CPER vs. DBB
CPER (United States Copper Index Fund) and DBB (Invesco DB Base Metals Fund) are both exchange-traded funds - CPER is a Copper fund tracking the SummerHaven Copper Index Total Return, while DBB is a Metals fund tracking the DBIQ Optimum Yield Industrial Metals Index Excess Return. Both are passively managed. Over the past 10 years, CPER returned 10.57%/yr vs 8.28%/yr for DBB. Their 0.74 correlation means they have sometimes moved together and sometimes differently. CPER charges 1.06%/yr vs 0.81%/yr for DBB.
Performance
CPER vs. DBB - Performance Comparison
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Returns By Period
In the year-to-date period, CPER achieves a 13.16% return, which is significantly higher than DBB's 9.68% return. Over the past 10 years, CPER has outperformed DBB with an annualized return of 10.57%, while DBB has yielded a comparatively lower 8.28% annualized return.
CPER
- 1D
- 0.56%
- 1M
- 6.09%
- 6M
- 8.59%
- YTD
- 13.16%
- 1Y
- 43.49%
- 3Y*
- 17.80%
- 5Y*
- 7.64%
- 10Y*
- 10.57%
- ALL TIME*
- 3.14%
DBB
- 1D
- 0.48%
- 1M
- 5.01%
- 6M
- 4.83%
- YTD
- 9.68%
- 1Y
- 34.68%
- 3Y*
- 15.40%
- 5Y*
- 7.19%
- 10Y*
- 8.28%
- ALL TIME*
- 1.54%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $16.98M | $14.74M | $24.58M | |
| $4.71M | $5.33M | $8.84M |
CPER vs. DBB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CPER United States Copper Index Fund | 13.16% | 38.95% | 4.23% | 4.55% | -15.14% | 25.21% | 23.90% | 6.66% | -21.91% | 28.80% |
DBB Invesco DB Base Metals Fund | 9.68% | 25.01% | 7.90% | 1.15% | -11.80% | 28.97% | 15.53% | -1.17% | -19.47% | 30.09% |
Correlation
The correlation between CPER and DBB is 0.87, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.87 |
Correlation (3Y) Balances recent behavior with more history. | 0.78 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.80 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.78 |
Correlation (All Time) Calculated using the full available price history since Nov 15, 2011 | 0.74 |
The correlation between CPER and DBB shifts across timeframes, from 0.74 (all time) to 0.87 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
CPER vs. DBB — Risk / Return Rank
CPER
DBB
CPER vs. DBB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States Copper Index Fund (CPER) and Invesco DB Base Metals Fund (DBB). 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.
| CPER | DBB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.24 | ||
| Sortino ratioReturn per unit of downside risk | -0.28 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.32 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 2.70 | 3.12 | -0.43 |
| Martin ratioReturn relative to average drawdown | 8.40 | 8.49 | -0.08 |
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Drawdowns
CPER vs. DBB - Drawdown Comparison
The maximum CPER drawdown since its inception was -54.04%, smaller than the maximum DBB drawdown of -60.20%. Use the drawdown chart below to compare losses from any high point for CPER and DBB.
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Drawdown Indicators
| CPER | DBB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -54.04% | -60.20% | +6.16% |
Max Drawdown (1Y)Largest decline over 1 year | -16.43% | -11.00% | -5.43% |
Max Drawdown (3Y)Largest decline over 3 years | -24.77% | -16.59% | -8.18% |
Max Drawdown (5Y)Largest decline over 5 years | -34.75% | -35.00% | +0.25% |
Max Drawdown (10Y)Largest decline over 10 years | -38.42% | -37.98% | -0.44% |
Current DrawdownCurrent decline from peak | -2.56% | -5.52% | +2.96% |
Average DrawdownAverage peak-to-trough decline | -25.19% | -30.69% | +5.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.26% | 4.04% | +1.22% |
Volatility
CPER vs. DBB - Volatility Comparison
United States Copper Index Fund (CPER) has a higher volatility of 6.29% compared to Invesco DB Base Metals Fund (DBB) at 3.44%. This indicates that CPER's price experiences larger fluctuations and is considered to be riskier than DBB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CPER | DBB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.29% | 3.44% | +2.85% |
Volatility (6M)Calculated over the trailing 6-month period | 21.59% | 14.97% | +6.62% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.15% | 18.82% | +9.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.08% | 20.25% | +6.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.11% | 18.49% | +5.62% |
CPER vs. DBB - Expense Ratio Comparison
CPER has a 1.06% expense ratio, which is higher than DBB's 0.81% expense ratio.
Dividends
CPER vs. DBB - Dividend Comparison
CPER has not paid dividends to shareholders, while DBB's dividend yield for the trailing twelve months is around 2.38%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
CPER United States Copper Index Fund | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
DBB Invesco DB Base Metals Fund | 2.38% | 2.61% | 4.75% | 7.21% | 0.94% | 0.00% | 0.00% | 1.83% | 1.59% |
Frequently Asked Questions
CPER and DBB have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CPER has higher volatility (6.29%) compared to DBB (3.44%). In terms of maximum drawdown, CPER dropped -54.04% vs DBB's -60.20%.
On 10-year performance, CPER leads with 10.57% vs 8.28% for DBB. On fees, DBB is cheaper at 0.81% per year. On volatility, DBB has been the lower-risk option at 3.44%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, CPER has performed better with a 10.57% return vs 8.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DBB is cheaper with a 0.81% expense ratio, compared with 1.06% for CPER.
DBB has the higher dividend yield at 2.38%, compared with 0.00% for CPER.
CPER is categorized as Copper, while DBB is Metals. CPER tracks SummerHaven Copper Index Total Return, while DBB tracks DBIQ Optimum Yield Industrial Metals Index Excess Return. They also come from different issuers: USCF and Invesco. Their fees differ too: 1.06% for CPER and 0.81% for DBB.
DBB currently has the higher Sharpe Ratio (1.83 vs 1.58), 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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