DBA vs. DBB
DBA (Invesco DB Agriculture Fund) and DBB (Invesco DB Base Metals Fund) are both exchange-traded funds - DBA is a Agricultural Commodities fund tracking the DBIQ Diversified Agriculture Index Excess Return, while DBB is a Metals fund tracking the DBIQ Optimum Yield Industrial Metals Index Excess Return. Both are passively managed. Over the past 10 years, DBA returned 4.57%/yr vs 8.28%/yr for DBB. Their 0.30 correlation means their historical movements had little consistent relationship. DBA charges 0.88%/yr vs 0.80%/yr for DBB.
Performance
DBA vs. DBB - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, DBA achieves a 7.80% return, which is significantly lower than DBB's 9.68% return. Over the past 10 years, DBA has underperformed DBB with an annualized return of 4.57%, while DBB has yielded a comparatively higher 8.28% annualized return.
DBA
- 1D
- 0.11%
- 1M
- 2.88%
- 6M
- 7.21%
- YTD
- 7.80%
- 1Y
- 11.03%
- 3Y*
- 12.21%
- 5Y*
- 10.82%
- 10Y*
- 4.57%
- ALL TIME*
- 1.46%
DBB
- 1D
- 0.48%
- 1M
- 5.01%
- 6M
- 4.83%
- YTD
- 9.68%
- 1Y
- 34.68%
- 3Y*
- 15.40%
- 5Y*
- 7.19%
- 10Y*
- 8.28%
- ALL TIME*
- 1.54%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $21.27M | $23.75M | $33.82M | |
| $4.71M | $5.33M | $8.84M |
DBA vs. DBB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DBA Invesco DB Agriculture Fund | 7.80% | -0.56% | 33.45% | 7.64% | 2.53% | 22.37% | -2.54% | -0.71% | -8.74% | -6.06% |
DBB Invesco DB Base Metals Fund | 9.68% | 25.01% | 7.90% | 1.15% | -11.80% | 28.97% | 15.53% | -1.17% | -19.47% | 30.09% |
Correlation
The correlation between DBA and DBB is 0.08, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.08 |
Correlation (3Y) Balances recent behavior with more history. | 0.16 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.26 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.23 |
Correlation (All Time) Calculated using the full available price history since Jan 5, 2007 | 0.30 |
Over the past year, the correlation between DBA and DBB has dropped to 0.08 - well below their long-term average of 0.30, suggesting their price drivers have been diverging.
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. DBB — Risk / Return Rank
DBA
DBB
DBA vs. DBB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB Agriculture Fund (DBA) and Invesco DB Base Metals Fund (DBB). 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 | DBB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.92 | ||
| Sortino ratioReturn per unit of downside risk | -1.06 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.32 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | 1.16 | 3.12 | -1.96 |
| Martin ratioReturn relative to average drawdown | 2.40 | 8.49 | -6.09 |
Loading charts...
Drawdowns
DBA vs. DBB - Drawdown Comparison
The maximum DBA drawdown since its inception was -67.97%, which is greater than DBB's maximum drawdown of -60.20%. Use the drawdown chart below to compare losses from any high point for DBA and DBB.
Loading charts...
Drawdown Indicators
| DBA | DBB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -67.97% | -60.20% | -7.77% |
Max Drawdown (1Y)Largest decline over 1 year | -8.67% | -11.00% | +2.33% |
Max Drawdown (3Y)Largest decline over 3 years | -12.36% | -16.59% | +4.23% |
Max Drawdown (5Y)Largest decline over 5 years | -15.94% | -35.00% | +19.06% |
Max Drawdown (10Y)Largest decline over 10 years | -35.64% | -37.98% | +2.34% |
Current DrawdownCurrent decline from peak | -24.11% | -5.52% | -18.59% |
Average DrawdownAverage peak-to-trough decline | -40.97% | -30.69% | -10.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.19% | 4.04% | +0.15% |
Volatility
DBA vs. DBB - Volatility Comparison
Invesco DB Agriculture Fund (DBA) has a higher volatility of 4.72% compared to Invesco DB Base Metals Fund (DBB) at 3.44%. This indicates that DBA's price experiences larger fluctuations and is considered to be riskier than DBB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| DBA | DBB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.72% | 3.44% | +1.28% |
Volatility (6M)Calculated over the trailing 6-month period | 8.10% | 14.97% | -6.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.12% | 18.82% | -7.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.78% | 20.25% | -6.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.05% | 18.49% | -5.44% |
DBA vs. DBB - Expense Ratio Comparison
DBA has a 0.88% expense ratio, which is higher than DBB's 0.80% expense ratio.
Dividends
DBA vs. DBB - Dividend Comparison
DBA's dividend yield for the trailing twelve months is around 3.32%, more than DBB's 2.38% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBA Invesco DB Agriculture Fund | 3.32% | 3.58% | 4.08% | 4.63% | 0.48% | 0.00% | 0.00% | 1.55% | 1.06% |
DBB Invesco DB Base Metals Fund | 2.38% | 2.61% | 4.75% | 7.21% | 0.94% | 0.00% | 0.00% | 1.83% | 1.59% |
Frequently Asked Questions
DBA and DBB have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBA has higher volatility (4.72%) compared to DBB (3.44%). In terms of maximum drawdown, DBA dropped -67.97% vs DBB's -60.20%.
On 10-year performance, DBB leads with 8.28% vs 4.57% for DBA. On fees, DBB is cheaper at 0.80% per year. On volatility, DBB has been the lower-risk option at 3.44%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DBB has performed better with a 8.28% return vs 4.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DBB is cheaper with a 0.80% expense ratio, compared with 0.88% for DBA.
DBA has the higher dividend yield at 3.32%, compared with 2.38% for DBB.
DBA is categorized as Agricultural Commodities, while DBB is Metals. DBA tracks DBIQ Diversified Agriculture Index Excess Return, while DBB tracks DBIQ Optimum Yield Industrial Metals Index Excess Return. Their fees differ too: 0.88% for DBA and 0.80% for DBB.
DBB currently has the higher Sharpe Ratio (1.83 vs 0.91), 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 DBB
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