JSMD vs. DBO

Last updated Jun 4, 2026

JSMD (Janus Henderson Small/Mid Cap Growth Alpha ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - JSMD is a Mid Cap Growth Equities fund tracking the Janus Small Mid Cap Growth Alpha Index, while DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return. Both are passively managed. Over the past 10 years, JSMD returned 13.40%/yr vs 11.37%/yr for DBO. At a 0.17 correlation, their price movements are largely independent. JSMD charges 0.30%/yr vs 0.78%/yr for DBO.

Performance

JSMD vs. DBO - 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 Oil Fund (DBO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JSMD achieves a 17.31% return, which is significantly lower than DBO's 84.75% return. Over the past 10 years, JSMD has outperformed DBO with an annualized return of 13.40%, while DBO has yielded a comparatively lower 11.37% 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%

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)

JSMD vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
DBO Invesco DB Oil Fund	84.75%	-11.71%	7.85%	-4.44%	13.04%	60.74%	-20.99%	28.05%	-15.22%	4.86%

Correlation

The correlation between JSMD and DBO is -0.26, 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	-0.26
Correlation (3Y) Calculated over the trailing 3-year period	-0.02
Correlation (5Y) Calculated over the trailing 5-year period	0.08
Correlation (10Y) Calculated over the trailing 10-year period	0.17
Correlation (All Time) Calculated using the full available price history since Feb 26, 2016	0.17

The correlation between JSMD and DBO shifts across timeframes, from -0.26 (1 year) to 0.17 (all time), reflecting how their relationship changes across market environments.

JSMD vs. DBO - Sectors Allocation Comparison

Sectors	JSMD	DBO
Industrials	26.6%	-
Healthcare	19.5%	-
Technology	18.7%	-
Consumer Cyclical	9.4%	-
Financial Services	9.1%	116.0%
Real Estate	3.8%	-
Communication Services	3.4%	-
Basic Materials	2.5%	-
Consumer Defensive	2.1%	-
Energy	1.7%	-
Utilities	-	-

Return for Risk

JSMD vs. DBO — Risk / Return Rank

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

JSMD

JSMD Risk / Return Rank: 36
JSMD Sharpe Ratio Rank: 36
JSMD Sortino Ratio Rank: 34
JSMD Omega Ratio Rank: 34
JSMD Calmar Ratio Rank: 38
JSMD Martin Ratio Rank: 40

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.

JSMD vs. DBO - 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 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.

	JSMD	DBO	Difference
Sharpe ratio: Return per unit of total volatility	1.30	2.34	-1.04
Sortino ratio: Return per unit of downside risk	1.84	2.94	-1.09
Omega ratio: Gain probability vs. loss probability	1.23	1.38	-0.14
Calmar ratio: Return relative to maximum drawdown	1.90	4.44	-2.54
Martin ratio: Return relative to average drawdown	6.40	9.02	-2.62
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. DBO - Sharpe Ratio Comparison

The current JSMD Sharpe Ratio is 1.30, which is lower than the DBO Sharpe Ratio of 2.34. The chart below compares the historical Sharpe Ratios of JSMD 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

	JSMD	DBO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.30	2.34	-1.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.34	0.50	-0.16
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.59	0.36	+0.23
Sharpe Ratio (All Time) Calculated using the full available price history	0.64	0.02	+0.61

Drawdowns

JSMD vs. DBO - Drawdown Comparison

The maximum JSMD drawdown since its inception was -38.98%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for JSMD and DBO.

Drawdown Indicators

	JSMD	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-38.98%	-90.18%	+51.20%
Max Drawdown (1Y) Largest decline over 1 year	-14.86%	-18.19%	+3.33%
Max Drawdown (3Y) Largest decline over 3 years	-24.01%	-28.20%	+4.19%
Max Drawdown (5Y) Largest decline over 5 years	-32.18%	-37.68%	+5.50%
Max Drawdown (10Y) Largest decline over 10 years	-38.98%	-61.69%	+22.71%
Current Drawdown Current decline from peak	-0.84%	-51.38%	+50.54%
Average Drawdown Average peak-to-trough decline	-7.48%	-62.25%	+54.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.40%	8.92%	-4.52%

Volatility

JSMD vs. DBO - Volatility Comparison

The current volatility for Janus Henderson Small/Mid Cap Growth Alpha ETF (JSMD) is 6.73%, while Invesco DB Oil Fund (DBO) has a volatility of 12.61%. This indicates that JSMD 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

	JSMD	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.73%	12.61%	-5.88%
Volatility (6M) Calculated over the trailing 6-month period	16.16%	28.20%	-12.04%
Volatility (1Y) Calculated over the trailing 1-year period	21.70%	34.46%	-12.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.83%	32.29%	-9.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.75%	31.78%	-9.03%

JSMD vs. DBO - Expense Ratio Comparison

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

Dividends

JSMD vs. DBO - Dividend Comparison

JSMD's dividend yield for the trailing twelve months is around 0.47%, less than DBO's 1.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%	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

Can I hold both JSMD and DBO in my portfolio?

JSMD and DBO have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JSMD or DBO?

DBO has higher volatility (12.61%) compared to JSMD (6.73%). In terms of maximum drawdown, JSMD dropped -38.98% vs DBO's -90.18%.

Which ETF is better, JSMD or DBO?

On 10-year performance, JSMD leads with 13.40% vs 11.37% for DBO. 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.

Which ETF has performed better, JSMD or DBO?

Over the 10-year period, JSMD has performed better with a 13.40% return vs 11.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JSMD or DBO?

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

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

DBO has the higher dividend yield at 1.90%, compared with 0.47% for JSMD.

What is the main difference between JSMD and DBO?

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

Which has better risk-adjusted returns?

DBO currently has the higher Sharpe Ratio (2.34 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.