BAR vs. DBP
BAR (GraniteShares Gold Trust) and DBP (Invesco DB Precious Metals Fund) are both exchange-traded funds - BAR is a Gold fund tracking the LBMA Gold Price PM ($/ozt), while DBP is a Precious Metals fund tracking the DBIQ Optimum Yield Precious Metals Index Excess Return. Both are passively managed. Over the past 5 years, BAR returned 18.41%/yr vs 17.43%/yr for DBP. Their correlation of 0.95 suggests significant overlap in exposure. BAR charges 0.17%/yr vs 0.78%/yr for DBP.
Performance
BAR vs. DBP - Performance Comparison
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Returns By Period
In the year-to-date period, BAR achieves a 2.94% return, which is significantly higher than DBP's 2.13% return.
BAR
- 1D
- -1.02%
- 1M
- -1.62%
- YTD
- 2.94%
- 6M
- 5.50%
- 1Y
- 32.26%
- 3Y*
- 31.38%
- 5Y*
- 18.41%
- 10Y*
- —
DBP
- 1D
- -1.42%
- 1M
- -1.48%
- YTD
- 2.13%
- 6M
- 8.68%
- 1Y
- 42.65%
- 3Y*
- 32.54%
- 5Y*
- 17.43%
- 10Y*
- 12.31%
BAR vs. DBP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BAR GraniteShares Gold Trust | 2.94% | 64.12% | 26.97% | 12.96% | -0.55% | -3.92% | 25.02% | 18.16% | -1.87% | -1.15% |
DBP Invesco DB Precious Metals Fund | 2.13% | 73.43% | 26.71% | 8.68% | -1.51% | -7.10% | 26.79% | 15.89% | -4.31% | -2.17% |
Correlation
The correlation between BAR and DBP is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.96 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since Sep 1, 2017 | 0.95 |
The correlation between BAR and DBP has been stable across timeframes, ranging from 0.95 to 0.96 - a consistent structural relationship.
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Return for Risk
BAR vs. DBP — Risk / Return Rank
BAR
DBP
BAR vs. DBP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for GraniteShares Gold Trust (BAR) and Invesco DB Precious Metals Fund (DBP). 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.
| BAR | DBP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.09 | ||
| Sortino ratioReturn per unit of downside risk | -0.03 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.26 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.69 | 1.68 | +0.01 |
| Martin ratioReturn relative to average drawdown | 4.19 | 4.01 | +0.18 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| BAR | DBP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.23 | 1.32 | -0.09 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.03 | 0.84 | +0.20 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.66 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.90 | 0.43 | +0.47 |
Drawdowns
BAR vs. DBP - Drawdown Comparison
The maximum BAR drawdown since its inception was -21.53%, smaller than the maximum DBP drawdown of -53.89%. Use the drawdown chart below to compare losses from any high point for BAR and DBP.
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Drawdown Indicators
| BAR | DBP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.53% | -53.89% | +32.36% |
Max Drawdown (1Y)Largest decline over 1 year | -19.19% | -25.48% | +6.29% |
Max Drawdown (3Y)Largest decline over 3 years | -19.19% | -25.48% | +6.29% |
Max Drawdown (5Y)Largest decline over 5 years | -20.91% | -25.48% | +4.57% |
Max Drawdown (10Y)Largest decline over 10 years | — | -28.36% | — |
Current DrawdownCurrent decline from peak | -17.72% | -23.04% | +5.32% |
Average DrawdownAverage peak-to-trough decline | -6.45% | -25.42% | +18.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.72% | 10.67% | -2.95% |
Volatility
BAR vs. DBP - Volatility Comparison
The current volatility for GraniteShares Gold Trust (BAR) is 5.46%, while Invesco DB Precious Metals Fund (DBP) has a volatility of 7.57%. This indicates that BAR experiences smaller price fluctuations and is considered to be less risky than DBP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BAR | DBP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.46% | 7.57% | -2.11% |
Volatility (6M)Calculated over the trailing 6-month period | 23.03% | 29.87% | -6.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.43% | 32.57% | -6.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.90% | 20.91% | -3.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.38% | 18.72% | -2.34% |
BAR vs. DBP - Expense Ratio Comparison
BAR has a 0.17% expense ratio, which is lower than DBP's 0.78% expense ratio.
Dividends
BAR vs. DBP - Dividend Comparison
BAR has not paid dividends to shareholders, while DBP's dividend yield for the trailing twelve months is around 2.38%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
BAR GraniteShares Gold Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
DBP Invesco DB Precious Metals Fund | 2.38% | 2.44% | 4.21% | 4.47% | 0.45% | 0.00% | 0.00% | 1.26% | 1.24% | 0.12% |
Frequently Asked Questions
With a correlation of 0.96, BAR and DBP move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
DBP has higher volatility (7.57%) compared to BAR (5.46%). In terms of maximum drawdown, BAR dropped -21.53% vs DBP's -53.89%.
On 5-year performance, BAR leads with 18.41% vs 17.43% for DBP. On fees, BAR is cheaper at 0.17% per year. On volatility, BAR has been the lower-risk option at 5.46%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, BAR has performed better with a 18.41% return vs 17.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BAR is cheaper with a 0.17% expense ratio, compared with 0.78% for DBP.
DBP has the higher dividend yield at 2.38%, compared with 0.00% for BAR.
BAR is categorized as Gold, while DBP is Precious Metals. BAR tracks LBMA Gold Price PM ($/ozt), while DBP tracks DBIQ Optimum Yield Precious Metals Index Excess Return. They also come from different issuers: GraniteShares and Invesco. Their fees differ too: 0.17% for BAR and 0.78% for DBP.
DBP currently has the higher Sharpe Ratio (1.32 vs 1.23), 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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