ARTHX vs. DBC

Last updated Jun 10, 2026

ARTHX (Artisan Global Equity Fund) and DBC (Invesco DB Commodity Index Tracking Fund) are both funds - ARTHX is a Global Equities fund managed by Artisan, while DBC is a Commodities fund tracking the DBIQ Optimum Yield Diversified Commodity Index Excess Return. Over the past 10 years, ARTHX returned 13.84%/yr vs 8.39%/yr for DBC. At a 0.32 correlation, their price movements are largely independent. ARTHX charges 1.28%/yr vs 0.85%/yr for DBC.

Performance

ARTHX vs. DBC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Artisan Global Equity Fund (ARTHX) and Invesco DB Commodity Index Tracking Fund (DBC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ARTHX achieves a 9.07% return, which is significantly lower than DBC's 30.01% return. Over the past 10 years, ARTHX has outperformed DBC with an annualized return of 13.84%, while DBC has yielded a comparatively lower 8.39% annualized return.

ARTHX

• 1D: 0.21%
• 1M: -6.33%
• YTD: 9.07%
• 6M: 10.38%
• 1Y: 26.68%
• 3Y*: 26.93%
• 5Y*: 10.14%
• 10Y*: 13.84%

DBC

• 1D: -1.36%
• 1M: -4.06%
• YTD: 30.01%
• 6M: 30.70%
• 1Y: 38.66%
• 3Y*: 13.59%
• 5Y*: 11.62%
• 10Y*: 8.39%

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

ARTHX vs. DBC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ARTHX Artisan Global Equity Fund	9.07%	45.58%	16.80%	11.89%	-20.62%	4.95%	29.46%	31.13%	-3.75%	31.35%
DBC Invesco DB Commodity Index Tracking Fund	30.01%	8.10%	2.18%	-6.19%	19.34%	41.36%	-7.84%	11.84%	-11.63%	4.86%

Correlation

The correlation between ARTHX and DBC is -0.01, 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	-0.01
Correlation (3Y) Calculated over the trailing 3-year period	0.06
Correlation (5Y) Calculated over the trailing 5-year period	0.19
Correlation (10Y) Calculated over the trailing 10-year period	0.26
Correlation (All Time) Calculated using the full available price history since Mar 29, 2010	0.32

The correlation between ARTHX and DBC shifts across timeframes, from -0.01 (1 year) to 0.32 (all time), reflecting how their relationship changes across market environments.

Return for Risk

ARTHX vs. DBC — Risk / Return Rank

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

ARTHX

ARTHX Risk / Return Rank: 53
ARTHX Sharpe Ratio Rank: 49
ARTHX Sortino Ratio Rank: 49
ARTHX Omega Ratio Rank: 48
ARTHX Calmar Ratio Rank: 61
ARTHX Martin Ratio Rank: 59

DBC

DBC Risk / Return Rank: 73
DBC Sharpe Ratio Rank: 71
DBC Sortino Ratio Rank: 66
DBC Omega Ratio Rank: 68
DBC Calmar Ratio Rank: 89
DBC Martin Ratio Rank: 69

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.

ARTHX vs. DBC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Artisan Global Equity Fund (ARTHX) and Invesco DB Commodity Index Tracking Fund (DBC). 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.

	ARTHX	DBC	Difference
Sharpe ratio: Return per unit of total volatility	1.77	2.05	-0.29
Sortino ratio: Return per unit of downside risk	2.52	2.69	-0.17
Omega ratio: Gain probability vs. loss probability	1.32	1.36	-0.03
Calmar ratio: Return relative to maximum drawdown	2.63	4.70	-2.07
Martin ratio: Return relative to average drawdown	10.23	11.30	-1.07
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ARTHX vs. DBC - Sharpe Ratio Comparison

The current ARTHX Sharpe Ratio is 1.77, which is comparable to the DBC Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of ARTHX and DBC, 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

	ARTHX	DBC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.77	2.05	-0.29
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.57	0.61	-0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.79	0.47	+0.31
Sharpe Ratio (All Time) Calculated using the full available price history	0.74	0.10	+0.63

Drawdowns

ARTHX vs. DBC - Drawdown Comparison

The maximum ARTHX drawdown since its inception was -37.42%, smaller than the maximum DBC drawdown of -76.36%. Use the drawdown chart below to compare losses from any high point for ARTHX and DBC.

Drawdown Indicators

	ARTHX	DBC	Difference
Max Drawdown Largest peak-to-trough decline	-37.42%	-76.36%	+38.94%
Max Drawdown (1Y) Largest decline over 1 year	-10.16%	-8.27%	-1.89%
Max Drawdown (3Y) Largest decline over 3 years	-14.06%	-13.82%	-0.24%
Max Drawdown (5Y) Largest decline over 5 years	-37.42%	-27.34%	-10.08%
Max Drawdown (10Y) Largest decline over 10 years	-37.42%	-41.71%	+4.29%
Current Drawdown Current decline from peak	-7.95%	-24.79%	+16.84%
Average Drawdown Average peak-to-trough decline	-7.14%	-46.20%	+39.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.61%	3.43%	-0.82%

Volatility

ARTHX vs. DBC - Volatility Comparison

The current volatility for Artisan Global Equity Fund (ARTHX) is 5.27%, while Invesco DB Commodity Index Tracking Fund (DBC) has a volatility of 6.31%. This indicates that ARTHX experiences smaller price fluctuations and is considered to be less risky than DBC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ARTHX	DBC	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.27%	6.31%	-1.04%
Volatility (6M) Calculated over the trailing 6-month period	12.37%	16.09%	-3.72%
Volatility (1Y) Calculated over the trailing 1-year period	15.18%	18.93%	-3.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.76%	19.21%	-1.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.67%	17.82%	-0.15%

ARTHX vs. DBC - Expense Ratio Comparison

ARTHX has a 1.28% expense ratio, which is higher than DBC's 0.85% expense ratio.

Dividends

ARTHX vs. DBC - Dividend Comparison

ARTHX's dividend yield for the trailing twelve months is around 21.44%, more than DBC's 2.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ARTHX Artisan Global Equity Fund	21.44%	23.39%	11.32%	0.89%	0.88%	18.02%	11.98%	8.76%	18.13%	0.66%	0.00%	2.17%
DBC Invesco DB Commodity Index Tracking Fund	2.56%	3.33%	5.22%	4.94%	0.59%	0.00%	0.00%	1.59%	1.30%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ARTHX and DBC in my portfolio?

ARTHX and DBC have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ARTHX or DBC?

DBC has higher volatility (6.31%) compared to ARTHX (5.27%). In terms of maximum drawdown, ARTHX dropped -37.42% vs DBC's -76.36%.

Which has better risk-adjusted returns?

DBC currently has the higher Sharpe Ratio (2.05 vs 1.77), 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.