CANC vs. PDBC
CANC (Tema Oncology ETF) and PDBC (Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF) are both exchange-traded funds - CANC is a Health & Biotech Equities fund actively managed by Tema, while PDBC is a Commodities fund actively managed by Invesco. Both are actively managed. Over the past 3 years, CANC returned 108.39%/yr vs 10.94%/yr for PDBC. At a 0.04 correlation, their price movements are largely independent. CANC charges 0.75%/yr vs 0.58%/yr for PDBC.
Performance
CANC vs. PDBC - Performance Comparison
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Returns By Period
In the year-to-date period, CANC achieves a 16.66% return, which is significantly lower than PDBC's 28.00% return.
CANC
- 1D
- -0.97%
- 1M
- 8.94%
- 6M
- 10.55%
- YTD
- 16.66%
- 1Y
- 54.48%
- 3Y*
- 108.39%
- 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%
CANC vs. PDBC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
CANC Tema Oncology ETF | 16.66% | 42.92% | -5.37% | 510.51% | -85.34% | -55.35% |
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 28.00% | 5.96% | 2.09% | -6.25% | 19.23% | 3.28% |
Correlation
The correlation between CANC and PDBC is -0.23, 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 | -0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.08 |
Correlation (All Time) Calculated using the full available price history since Sep 30, 2021 | 0.04 |
The correlation between CANC and PDBC shifts across timeframes, from -0.23 (1 year) to 0.04 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
CANC vs. PDBC — Risk / Return Rank
CANC
PDBC
CANC vs. PDBC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Tema Oncology ETF (CANC) 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.
| CANC | PDBC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.70 | ||
| Sortino ratioReturn per unit of downside risk | +1.09 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.29 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 5.89 | 1.96 | +3.93 |
| Martin ratioReturn relative to average drawdown | 15.89 | 6.73 | +9.15 |
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Drawdowns
CANC vs. PDBC - Drawdown Comparison
The maximum CANC drawdown since its inception was -97.53%, which is greater than PDBC's maximum drawdown of -49.52%. Use the drawdown chart below to compare losses from any high point for CANC and PDBC.
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Drawdown Indicators
| CANC | PDBC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -97.53% | -49.52% | -48.01% |
Max Drawdown (1Y)Largest decline over 1 year | -9.30% | -16.55% | +7.25% |
Max Drawdown (3Y)Largest decline over 3 years | -30.27% | -16.55% | -13.72% |
Max Drawdown (5Y)Largest decline over 5 years | — | -27.63% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -40.73% | — |
Current DrawdownCurrent decline from peak | -51.64% | -10.31% | -41.33% |
Average DrawdownAverage peak-to-trough decline | -72.65% | -23.09% | -49.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.44% | 4.80% | -1.36% |
Volatility
CANC vs. PDBC - Volatility Comparison
Tema Oncology ETF (CANC) and Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) have volatilities of 6.45% and 6.25%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CANC | PDBC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.45% | 6.25% | +0.20% |
Volatility (6M)Calculated over the trailing 6-month period | 16.40% | 16.80% | -0.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.74% | 18.91% | +3.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 276.80% | 19.24% | +257.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 276.80% | 17.76% | +259.04% |
CANC vs. PDBC - Expense Ratio Comparison
CANC has a 0.75% expense ratio, which is higher than PDBC's 0.58% expense ratio.
Dividends
CANC vs. PDBC - Dividend Comparison
CANC's dividend yield for the trailing twelve months is around 0.05%, less than PDBC's 3.00% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
CANC Tema Oncology ETF | 0.05% | 0.06% | 3.00% | 0.56% | 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
CANC and PDBC have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CANC has higher volatility (6.45%) compared to PDBC (6.25%). In terms of maximum drawdown, CANC dropped -97.53% vs PDBC's -49.52%.
On 3-year performance, CANC leads with 108.39% vs 10.94% for PDBC. On fees, PDBC is cheaper at 0.58% per year. On volatility, PDBC has been the lower-risk option at 6.25%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, CANC has performed better with a 108.39% return vs 10.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PDBC is cheaper with a 0.58% expense ratio, compared with 0.75% for CANC.
PDBC has the higher dividend yield at 3.00%, compared with 0.05% for CANC.
CANC is categorized as Health & Biotech Equities, while PDBC is Commodities. They also come from different issuers: Tema and Invesco. Their fees differ too: 0.75% for CANC and 0.58% for PDBC.
CANC currently has the higher Sharpe Ratio (2.42 vs 1.71), 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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