DBA vs. AGRO
DBA (Invesco DB Agriculture Fund) is Agricultural Commodities fund tracking the DBIQ Diversified Agriculture Index Excess Return, while AGRO (Adecoagro S.A.) is a stock. Over the past 10 years, DBA returned 4.14%/yr vs 0.95%/yr for AGRO. At a 0.17 correlation, their price movements are largely independent.
Performance
DBA vs. AGRO - Performance Comparison
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Returns By Period
In the year-to-date period, DBA achieves a 8.82% return, which is significantly lower than AGRO's 31.16% return. Over the past 10 years, DBA has outperformed AGRO with an annualized return of 4.14%, while AGRO has yielded a comparatively lower 0.95% annualized return.
DBA
- 1D
- 0.22%
- 1M
- 5.59%
- 6M
- 7.72%
- YTD
- 8.82%
- 1Y
- 11.65%
- 3Y*
- 13.55%
- 5Y*
- 12.19%
- 10Y*
- 4.14%
AGRO
- 1D
- 3.10%
- 1M
- -11.80%
- 6M
- 24.56%
- YTD
- 31.16%
- 1Y
- 12.50%
- 3Y*
- 5.30%
- 5Y*
- 4.61%
- 10Y*
- 0.95%
DBA vs. AGRO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DBA Invesco DB Agriculture Fund | 8.82% | -0.56% | 33.45% | 7.64% | 2.53% | 22.37% | -2.54% | -0.71% | -8.74% | -6.06% |
AGRO Adecoagro S.A. | 31.16% | -12.37% | -12.39% | 38.60% | 11.50% | 12.94% | -18.76% | 20.26% | -32.69% | -0.39% |
Correlation
The correlation between DBA and AGRO is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.16 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.17 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.18 |
Correlation (All Time) Calculated using the full available price history since Jan 28, 2011 | 0.17 |
The correlation between DBA and AGRO shifts across timeframes, from 0.05 (3 years) to 0.18 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
DBA vs. AGRO — Risk / Return Rank
DBA
AGRO
DBA vs. AGRO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB Agriculture Fund (DBA) and Adecoagro S.A. (AGRO). 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.
| DBA | AGRO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.74 | ||
| Sortino ratioReturn per unit of downside risk | +0.80 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.10 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 1.35 | 0.41 | +0.94 |
| Martin ratioReturn relative to average drawdown | 2.83 | 1.04 | +1.79 |
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Drawdowns
DBA vs. AGRO - Drawdown Comparison
The maximum DBA drawdown since its inception was -67.97%, smaller than the maximum AGRO drawdown of -73.70%. Use the drawdown chart below to compare losses from any high point for DBA and AGRO.
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Drawdown Indicators
| DBA | AGRO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -67.97% | -73.70% | +5.73% |
Max Drawdown (1Y)Largest decline over 1 year | -8.67% | -39.99% | +31.32% |
Max Drawdown (3Y)Largest decline over 3 years | -12.36% | -39.99% | +27.63% |
Max Drawdown (5Y)Largest decline over 5 years | -15.94% | -45.34% | +29.40% |
Max Drawdown (10Y)Largest decline over 10 years | -37.97% | -72.07% | +34.10% |
Current DrawdownCurrent decline from peak | -23.39% | -32.08% | +8.69% |
Average DrawdownAverage peak-to-trough decline | -41.02% | -31.48% | -9.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.12% | 15.75% | -11.63% |
Volatility
DBA vs. AGRO - Volatility Comparison
The current volatility for Invesco DB Agriculture Fund (DBA) is 3.88%, while Adecoagro S.A. (AGRO) has a volatility of 16.23%. This indicates that DBA experiences smaller price fluctuations and is considered to be less risky than AGRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DBA | AGRO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.88% | 16.23% | -12.35% |
Volatility (6M)Calculated over the trailing 6-month period | 7.43% | 40.67% | -33.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.83% | 48.55% | -37.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.86% | 42.03% | -28.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.06% | 39.97% | -26.91% |
Dividends
DBA vs. AGRO - Dividend Comparison
DBA's dividend yield for the trailing twelve months is around 3.29%, more than AGRO's 2.87% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
AGRO Adecoagro S.A. | 2.87% | 4.41% | 3.63% | 2.95% | 3.83% | 0.00% | 0.00% | 0.00% | 0.00% |
DBA Invesco DB Agriculture Fund | 3.29% | 3.58% | 4.08% | 4.63% | 0.48% | 0.00% | 0.00% | 1.55% | 1.06% |
Frequently Asked Questions
DBA and AGRO have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AGRO has higher volatility (16.23%) compared to DBA (3.88%). In terms of maximum drawdown, DBA dropped -67.97% vs AGRO's -73.70%.
DBA currently has the higher Sharpe Ratio (1.08 vs 0.34), 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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