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^CASHX vs. PDBC
Performance
Return for Risk
Drawdowns
Volatility

^CASHX vs. PDBC

Last updated Jun 4, 2026

^CASHX (US Money Market Index) is an index, while PDBC (Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF) is Commodities fund actively managed by Invesco. Over the past 10 years, ^CASHX returned 2.31%/yr vs 8.79%/yr for PDBC. At a correlation of -0.02, they often move in opposite directions.

Performance

^CASHX vs. PDBC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in US Money Market Index (^CASHX) and Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, ^CASHX achieves a 1.51% return, which is significantly lower than PDBC's 36.23% return. Over the past 10 years, ^CASHX has underperformed PDBC with an annualized return of 2.31%, while PDBC has yielded a comparatively higher 8.79% annualized return.

^CASHX

1D
0.01%
1M
0.28%
YTD
1.51%
6M
1.79%
1Y
3.91%
3Y*
4.64%
5Y*
3.51%
10Y*
2.31%

PDBC

1D
0.39%
1M
-3.37%
YTD
36.23%
6M
36.27%
1Y
45.46%
3Y*
14.42%
5Y*
12.39%
10Y*
8.79%
*Multi-year figures are annualized to reflect compound growth (CAGR)

^CASHX vs. PDBC - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
^CASHX
US Money Market Index		1.51%4.21%5.16%5.03%1.68%0.08%0.37%2.16%1.83%1.00%
PDBC
Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF		36.23%5.96%2.09%-6.25%19.23%41.72%-7.84%11.44%-12.78%5.06%

Correlation

The correlation between ^CASHX and PDBC is -0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

-0.09

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

-0.08

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

-0.06

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

-0.04

Correlation (All Time)
Calculated using the full available price history since Nov 8, 2014

-0.02

Compare stocks, funds, or ETFs

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US Money Market Index

Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF

Often compared with ^CASHX:
^CASHX vs. SPAXX^CASHX vs. VBIL^CASHX vs. VUSXX^CASHX vs. VMRXX^CASHX vs. SWVXX^CASHX vs. FXNAX^CASHX vs. JAAA
Often compared with PDBC:
PDBC vs. DBCPDBC vs. BCIPDBC vs. COMTPDBC vs. GSGPDBC vs. FTGCPDBC vs. DJPPDBC vs. BCD

Return for Risk

^CASHX vs. PDBC — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
^CASHX
PDBC
PDBC Risk / Return Rank: 7474
Overall Rank
PDBC Sharpe Ratio Rank: 7373
Sharpe Ratio Rank
PDBC Sortino Ratio Rank: 6767
Sortino Ratio Rank
PDBC Omega Ratio Rank: 7070
Omega Ratio Rank
PDBC Calmar Ratio Rank: 9292
Calmar Ratio Rank
PDBC Martin Ratio Rank: 7070
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.

^CASHX vs. PDBC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for US Money Market Index (^CASHX) and Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC). 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.

^CASHXPDBCDifference

Sharpe ratio

Return per unit of total volatility

257.89

2.46

+255.44

Sortino ratio

Return per unit of downside risk

—

3.14

—

Omega ratio

Gain probability vs. loss probability

—

1.43

—

Calmar ratio

Return relative to maximum drawdown

—

6.35

—

Martin ratio

Return relative to average drawdown

—

13.39

—

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

^CASHX vs. PDBC - Sharpe Ratio Comparison

The current ^CASHX Sharpe Ratio is 257.89, which is higher than the PDBC Sharpe Ratio of 2.46. The chart below compares the historical Sharpe Ratios of ^CASHX and PDBC, 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

^CASHXPDBCDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

257.89

2.46

+255.44

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

36.51

0.65

+35.86

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

23.97

0.50

+23.48

Sharpe Ratio (All Time)

Calculated using the full available price history

25.99

0.23

+25.75

Drawdowns

^CASHX vs. PDBC - Drawdown Comparison

The maximum ^CASHX drawdown since its inception was 0.00%, smaller than the maximum PDBC drawdown of -49.52%. Use the drawdown chart below to compare losses from any high point for ^CASHX and PDBC.

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Drawdown Indicators

^CASHXPDBCDifference

Max Drawdown

Largest peak-to-trough decline

0.00%

-49.52%

+49.52%

Max Drawdown (1Y)

Largest decline over 1 year

0.00%

-7.19%

+7.19%

Max Drawdown (3Y)

Largest decline over 3 years

0.00%

-13.95%

+13.95%

Max Drawdown (5Y)

Largest decline over 5 years

0.00%

-27.63%

+27.63%

Max Drawdown (10Y)

Largest decline over 10 years

0.00%

-40.73%

+40.73%

Current Drawdown

Current decline from peak

0.00%

-4.55%

+4.55%

Average Drawdown

Average peak-to-trough decline

0.00%

-23.21%

+23.21%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.00%

3.41%

-3.41%

Volatility

^CASHX vs. PDBC - Volatility Comparison

The current volatility for US Money Market Index (^CASHX) is 0.00%, while Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) has a volatility of 6.20%. This indicates that ^CASHX experiences smaller price fluctuations and is considered to be less risky than PDBC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

^CASHXPDBCDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.00%

6.20%

-6.20%

Volatility (6M)

Calculated over the trailing 6-month period

0.00%

15.78%

-15.78%

Volatility (1Y)

Calculated over the trailing 1-year period

0.01%

18.61%

-18.60%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

0.08%

19.12%

-19.04%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

0.08%

17.78%

-17.70%

Frequently Asked Questions

^CASHX and PDBC have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

PDBC has higher volatility (6.20%) compared to ^CASHX (0.00%). In terms of maximum drawdown, ^CASHX dropped 0.00% vs PDBC's -49.52%.

^CASHX currently has the higher Sharpe Ratio (257.89 vs 2.46), 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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