DBA vs. FALN
DBA (Invesco DB Agriculture Fund) and FALN (iShares Fallen Angels USD Bond ETF) are both exchange-traded funds - DBA is a Agricultural Commodities fund tracking the DBIQ Diversified Agriculture Index Excess Return, while FALN is a High Yield Bonds fund tracking the Bloomberg US High Yield Fallen Angel 3% Capped Index. Both are passively managed. Over the past 10 years, DBA returned 3.63%/yr vs 6.61%/yr for FALN. At a 0.12 correlation, their price movements are largely independent. DBA charges 0.88%/yr vs 0.25%/yr for FALN.
Performance
DBA vs. FALN - Performance Comparison
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Returns By Period
In the year-to-date period, DBA achieves a 4.08% return, which is significantly higher than FALN's 2.31% return. Over the past 10 years, DBA has underperformed FALN with an annualized return of 3.63%, while FALN has yielded a comparatively higher 6.61% annualized return.
DBA
- 1D
- -0.15%
- 1M
- -3.63%
- YTD
- 4.08%
- 6M
- 3.55%
- 1Y
- 4.67%
- 3Y*
- 11.64%
- 5Y*
- 11.04%
- 10Y*
- 3.63%
FALN
- 1D
- 0.07%
- 1M
- 1.15%
- YTD
- 2.31%
- 6M
- 2.27%
- 1Y
- 7.72%
- 3Y*
- 9.42%
- 5Y*
- 3.73%
- 10Y*
- 6.61%
DBA vs. FALN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DBA Invesco DB Agriculture Fund | 4.08% | -0.56% | 33.45% | 7.64% | 2.53% | 22.37% | -2.54% | -0.71% | -8.74% | -6.06% |
FALN iShares Fallen Angels USD Bond ETF | 2.31% | 8.92% | 7.68% | 13.47% | -13.79% | 5.40% | 14.85% | 17.42% | -4.97% | 8.70% |
Correlation
The correlation between DBA and FALN is 0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.01 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.08 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.12 |
Correlation (All Time) Calculated using the full available price history since Jun 17, 2016 | 0.12 |
The correlation between DBA and FALN shifts across timeframes, from 0.01 (1 year) to 0.12 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
DBA vs. FALN — Risk / Return Rank
DBA
FALN
DBA vs. FALN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB Agriculture Fund (DBA) and iShares Fallen Angels USD Bond ETF (FALN). 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 | FALN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.24 | ||
| Sortino ratioReturn per unit of downside risk | -1.76 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 1.32 | -0.24 |
| Calmar ratioReturn relative to maximum drawdown | 0.54 | 1.96 | -1.42 |
| Martin ratioReturn relative to average drawdown | 1.18 | 8.15 | -6.98 |
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Drawdowns
DBA vs. FALN - Drawdown Comparison
The maximum DBA drawdown since its inception was -67.97%, which is greater than FALN's maximum drawdown of -29.22%. Use the drawdown chart below to compare losses from any high point for DBA and FALN.
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Drawdown Indicators
| DBA | FALN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -67.97% | -29.22% | -38.75% |
Max Drawdown (1Y)Largest decline over 1 year | -8.67% | -3.96% | -4.71% |
Max Drawdown (3Y)Largest decline over 3 years | -12.36% | -5.92% | -6.44% |
Max Drawdown (5Y)Largest decline over 5 years | -15.94% | -18.78% | +2.84% |
Max Drawdown (10Y)Largest decline over 10 years | -39.12% | -29.22% | -9.90% |
Current DrawdownCurrent decline from peak | -26.73% | -0.04% | -26.69% |
Average DrawdownAverage peak-to-trough decline | -41.06% | -3.30% | -37.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.98% | 0.95% | +3.03% |
Volatility
DBA vs. FALN - Volatility Comparison
Invesco DB Agriculture Fund (DBA) has a higher volatility of 2.62% compared to iShares Fallen Angels USD Bond ETF (FALN) at 1.17%. This indicates that DBA's price experiences larger fluctuations and is considered to be riskier than FALN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DBA | FALN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.62% | 1.17% | +1.45% |
Volatility (6M)Calculated over the trailing 6-month period | 6.65% | 3.72% | +2.93% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.58% | 4.60% | +5.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.93% | 7.33% | +6.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.04% | 8.92% | +4.12% |
DBA vs. FALN - Expense Ratio Comparison
DBA has a 0.88% expense ratio, which is higher than FALN's 0.25% expense ratio.
Dividends
DBA vs. FALN - Dividend Comparison
DBA's dividend yield for the trailing twelve months is around 3.44%, less than FALN's 6.42% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
DBA Invesco DB Agriculture Fund | 3.44% | 3.58% | 4.08% | 4.63% | 0.48% | 0.00% | 0.00% | 1.55% | 1.06% | 0.00% | 0.00% |
FALN iShares Fallen Angels USD Bond ETF | 6.42% | 6.31% | 6.24% | 5.37% | 5.08% | 3.40% | 5.14% | 5.35% | 5.97% | 6.98% | 3.55% |
Frequently Asked Questions
DBA and FALN have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBA has higher volatility (2.62%) compared to FALN (1.17%). In terms of maximum drawdown, DBA dropped -67.97% vs FALN's -29.22%.
On 10-year performance, FALN leads with 6.61% vs 3.63% for DBA. On fees, FALN is cheaper at 0.25% per year. On volatility, FALN has been the lower-risk option at 1.17%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FALN has performed better with a 6.61% return vs 3.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FALN is cheaper with a 0.25% expense ratio, compared with 0.88% for DBA.
FALN has the higher dividend yield at 6.42%, compared with 3.44% for DBA.
DBA is categorized as Agricultural Commodities, while FALN is High Yield Bonds. DBA tracks DBIQ Diversified Agriculture Index Excess Return, while FALN tracks Bloomberg US High Yield Fallen Angel 3% Capped Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.88% for DBA and 0.25% for FALN.
FALN currently has the higher Sharpe Ratio (1.69 vs 0.44), 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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