DBA vs. DBC
DBA (Invesco DB Agriculture Fund) and DBC (Invesco DB Commodity Index Tracking Fund) are both exchange-traded funds - DBA is a Agricultural Commodities fund tracking the DBIQ Diversified Agriculture Index Excess Return, while DBC is a Commodities fund tracking the DBIQ Optimum Yield Diversified Commodity Index Excess Return. Both are passively managed. Over the past 10 years, DBA returned 3.67%/yr vs 8.01%/yr for DBC. A 0.50 correlation means they provide meaningful diversification when combined. DBA charges 0.88%/yr vs 0.85%/yr for DBC.
Performance
DBA vs. DBC - 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 DBC's 22.58% return. Over the past 10 years, DBA has underperformed DBC with an annualized return of 3.67%, while DBC has yielded a comparatively higher 8.01% annualized 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%
DBC
- 1D
- -0.80%
- 1M
- -10.25%
- YTD
- 22.58%
- 6M
- 22.42%
- 1Y
- 21.81%
- 3Y*
- 10.98%
- 5Y*
- 10.64%
- 10Y*
- 8.01%
DBA vs. DBC - 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% | -6.06% |
DBC Invesco DB Commodity Index Tracking Fund | 22.58% | 8.10% | 2.18% | -6.19% | 19.34% | 41.36% | -7.84% | 11.84% | -11.63% | 4.86% |
Correlation
The correlation between DBA and DBC is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.35 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.28 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.41 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.40 |
Correlation (All Time) Calculated using the full available price history since Jan 5, 2007 | 0.50 |
The correlation between DBA and DBC shifts across timeframes, from 0.28 (3 years) to 0.50 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
DBA vs. DBC — Risk / Return Rank
DBA
DBC
DBA vs. DBC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB Agriculture Fund (DBA) and Invesco DB Commodity Index Tracking Fund (DBC). 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 | DBC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.74 | ||
| Sortino ratioReturn per unit of downside risk | -0.96 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 1.21 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | 0.53 | 1.62 | -1.09 |
| Martin ratioReturn relative to average drawdown | 1.15 | 6.82 | -5.66 |
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Drawdowns
DBA vs. DBC - Drawdown Comparison
The maximum DBA drawdown since its inception was -67.97%, smaller than the maximum DBC drawdown of -76.36%. Use the drawdown chart below to compare losses from any high point for DBA and DBC.
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Drawdown Indicators
| DBA | DBC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -67.97% | -76.36% | +8.39% |
Max Drawdown (1Y)Largest decline over 1 year | -8.67% | -13.51% | +4.84% |
Max Drawdown (3Y)Largest decline over 3 years | -12.36% | -13.82% | +1.46% |
Max Drawdown (5Y)Largest decline over 5 years | -15.94% | -27.34% | +11.40% |
Max Drawdown (10Y)Largest decline over 10 years | -39.12% | -41.71% | +2.59% |
Current DrawdownCurrent decline from peak | -26.48% | -29.09% | +2.61% |
Average DrawdownAverage peak-to-trough decline | -41.06% | -46.17% | +5.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.96% | 3.97% | -0.01% |
Volatility
DBA vs. DBC - Volatility Comparison
The current volatility for Invesco DB Agriculture Fund (DBA) is 2.85%, while Invesco DB Commodity Index Tracking Fund (DBC) has a volatility of 4.60%. This indicates that DBA experiences smaller price fluctuations and is considered to be less risky than DBC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DBA | DBC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.85% | 4.60% | -1.75% |
Volatility (6M)Calculated over the trailing 6-month period | 6.65% | 16.16% | -9.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.60% | 18.75% | -8.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.93% | 19.20% | -5.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.06% | 17.81% | -4.75% |
DBA vs. DBC - Expense Ratio Comparison
DBA has a 0.88% expense ratio, which is higher than DBC's 0.85% expense ratio.
Dividends
DBA vs. DBC - Dividend Comparison
DBA's dividend yield for the trailing twelve months is around 3.42%, more than DBC's 2.72% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBA Invesco DB Agriculture Fund | 3.42% | 3.58% | 4.08% | 4.63% | 0.48% | 0.00% | 0.00% | 1.55% | 1.06% |
DBC Invesco DB Commodity Index Tracking Fund | 2.72% | 3.33% | 5.22% | 4.94% | 0.59% | 0.00% | 0.00% | 1.59% | 1.30% |
Frequently Asked Questions
DBA and DBC have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBC has higher volatility (4.60%) compared to DBA (2.85%). In terms of maximum drawdown, DBA dropped -67.97% vs DBC's -76.36%.
On 10-year performance, DBC leads with 8.01% vs 3.67% for DBA. On fees, DBC is cheaper at 0.85% 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 10-year period, DBC has performed better with a 8.01% return vs 3.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DBC is cheaper with a 0.85% expense ratio, compared with 0.88% for DBA.
DBA has the higher dividend yield at 3.42%, compared with 2.72% for DBC.
DBA is categorized as Agricultural Commodities, while DBC is Commodities. DBA tracks DBIQ Diversified Agriculture Index Excess Return, while DBC tracks DBIQ Optimum Yield Diversified Commodity Index Excess Return. Their fees differ too: 0.88% for DBA and 0.85% for DBC.
DBC currently has the higher Sharpe Ratio (1.17 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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