DBA vs. CERY

Last updated Jul 12, 2026

DBA (Invesco DB Agriculture Fund) and CERY (SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF) are both exchange-traded funds - DBA is a Agricultural Commodities fund tracking the DBIQ Diversified Agriculture Index Excess Return, while CERY is a Commodities fund tracking the Bloomberg Enhanced Roll Yield Total Return Index. Both are passively managed. Over the past year, DBA returned 11.65% vs 29.64% for CERY. At a 0.40 correlation, their price movements are largely independent. DBA charges 0.88%/yr vs 0.28%/yr for CERY.

Performance

DBA vs. CERY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DB Agriculture Fund (DBA) and SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF (CERY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DBA achieves a 8.82% return, which is significantly lower than CERY's 20.77% 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%

CERY

• 1D: 0.00%
• 1M: -2.91%
• 6M: 16.72%
• YTD: 20.77%
• 1Y: 29.64%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

DBA vs. CERY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DBA Invesco DB Agriculture Fund	8.82%	-0.56%	13.85%
CERY SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF	20.77%	15.68%	3.80%

Correlation

The correlation between DBA and CERY is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (All Time) Calculated using the full available price history since Sep 5, 2024	0.40

Return for Risk

DBA vs. CERY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DBA

DBA Risk / Return Rank: 34
DBA Sharpe Ratio Rank: 37
DBA Sortino Ratio Rank: 38
DBA Omega Ratio Rank: 35
DBA Calmar Ratio Rank: 33
DBA Martin Ratio Rank: 26

CERY

CERY Risk / Return Rank: 67
CERY Sharpe Ratio Rank: 78
CERY Sortino Ratio Rank: 73
CERY Omega Ratio Rank: 73
CERY Calmar Ratio Rank: 54
CERY Martin Ratio Rank: 57

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

DBA vs. CERY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DB Agriculture Fund (DBA) and SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF (CERY). 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	CERY	Difference
Sharpe ratio: Return per unit of total volatility	1.08	1.96	-0.88
Sortino ratio: Return per unit of downside risk	1.64	2.61	-0.96
Omega ratio: Gain probability vs. loss probability	1.19	1.34	-0.15
Calmar ratio: Return relative to maximum drawdown	1.35	2.15	-0.80
Martin ratio: Return relative to average drawdown	2.83	7.97	-5.14

DBA vs. CERY - Sharpe Ratio Comparison

The current DBA Sharpe Ratio is 1.08, which is lower than the CERY Sharpe Ratio of 1.96. The chart below compares the historical Sharpe Ratios of DBA and CERY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

DBA vs. CERY - Drawdown Comparison

The maximum DBA drawdown since its inception was -67.97%, which is greater than CERY's maximum drawdown of -14.33%. Use the drawdown chart below to compare losses from any high point for DBA and CERY.

Drawdown Indicators

	DBA	CERY	Difference
Max Drawdown Largest peak-to-trough decline	-67.97%	-14.33%	-53.64%
Max Drawdown (1Y) Largest decline over 1 year	-8.67%	-14.33%	+5.66%
Max Drawdown (3Y) Largest decline over 3 years	-12.36%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-15.94%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-37.97%	—	—
Current Drawdown Current decline from peak	-23.39%	-10.46%	-12.93%
Average Drawdown Average peak-to-trough decline	-41.02%	-2.56%	-38.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.12%	3.86%	+0.26%

Volatility

DBA vs. CERY - Volatility Comparison

The current volatility for Invesco DB Agriculture Fund (DBA) is 3.88%, while SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF (CERY) has a volatility of 4.37%. This indicates that DBA experiences smaller price fluctuations and is considered to be less risky than CERY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DBA	CERY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.88%	4.37%	-0.49%
Volatility (6M) Calculated over the trailing 6-month period	7.43%	13.59%	-6.16%
Volatility (1Y) Calculated over the trailing 1-year period	10.83%	15.73%	-4.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.86%	14.81%	-0.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.06%	14.81%	-1.75%

DBA vs. CERY - Expense Ratio Comparison

DBA has a 0.88% expense ratio, which is higher than CERY's 0.28% expense ratio.

Dividends

DBA vs. CERY - Dividend Comparison

DBA's dividend yield for the trailing twelve months is around 3.29%, less than CERY's 4.14% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
CERY SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF	4.14%	4.99%	0.52%	0.00%	0.00%	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

Can I hold both DBA and CERY in my portfolio?

DBA and CERY have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DBA or CERY?

CERY has higher volatility (4.37%) compared to DBA (3.88%). In terms of maximum drawdown, DBA dropped -67.97% vs CERY's -14.33%.

Which ETF is better, DBA or CERY?

On 1-year performance, CERY leads with 29.64% vs 11.65% for DBA. On fees, CERY is cheaper at 0.28% per year. On volatility, DBA has been the lower-risk option at 3.88%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DBA or CERY?

Over the 1-year period, CERY has performed better with a 29.64% return vs 11.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DBA or CERY?

CERY is cheaper with a 0.28% expense ratio, compared with 0.88% for DBA.

Which ETF pays a higher dividend yield, DBA or CERY?

CERY has the higher dividend yield at 4.14%, compared with 3.29% for DBA.

What is the main difference between DBA and CERY?

DBA is categorized as Agricultural Commodities, while CERY is Commodities. DBA tracks DBIQ Diversified Agriculture Index Excess Return, while CERY tracks Bloomberg Enhanced Roll Yield Total Return Index. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.88% for DBA and 0.28% for CERY.

Which has better risk-adjusted returns?

CERY currently has the higher Sharpe Ratio (1.96 vs 1.08), 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.