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CMBS vs. DBC
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CMBS vs. DBC

Last updated Jun 5, 2026

CMBS (iShares CMBS ETF) and DBC (Invesco DB Commodity Index Tracking Fund) are both exchange-traded funds - CMBS is a Mortgage Backed Securities fund tracking the Barclays Capital U.S. CMBS (ERISA Only) Index, while DBC is a Commodities fund tracking the DBIQ Optimum Yield Diversified Commodity Index Excess Return. Both are passively managed. Over the past 10 years, CMBS returned 2.09%/yr vs 8.83%/yr for DBC. At a correlation of -0.06, they often move in opposite directions. CMBS charges 0.25%/yr vs 0.85%/yr for DBC.

Performance

CMBS vs. DBC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares CMBS ETF (CMBS) and Invesco DB Commodity Index Tracking Fund (DBC). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, CMBS achieves a 0.49% return, which is significantly lower than DBC's 33.63% return. Over the past 10 years, CMBS has underperformed DBC with an annualized return of 2.09%, while DBC has yielded a comparatively higher 8.83% annualized return.

CMBS

1D
0.35%
1M
0.28%
YTD
0.49%
6M
0.61%
1Y
4.29%
3Y*
5.31%
5Y*
0.86%
10Y*
2.09%

DBC

1D
-1.35%
1M
-4.23%
YTD
33.63%
6M
33.19%
1Y
44.46%
3Y*
14.67%
5Y*
12.47%
10Y*
8.83%
*Multi-year figures are annualized to reflect compound growth (CAGR)

CMBS vs. DBC - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
CMBS
iShares CMBS ETF		0.49%7.67%4.27%5.06%-11.21%-1.82%7.86%7.94%0.77%2.95%
DBC
Invesco DB Commodity Index Tracking Fund		33.63%8.10%2.18%-6.19%19.34%41.36%-7.84%11.84%-11.63%4.86%

Correlation

The correlation between CMBS and DBC is -0.27, 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

-0.27

Correlation (3Y)
Calculated over the trailing 3-year period

-0.12

Correlation (5Y)
Calculated over the trailing 5-year period

-0.06

Correlation (10Y)
Calculated over the trailing 10-year period

-0.07

Correlation (All Time)
Calculated using the full available price history since Feb 17, 2012

-0.06

Over the past year, the inverse relationship between CMBS and DBC has strengthened: their correlation has moved from -0.06 to -0.27, meaning they now move in opposite directions more often than their long-term average.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares CMBS ETF

Invesco DB Commodity Index Tracking Fund

Often compared with CMBS:
CMBS vs. SPLBCMBS vs. SPABCMBS vs. GBFCMBS vs. WCPNXCMBS vs. BNDCMBS vs. SCHZCMBS vs. TLT
Often compared with DBC:
DBC vs. PDBCDBC vs. GSGDBC vs. DBADBC vs. BCIDBC vs. DJPDBC vs. XLEDBC vs. BCD

Return for Risk

CMBS vs. DBC — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
CMBS
CMBS Risk / Return Rank: 3434
Overall Rank
CMBS Sharpe Ratio Rank: 3333
Sharpe Ratio Rank
CMBS Sortino Ratio Rank: 3434
Sortino Ratio Rank
CMBS Omega Ratio Rank: 3131
Omega Ratio Rank
CMBS Calmar Ratio Rank: 3636
Calmar Ratio Rank
CMBS Martin Ratio Rank: 3333
Martin Ratio Rank
DBC
DBC Risk / Return Rank: 7676
Overall Rank
DBC Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
DBC Sortino Ratio Rank: 6868
Sortino Ratio Rank
DBC Omega Ratio Rank: 7171
Omega Ratio Rank
DBC Calmar Ratio Rank: 9292
Calmar Ratio Rank
DBC Martin Ratio Rank: 7373
Martin Ratio Rank
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.

CMBS vs. DBC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares CMBS ETF (CMBS) and Invesco DB Commodity Index Tracking Fund (DBC). 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.

