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JSMD vs. DBE
Performance
Return for Risk
Drawdowns
Volatility
Dividends

JSMD vs. DBE

Last updated Jun 4, 2026

JSMD (Janus Henderson Small/Mid Cap Growth Alpha ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - JSMD is a Mid Cap Growth Equities fund tracking the Janus Small Mid Cap Growth Alpha Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 10 years, JSMD returned 13.40%/yr vs 12.03%/yr for DBE. At a 0.16 correlation, their price movements are largely independent. JSMD charges 0.30%/yr vs 0.78%/yr for DBE.

Performance

JSMD vs. DBE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Janus Henderson Small/Mid Cap Growth Alpha ETF (JSMD) and Invesco DB Energy Fund (DBE). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, JSMD achieves a 17.31% return, which is significantly lower than DBE's 83.68% return. Over the past 10 years, JSMD has outperformed DBE with an annualized return of 13.40%, while DBE has yielded a comparatively lower 12.03% annualized return.

JSMD

1D
-0.84%
1M
7.56%
YTD
17.31%
6M
15.14%
1Y
28.07%
3Y*
18.39%
5Y*
7.75%
10Y*
13.40%

DBE

1D
2.33%
1M
-5.45%
YTD
83.68%
6M
74.95%
1Y
84.41%
3Y*
23.42%
5Y*
19.66%
10Y*
12.03%
*Multi-year figures are annualized to reflect compound growth (CAGR)

JSMD vs. DBE - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
JSMD
Janus Henderson Small/Mid Cap Growth Alpha ETF		17.31%9.25%15.08%26.81%-22.84%8.40%30.79%31.05%-4.73%24.46%
DBE
Invesco DB Energy Fund		83.68%-2.17%2.96%-12.14%33.77%57.56%-25.91%19.72%-12.95%5.21%

Correlation

The correlation between JSMD and DBE is -0.31, 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

-0.31

Correlation (3Y)
Calculated over the trailing 3-year period

-0.06

Correlation (5Y)
Calculated over the trailing 5-year period

0.07

Correlation (10Y)
Calculated over the trailing 10-year period

0.16

Correlation (All Time)
Calculated using the full available price history since Feb 26, 2016

0.16

The correlation between JSMD and DBE shifts across timeframes, from -0.31 (1 year) to 0.16 (10 years), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Janus Henderson Small/Mid Cap Growth Alpha ETF

Invesco DB Energy Fund

Often compared with JSMD:
JSMD vs. XMHQJSMD vs. PEXLJSMD vs. JANEXJSMD vs. VOTJSMD vs. SYLDJSMD vs. ARKKJSMD vs. TMSL
Often compared with DBE:
DBE vs. DBBDBE vs. XLEDBE vs. VDEDBE vs. COMTDBE vs. XLKDBE vs. GLDDBE vs. TIP

Return for Risk

JSMD vs. DBE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
JSMD
JSMD Risk / Return Rank: 3636
Overall Rank
JSMD Sharpe Ratio Rank: 3636
Sharpe Ratio Rank
JSMD Sortino Ratio Rank: 3434
Sortino Ratio Rank
JSMD Omega Ratio Rank: 3434
Omega Ratio Rank
JSMD Calmar Ratio Rank: 3838
Calmar Ratio Rank
JSMD Martin Ratio Rank: 4040
Martin Ratio Rank
DBE
DBE Risk / Return Rank: 7171
Overall Rank
DBE Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
DBE Sortino Ratio Rank: 6363
Sortino Ratio Rank
DBE Omega Ratio Rank: 6565
Omega Ratio Rank
DBE Calmar Ratio Rank: 9191
Calmar Ratio Rank
DBE Martin Ratio Rank: 6363
Martin Ratio Rank
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.

JSMD vs. DBE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Janus Henderson Small/Mid Cap Growth Alpha ETF (JSMD) 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.

