CSPF vs. PDBC
CSPF (Cohen & Steers Preferred and Income Opportunities Active ETF) and PDBC (Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF) are both exchange-traded funds - CSPF is a Preferred Stock fund actively managed by Cohen & Steers, while PDBC is a Commodities fund actively managed by Invesco. Both are actively managed. Over the past year, CSPF returned 6.76% vs 35.58% for PDBC. Their -0.04 correlation means they have often moved in opposite directions in the past. CSPF charges 0.59%/yr vs 0.58%/yr for PDBC.
Performance
CSPF vs. PDBC - Performance Comparison
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Returns By Period
In the year-to-date period, CSPF achieves a 3.52% return, which is significantly lower than PDBC's 28.15% return.
CSPF
- 1D
- 0.13%
- 1M
- -0.47%
- 6M
- 1.82%
- YTD
- 3.52%
- 1Y
- 6.76%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 7.90%
PDBC
- 1D
- 0.47%
- 1M
- 5.47%
- 6M
- 18.25%
- YTD
- 28.15%
- 1Y
- 35.58%
- 3Y*
- 9.41%
- 5Y*
- 11.02%
- 10Y*
- 8.61%
- ALL TIME*
- 3.59%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.30M | $1.58M | $1.32M | |
| $121.86M | $152.61M | $122.20M |
CSPF vs. PDBC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CSPF Cohen & Steers Preferred and Income Opportunities Active ETF | 3.52% | 8.22% |
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 28.15% | 2.11% |
Correlation
The correlation between CSPF and PDBC is -0.15, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.15 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 2025 | -0.04 |
The correlation between CSPF and PDBC shifts across timeframes, from -0.15 (1 year) to -0.04 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
CSPF vs. PDBC — Risk / Return Rank
CSPF
PDBC
CSPF vs. PDBC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Cohen & Steers Preferred and Income Opportunities Active ETF (CSPF) 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.
| CSPF | PDBC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.12 | ||
| Sortino ratioReturn per unit of downside risk | +0.06 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.31 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.22 | 2.16 | +0.06 |
| Martin ratioReturn relative to average drawdown | 9.87 | 7.07 | +2.80 |
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Drawdowns
CSPF vs. PDBC - Drawdown Comparison
The maximum CSPF drawdown since its inception was -3.06%, smaller than the maximum PDBC drawdown of -49.52%. Use the drawdown chart below to compare losses from any high point for CSPF and PDBC.
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Drawdown Indicators
| CSPF | PDBC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.06% | -49.52% | +46.46% |
Max Drawdown (1Y)Largest decline over 1 year | -3.06% | -16.55% | +13.49% |
Max Drawdown (3Y)Largest decline over 3 years | — | -16.55% | — |
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 | -0.47% | -10.21% | +9.74% |
Average DrawdownAverage peak-to-trough decline | -0.44% | -23.02% | +22.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.69% | 5.05% | -4.36% |
Volatility
CSPF vs. PDBC - Volatility Comparison
The current volatility for Cohen & Steers Preferred and Income Opportunities Active ETF (CSPF) is 0.65%, while Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) has a volatility of 7.58%. This indicates that CSPF 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
| CSPF | PDBC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.65% | 7.58% | -6.93% |
Volatility (6M)Calculated over the trailing 6-month period | 3.13% | 16.65% | -13.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.01% | 19.73% | -15.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.08% | 19.28% | -15.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.08% | 17.85% | -13.77% |
CSPF vs. PDBC - Expense Ratio Comparison
CSPF has a 0.59% expense ratio, which is higher than PDBC's 0.58% expense ratio.
Dividends
CSPF vs. PDBC - Dividend Comparison
CSPF's dividend yield for the trailing twelve months is around 5.32%, more than PDBC's 3.00% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
CSPF Cohen & Steers Preferred and Income Opportunities Active ETF | 5.32% | 4.63% | 0.00% | 0.00% | 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
CSPF and PDBC have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PDBC has higher volatility (7.58%) compared to CSPF (0.65%). In terms of maximum drawdown, CSPF dropped -3.06% vs PDBC's -49.52%.
On 1-year performance, PDBC leads with 35.58% vs 6.76% for CSPF. On fees, PDBC is cheaper at 0.58% per year. On volatility, CSPF has been the lower-risk option at 0.65%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, PDBC has performed better with a 35.58% return vs 6.76%. 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 0.59% for CSPF.
CSPF has the higher dividend yield at 5.32%, compared with 3.00% for PDBC.
CSPF is categorized as Preferred Stock, while PDBC is Commodities. They also come from different issuers: Cohen & Steers and Invesco. Their fees differ too: 0.59% for CSPF and 0.58% for PDBC.
PDBC currently has the higher Sharpe Ratio (1.81 vs 1.70), 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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