CMBSDBCDifference
Sharpe ratioReturn per unit of total volatility
1.16
2.39

-1.22

Sortino ratioReturn per unit of downside risk
1.78
3.06

-1.29

Omega ratioGain probability vs. loss probability

1.20

1.42

-0.21

Calmar ratioReturn relative to maximum drawdown

1.77

6.34

-4.57

Martin ratioReturn relative to average drawdown

4.90

13.40

-8.49

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CMBS vs. DBC - Sharpe Ratio Comparison

The current CMBS Sharpe Ratio is 1.16, which is lower than the DBC Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of CMBS and DBC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

CMBSDBCDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.16

2.39

-1.22

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.16

0.65

-0.49

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.36

0.50

-0.13

Sharpe Ratio (All Time)

Calculated using the full available price history

0.44

0.11

+0.32

Drawdowns

CMBS vs. DBC - Drawdown Comparison

The maximum CMBS drawdown since its inception was -15.87%, smaller than the maximum DBC drawdown of -76.36%. Use the drawdown chart below to compare losses from any high point for CMBS and DBC.

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Drawdown Indicators

CMBSDBCDifference

Max Drawdown

Largest peak-to-trough decline

-15.87%

-76.36%

+60.49%

Max Drawdown (1Y)

Largest decline over 1 year

-2.44%

-7.05%

+4.61%

Max Drawdown (3Y)

Largest decline over 3 years

-3.29%

-13.82%

+10.53%

Max Drawdown (5Y)

Largest decline over 5 years

-15.87%

-27.34%

+11.47%

Max Drawdown (10Y)

Largest decline over 10 years

-15.87%

-41.71%

+25.84%

Current Drawdown

Current decline from peak

-1.42%

-22.70%

+21.28%

Average Drawdown

Average peak-to-trough decline

-2.95%

-46.22%

+43.27%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.88%

3.33%

-2.45%

Volatility

CMBS vs. DBC - Volatility Comparison

The current volatility for iShares CMBS ETF (CMBS) is 1.17%, while Invesco DB Commodity Index Tracking Fund (DBC) has a volatility of 6.56%. This indicates that CMBS experiences smaller price fluctuations and is considered to be less risky than DBC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

CMBSDBCDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.17%

6.56%

-5.39%

Volatility (6M)

Calculated over the trailing 6-month period

2.84%

15.82%

-12.98%

Volatility (1Y)

Calculated over the trailing 1-year period

3.72%

18.73%

-15.01%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

5.31%

19.18%

-13.87%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

5.77%

17.81%

-12.04%

CMBS vs. DBC - Expense Ratio Comparison

CMBS has a 0.25% expense ratio, which is lower than DBC's 0.85% expense ratio.

Dividends

CMBS vs. DBC - Dividend Comparison

CMBS's dividend yield for the trailing twelve months is around 3.57%, more than DBC's 2.49% yield.

PositionTTM20252024202320222021202020192018201720162015
CMBS
iShares CMBS ETF		3.57%3.45%3.31%2.97%2.65%2.46%2.83%2.74%2.70%2.50%2.29%2.31%
DBC
Invesco DB Commodity Index Tracking Fund		2.49%3.33%5.22%4.94%0.59%0.00%0.00%1.59%1.30%0.00%0.00%0.00%

Frequently Asked Questions

CMBS and DBC have a correlation of -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

DBC has higher volatility (6.56%) compared to CMBS (1.17%). In terms of maximum drawdown, CMBS dropped -15.87% vs DBC's -76.36%.

On 10-year performance, DBC leads with 8.83% vs 2.09% for CMBS. On fees, CMBS is cheaper at 0.25% per year. On volatility, CMBS has been the lower-risk option at 1.17%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, DBC has performed better with a 8.83% return vs 2.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

CMBS is cheaper with a 0.25% expense ratio, compared with 0.85% for DBC.

CMBS has the higher dividend yield at 3.57%, compared with 2.49% for DBC.

CMBS is categorized as Mortgage Backed Securities, while DBC is Commodities. CMBS tracks Barclays Capital U.S. CMBS (ERISA Only) Index, while DBC tracks DBIQ Optimum Yield Diversified Commodity Index Excess Return. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.25% for CMBS and 0.85% for DBC.

DBC currently has the higher Sharpe Ratio (2.39 vs 1.16), 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.

Portfolio Optimizer

Find the right allocation for CMBS and DBC

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