ASML vs. DBC

Last updated Jun 4, 2026

ASML (ASML Holding N.V.) is a stock, while DBC (Invesco DB Commodity Index Tracking Fund) is Commodities fund tracking the DBIQ Optimum Yield Diversified Commodity Index Excess Return. Over the past 10 years, ASML returned 34.11%/yr vs 9.10%/yr for DBC. At a 0.22 correlation, their price movements are largely independent.

Performance

ASML vs. DBC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ASML Holding N.V. (ASML) 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, ASML achieves a 61.93% return, which is significantly higher than DBC's 35.47% return. Over the past 10 years, ASML has outperformed DBC with an annualized return of 34.11%, while DBC has yielded a comparatively lower 9.10% annualized return.

ASML

• 1D: 1.23%
• 1M: 24.54%
• YTD: 61.93%
• 6M: 51.85%
• 1Y: 132.84%
• 3Y*: 34.91%
• 5Y*: 21.59%
• 10Y*: 34.11%

DBC

• 1D: 0.56%
• 1M: -3.32%
• YTD: 35.47%
• 6M: 35.36%
• 1Y: 45.90%
• 3Y*: 15.09%
• 5Y*: 12.78%
• 10Y*: 9.10%

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

ASML vs. DBC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ASML ASML Holding N.V.	61.93%	56.51%	-7.70%	39.91%	-30.49%	64.13%	66.06%	93.56%	-9.80%	56.23%
DBC Invesco DB Commodity Index Tracking Fund	35.47%	8.10%	2.18%	-6.19%	19.34%	41.36%	-7.84%	11.84%	-11.63%	4.86%

Correlation

The correlation between ASML and DBC is -0.19, 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	-0.19
Correlation (3Y) Calculated over the trailing 3-year period	0.02
Correlation (5Y) Calculated over the trailing 5-year period	0.09
Correlation (10Y) Calculated over the trailing 10-year period	0.17
Correlation (All Time) Calculated using the full available price history since Feb 7, 2006	0.22

The correlation between ASML and DBC shifts across timeframes, from -0.19 (1 year) to 0.22 (all time), reflecting how their relationship changes across market environments.

Return for Risk

ASML vs. DBC — Risk / Return Rank

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

ASML

ASML Risk / Return Rank: 94
ASML Sharpe Ratio Rank: 95
ASML Sortino Ratio Rank: 93
ASML Omega Ratio Rank: 91
ASML Calmar Ratio Rank: 95
ASML Martin Ratio Rank: 95

DBC

DBC Risk / Return Rank: 75
DBC Sharpe Ratio Rank: 74
DBC Sortino Ratio Rank: 67
DBC Omega Ratio Rank: 70
DBC Calmar Ratio Rank: 92
DBC Martin Ratio Rank: 72

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.

ASML vs. DBC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ASML Holding N.V. (ASML) 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.

	ASML	DBC	Difference
Sharpe ratio: Return per unit of total volatility	3.29	2.47	+0.82
Sortino ratio: Return per unit of downside risk	3.71	3.16	+0.55
Omega ratio: Gain probability vs. loss probability	1.45	1.43	+0.02
Calmar ratio: Return relative to maximum drawdown	7.48	6.54	+0.94
Martin ratio: Return relative to average drawdown	20.18	13.91	+6.26
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ASML vs. DBC - Sharpe Ratio Comparison

The current ASML Sharpe Ratio is 3.29, which is higher than the DBC Sharpe Ratio of 2.47. The chart below compares the historical Sharpe Ratios of ASML 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

	ASML	DBC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.29	2.47	+0.82
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.52	0.67	-0.15
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.89	0.51	+0.38
Sharpe Ratio (All Time) Calculated using the full available price history	0.56	0.12	+0.44

Drawdowns

ASML vs. DBC - Drawdown Comparison

The maximum ASML drawdown since its inception was -90.00%, which is greater than DBC's maximum drawdown of -76.36%. Use the drawdown chart below to compare losses from any high point for ASML and DBC.

Drawdown Indicators

	ASML	DBC	Difference
Max Drawdown Largest peak-to-trough decline	-90.00%	-76.36%	-13.64%
Max Drawdown (1Y) Largest decline over 1 year	-17.85%	-7.05%	-10.80%
Max Drawdown (3Y) Largest decline over 3 years	-45.38%	-13.82%	-31.56%
Max Drawdown (5Y) Largest decline over 5 years	-56.84%	-27.34%	-29.50%
Max Drawdown (10Y) Largest decline over 10 years	-56.84%	-41.71%	-15.13%
Current Drawdown Current decline from peak	0.00%	-21.64%	+21.64%
Average Drawdown Average peak-to-trough decline	-28.15%	-46.22%	+18.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.61%	3.31%	+3.30%

Volatility

ASML vs. DBC - Volatility Comparison

ASML Holding N.V. (ASML) has a higher volatility of 14.67% compared to Invesco DB Commodity Index Tracking Fund (DBC) at 6.45%. This indicates that ASML's price experiences larger fluctuations and is considered to be riskier than DBC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ASML	DBC	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.67%	6.45%	+8.22%
Volatility (6M) Calculated over the trailing 6-month period	32.21%	15.75%	+16.46%
Volatility (1Y) Calculated over the trailing 1-year period	40.58%	18.68%	+21.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	42.03%	19.18%	+22.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	38.50%	17.81%	+20.69%

Dividends

ASML vs. DBC - Dividend Comparison

ASML's dividend yield for the trailing twelve months is around 0.51%, less than DBC's 2.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ASML ASML Holding N.V.	0.51%	0.97%	0.97%	0.86%	1.27%	0.50%	0.50%	1.40%	0.94%	0.64%	0.92%	0.73%
DBC Invesco DB Commodity Index Tracking Fund	2.46%	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 ASML and DBC in my portfolio?

ASML and DBC have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ASML or DBC?

ASML has higher volatility (14.67%) compared to DBC (6.45%). In terms of maximum drawdown, ASML dropped -90.00% vs DBC's -76.36%.

Which has better risk-adjusted returns?

ASML currently has the higher Sharpe Ratio (3.29 vs 2.47), 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.