JPIB vs. DBO

Last updated Jun 4, 2026

JPIB (JPMorgan International Bond Opportunities ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - JPIB is a Global Bonds fund actively managed by JPMorgan, while DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return. JPIB is actively managed, while DBO is passively managed. Over the past 5 years, JPIB returned 2.83%/yr vs 15.98%/yr for DBO. At a correlation of -0.01, they often move in opposite directions. JPIB charges 0.50%/yr vs 0.78%/yr for DBO.

Performance

JPIB vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan International Bond Opportunities ETF (JPIB) 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, JPIB achieves a 0.74% return, which is significantly lower than DBO's 84.75% return.

JPIB

• 1D: -0.25%
• 1M: 0.81%
• YTD: 0.74%
• 6M: 0.71%
• 1Y: 5.13%
• 3Y*: 5.79%
• 5Y*: 2.83%
• 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)

JPIB vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JPIB JPMorgan International Bond Opportunities ETF	0.74%	8.19%	3.48%	8.68%	-6.38%	0.14%	7.14%	10.76%	-2.17%	2.61%
DBO Invesco DB Oil Fund	84.75%	-11.71%	7.85%	-4.44%	13.04%	60.74%	-20.99%	28.05%	-15.22%	28.81%

Correlation

The correlation between JPIB and DBO is -0.44, 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	-0.44
Correlation (3Y) Calculated over the trailing 3-year period	-0.20
Correlation (5Y) Calculated over the trailing 5-year period	-0.08
Correlation (All Time) Calculated using the full available price history since Jul 6, 2017	-0.01

Over the past year, the inverse relationship between JPIB and DBO has strengthened: their correlation has moved from -0.01 to -0.44, meaning they now move in opposite directions more often than their long-term average.

JPIB vs. DBO - Sectors Allocation Comparison

Sectors	JPIB	DBO
Financial Services	13.4%	116.0%
Communication Services	4.0%	-
Utilities	2.2%	-
Energy	1.0%	-
Consumer Cyclical	1.0%	-
Healthcare	0.7%	-
Technology	0.6%	-
Basic Materials	0.3%	-
Real Estate	0.2%	-
Consumer Defensive	0.1%	-
Industrials	0.1%	-

Return for Risk

JPIB vs. DBO — Risk / Return Rank

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

JPIB

JPIB Risk / Return Rank: 37
JPIB Sharpe Ratio Rank: 41
JPIB Sortino Ratio Rank: 40
JPIB Omega Ratio Rank: 45
JPIB Calmar Ratio Rank: 28
JPIB Martin Ratio Rank: 32

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.

JPIB vs. DBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan International Bond Opportunities ETF (JPIB) 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.

	JPIB	DBO	Difference
Sharpe ratio Return per unit of total volatility	1.46	2.34	-0.88
Sortino ratio Return per unit of downside risk	2.07	2.94	-0.87
Omega ratio Gain probability vs. loss probability	1.29	1.38	-0.09
Calmar ratio Return relative to maximum drawdown	1.37	4.44	-3.06
Martin ratio Return relative to average drawdown	4.78	9.02	-4.24
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JPIB vs. DBO - Sharpe Ratio Comparison

The current JPIB Sharpe Ratio is 1.46, which is lower than the DBO Sharpe Ratio of 2.34. The chart below compares the historical Sharpe Ratios of JPIB 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

	JPIB	DBO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.46	2.34	-0.88
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.69	0.50	+0.19
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.36	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.82	0.02	+0.80

Drawdowns

JPIB vs. DBO - Drawdown Comparison

The maximum JPIB drawdown since its inception was -13.13%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for JPIB and DBO.

Drawdown Indicators

	JPIB	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-13.13%	-90.18%	+77.05%
Max Drawdown (1Y) Largest decline over 1 year	-3.75%	-18.19%	+14.44%
Max Drawdown (3Y) Largest decline over 3 years	-3.75%	-28.20%	+24.45%
Max Drawdown (5Y) Largest decline over 5 years	-11.83%	-37.68%	+25.85%
Max Drawdown (10Y) Largest decline over 10 years	—	-61.69%	—
Current Drawdown Current decline from peak	-1.12%	-51.38%	+50.26%
Average Drawdown Average peak-to-trough decline	-1.93%	-62.25%	+60.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.07%	8.92%	-7.85%

Volatility

JPIB vs. DBO - Volatility Comparison

The current volatility for JPMorgan International Bond Opportunities ETF (JPIB) is 1.08%, while Invesco DB Oil Fund (DBO) has a volatility of 12.61%. This indicates that JPIB 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

	JPIB	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.08%	12.61%	-11.53%
Volatility (6M) Calculated over the trailing 6-month period	3.00%	28.20%	-25.20%
Volatility (1Y) Calculated over the trailing 1-year period	3.53%	34.46%	-30.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.11%	32.29%	-28.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.44%	31.78%	-27.34%

JPIB vs. DBO - Expense Ratio Comparison

JPIB has a 0.50% expense ratio, which is lower than DBO's 0.78% expense ratio.

Dividends

JPIB vs. DBO - Dividend Comparison

JPIB's dividend yield for the trailing twelve months is around 5.02%, more than DBO's 1.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
DBO Invesco DB Oil Fund	1.90%	3.51%	4.68%	4.59%	0.66%	0.00%	0.00%	1.63%	1.58%	0.00%
JPIB JPMorgan International Bond Opportunities ETF	5.02%	4.85%	4.57%	4.35%	3.10%	2.59%	3.14%	4.66%	5.83%	1.81%

Frequently Asked Questions

Can I hold both JPIB and DBO in my portfolio?

JPIB and DBO have a correlation of -0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JPIB or DBO?

DBO has higher volatility (12.61%) compared to JPIB (1.08%). In terms of maximum drawdown, JPIB dropped -13.13% vs DBO's -90.18%.

Which ETF is better, JPIB or DBO?

On 5-year performance, DBO leads with 15.98% vs 2.83% for JPIB. On fees, JPIB is cheaper at 0.50% per year. On volatility, JPIB has been the lower-risk option at 1.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JPIB or DBO?

Over the 5-year period, DBO has performed better with a 15.98% return vs 2.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JPIB or DBO?

JPIB is cheaper with a 0.50% expense ratio, compared with 0.78% for DBO.

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

JPIB has the higher dividend yield at 5.02%, compared with 1.90% for DBO.

What is the main difference between JPIB and DBO?

JPIB is categorized as Global Bonds, while DBO is Oil & Gas. They also come from different issuers: JPMorgan and Invesco. Their fees differ too: 0.50% for JPIB and 0.78% for DBO.

Which has better risk-adjusted returns?

DBO currently has the higher Sharpe Ratio (2.34 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.