BND vs. PDBC
BND (Vanguard Total Bond Market ETF) and PDBC (Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF) are both exchange-traded funds - BND is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Float Adjusted Index, while PDBC is a Commodities fund actively managed by Invesco. BND is passively managed, while PDBC is actively managed. Over the past 10 years, BND returned 1.60%/yr vs 8.06%/yr for PDBC. At a correlation of -0.11, they often move in opposite directions. BND charges 0.03%/yr vs 0.58%/yr for PDBC.
Performance
BND vs. PDBC - Performance Comparison
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Returns By Period
In the year-to-date period, BND achieves a 0.64% return, which is significantly lower than PDBC's 30.11% return. Over the past 10 years, BND has underperformed PDBC with an annualized return of 1.60%, while PDBC has yielded a comparatively higher 8.06% annualized return.
BND
- 1D
- 0.58%
- 1M
- 0.58%
- YTD
- 0.64%
- 6M
- 0.72%
- 1Y
- 4.91%
- 3Y*
- 4.06%
- 5Y*
- 0.06%
- 10Y*
- 1.60%
PDBC
- 1D
- -1.09%
- 1M
- -8.83%
- YTD
- 30.11%
- 6M
- 30.06%
- 1Y
- 36.08%
- 3Y*
- 13.30%
- 5Y*
- 11.21%
- 10Y*
- 8.06%
BND vs. PDBC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BND Vanguard Total Bond Market ETF | 0.64% | 7.08% | 1.38% | 5.65% | -13.11% | -1.86% | 7.71% | 8.84% | -0.12% | 3.57% |
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 30.11% | 5.96% | 2.09% | -6.25% | 19.23% | 41.72% | -7.84% | 11.44% | -12.78% | 5.06% |
Correlation
The correlation between BND and PDBC is -0.34, 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 | -0.34 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.15 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.10 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.10 |
Correlation (All Time) Calculated using the full available price history since Nov 7, 2014 | -0.11 |
Over the past year, the inverse relationship between BND and PDBC has strengthened: their correlation has moved from -0.11 to -0.34, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
BND vs. PDBC — Risk / Return Rank
BND
PDBC
BND vs. PDBC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Total Bond Market ETF (BND) 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.
| BND | PDBC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.61 | ||
| Sortino ratioReturn per unit of downside risk | -0.56 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.34 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 1.84 | 4.11 | -2.26 |
| Martin ratioReturn relative to average drawdown | 5.38 | 10.05 | -4.67 |
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Drawdowns
BND vs. PDBC - Drawdown Comparison
The maximum BND drawdown since its inception was -18.58%, smaller than the maximum PDBC drawdown of -49.52%. Use the drawdown chart below to compare losses from any high point for BND and PDBC.
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Drawdown Indicators
| BND | PDBC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.58% | -49.52% | +30.94% |
Max Drawdown (1Y)Largest decline over 1 year | -2.68% | -8.83% | +6.15% |
Max Drawdown (3Y)Largest decline over 3 years | -5.92% | -13.95% | +8.03% |
Max Drawdown (5Y)Largest decline over 5 years | -17.91% | -27.63% | +9.72% |
Max Drawdown (10Y)Largest decline over 10 years | -18.58% | -40.73% | +22.15% |
Current DrawdownCurrent decline from peak | -2.00% | -8.83% | +6.83% |
Average DrawdownAverage peak-to-trough decline | -3.06% | -23.17% | +20.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.91% | 3.60% | -2.69% |
Volatility
BND vs. PDBC - Volatility Comparison
The current volatility for Vanguard Total Bond Market ETF (BND) is 1.27%, while Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) has a volatility of 4.92%. This indicates that BND 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
| BND | PDBC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.27% | 4.92% | -3.65% |
Volatility (6M)Calculated over the trailing 6-month period | 2.75% | 16.08% | -13.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.75% | 18.88% | -15.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.03% | 19.16% | -13.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.53% | 17.78% | -12.25% |
BND vs. PDBC - Expense Ratio Comparison
BND has a 0.03% expense ratio, which is lower than PDBC's 0.58% expense ratio.
Dividends
BND vs. PDBC - Dividend Comparison
BND's dividend yield for the trailing twelve months is around 3.95%, more than PDBC's 2.95% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BND Vanguard Total Bond Market ETF | 3.95% | 3.86% | 3.67% | 3.09% | 2.60% | 2.12% | 2.38% | 2.72% | 2.81% | 2.54% | 2.51% | 2.57% |
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 2.95% | 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
BND and PDBC have a correlation of -0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PDBC has higher volatility (4.92%) compared to BND (1.27%). In terms of maximum drawdown, BND dropped -18.58% vs PDBC's -49.52%.
On 10-year performance, PDBC leads with 8.06% vs 1.60% for BND. On fees, BND is cheaper at 0.03% per year. On volatility, BND has been the lower-risk option at 1.27%. 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 8.06% return vs 1.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BND is cheaper with a 0.03% expense ratio, compared with 0.58% for PDBC.
BND has the higher dividend yield at 3.95%, compared with 2.95% for PDBC.
BND is categorized as Total Bond Market, while PDBC is Commodities. They also come from different issuers: Vanguard and Invesco. Their fees differ too: 0.03% for BND and 0.58% for PDBC.
PDBC currently has the higher Sharpe Ratio (1.93 vs 1.32), 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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