JPO vs. DBE

Last updated Aug 2, 2026

JPO (YieldMax JPM Option Income Strategy ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - JPO is a Options Trading fund actively managed by Tidal, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. JPO is actively managed, while DBE is passively managed. Over the past year, JPO returned 19.08% vs 68.62% for DBE. Their -0.07 correlation means they have often moved in opposite directions in the past. JPO charges 1.19%/yr vs 0.78%/yr for DBE.

Performance

JPO vs. DBE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax JPM Option Income Strategy ETF (JPO) and Invesco DB Energy Fund (DBE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JPO achieves a 8.98% return, which is significantly lower than DBE's 78.87% return.

JPO

• 1D: 0.34%
• 1M: 5.47%
• 6M: 14.60%
• YTD: 8.98%
• 1Y: 19.08%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 17.53%

DBE

• 1D: 1.13%
• 1M: 21.13%
• 6M: 53.89%
• YTD: 78.87%
• 1Y: 68.62%
• 3Y*: 17.16%
• 5Y*: 17.73%
• 10Y*: 13.17%
• ALL TIME*: 2.52%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DBE Invesco DB Energy Fund	$1.24M	$1.18M	$1.76M
JPO YieldMax JPM Option Income Strategy ETF	$418.56K	$404.33K	$336.84K

JPO vs. DBE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
JPO YieldMax JPM Option Income Strategy ETF	8.98%	22.26%	13.97%	4.90%
DBE Invesco DB Energy Fund	78.87%	-2.17%	2.96%	-15.80%

Correlation

The correlation between JPO and DBE is -0.19, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.19
Correlation (All Time) Calculated using the full available price history since Sep 12, 2023	-0.07

The correlation between JPO and DBE shifts across timeframes, from -0.19 (1 year) to -0.07 (all time), reflecting how their relationship changes across market environments.

Return for Risk

JPO vs. DBE — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

JPO

JPO Risk / Return Rank: 34
JPO Sharpe Ratio Rank: 35
JPO Sortino Ratio Rank: 33
JPO Omega Ratio Rank: 33
JPO Calmar Ratio Rank: 35
JPO Martin Ratio Rank: 32

DBE

DBE Risk / Return Rank: 72
DBE Sharpe Ratio Rank: 75
DBE Sortino Ratio Rank: 72
DBE Omega Ratio Rank: 69
DBE Calmar Ratio Rank: 75
DBE Martin Ratio Rank: 67

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

JPO vs. DBE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax JPM Option Income Strategy ETF (JPO) and Invesco DB Energy Fund (DBE). 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.

	JPO	DBE	Difference
Sharpe ratio: Return per unit of total volatility	0.89	1.71	-0.83
Sortino ratio: Return per unit of downside risk	1.25	2.30	-1.05
Omega ratio: Gain probability vs. loss probability	1.16	1.29	-0.13
Calmar ratio: Return relative to maximum drawdown	1.21	2.59	-1.39
Martin ratio: Return relative to average drawdown	3.00	8.14	-5.14

JPO vs. DBE - Sharpe Ratio Comparison

The current JPO Sharpe Ratio is 0.89, which is lower than the DBE Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of JPO and DBE, 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

JPO vs. DBE - Drawdown Comparison

The maximum JPO drawdown since its inception was -24.80%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for JPO and DBE.

Drawdown Indicators

	JPO	DBE	Difference
Max Drawdown Largest peak-to-trough decline	-24.80%	-86.69%	+61.89%
Max Drawdown (1Y) Largest decline over 1 year	-14.24%	-24.72%	+10.48%
Max Drawdown (3Y) Largest decline over 3 years	—	-24.72%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-38.74%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-60.84%	—
Current Drawdown Current decline from peak	-1.04%	-32.09%	+31.05%
Average Drawdown Average peak-to-trough decline	-4.42%	-57.13%	+52.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.72%	8.15%	-2.43%

Volatility

JPO vs. DBE - Volatility Comparison

The current volatility for YieldMax JPM Option Income Strategy ETF (JPO) is 5.21%, while Invesco DB Energy Fund (DBE) has a volatility of 14.12%. This indicates that JPO experiences smaller price fluctuations and is considered to be less risky than DBE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JPO	DBE	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.21%	14.12%	-8.91%
Volatility (6M) Calculated over the trailing 6-month period	14.08%	33.95%	-19.87%
Volatility (1Y) Calculated over the trailing 1-year period	19.41%	37.47%	-18.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.06%	30.09%	-11.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.06%	28.58%	-9.52%

JPO vs. DBE - Expense Ratio Comparison

JPO has a 1.19% expense ratio, which is higher than DBE's 0.78% expense ratio.

Dividends

JPO vs. DBE - Dividend Comparison

JPO's dividend yield for the trailing twelve months is around 31.81%, more than DBE's 2.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBE Invesco DB Energy Fund	2.16%	3.86%	6.32%	3.87%	0.75%	0.00%	0.00%	1.79%	1.67%
JPO YieldMax JPM Option Income Strategy ETF	31.81%	34.13%	25.15%	4.84%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both JPO and DBE in my portfolio?

JPO and DBE have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JPO or DBE?

DBE has higher volatility (14.12%) compared to JPO (5.21%). In terms of maximum drawdown, JPO dropped -24.80% vs DBE's -86.69%.

Which ETF is better, JPO or DBE?

On 1-year performance, DBE leads with 68.62% vs 19.08% for JPO. On fees, DBE is cheaper at 0.78% per year. On volatility, JPO has been the lower-risk option at 5.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JPO or DBE?

Over the 1-year period, DBE has performed better with a 68.62% return vs 19.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JPO or DBE?

DBE is cheaper with a 0.78% expense ratio, compared with 1.19% for JPO.

Which ETF pays a higher dividend yield, JPO or DBE?

JPO has the higher dividend yield at 31.81%, compared with 2.16% for DBE.

What is the main difference between JPO and DBE?

JPO is categorized as Options Trading, while DBE is Oil & Gas. They also come from different issuers: Tidal and Invesco. Their fees differ too: 1.19% for JPO and 0.78% for DBE.

Which has better risk-adjusted returns?

DBE currently has the higher Sharpe Ratio (1.71 vs 0.89), 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.