
• 1Y: 80.26%
• 3Y*: 21.86%
• 5Y*: 15.98%
• 10Y*: 11.37%

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

JHEM vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
JHEM John Hancock Multifactor Emerging Markets ETF	25.90%	30.49%	4.58%	12.94%	-17.90%	2.10%	11.50%	17.68%	-7.41%
DBO Invesco DB Oil Fund	84.75%	-11.71%	7.85%	-4.44%	13.04%	60.74%	-20.99%	28.05%	-36.16%

Correlation

The correlation between JHEM 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	0.01
Correlation (5Y) Calculated over the trailing 5-year period	0.12
Correlation (All Time) Calculated using the full available price history since Oct 1, 2018	0.20

The correlation between JHEM and DBO shifts across timeframes, from -0.27 (1 year) to 0.20 (all time), reflecting how their relationship changes across market environments.

JHEM vs. DBO - Sectors Allocation Comparison

Sectors	JHEM	DBO
Technology	26.5%	-
Financial Services	21.9%	116.0%
Consumer Cyclical	11.7%	-
Basic Materials	8.6%	-
Industrials	8.4%	-
Communication Services	7.5%	-
Energy	5.3%	-
Consumer Defensive	3.5%	-
Healthcare	3.0%	-
Utilities	2.9%	-
Real Estate	0.6%	-

Return for Risk

JHEM vs. DBO — Risk / Return Rank

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

JHEM

JHEM Risk / Return Rank: 83
JHEM Sharpe Ratio Rank: 85
JHEM Sortino Ratio Rank: 81
JHEM Omega Ratio Rank: 84
JHEM Calmar Ratio Rank: 81
JHEM Martin Ratio Rank: 82

DBO

DBO Risk / Return Rank: 65
DBO Sharpe Ratio Rank: 70
DBO Sortino Ratio Rank: 62
DBO Omega Ratio Rank: 60
DBO Calmar Ratio Rank: 83
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.

JHEM vs. DBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for John Hancock Multifactor Emerging Markets ETF (JHEM) 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.

	JHEM	DBO	Difference
Sharpe ratio: Return per unit of total volatility	2.80	2.34	+0.46
Sortino ratio: Return per unit of downside risk	3.65	2.94	+0.71
Omega ratio: Gain probability vs. loss probability	1.51	1.38	+0.14
Calmar ratio: Return relative to maximum drawdown	4.24	4.44	-0.20
Martin ratio: Return relative to average drawdown	16.45	9.02	+7.42
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JHEM vs. DBO - Sharpe Ratio Comparison

The current JHEM Sharpe Ratio is 2.80, which is comparable to the DBO Sharpe Ratio of 2.34. The chart below compares the historical Sharpe Ratios of JHEM 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

	JHEM	DBO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.80	2.34	+0.46
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.46	0.50	-0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.36	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	0.02	+0.43

Drawdowns

JHEM vs. DBO - Drawdown Comparison

The maximum JHEM drawdown since its inception was -34.99%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for JHEM and DBO.

Drawdown Indicators

	JHEM	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-34.99%	-90.18%	+55.19%
Max Drawdown (1Y) Largest decline over 1 year	-12.34%	-18.19%	+5.85%
Max Drawdown (3Y) Largest decline over 3 years	-18.16%	-28.20%	+10.04%
Max Drawdown (5Y) Largest decline over 5 years	-32.11%	-37.68%	+5.57%
Max Drawdown (10Y) Largest decline over 10 years	—	-61.69%	—
Current Drawdown Current decline from peak	-1.24%	-51.38%	+50.14%
Average Drawdown Average peak-to-trough decline	-9.95%	-62.25%	+52.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.17%	8.92%	-5.75%

Volatility

JHEM vs. DBO - Volatility Comparison

The current volatility for John Hancock Multifactor Emerging Markets ETF (JHEM) is 8.11%, while Invesco DB Oil Fund (DBO) has a volatility of 12.61%. This indicates that JHEM 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

	JHEM	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.11%	12.61%	-4.50%
Volatility (6M) Calculated over the trailing 6-month period	16.25%	28.20%	-11.95%
Volatility (1Y) Calculated over the trailing 1-year period	18.69%	34.46%	-15.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.61%	32.29%	-14.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.60%	31.78%	-11.18%

JHEM vs. DBO - Expense Ratio Comparison

JHEM has a 0.49% expense ratio, which is lower than DBO's 0.78% expense ratio.

Dividends

JHEM vs. DBO - Dividend Comparison

JHEM's dividend yield for the trailing twelve months is around 1.90%, which matches DBO's 1.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBO Invesco DB Oil Fund	1.90%	3.51%	4.68%	4.59%	0.66%	0.00%	0.00%	1.63%	1.58%
JHEM John Hancock Multifactor Emerging Markets ETF	1.90%	2.39%	2.93%	2.87%	2.84%	2.71%	1.67%	2.37%	0.21%

Frequently Asked Questions

Can I hold both JHEM and DBO in my portfolio?

JHEM 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, JHEM or DBO?

DBO has higher volatility (12.61%) compared to JHEM (8.11%). In terms of maximum drawdown, JHEM dropped -34.99% vs DBO's -90.18%.

Which ETF is better, JHEM or DBO?

On 5-year performance, DBO leads with 15.98% vs 8.05% for JHEM. On fees, JHEM is cheaper at 0.49% per year. On volatility, JHEM has been the lower-risk option at 8.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JHEM or DBO?

Over the 5-year period, DBO has performed better with a 15.98% return vs 8.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JHEM or DBO?

JHEM is cheaper with a 0.49% expense ratio, compared with 0.78% for DBO.

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

JHEM and DBO have nearly identical dividend yields, around 1.90%.

What is the main difference between JHEM and DBO?

JHEM is categorized as Emerging Markets Equities, while DBO is Oil & Gas. JHEM tracks John Hancock Dimensional Emerging Markets Index, while DBO tracks DBIQ Optimum Yield Crude Oil Index Excess Return. They also come from different issuers: Manulife and Invesco. Their fees differ too: 0.49% for JHEM and 0.78% for DBO.

Which has better risk-adjusted returns?

JHEM currently has the higher Sharpe Ratio (2.80 vs 2.34), 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.