CMBS vs. PDBC
CMBS (iShares CMBS ETF) and PDBC (Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF) are both exchange-traded funds - CMBS is a Mortgage Backed Securities fund tracking the Barclays Capital U.S. CMBS (ERISA Only) Index, while PDBC is a Commodities fund actively managed by Invesco. CMBS is passively managed, while PDBC is actively managed. Over the past 10 years, CMBS returned 2.01%/yr vs 8.21%/yr for PDBC. At a correlation of -0.08, they often move in opposite directions. CMBS charges 0.25%/yr vs 0.58%/yr for PDBC.
Performance
CMBS vs. PDBC - Performance Comparison
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Returns By Period
In the year-to-date period, CMBS achieves a 0.63% return, which is significantly lower than PDBC's 28.00% return. Over the past 10 years, CMBS has underperformed PDBC with an annualized return of 2.01%, while PDBC has yielded a comparatively higher 8.21% annualized return.
CMBS
- 1D
- 0.06%
- 1M
- -0.19%
- 6M
- 0.26%
- YTD
- 0.63%
- 1Y
- 4.42%
- 3Y*
- 5.36%
- 5Y*
- 0.74%
- 10Y*
- 2.01%
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%
CMBS vs. PDBC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CMBS iShares CMBS ETF | 0.63% | 7.67% | 4.27% | 5.06% | -11.21% | -1.82% | 7.86% | 7.94% | 0.77% | 2.95% |
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 28.00% | 5.96% | 2.09% | -6.25% | 19.23% | 41.72% | -7.84% | 11.44% | -12.78% | 5.06% |
Correlation
The correlation between CMBS and PDBC is -0.28, 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 | -0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.14 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.07 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.07 |
Correlation (All Time) Calculated using the full available price history since Nov 7, 2014 | -0.08 |
The correlation between CMBS and PDBC shifts across timeframes, from -0.28 (1 year) to -0.07 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
CMBS vs. PDBC — Risk / Return Rank
CMBS
PDBC
CMBS vs. PDBC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares CMBS ETF (CMBS) 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.
| CMBS | PDBC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.49 | ||
| Sortino ratioReturn per unit of downside risk | -0.43 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.29 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.82 | 1.96 | -0.14 |
| Martin ratioReturn relative to average drawdown | 4.47 | 6.73 | -2.26 |
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Drawdowns
CMBS vs. PDBC - Drawdown Comparison
The maximum CMBS drawdown since its inception was -15.87%, smaller than the maximum PDBC drawdown of -49.52%. Use the drawdown chart below to compare losses from any high point for CMBS and PDBC.
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Drawdown Indicators
| CMBS | PDBC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.87% | -49.52% | +33.65% |
Max Drawdown (1Y)Largest decline over 1 year | -2.44% | -16.55% | +14.11% |
Max Drawdown (3Y)Largest decline over 3 years | -3.19% | -16.55% | +13.36% |
Max Drawdown (5Y)Largest decline over 5 years | -15.87% | -27.63% | +11.76% |
Max Drawdown (10Y)Largest decline over 10 years | -15.87% | -40.73% | +24.86% |
Current DrawdownCurrent decline from peak | -1.29% | -10.31% | +9.02% |
Average DrawdownAverage peak-to-trough decline | -2.94% | -23.09% | +20.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.99% | 4.80% | -3.81% |
Volatility
CMBS vs. PDBC - Volatility Comparison
The current volatility for iShares CMBS ETF (CMBS) is 0.97%, while Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) has a volatility of 6.25%. This indicates that CMBS 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
| CMBS | PDBC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.97% | 6.25% | -5.28% |
Volatility (6M)Calculated over the trailing 6-month period | 2.81% | 16.80% | -13.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.63% | 18.91% | -15.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.32% | 19.24% | -13.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.76% | 17.76% | -12.00% |
CMBS vs. PDBC - Expense Ratio Comparison
CMBS has a 0.25% expense ratio, which is lower than PDBC's 0.58% expense ratio.
Dividends
CMBS vs. PDBC - Dividend Comparison
CMBS's dividend yield for the trailing twelve months is around 3.59%, more than PDBC's 3.00% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CMBS iShares CMBS ETF | 3.59% | 3.45% | 3.31% | 2.97% | 2.65% | 2.46% | 2.83% | 2.74% | 2.70% | 2.50% | 2.29% | 2.31% |
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
CMBS and PDBC have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PDBC has higher volatility (6.25%) compared to CMBS (0.97%). In terms of maximum drawdown, CMBS dropped -15.87% vs PDBC's -49.52%.
On 10-year performance, PDBC leads with 8.21% vs 2.01% for CMBS. On fees, CMBS is cheaper at 0.25% per year. On volatility, CMBS has been the lower-risk option at 0.97%. 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 8.21% return vs 2.01%. 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 0.58% for PDBC.
CMBS has the higher dividend yield at 3.59%, compared with 3.00% for PDBC.
CMBS is categorized as Mortgage Backed Securities, while PDBC is Commodities. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.25% for CMBS and 0.58% for PDBC.
PDBC currently has the higher Sharpe Ratio (1.71 vs 1.23), 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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