BMOP vs. PDBC

Last updated Jul 17, 2026

BMOP (BNY Mellon Municipal Opportunities ETF) and PDBC (Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF) are both exchange-traded funds - BMOP is a Municipal Bonds fund actively managed by BNY Mellon, while PDBC is a Commodities fund actively managed by Invesco. Both are actively managed. At a correlation of -0.37, they often move in opposite directions. BMOP charges 0.54%/yr vs 0.58%/yr for PDBC.

Performance

BMOP vs. PDBC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BNY Mellon Municipal Opportunities ETF (BMOP) and Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

BMOP

• 1D: -0.28%
• 1M: -0.12%
• 6M: 1.57%
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

PDBC

• 1D: -1.22%
• 1M: 1.74%
• 6M: 23.17%
• YTD: 28.00%
• 1Y: 32.27%
• 3Y*: 10.94%
• 5Y*: 11.05%
• 10Y*: 8.21%

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

BMOP vs. PDBC - Yearly Performance Comparison

	2026 (YTD)
BMOP BNY Mellon Municipal Opportunities ETF	1.77%
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF	25.07%

Correlation

The correlation between BMOP and PDBC is -0.37, 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 (All Time) Calculated using the full available price history since Jan 12, 2026	-0.37

Return for Risk

BMOP vs. PDBC — Risk / Return Rank

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

BMOP

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

PDBC

PDBC Risk / Return Rank: 57
PDBC Sharpe Ratio Rank: 65
PDBC Sortino Ratio Rank: 62
PDBC Omega Ratio Rank: 59
PDBC Calmar Ratio Rank: 47
PDBC Martin Ratio Rank: 50

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.

BMOP vs. PDBC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BNY Mellon Municipal Opportunities ETF (BMOP) 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.

	BMOP	PDBC	Difference
Sharpe ratio: Return per unit of total volatility	—	1.71	—
Sortino ratio: Return per unit of downside risk	—	2.33	—
Omega ratio: Gain probability vs. loss probability	—	1.29	—
Calmar ratio: Return relative to maximum drawdown	—	1.96	—
Martin ratio: Return relative to average drawdown	—	6.73	—

Drawdowns

BMOP vs. PDBC - Drawdown Comparison

The maximum BMOP drawdown since its inception was -2.80%, smaller than the maximum PDBC drawdown of -49.52%. Use the drawdown chart below to compare losses from any high point for BMOP and PDBC.

Drawdown Indicators

	BMOP	PDBC	Difference
Max Drawdown Largest peak-to-trough decline	-2.80%	-49.52%	+46.72%
Max Drawdown (1Y) Largest decline over 1 year	—	-16.55%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-16.55%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-27.63%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-40.73%	—
Current Drawdown Current decline from peak	-0.87%	-10.31%	+9.44%
Average Drawdown Average peak-to-trough decline	-0.67%	-23.09%	+22.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	4.80%	—

Volatility

Volatility by Period

	BMOP	PDBC	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	6.25%	—
Volatility (6M) Calculated over the trailing 6-month period	—	16.80%	—
Volatility (1Y) Calculated over the trailing 1-year period	3.51%	18.91%	-15.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.51%	19.24%	-15.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.51%	17.76%	-14.25%

BMOP vs. PDBC - Expense Ratio Comparison

BMOP has a 0.54% expense ratio, which is lower than PDBC's 0.58% expense ratio.

Dividends

BMOP vs. PDBC - Dividend Comparison

BMOP's dividend yield for the trailing twelve months is around 1.52%, less than PDBC's 3.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
BMOP BNY Mellon Municipal Opportunities ETF	1.52%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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%

Frequently Asked Questions

Can I hold both BMOP and PDBC in my portfolio?

BMOP and PDBC have a correlation of -0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BMOP or PDBC?

On fees, BMOP is cheaper at 0.54% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BMOP or PDBC?

BMOP is cheaper with a 0.54% expense ratio, compared with 0.58% for PDBC.

Which ETF pays a higher dividend yield, BMOP or PDBC?

PDBC has the higher dividend yield at 3.00%, compared with 1.52% for BMOP.

What is the main difference between BMOP and PDBC?

BMOP is categorized as Municipal Bonds, while PDBC is Commodities. They also come from different issuers: BNY Mellon and Invesco. Their fees differ too: 0.54% for BMOP and 0.58% for PDBC.