JPXN vs. DBE
JPXN (iShares JPX-Nikkei 400 ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - JPXN is a Japan Equities fund tracking the JPX-Nikkei Index 400, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 10 years, JPXN returned 9.04%/yr vs 11.75%/yr for DBE. Their 0.22 correlation means their historical movements had little consistent relationship. JPXN charges 0.48%/yr vs 0.78%/yr for DBE.
Performance
JPXN vs. DBE - Performance Comparison
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Returns By Period
In the year-to-date period, JPXN achieves a 18.10% return, which is significantly lower than DBE's 63.93% return. Over the past 10 years, JPXN has underperformed DBE with an annualized return of 9.04%, while DBE has yielded a comparatively higher 11.75% annualized return.
JPXN
- 1D
- 1.72%
- 1M
- 1.78%
- 6M
- 9.98%
- YTD
- 18.10%
- 1Y
- 29.79%
- 3Y*
- 18.64%
- 5Y*
- 9.64%
- 10Y*
- 9.04%
- ALL TIME*
- 5.48%
DBE
- 1D
- -4.28%
- 1M
- 11.01%
- 6M
- 47.49%
- YTD
- 63.93%
- 1Y
- 55.67%
- 3Y*
- 13.55%
- 5Y*
- 16.46%
- 10Y*
- 11.75%
- ALL TIME*
- 2.06%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.35M | $1.09M | $1.64M | |
| $766.97K | $881.82K | $1.31M |
JPXN vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
JPXN iShares JPX-Nikkei 400 ETF | 18.10% | 26.03% | 6.48% | 19.69% | -16.29% | 0.16% | 15.12% | 19.40% | -14.87% | 24.41% |
DBE Invesco DB Energy Fund | 63.93% | -2.17% | 2.96% | -12.14% | 33.77% | 57.56% | -25.91% | 19.72% | -12.95% | 5.21% |
Correlation
The correlation between JPXN and DBE is -0.29, 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. | -0.29 |
Correlation (3Y) Balances recent behavior with more history. | -0.10 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.04 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.14 |
Correlation (All Time) Calculated using the full available price history since Jan 5, 2007 | 0.22 |
The correlation between JPXN and DBE shifts across timeframes, from -0.29 (1 year) to 0.22 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
JPXN vs. DBE — Risk / Return Rank
JPXN
DBE
JPXN vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares JPX-Nikkei 400 ETF (JPXN) 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.
| JPXN | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.03 | ||
| Sortino ratioReturn per unit of downside risk | +0.10 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.26 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.28 | 2.26 | +0.02 |
| Martin ratioReturn relative to average drawdown | 7.72 | 7.03 | +0.69 |
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Drawdowns
JPXN vs. DBE - Drawdown Comparison
The maximum JPXN drawdown since its inception was -55.54%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for JPXN and DBE.
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Drawdown Indicators
| JPXN | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.54% | -86.69% | +31.15% |
Max Drawdown (1Y)Largest decline over 1 year | -13.11% | -24.72% | +11.61% |
Max Drawdown (3Y)Largest decline over 3 years | -13.95% | -24.72% | +10.77% |
Max Drawdown (5Y)Largest decline over 5 years | -33.21% | -38.74% | +5.53% |
Max Drawdown (10Y)Largest decline over 10 years | -33.21% | -60.84% | +27.63% |
Current DrawdownCurrent decline from peak | -0.67% | -37.77% | +37.10% |
Average DrawdownAverage peak-to-trough decline | -14.97% | -57.12% | +42.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.87% | 7.95% | -4.08% |
Volatility
JPXN vs. DBE - Volatility Comparison
The current volatility for iShares JPX-Nikkei 400 ETF (JPXN) is 6.75%, while Invesco DB Energy Fund (DBE) has a volatility of 15.88%. This indicates that JPXN 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.
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Volatility by Period
| JPXN | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.75% | 15.88% | -9.13% |
Volatility (6M)Calculated over the trailing 6-month period | 16.72% | 33.82% | -17.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.84% | 37.86% | -18.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.01% | 30.19% | -12.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.12% | 28.64% | -11.52% |
JPXN vs. DBE - Expense Ratio Comparison
JPXN has a 0.48% expense ratio, which is lower than DBE's 0.78% expense ratio.
Dividends
JPXN vs. DBE - Dividend Comparison
JPXN's dividend yield for the trailing twelve months is around 2.71%, more than DBE's 2.36% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.36% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% | 0.00% | 0.00% | 0.00% |
JPXN iShares JPX-Nikkei 400 ETF | 2.71% | 3.14% | 2.29% | 2.57% | 1.47% | 2.63% | 1.27% | 1.92% | 1.60% | 1.50% | 2.07% | 1.32% |
Frequently Asked Questions
JPXN and DBE have a correlation of -0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBE has higher volatility (15.88%) compared to JPXN (6.75%). In terms of maximum drawdown, JPXN dropped -55.54% vs DBE's -86.69%.
On 10-year performance, DBE leads with 11.75% vs 9.04% for JPXN. On fees, JPXN is cheaper at 0.48% per year. On volatility, JPXN has been the lower-risk option at 6.75%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DBE has performed better with a 11.75% return vs 9.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
JPXN is cheaper with a 0.48% expense ratio, compared with 0.78% for DBE.
JPXN has the higher dividend yield at 2.71%, compared with 2.36% for DBE.
JPXN is categorized as Japan Equities, while DBE is Oil & Gas. JPXN tracks JPX-Nikkei Index 400, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.48% for JPXN and 0.78% for DBE.
JPXN currently has the higher Sharpe Ratio (1.51 vs 1.48), 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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