JVAL vs. DBO

Last updated Aug 4, 2026

JVAL (JPMorgan U.S. Value Factor ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - JVAL is a Large Cap Value Equities fund tracking the JP Morgan US Value Factor 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 5 years, JVAL returned 12.53%/yr vs 13.64%/yr for DBO. Their 0.20 correlation means their historical movements had little consistent relationship. JVAL charges 0.12%/yr vs 0.78%/yr for DBO.

Performance

JVAL vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan U.S. Value Factor ETF (JVAL) 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, JVAL achieves a 19.89% return, which is significantly lower than DBO's 66.72% return.

JVAL

• 1D: 1.20%
• 1M: 1.02%
• 6M: 14.82%
• YTD: 19.89%
• 1Y: 34.83%
• 3Y*: 19.42%
• 5Y*: 12.53%
• 10Y*: —
• ALL TIME*: 12.96%

DBO

• 1D: -5.53%
• 1M: 17.71%
• 6M: 53.16%
• YTD: 66.72%
• 1Y: 51.44%
• 3Y*: 12.33%
• 5Y*: 13.64%
• 10Y*: 11.43%
• ALL TIME*: 0.22%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DBO Invesco DB Oil Fund	$11.34M	$10.71M	$13.49M
JVAL JPMorgan U.S. Value Factor ETF	$2.04M	$2.35M	$3.17M

JVAL vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JVAL JPMorgan U.S. Value Factor ETF	19.89%	16.16%	14.53%	19.48%	-11.58%	31.31%	6.43%	28.37%	-8.94%	5.24%
DBO Invesco DB Oil Fund	66.72%	-11.71%	7.85%	-4.44%	13.04%	60.74%	-20.99%	28.05%	-15.22%	4.96%

Correlation

The correlation between JVAL and DBO is -0.25, 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.	-0.25
Correlation (3Y) Balances recent behavior with more history.	-0.04
Correlation (5Y) Shows whether the relationship held over a longer period.	0.11
Correlation (All Time) Calculated using the full available price history since Nov 9, 2017	0.20

The correlation between JVAL and DBO shifts across timeframes, from -0.25 (1 year) to 0.20 (all time), reflecting how their relationship changes across market environments.

Return for Risk

JVAL vs. DBO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

JVAL

JVAL Risk / Return Rank: 91
JVAL Sharpe Ratio Rank: 92
JVAL Sortino Ratio Rank: 90
JVAL Omega Ratio Rank: 89
JVAL Calmar Ratio Rank: 91
JVAL Martin Ratio Rank: 92

DBO

DBO Risk / Return Rank: 51
DBO Sharpe Ratio Rank: 53
DBO Sortino Ratio Rank: 53
DBO Omega Ratio Rank: 50
DBO Calmar Ratio Rank: 51
DBO Martin Ratio Rank: 48

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

JVAL vs. DBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan U.S. Value Factor ETF (JVAL) 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.

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.

	JVAL	DBO	Difference
Sharpe ratio: Return per unit of total volatility	2.40	1.33	+1.07
Sortino ratio: Return per unit of downside risk	3.28	1.92	+1.36
Omega ratio: Gain probability vs. loss probability	1.42	1.23	+0.19
Calmar ratio: Return relative to maximum drawdown	4.13	1.86	+2.26
Martin ratio: Return relative to average drawdown	16.01	5.64	+10.37

JVAL vs. DBO - Sharpe Ratio Comparison

The current JVAL Sharpe Ratio is 2.40, which is higher than the DBO Sharpe Ratio of 1.33. The chart below compares the historical Sharpe Ratios of JVAL 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.

Drawdowns

JVAL vs. DBO - Drawdown Comparison

The maximum JVAL drawdown since its inception was -40.42%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for JVAL and DBO.

Drawdown Indicators

	JVAL	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-40.42%	-90.18%	+49.76%
Max Drawdown (1Y) Largest decline over 1 year	-8.48%	-27.73%	+19.25%
Max Drawdown (3Y) Largest decline over 3 years	-20.07%	-28.20%	+8.13%
Max Drawdown (5Y) Largest decline over 5 years	-22.39%	-37.68%	+15.29%
Max Drawdown (10Y) Largest decline over 10 years	—	-61.69%	—
Current Drawdown Current decline from peak	-0.39%	-56.13%	+55.74%
Average Drawdown Average peak-to-trough decline	-5.23%	-62.20%	+56.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.18%	9.16%	-6.98%

Volatility

JVAL vs. DBO - Volatility Comparison

The current volatility for JPMorgan U.S. Value Factor ETF (JVAL) is 3.32%, while Invesco DB Oil Fund (DBO) has a volatility of 18.99%. This indicates that JVAL 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

	JVAL	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.32%	18.99%	-15.67%
Volatility (6M) Calculated over the trailing 6-month period	11.14%	34.30%	-23.16%
Volatility (1Y) Calculated over the trailing 1-year period	14.58%	38.86%	-24.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.20%	33.43%	-16.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.76%	32.24%	-12.48%

JVAL vs. DBO - Expense Ratio Comparison

JVAL has a 0.12% expense ratio, which is lower than DBO's 0.78% expense ratio.

Dividends

JVAL vs. DBO - Dividend Comparison

JVAL's dividend yield for the trailing twelve months is around 1.63%, less than DBO's 2.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
DBO Invesco DB Oil Fund	2.11%	3.51%	4.68%	4.59%	0.66%	0.00%	0.00%	1.63%	1.58%	0.00%
JVAL JPMorgan U.S. Value Factor ETF	1.63%	2.08%	2.21%	2.43%	2.46%	1.88%	2.55%	2.58%	2.61%	0.45%

Frequently Asked Questions

Can I hold both JVAL and DBO in my portfolio?

JVAL and DBO have a correlation of -0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JVAL or DBO?

DBO has higher volatility (18.99%) compared to JVAL (3.32%). In terms of maximum drawdown, JVAL dropped -40.42% vs DBO's -90.18%.

Which ETF is better, JVAL or DBO?

On 5-year performance, DBO leads with 13.64% vs 12.53% for JVAL. On fees, JVAL is cheaper at 0.12% per year. On volatility, JVAL has been the lower-risk option at 3.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JVAL or DBO?

Over the 5-year period, DBO has performed better with a 13.64% return vs 12.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JVAL or DBO?

JVAL is cheaper with a 0.12% expense ratio, compared with 0.78% for DBO.

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

DBO has the higher dividend yield at 2.11%, compared with 1.63% for JVAL.

What is the main difference between JVAL and DBO?

JVAL is categorized as Large Cap Value Equities, while DBO is Oil & Gas. JVAL tracks JP Morgan US Value Factor Index, while DBO tracks DBIQ Optimum Yield Crude Oil Index Excess Return. They also come from different issuers: JPMorgan and Invesco. Their fees differ too: 0.12% for JVAL and 0.78% for DBO.

Which has better risk-adjusted returns?

JVAL currently has the higher Sharpe Ratio (2.40 vs 1.33), 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.