DBA vs. BCD
DBA (Invesco DB Agriculture Fund) and BCD (abrdn Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF) are both exchange-traded funds - DBA is a Agricultural Commodities fund tracking the DBIQ Diversified Agriculture Index Excess Return, while BCD is a Commodities fund actively managed by Aberdeen. DBA is passively managed, while BCD is actively managed. Over the past 5 years, DBA returned 11.03%/yr vs 11.03%/yr for BCD. At a 0.48 correlation, their price movements are largely independent. DBA charges 0.88%/yr vs 0.29%/yr for BCD.
Performance
DBA vs. BCD - Performance Comparison
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Returns By Period
In the year-to-date period, DBA achieves a 4.43% return, which is significantly lower than BCD's 12.69% return.
DBA
- 1D
- 0.08%
- 1M
- -3.30%
- YTD
- 4.43%
- 6M
- 4.76%
- 1Y
- 4.55%
- 3Y*
- 11.76%
- 5Y*
- 11.03%
- 10Y*
- 3.67%
BCD
- 1D
- -0.37%
- 1M
- -6.61%
- YTD
- 12.69%
- 6M
- 12.67%
- 1Y
- 18.46%
- 3Y*
- 11.12%
- 5Y*
- 11.03%
- 10Y*
- —
DBA vs. BCD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DBA Invesco DB Agriculture Fund | 4.43% | -0.56% | 33.45% | 7.64% | 2.53% | 22.37% | -2.54% | -0.71% | -8.74% | -4.82% |
BCD abrdn Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF | 12.69% | 15.71% | 6.20% | -7.58% | 18.38% | 31.87% | 4.76% | 7.34% | -8.65% | 3.83% |
Correlation
The correlation between DBA and BCD is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.43 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.38 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.49 |
Correlation (All Time) Calculated using the full available price history since Mar 31, 2017 | 0.48 |
The correlation between DBA and BCD shifts across timeframes, from 0.38 (3 years) to 0.49 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
DBA vs. BCD — Risk / Return Rank
DBA
BCD
DBA vs. BCD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB Agriculture Fund (DBA) and abrdn Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF (BCD). 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 | BCD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.90 | ||
| Sortino ratioReturn per unit of downside risk | -1.14 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 1.24 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | 0.53 | 1.89 | -1.36 |
| Martin ratioReturn relative to average drawdown | 1.15 | 6.83 | -5.68 |
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Drawdowns
DBA vs. BCD - Drawdown Comparison
The maximum DBA drawdown since its inception was -67.97%, which is greater than BCD's maximum drawdown of -29.81%. Use the drawdown chart below to compare losses from any high point for DBA and BCD.
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Drawdown Indicators
| DBA | BCD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -67.97% | -29.81% | -38.16% |
Max Drawdown (1Y)Largest decline over 1 year | -8.67% | -9.80% | +1.13% |
Max Drawdown (3Y)Largest decline over 3 years | -12.36% | -10.50% | -1.86% |
Max Drawdown (5Y)Largest decline over 5 years | -15.94% | -23.03% | +7.09% |
Max Drawdown (10Y)Largest decline over 10 years | -39.12% | — | — |
Current DrawdownCurrent decline from peak | -26.48% | -9.80% | -16.68% |
Average DrawdownAverage peak-to-trough decline | -41.06% | -9.84% | -31.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.96% | 3.00% | +0.96% |
Volatility
DBA vs. BCD - Volatility Comparison
The current volatility for Invesco DB Agriculture Fund (DBA) is 2.85%, while abrdn Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF (BCD) has a volatility of 3.18%. This indicates that DBA experiences smaller price fluctuations and is considered to be less risky than BCD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DBA | BCD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.85% | 3.18% | -0.33% |
Volatility (6M)Calculated over the trailing 6-month period | 6.65% | 11.93% | -5.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.60% | 13.95% | -3.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.93% | 15.37% | -1.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.06% | 13.90% | -0.84% |
DBA vs. BCD - Expense Ratio Comparison
DBA has a 0.88% expense ratio, which is higher than BCD's 0.29% expense ratio.
Dividends
DBA vs. BCD - Dividend Comparison
DBA's dividend yield for the trailing twelve months is around 3.42%, less than BCD's 15.27% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
BCD abrdn Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF | 15.27% | 17.21% | 3.60% | 4.51% | 5.21% | 8.30% | 1.29% | 1.55% | 1.59% | 0.07% |
DBA Invesco DB Agriculture Fund | 3.42% | 3.58% | 4.08% | 4.63% | 0.48% | 0.00% | 0.00% | 1.55% | 1.06% | 0.00% |
Frequently Asked Questions
DBA and BCD have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BCD has higher volatility (3.18%) compared to DBA (2.85%). In terms of maximum drawdown, DBA dropped -67.97% vs BCD's -29.81%.
On 5-year performance, BCD leads with 11.03% vs 11.03% for DBA. On fees, BCD is cheaper at 0.29% per year. On volatility, DBA has been the lower-risk option at 2.85%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, BCD has performed better with a 11.03% return vs 11.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BCD is cheaper with a 0.29% expense ratio, compared with 0.88% for DBA.
BCD has the higher dividend yield at 15.27%, compared with 3.42% for DBA.
DBA is categorized as Agricultural Commodities, while BCD is Commodities. They also come from different issuers: Invesco and Aberdeen. Their fees differ too: 0.88% for DBA and 0.29% for BCD.
BCD currently has the higher Sharpe Ratio (1.33 vs 0.43), 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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