JPST vs. DBO
JPST (JPMorgan Ultra-Short Income ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - JPST is a Ultrashort Bond fund actively managed by JPMorgan, while DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return. JPST is actively managed, while DBO is passively managed. Over the past 5 years, JPST returned 3.72%/yr vs 13.64%/yr for DBO. Their -0.06 correlation means they have often moved in opposite directions in the past. JPST charges 0.18%/yr vs 0.78%/yr for DBO.
Performance
JPST vs. DBO - Performance Comparison
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Returns By Period
In the year-to-date period, JPST achieves a 2.01% return, which is significantly lower than DBO's 66.72% return.
JPST
- 1D
- 0.06%
- 1M
- 0.30%
- 6M
- 1.62%
- YTD
- 2.01%
- 1Y
- 3.96%
- 3Y*
- 5.07%
- 5Y*
- 3.72%
- 10Y*
- —
- ALL TIME*
- 2.99%
DBO
- 1D
- -5.53%
- 1M
- 17.71%
- 6M
- 53.16%
- YTD
- 66.72%
- 1Y
- 51.44%
- 3Y*
- 12.33%
- 5Y*
- 13.64%
- 10Y*
- 11.43%
- ALL TIME*
- 0.22%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $11.34M | $10.71M | $13.49M | |
| $283.32M | $279.21M | $317.05M |
JPST vs. DBO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
JPST JPMorgan Ultra-Short Income ETF | 2.01% | 4.99% | 5.58% | 5.13% | 1.14% | 0.11% | 2.18% | 3.34% | 2.23% | 0.98% |
DBO Invesco DB Oil Fund | 66.72% | -11.71% | 7.85% | -4.44% | 13.04% | 60.74% | -20.99% | 28.05% | -15.22% | 18.57% |
Correlation
The correlation between JPST and DBO is -0.32, 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. | -0.32 |
Correlation (3Y) Balances recent behavior with more history. | -0.15 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.10 |
Correlation (All Time) Calculated using the full available price history since May 19, 2017 | -0.06 |
Over the past year, the inverse relationship between JPST and DBO has strengthened: their correlation has moved from -0.06 to -0.32, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
JPST vs. DBO — Risk / Return Rank
JPST
DBO
JPST vs. DBO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for JPMorgan Ultra-Short Income ETF (JPST) 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.
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.
| JPST | DBO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +6.37 | ||
| Sortino ratioReturn per unit of downside risk | +13.63 | ||
| Omega ratioGain probability vs. loss probability | 3.51 | 1.23 | +2.27 |
| Calmar ratioReturn relative to maximum drawdown | 26.75 | 1.86 | +24.88 |
| Martin ratioReturn relative to average drawdown | 126.55 | 5.64 | +120.91 |
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Drawdowns
JPST vs. DBO - Drawdown Comparison
The maximum JPST drawdown since its inception was -3.28%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for JPST and DBO.
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Drawdown Indicators
| JPST | DBO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.28% | -90.18% | +86.90% |
Max Drawdown (1Y)Largest decline over 1 year | -0.15% | -27.73% | +27.58% |
Max Drawdown (3Y)Largest decline over 3 years | -0.30% | -28.20% | +27.90% |
Max Drawdown (5Y)Largest decline over 5 years | -0.79% | -37.68% | +36.89% |
Max Drawdown (10Y)Largest decline over 10 years | — | -61.69% | — |
Current DrawdownCurrent decline from peak | 0.00% | -56.13% | +56.13% |
Average DrawdownAverage peak-to-trough decline | -0.08% | -62.20% | +62.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.03% | 9.16% | -9.13% |
Volatility
JPST vs. DBO - Volatility Comparison
The current volatility for JPMorgan Ultra-Short Income ETF (JPST) is 0.14%, while Invesco DB Oil Fund (DBO) has a volatility of 18.99%. This indicates that JPST 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.
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Volatility by Period
| JPST | DBO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.14% | 18.99% | -18.85% |
Volatility (6M)Calculated over the trailing 6-month period | 0.39% | 34.30% | -33.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.52% | 38.86% | -38.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.58% | 33.43% | -32.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.93% | 32.24% | -31.31% |
JPST vs. DBO - Expense Ratio Comparison
JPST has a 0.18% expense ratio, which is lower than DBO's 0.78% expense ratio.
Dividends
JPST vs. DBO - Dividend Comparison
JPST's dividend yield for the trailing twelve months is around 4.20%, more than DBO's 2.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DBO Invesco DB Oil Fund | 2.11% | 3.51% | 4.68% | 4.59% | 0.66% | 0.00% | 0.00% | 1.63% | 1.58% | 0.00% |
JPST JPMorgan Ultra-Short Income ETF | 4.20% | 4.43% | 5.16% | 4.79% | 1.83% | 0.73% | 1.43% | 2.69% | 2.07% | 0.96% |
Frequently Asked Questions
JPST and DBO have a correlation of -0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBO has higher volatility (18.99%) compared to JPST (0.14%). In terms of maximum drawdown, JPST dropped -3.28% vs DBO's -90.18%.
On 5-year performance, DBO leads with 13.64% vs 3.72% for JPST. On fees, JPST is cheaper at 0.18% per year. On volatility, JPST has been the lower-risk option at 0.14%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, DBO has performed better with a 13.64% return vs 3.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
JPST is cheaper with a 0.18% expense ratio, compared with 0.78% for DBO.
JPST has the higher dividend yield at 4.20%, compared with 2.11% for DBO.
JPST is categorized as Ultrashort Bond, while DBO is Oil & Gas. They also come from different issuers: JPMorgan and Invesco. Their fees differ too: 0.18% for JPST and 0.78% for DBO.
JPST currently has the higher Sharpe Ratio (7.71 vs 1.33), 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.
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