CUT vs. PDBC
CUT (Invesco MSCI Global Timber ETF) and PDBC (Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF) are both exchange-traded funds - CUT is a Materials fund tracking the Beacon Global Timber Index, while PDBC is a Commodities fund actively managed by Invesco. CUT is passively managed, while PDBC is actively managed. Over the past 10 years, CUT returned 4.22%/yr vs 7.69%/yr for PDBC. At a 0.27 correlation, their price movements are largely independent. CUT charges 0.55%/yr vs 0.58%/yr for PDBC.
Performance
CUT vs. PDBC - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, CUT achieves a -3.54% return, which is significantly lower than PDBC's 24.08% return. Over the past 10 years, CUT has underperformed PDBC with an annualized return of 4.22%, while PDBC has yielded a comparatively higher 7.69% annualized return.
CUT
- 1D
- 1.49%
- 1M
- 0.55%
- 6M
- -7.74%
- YTD
- -3.54%
- 1Y
- -7.67%
- 3Y*
- 0.48%
- 5Y*
- -3.66%
- 10Y*
- 4.22%
PDBC
- 1D
- 0.12%
- 1M
- -3.63%
- 6M
- 21.24%
- YTD
- 24.08%
- 1Y
- 27.16%
- 3Y*
- 9.96%
- 5Y*
- 10.22%
- 10Y*
- 7.69%
CUT vs. PDBC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CUT Invesco MSCI Global Timber ETF | -3.54% | -5.92% | 1.82% | 8.65% | -16.38% | 12.29% | 18.05% | 23.35% | -21.70% | 30.41% |
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 24.08% | 5.96% | 2.09% | -6.25% | 19.23% | 41.72% | -7.84% | 11.44% | -12.78% | 5.06% |
Correlation
The correlation between CUT and PDBC is -0.19, 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 | -0.19 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.16 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.24 |
Correlation (All Time) Calculated using the full available price history since Nov 7, 2014 | 0.27 |
The correlation between CUT and PDBC shifts across timeframes, from -0.19 (1 year) to 0.27 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
CUT vs. PDBC — Risk / Return Rank
CUT
PDBC
CUT vs. PDBC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco MSCI Global Timber ETF (CUT) 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.
| CUT | PDBC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.02 | ||
| Sortino ratioReturn per unit of downside risk | -2.70 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 1.27 | -0.33 |
| Calmar ratioReturn relative to maximum drawdown | -0.45 | 1.75 | -2.20 |
| Martin ratioReturn relative to average drawdown | -0.87 | 6.25 | -7.11 |
Loading charts...
Drawdowns
CUT vs. PDBC - Drawdown Comparison
The maximum CUT drawdown since its inception was -70.03%, which is greater than PDBC's maximum drawdown of -49.52%. Use the drawdown chart below to compare losses from any high point for CUT and PDBC.
Loading charts...
Drawdown Indicators
| CUT | PDBC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -70.03% | -49.52% | -20.51% |
Max Drawdown (1Y)Largest decline over 1 year | -19.62% | -16.55% | -3.07% |
Max Drawdown (3Y)Largest decline over 3 years | -22.23% | -16.55% | -5.68% |
Max Drawdown (5Y)Largest decline over 5 years | -30.40% | -27.63% | -2.77% |
Max Drawdown (10Y)Largest decline over 10 years | -45.76% | -40.73% | -5.03% |
Current DrawdownCurrent decline from peak | -21.33% | -13.06% | -8.27% |
Average DrawdownAverage peak-to-trough decline | -15.29% | -23.11% | +7.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.06% | 4.64% | +5.42% |
Volatility
CUT vs. PDBC - Volatility Comparison
Invesco MSCI Global Timber ETF (CUT) has a higher volatility of 6.02% compared to Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) at 5.48%. This indicates that CUT's price experiences larger fluctuations and is considered to be riskier than PDBC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| CUT | PDBC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.02% | 5.48% | +0.54% |
Volatility (6M)Calculated over the trailing 6-month period | 14.70% | 16.59% | -1.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.75% | 18.72% | +0.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.56% | 19.19% | -0.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.05% | 17.75% | +2.30% |
CUT vs. PDBC - Expense Ratio Comparison
CUT has a 0.55% expense ratio, which is lower than PDBC's 0.58% expense ratio.
Dividends
CUT vs. PDBC - Dividend Comparison
CUT's dividend yield for the trailing twelve months is around 2.55%, less than PDBC's 3.09% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CUT Invesco MSCI Global Timber ETF | 2.55% | 2.46% | 3.05% | 2.44% | 2.58% | 1.57% | 1.65% | 2.67% | 3.43% | 1.57% | 2.08% | 1.52% |
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 3.09% | 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
CUT and PDBC have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CUT has higher volatility (6.02%) compared to PDBC (5.48%). In terms of maximum drawdown, CUT dropped -70.03% vs PDBC's -49.52%.
On 10-year performance, PDBC leads with 7.69% vs 4.22% for CUT. On fees, CUT is cheaper at 0.55% per year. On volatility, PDBC has been the lower-risk option at 5.48%. 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 7.69% return vs 4.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CUT is cheaper with a 0.55% expense ratio, compared with 0.58% for PDBC.
PDBC has the higher dividend yield at 3.09%, compared with 2.55% for CUT.
CUT is categorized as Materials, while PDBC is Commodities. Their fees differ too: 0.55% for CUT and 0.58% for PDBC.
PDBC currently has the higher Sharpe Ratio (1.55 vs -0.47), 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.
Find the right allocation for CUT and PDBC
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer