DBA vs. CF
DBA (Invesco DB Agriculture Fund) is Agricultural Commodities fund tracking the DBIQ Diversified Agriculture Index Excess Return, while CF (CF Industries Holdings, Inc.) is a stock. Over the past 10 years, DBA returned 4.14%/yr vs 19.43%/yr for CF. At a 0.26 correlation, their price movements are largely independent.
Performance
DBA vs. CF - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, DBA achieves a 8.82% return, which is significantly lower than CF's 52.60% return. Over the past 10 years, DBA has underperformed CF with an annualized return of 4.14%, while CF has yielded a comparatively higher 19.43% 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%
CF
- 1D
- 2.54%
- 1M
- 9.72%
- 6M
- 42.89%
- YTD
- 52.60%
- 1Y
- 21.57%
- 3Y*
- 19.81%
- 5Y*
- 20.74%
- 10Y*
- 19.43%
DBA vs. CF - 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% |
CF CF Industries Holdings, Inc. | 52.60% | -7.17% | 10.08% | -4.75% | 22.29% | 87.18% | -15.76% | 12.73% | 5.13% | 40.24% |
Correlation
The correlation between DBA and CF is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.15 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.23 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.20 |
Correlation (All Time) Calculated using the full available price history since Jan 5, 2007 | 0.26 |
The correlation between DBA and CF shifts across timeframes, from 0.15 (3 years) to 0.26 (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
DBA vs. CF — Risk / Return Rank
DBA
CF
DBA vs. CF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB Agriculture Fund (DBA) and CF Industries Holdings, Inc. (CF). 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 | CF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.49 | ||
| Sortino ratioReturn per unit of downside risk | +0.54 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.13 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 1.35 | 0.98 | +0.37 |
| Martin ratioReturn relative to average drawdown | 2.83 | 1.88 | +0.95 |
Loading charts...
Drawdowns
DBA vs. CF - Drawdown Comparison
The maximum DBA drawdown since its inception was -67.97%, smaller than the maximum CF drawdown of -76.73%. Use the drawdown chart below to compare losses from any high point for DBA and CF.
Loading charts...
Drawdown Indicators
| DBA | CF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -67.97% | -76.73% | +8.76% |
Max Drawdown (1Y)Largest decline over 1 year | -8.67% | -25.45% | +16.78% |
Max Drawdown (3Y)Largest decline over 3 years | -12.36% | -29.16% | +16.80% |
Max Drawdown (5Y)Largest decline over 5 years | -15.94% | -48.36% | +32.42% |
Max Drawdown (10Y)Largest decline over 10 years | -37.97% | -60.74% | +22.77% |
Current DrawdownCurrent decline from peak | -23.39% | -14.68% | -8.71% |
Average DrawdownAverage peak-to-trough decline | -41.02% | -24.91% | -16.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.12% | 13.17% | -9.05% |
Volatility
DBA vs. CF - Volatility Comparison
The current volatility for Invesco DB Agriculture Fund (DBA) is 3.88%, while CF Industries Holdings, Inc. (CF) has a volatility of 8.65%. This indicates that DBA experiences smaller price fluctuations and is considered to be less risky than CF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| DBA | CF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.88% | 8.65% | -4.77% |
Volatility (6M)Calculated over the trailing 6-month period | 7.43% | 35.68% | -28.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.83% | 41.78% | -30.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.86% | 38.05% | -24.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.06% | 40.12% | -27.06% |
Dividends
DBA vs. CF - Dividend Comparison
DBA's dividend yield for the trailing twelve months is around 3.29%, more than CF's 1.71% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CF CF Industries Holdings, Inc. | 1.71% | 2.59% | 2.34% | 2.01% | 1.76% | 1.70% | 3.10% | 2.51% | 2.76% | 2.82% | 3.81% | 2.94% |
DBA Invesco DB Agriculture Fund | 3.29% | 3.58% | 4.08% | 4.63% | 0.48% | 0.00% | 0.00% | 1.55% | 1.06% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
DBA and CF have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CF has higher volatility (8.65%) compared to DBA (3.88%). In terms of maximum drawdown, DBA dropped -67.97% vs CF's -76.73%.
DBA currently has the higher Sharpe Ratio (1.08 vs 0.60), 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 DBA and CF
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