CMDY vs. DBC
CMDY (iShares Bloomberg Roll Select Commodity Strategy ETF) and DBC (Invesco DB Commodity Index Tracking Fund) are both Commodities funds - CMDY tracks the Bloomberg Roll Select Commodity Total Return Index while DBC tracks the DBIQ Optimum Yield Diversified Commodity Index Excess Return. Both are passively managed. Over the past 5 years, CMDY returned 9.37%/yr vs 10.64%/yr for DBC. Their correlation of 0.84 suggests significant overlap in exposure. CMDY charges 0.28%/yr vs 0.85%/yr for DBC.
Performance
CMDY vs. DBC - Performance Comparison
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Returns By Period
In the year-to-date period, CMDY achieves a 15.88% return, which is significantly lower than DBC's 22.58% return.
CMDY
- 1D
- -0.65%
- 1M
- -8.01%
- YTD
- 15.88%
- 6M
- 15.95%
- 1Y
- 21.57%
- 3Y*
- 11.93%
- 5Y*
- 9.37%
- 10Y*
- —
DBC
- 1D
- -0.80%
- 1M
- -10.25%
- YTD
- 22.58%
- 6M
- 22.42%
- 1Y
- 21.81%
- 3Y*
- 10.98%
- 5Y*
- 10.64%
- 10Y*
- 8.01%
CMDY vs. DBC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
CMDY iShares Bloomberg Roll Select Commodity Strategy ETF | 15.88% | 15.81% | 5.43% | -9.33% | 14.55% | 26.38% | 1.15% | 4.96% | -11.13% |
DBC Invesco DB Commodity Index Tracking Fund | 22.58% | 8.10% | 2.18% | -6.19% | 19.34% | 41.36% | -7.84% | 11.84% | -12.47% |
Correlation
The correlation between CMDY and DBC is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.91 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.89 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.88 |
Correlation (All Time) Calculated using the full available price history since Apr 5, 2018 | 0.84 |
The correlation between CMDY and DBC has been stable across timeframes, ranging from 0.84 to 0.91 - a consistent structural relationship.
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Return for Risk
CMDY vs. DBC — Risk / Return Rank
CMDY
DBC
CMDY vs. DBC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Bloomberg Roll Select Commodity Strategy ETF (CMDY) 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.
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.
| CMDY | DBC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.16 | ||
| Sortino ratioReturn per unit of downside risk | +0.15 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.21 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.92 | 1.62 | +0.30 |
| Martin ratioReturn relative to average drawdown | 7.24 | 6.82 | +0.42 |
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Drawdowns
CMDY vs. DBC - Drawdown Comparison
The maximum CMDY drawdown since its inception was -31.19%, smaller than the maximum DBC drawdown of -76.36%. Use the drawdown chart below to compare losses from any high point for CMDY and DBC.
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Drawdown Indicators
| CMDY | DBC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.19% | -76.36% | +45.17% |
Max Drawdown (1Y)Largest decline over 1 year | -11.29% | -13.51% | +2.22% |
Max Drawdown (3Y)Largest decline over 3 years | -11.29% | -13.82% | +2.53% |
Max Drawdown (5Y)Largest decline over 5 years | -26.56% | -27.34% | +0.78% |
Max Drawdown (10Y)Largest decline over 10 years | — | -41.71% | — |
Current DrawdownCurrent decline from peak | -11.29% | -29.09% | +17.80% |
Average DrawdownAverage peak-to-trough decline | -13.11% | -46.17% | +33.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.21% | 3.97% | -0.76% |
Volatility
CMDY vs. DBC - Volatility Comparison
The current volatility for iShares Bloomberg Roll Select Commodity Strategy ETF (CMDY) is 3.50%, while Invesco DB Commodity Index Tracking Fund (DBC) has a volatility of 4.60%. This indicates that CMDY 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
| CMDY | DBC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.50% | 4.60% | -1.10% |
Volatility (6M)Calculated over the trailing 6-month period | 14.39% | 16.16% | -1.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.32% | 18.75% | -2.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.76% | 19.20% | -3.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.63% | 17.81% | -3.18% |
CMDY vs. DBC - Expense Ratio Comparison
CMDY has a 0.28% expense ratio, which is lower than DBC's 0.85% expense ratio.
Dividends
CMDY vs. DBC - Dividend Comparison
CMDY's dividend yield for the trailing twelve months is around 11.13%, more than DBC's 2.72% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
CMDY iShares Bloomberg Roll Select Commodity Strategy ETF | 11.13% | 12.89% | 4.23% | 5.10% | 3.98% | 16.09% | 0.15% | 2.21% | 1.73% |
DBC Invesco DB Commodity Index Tracking Fund | 2.72% | 3.33% | 5.22% | 4.94% | 0.59% | 0.00% | 0.00% | 1.59% | 1.30% |
Frequently Asked Questions
With a correlation of 0.91, CMDY and DBC move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
DBC has higher volatility (4.60%) compared to CMDY (3.50%). In terms of maximum drawdown, CMDY dropped -31.19% vs DBC's -76.36%.
On 5-year performance, DBC leads with 10.64% vs 9.37% for CMDY. On fees, CMDY is cheaper at 0.28% per year. On volatility, CMDY has been the lower-risk option at 3.50%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, DBC has performed better with a 10.64% return vs 9.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CMDY is cheaper with a 0.28% expense ratio, compared with 0.85% for DBC.
CMDY has the higher dividend yield at 11.13%, compared with 2.72% for DBC.
CMDY tracks Bloomberg Roll Select Commodity Total Return 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: 0.28% for CMDY and 0.85% for DBC.
CMDY currently has the higher Sharpe Ratio (1.33 vs 1.17), 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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