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JSML vs. DBE
Performance
Return for Risk
Drawdowns
Volatility
Dividends

JSML vs. DBE

Last updated Jun 5, 2026

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 12.94%/yr vs 11.58%/yr for DBE. At a 0.16 correlation, their price movements are largely independent. JSML charges 0.30%/yr vs 0.78%/yr for DBE.

Performance

JSML vs. DBE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Janus Henderson Small Cap Growth Alpha ETF (JSML) 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, JSML achieves a 20.92% return, which is significantly lower than DBE's 79.04% return. Over the past 10 years, JSML has outperformed DBE with an annualized return of 12.94%, while DBE has yielded a comparatively lower 11.58% annualized return.

JSML

1D
1.56%
1M
6.17%
YTD
20.92%
6M
19.03%
1Y
35.79%
3Y*
19.59%
5Y*
6.42%
10Y*
12.94%

DBE

1D
-2.52%
1M
-6.01%
YTD
79.04%
6M
69.31%
1Y
81.31%
3Y*
22.41%
5Y*
19.05%
10Y*
11.58%
*Multi-year figures are annualized to reflect compound growth (CAGR)

JSML vs. DBE - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
JSML
Janus Henderson Small Cap Growth Alpha ETF		20.92%13.41%12.45%30.09%-29.40%3.08%35.38%32.50%-2.53%20.93%
DBE
Invesco DB Energy Fund		79.04%-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 -0.32, 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

-0.32

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

-0.05

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 JSML and DBE shifts across timeframes, from -0.32 (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 Cap Growth Alpha ETF

Invesco DB Energy Fund

Often compared with JSML:
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Often compared with DBE:
DBE vs. DBBDBE vs. XLEDBE vs. VDEDBE vs. XLKDBE vs. COMTDBE vs. GLDDBE vs. TIP

Return for Risk

JSML vs. DBE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
JSML
JSML Risk / Return Rank: 4949
Overall Rank
JSML Sharpe Ratio Rank: 4949
Sharpe Ratio Rank
JSML Sortino Ratio Rank: 4848
Sortino Ratio Rank
JSML Omega Ratio Rank: 4646
Omega Ratio Rank
JSML Calmar Ratio Rank: 5050
Calmar Ratio Rank
JSML Martin Ratio Rank: 5252
Martin Ratio Rank
DBE
DBE Risk / Return Rank: 7171
Overall Rank
DBE Sharpe Ratio Rank: 7373
Sharpe Ratio Rank
DBE Sortino Ratio Rank: 6262
Sortino Ratio Rank
DBE Omega Ratio Rank: 6565
Omega Ratio Rank
DBE Calmar Ratio Rank: 9191
Calmar Ratio Rank
DBE Martin Ratio Rank: 6262
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.

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.

JSMLDBEDifference
Sharpe ratioReturn per unit of total volatility
1.67
2.33

-0.67

Sortino ratioReturn per unit of downside risk
2.32
2.87

-0.55

Omega ratioGain probability vs. loss probability

1.29

1.39

-0.10

Calmar ratioReturn relative to maximum drawdown

2.42

5.67

-3.25

Martin ratioReturn relative to average drawdown

8.60

11.08

-2.48

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

JSML vs. DBE - Sharpe Ratio Comparison

The current JSML Sharpe Ratio is 1.67, which is comparable to the DBE Sharpe Ratio of 2.33. The chart below compares the historical Sharpe Ratios of JSML 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

JSMLDBEDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.67

2.33

-0.67

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.26

0.65

-0.39

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.53

0.41

+0.12

Sharpe Ratio (All Time)

Calculated using the full available price history

0.57

0.09

+0.48

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

JSMLDBEDifference

Max Drawdown

Largest peak-to-trough decline

-39.65%

-86.69%

+47.04%

Max Drawdown (1Y)

Largest decline over 1 year

-14.84%

-14.41%

-0.43%

Max Drawdown (3Y)

Largest decline over 3 years

-25.60%

-23.89%

-1.71%

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 Drawdown

Current decline from peak

0.00%

-32.03%

+32.03%

Average Drawdown

Average peak-to-trough decline

-10.86%

-57.30%

+46.44%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.17%

7.37%

-3.20%

Volatility

JSML vs. DBE - Volatility Comparison

The current volatility for Janus Henderson Small Cap Growth Alpha ETF (JSML) is 7.13%, while Invesco DB Energy Fund (DBE) has a volatility of 13.05%. 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

JSMLDBEDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.13%

13.05%

-5.92%

Volatility (6M)

Calculated over the trailing 6-month period

16.00%

30.97%

-14.97%

Volatility (1Y)

Calculated over the trailing 1-year period

21.59%

35.07%

-13.48%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

24.35%

29.41%

-5.06%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

24.27%

28.34%

-4.07%

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 0.79%, less than DBE's 2.16% yield.

PositionTTM2025202420232022202120202019201820172016
DBE
Invesco DB Energy Fund		2.16%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		0.79%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 -0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

DBE has higher volatility (13.05%) compared to JSML (7.13%). In terms of maximum drawdown, JSML dropped -39.65% vs DBE's -86.69%.

On 10-year performance, JSML leads with 12.94% vs 11.58% for DBE. On fees, JSML is cheaper at 0.30% per year. On volatility, JSML has been the lower-risk option at 7.13%. 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 12.94% return vs 11.58%. 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 2.16%, compared with 0.79% 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 (2.33 vs 1.67), 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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