JMMF vs. DBC
JMMF (JPMorgan 100% U.S. Treasury Securities Money Market ETF) and DBC (Invesco DB Commodity Index Tracking Fund) are both exchange-traded funds - JMMF is a Money Market fund actively managed by JPMorgan, while DBC is a Commodities fund tracking the DBIQ Optimum Yield Diversified Commodity Index Excess Return. JMMF is actively managed, while DBC is passively managed. Their -0.15 correlation means they have often moved in opposite directions in the past. JMMF charges 0.16%/yr vs 0.85%/yr for DBC.
Performance
JMMF vs. DBC - Performance Comparison
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Returns By Period
In the year-to-date period, JMMF achieves a 2.03% return, which is significantly lower than DBC's 31.71% return.
JMMF
- 1D
- 0.05%
- 1M
- 0.29%
- 6M
- 1.81%
- YTD
- 2.03%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
DBC
- 1D
- 0.44%
- 1M
- 10.84%
- 6M
- 20.55%
- YTD
- 31.71%
- 1Y
- 37.81%
- 3Y*
- 11.07%
- 5Y*
- 11.66%
- 10Y*
- 9.54%
- ALL TIME*
- 2.04%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $27.92M | $29.19M | $34.33M | |
| $727.29K | $634.56K | $536.73K |
JMMF vs. DBC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
JMMF JPMorgan 100% U.S. Treasury Securities Money Market ETF | 2.03% | 0.17% |
DBC Invesco DB Commodity Index Tracking Fund | 31.71% | -0.07% |
Correlation
The correlation between JMMF and DBC is -0.15, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Dec 11, 2025 | -0.15 |
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Return for Risk
JMMF vs. DBC — Risk / Return Rank
JMMF
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
DBC
JMMF vs. DBC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for JPMorgan 100% U.S. Treasury Securities Money Market ETF (JMMF) 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.
| JMMF | DBC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.31 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 2.16 | — |
| Martin ratioReturn relative to average drawdown | — | 7.20 | — |
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Drawdowns
JMMF vs. DBC - Drawdown Comparison
The maximum JMMF drawdown since its inception was -0.14%, smaller than the maximum DBC drawdown of -76.36%. Use the drawdown chart below to compare losses from any high point for JMMF and DBC.
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Drawdown Indicators
| JMMF | DBC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.14% | -76.36% | +76.22% |
Max Drawdown (1Y)Largest decline over 1 year | — | -16.54% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -16.54% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -27.34% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -41.71% | — |
Current DrawdownCurrent decline from peak | 0.00% | -23.81% | +23.81% |
Average DrawdownAverage peak-to-trough decline | -0.01% | -46.07% | +46.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 5.00% | — |
Volatility
JMMF vs. DBC - Volatility Comparison
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Volatility by Period
| JMMF | DBC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 7.01% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 17.35% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 0.50% | 19.58% | -19.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.50% | 19.31% | -18.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.50% | 17.87% | -17.37% |
JMMF vs. DBC - Expense Ratio Comparison
JMMF has a 0.16% expense ratio, which is lower than DBC's 0.85% expense ratio.
Dividends
JMMF vs. DBC - Dividend Comparison
JMMF's dividend yield for the trailing twelve months is around 2.20%, less than DBC's 2.53% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBC Invesco DB Commodity Index Tracking Fund | 2.53% | 3.33% | 5.22% | 4.94% | 0.59% | 0.00% | 0.00% | 1.59% | 1.30% |
JMMF JPMorgan 100% U.S. Treasury Securities Money Market ETF | 2.20% | 0.20% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
JMMF and DBC have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, JMMF is cheaper at 0.16% per year. The better choice depends on whether you care most about return, fees, risk, or income.
JMMF is cheaper with a 0.16% expense ratio, compared with 0.85% for DBC.
DBC has the higher dividend yield at 2.53%, compared with 2.20% for JMMF.
JMMF is categorized as Money Market, while DBC is Commodities. They also come from different issuers: JPMorgan and Invesco. Their fees differ too: 0.16% for JMMF and 0.85% for DBC.
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