BLV vs. PDBC
BLV (Vanguard Long-Term Bond ETF) and PDBC (Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF) are both exchange-traded funds - BLV is a Long-Term Bond fund tracking the Bloomberg U.S. Long Government/Credit Float Adjusted Index, while PDBC is a Commodities fund actively managed by Invesco. BLV is passively managed, while PDBC is actively managed. Over the past 10 years, BLV returned 0.40%/yr vs 8.61%/yr for PDBC. Their -0.12 correlation means they have often moved in opposite directions in the past. BLV charges 0.03%/yr vs 0.58%/yr for PDBC.
Performance
BLV vs. PDBC - Performance Comparison
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Returns By Period
In the year-to-date period, BLV achieves a -1.57% return, which is significantly lower than PDBC's 28.15% return. Over the past 10 years, BLV has underperformed PDBC with an annualized return of 0.40%, while PDBC has yielded a comparatively higher 8.61% annualized return.
BLV
- 1D
- 0.08%
- 1M
- -2.23%
- 6M
- -1.47%
- YTD
- -1.57%
- 1Y
- -0.01%
- 3Y*
- 2.36%
- 5Y*
- -4.60%
- 10Y*
- 0.40%
- ALL TIME*
- 4.09%
PDBC
- 1D
- 0.47%
- 1M
- 5.47%
- 6M
- 18.25%
- YTD
- 28.15%
- 1Y
- 35.58%
- 3Y*
- 9.41%
- 5Y*
- 11.02%
- 10Y*
- 8.61%
- ALL TIME*
- 3.59%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $54.73M | $52.77M | $45.58M | |
| $121.86M | $152.61M | $122.20M |
BLV vs. PDBC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BLV Vanguard Long-Term Bond ETF | -1.57% | 6.44% | -3.65% | 7.35% | -26.95% | -2.89% | 16.13% | 18.99% | -4.17% | 10.74% |
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 28.15% | 5.96% | 2.09% | -6.25% | 19.23% | 41.72% | -7.84% | 11.44% | -12.78% | 5.06% |
Correlation
The correlation between BLV and PDBC is -0.38, 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. | -0.38 |
Correlation (3Y) Balances recent behavior with more history. | -0.19 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.11 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.11 |
Correlation (All Time) Calculated using the full available price history since Nov 7, 2014 | -0.12 |
Over the past year, the inverse relationship between BLV and PDBC has strengthened: their correlation has moved from -0.12 to -0.38, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
BLV vs. PDBC — Risk / Return Rank
BLV
PDBC
BLV vs. PDBC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Long-Term Bond ETF (BLV) 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.
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.
| BLV | PDBC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.82 | ||
| Sortino ratioReturn per unit of downside risk | -2.36 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.31 | -0.30 |
| Calmar ratioReturn relative to maximum drawdown | -0.00 | 2.16 | -2.16 |
| Martin ratioReturn relative to average drawdown | -0.00 | 7.07 | -7.07 |
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Drawdowns
BLV vs. PDBC - Drawdown Comparison
The maximum BLV drawdown since its inception was -38.29%, smaller than the maximum PDBC drawdown of -49.52%. Use the drawdown chart below to compare losses from any high point for BLV and PDBC.
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Drawdown Indicators
| BLV | PDBC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.29% | -49.52% | +11.23% |
Max Drawdown (1Y)Largest decline over 1 year | -5.92% | -16.55% | +10.63% |
Max Drawdown (3Y)Largest decline over 3 years | -11.70% | -16.55% | +4.85% |
Max Drawdown (5Y)Largest decline over 5 years | -36.27% | -27.63% | -8.64% |
Max Drawdown (10Y)Largest decline over 10 years | -38.29% | -40.73% | +2.44% |
Current DrawdownCurrent decline from peak | -25.54% | -10.21% | -15.33% |
Average DrawdownAverage peak-to-trough decline | -9.64% | -23.02% | +13.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.69% | 5.05% | -2.36% |
Volatility
BLV vs. PDBC - Volatility Comparison
The current volatility for Vanguard Long-Term Bond ETF (BLV) is 2.17%, while Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) has a volatility of 7.58%. This indicates that BLV 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
| BLV | PDBC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.17% | 7.58% | -5.41% |
Volatility (6M)Calculated over the trailing 6-month period | 6.02% | 16.65% | -10.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.78% | 19.73% | -11.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.91% | 19.28% | -6.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.95% | 17.85% | -5.90% |
BLV vs. PDBC - Expense Ratio Comparison
BLV has a 0.03% expense ratio, which is lower than PDBC's 0.58% expense ratio.
Dividends
BLV vs. PDBC - Dividend Comparison
BLV's dividend yield for the trailing twelve months is around 4.93%, more than PDBC's 3.00% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BLV Vanguard Long-Term Bond ETF | 4.93% | 4.67% | 5.09% | 4.06% | 4.17% | 3.37% | 6.12% | 3.57% | 4.07% | 3.63% | 4.16% | 4.37% |
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 3.00% | 3.84% | 4.42% | 4.21% | 13.05% | 50.83% | 0.01% | 1.40% | 1.00% | 3.83% | 6.51% | 0.00% |
Frequently Asked Questions
BLV and PDBC have a correlation of -0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PDBC has higher volatility (7.58%) compared to BLV (2.17%). In terms of maximum drawdown, BLV dropped -38.29% vs PDBC's -49.52%.
On 10-year performance, PDBC leads with 8.61% vs 0.40% for BLV. On fees, BLV is cheaper at 0.03% per year. On volatility, BLV has been the lower-risk option at 2.17%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PDBC has performed better with a 8.61% return vs 0.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BLV is cheaper with a 0.03% expense ratio, compared with 0.58% for PDBC.
BLV has the higher dividend yield at 4.93%, compared with 3.00% for PDBC.
BLV is categorized as Long-Term Bond, while PDBC is Commodities. They also come from different issuers: Vanguard and Invesco. Their fees differ too: 0.03% for BLV and 0.58% for PDBC.
PDBC currently has the higher Sharpe Ratio (1.81 vs -0.00), 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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