JSMDDBEDifference
Sharpe ratioReturn per unit of total volatility
1.30
2.43

-1.13

Sortino ratioReturn per unit of downside risk
1.84
2.96

-1.11

Omega ratioGain probability vs. loss probability

1.23

1.40

-0.17

Calmar ratioReturn relative to maximum drawdown

1.90

5.89

-3.99

Martin ratioReturn relative to average drawdown

6.40

11.53

-5.13

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JSMD vs. DBE - Sharpe Ratio Comparison

The current JSMD Sharpe Ratio is 1.30, which is lower than the DBE Sharpe Ratio of 2.43. The chart below compares the historical Sharpe Ratios of JSMD 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.

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Sharpe Ratios by Period

JSMDDBEDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.30

2.43

-1.13

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.34

0.67

-0.33

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.59

0.43

+0.16

Sharpe Ratio (All Time)

Calculated using the full available price history

0.64

0.09

+0.54

Drawdowns

JSMD vs. DBE - Drawdown Comparison

The maximum JSMD drawdown since its inception was -38.98%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for JSMD and DBE.

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Drawdown Indicators

JSMDDBEDifference

Max Drawdown

Largest peak-to-trough decline

-38.98%

-86.69%

+47.71%

Max Drawdown (1Y)

Largest decline over 1 year

-14.86%

-14.41%

-0.45%

Max Drawdown (3Y)

Largest decline over 3 years

-24.01%

-23.89%

-0.12%

Max Drawdown (5Y)

Largest decline over 5 years

-32.18%

-38.74%

+6.56%

Max Drawdown (10Y)

Largest decline over 10 years

-38.98%

-60.84%

+21.86%

Current Drawdown

Current decline from peak

-0.84%

-30.27%

+29.43%

Average Drawdown

Average peak-to-trough decline

-7.48%

-57.31%

+49.83%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.40%

7.35%

-2.95%

Volatility

JSMD vs. DBE - Volatility Comparison

The current volatility for Janus Henderson Small/Mid Cap Growth Alpha ETF (JSMD) is 6.73%, while Invesco DB Energy Fund (DBE) has a volatility of 12.95%. This indicates that JSMD 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

JSMDDBEDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.73%

12.95%

-6.22%

Volatility (6M)

Calculated over the trailing 6-month period

16.16%

30.86%

-14.70%

Volatility (1Y)

Calculated over the trailing 1-year period

21.70%

34.97%

-13.27%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.83%

29.39%

-6.56%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.75%

28.33%

-5.58%

JSMD vs. DBE - Expense Ratio Comparison

JSMD has a 0.30% expense ratio, which is lower than DBE's 0.78% expense ratio.

Dividends

JSMD vs. DBE - Dividend Comparison

JSMD's dividend yield for the trailing twelve months is around 0.47%, less than DBE's 2.10% yield.

PositionTTM2025202420232022202120202019201820172016
DBE
Invesco DB Energy Fund		2.10%3.86%6.32%3.87%0.75%0.00%0.00%1.79%1.67%0.00%0.00%
JSMD
Janus Henderson Small/Mid Cap Growth Alpha ETF		0.47%0.54%0.76%0.44%0.40%0.28%0.24%0.32%0.53%0.30%0.36%

Frequently Asked Questions

JSMD and DBE have a correlation of -0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

DBE has higher volatility (12.95%) compared to JSMD (6.73%). In terms of maximum drawdown, JSMD dropped -38.98% vs DBE's -86.69%.

On 10-year performance, JSMD leads with 13.40% vs 12.03% for DBE. On fees, JSMD is cheaper at 0.30% per year. On volatility, JSMD has been the lower-risk option at 6.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, JSMD has performed better with a 13.40% return vs 12.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

JSMD is cheaper with a 0.30% expense ratio, compared with 0.78% for DBE.

DBE has the higher dividend yield at 2.10%, compared with 0.47% for JSMD.

JSMD is categorized as Mid Cap Growth Equities, while DBE is Oil & Gas. JSMD tracks Janus Small Mid Cap Growth Alpha Index, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: Janus Henderson and Invesco. Their fees differ too: 0.30% for JSMD and 0.78% for DBE.

DBE currently has the higher Sharpe Ratio (2.43 vs 1.30), 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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