JSML vs. DBE
JSML (Janus Henderson Small Cap Growth Alpha ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - JSML is a Small Cap Growth Equities fund tracking the Janus Small 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, JSML returned 12.46%/yr vs 12.24%/yr for DBE. Their 0.15 correlation means their historical movements had little consistent relationship. JSML charges 0.30%/yr vs 0.78%/yr for DBE.
Performance
JSML vs. DBE - Performance Comparison
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Returns By Period
In the year-to-date period, JSML achieves a 21.51% return, which is significantly lower than DBE's 71.26% return. Both investments have delivered pretty close results over the past 10 years, with JSML having a 12.46% annualized return and DBE not far behind at 12.24%.
JSML
- 1D
- 1.87%
- 1M
- -2.15%
- 6M
- 15.94%
- YTD
- 21.51%
- 1Y
- 33.26%
- 3Y*
- 17.08%
- 5Y*
- 6.35%
- 10Y*
- 12.46%
- ALL TIME*
- 13.47%
DBE
- 1D
- -4.26%
- 1M
- 15.98%
- 6M
- 57.84%
- YTD
- 71.26%
- 1Y
- 61.44%
- 3Y*
- 15.22%
- 5Y*
- 17.82%
- 10Y*
- 12.24%
- ALL TIME*
- 2.29%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.27M | $1.08M | $1.67M | |
| $2.12M | $2.84M | $2.20M |
JSML vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
JSML Janus Henderson Small Cap Growth Alpha ETF | 21.51% | 13.41% | 12.45% | 30.09% | -29.40% | 3.08% | 35.38% | 32.50% | -2.53% | 20.93% |
DBE Invesco DB Energy Fund | 71.26% | -2.17% | 2.96% | -12.14% | 33.77% | 57.56% | -25.91% | 19.72% | -12.95% | 5.21% |
Correlation
The correlation between JSML and DBE is -0.31, 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. | -0.31 |
Correlation (3Y) Balances recent behavior with more history. | -0.07 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.06 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.15 |
Correlation (All Time) Calculated using the full available price history since Feb 25, 2016 | 0.15 |
The correlation between JSML and DBE shifts across timeframes, from -0.31 (1 year) to 0.15 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
JSML vs. DBE — Risk / Return Rank
JSML
DBE
JSML vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Janus Henderson Small Cap Growth Alpha ETF (JSML) 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.
| JSML | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.17 | ||
| Sortino ratioReturn per unit of downside risk | -0.14 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.28 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.25 | 2.50 | -0.25 |
| Martin ratioReturn relative to average drawdown | 7.62 | 7.82 | -0.19 |
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Drawdowns
JSML vs. DBE - Drawdown Comparison
The maximum JSML drawdown since its inception was -39.65%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for JSML and DBE.
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Drawdown Indicators
| JSML | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.65% | -86.69% | +47.04% |
Max Drawdown (1Y)Largest decline over 1 year | -14.84% | -24.72% | +9.88% |
Max Drawdown (3Y)Largest decline over 3 years | -25.60% | -24.72% | -0.88% |
Max Drawdown (5Y)Largest decline over 5 years | -37.91% | -38.74% | +0.83% |
Max Drawdown (10Y)Largest decline over 10 years | -39.65% | -60.84% | +21.19% |
Current DrawdownCurrent decline from peak | -4.47% | -34.98% | +30.51% |
Average DrawdownAverage peak-to-trough decline | -10.73% | -57.13% | +46.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.38% | 7.90% | -3.52% |
Volatility
JSML vs. DBE - Volatility Comparison
The current volatility for Janus Henderson Small Cap Growth Alpha ETF (JSML) is 6.24%, while Invesco DB Energy Fund (DBE) has a volatility of 15.07%. This indicates that JSML 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
| JSML | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.24% | 15.07% | -8.83% |
Volatility (6M)Calculated over the trailing 6-month period | 17.68% | 34.26% | -16.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.73% | 37.66% | -14.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.53% | 30.15% | -5.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.30% | 28.60% | -4.30% |
JSML vs. DBE - Expense Ratio Comparison
JSML has a 0.30% expense ratio, which is lower than DBE's 0.78% expense ratio.
Dividends
JSML vs. DBE - Dividend Comparison
JSML's dividend yield for the trailing twelve months is around 0.61%, less than DBE's 2.26% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.26% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% | 0.00% | 0.00% |
JSML Janus Henderson Small Cap Growth Alpha ETF | 0.61% | 0.94% | 1.19% | 0.49% | 0.67% | 0.46% | 0.30% | 0.27% | 0.76% | 0.42% | 0.52% |
Frequently Asked Questions
JSML 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 (15.07%) compared to JSML (6.24%). In terms of maximum drawdown, JSML dropped -39.65% vs DBE's -86.69%.
On 10-year performance, JSML leads with 12.46% vs 12.24% for DBE. On fees, JSML is cheaper at 0.30% per year. On volatility, JSML has been the lower-risk option at 6.24%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, JSML has performed better with a 12.46% return vs 12.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
JSML is cheaper with a 0.30% expense ratio, compared with 0.78% for DBE.
DBE has the higher dividend yield at 2.26%, compared with 0.61% for JSML.
JSML is categorized as Small Cap Growth Equities, while DBE is Oil & Gas. JSML tracks Janus Small 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 JSML and 0.78% for DBE.
DBE currently has the higher Sharpe Ratio (1.64 vs 1.47), 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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