DBA vs. KO

Last updated Jun 9, 2026

DBA (Invesco DB Agriculture Fund) is Agricultural Commodities fund tracking the DBIQ Diversified Agriculture Index TR, while KO (The Coca-Cola Company) is a stock. Over the past 10 years, DBA returned 3.00%/yr vs 8.99%/yr for KO. At a 0.11 correlation, their price movements are largely independent.

Performance

DBA vs. KO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DB Agriculture Fund (DBA) and The Coca-Cola Company (KO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DBA achieves a 3.17% return, which is significantly lower than KO's 14.56% return. Over the past 10 years, DBA has underperformed KO with an annualized return of 3.00%, while KO has yielded a comparatively higher 8.99% annualized return.

DBA

• 1D: -0.27%
• 1M: -5.86%
• YTD: 3.17%
• 6M: 3.33%
• 1Y: -0.73%
• 3Y*: 11.90%
• 5Y*: 9.41%
• 10Y*: 3.00%

KO

• 1D: 0.08%
• 1M: 1.43%
• YTD: 14.56%
• 6M: 14.00%
• 1Y: 14.71%
• 3Y*: 12.88%
• 5Y*: 10.72%
• 10Y*: 8.99%

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

DBA vs. KO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DBA Invesco DB Agriculture Fund	3.17%	-0.56%	33.45%	7.64%	2.53%	22.37%	-2.54%	-0.71%	-8.74%	-6.06%
KO The Coca-Cola Company	14.56%	15.60%	8.88%	-4.43%	10.61%	11.37%	2.47%	20.60%	6.77%	14.38%

Correlation

The correlation between DBA and KO is -0.12, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.12
Correlation (3Y) Calculated over the trailing 3-year period	-0.01
Correlation (5Y) Calculated over the trailing 5-year period	0.04
Correlation (10Y) Calculated over the trailing 10-year period	0.06
Correlation (All Time) Calculated using the full available price history since Jan 5, 2007	0.11

The correlation between DBA and KO shifts across timeframes, from -0.12 (1 year) to 0.11 (all time), reflecting how their relationship changes across market environments.

Return for Risk

DBA vs. KO — Risk / Return Rank

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

DBA

DBA Risk / Return Rank: 8
DBA Sharpe Ratio Rank: 9
DBA Sortino Ratio Rank: 8
DBA Omega Ratio Rank: 8
DBA Calmar Ratio Rank: 8
DBA Martin Ratio Rank: 9

KO

KO Risk / Return Rank: 69
KO Sharpe Ratio Rank: 71
KO Sortino Ratio Rank: 66
KO Omega Ratio Rank: 61
KO Calmar Ratio Rank: 74
KO Martin Ratio Rank: 71

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. KO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DB Agriculture Fund (DBA) and The Coca-Cola Company (KO). 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.

	DBA	KO	Difference
Sharpe ratio: Return per unit of total volatility	-0.07	0.90	-0.97
Sortino ratio: Return per unit of downside risk	-0.02	1.49	-1.51
Omega ratio: Gain probability vs. loss probability	1.00	1.16	-0.17
Calmar ratio: Return relative to maximum drawdown	-0.09	1.87	-1.96
Martin ratio: Return relative to average drawdown	-0.18	3.66	-3.83
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DBA vs. KO - Sharpe Ratio Comparison

The current DBA Sharpe Ratio is -0.07, which is lower than the KO Sharpe Ratio of 0.90. The chart below compares the historical Sharpe Ratios of DBA and KO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	DBA	KO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.07	0.90	-0.97
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.67	0.67	0.00
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.23	0.50	-0.27
Sharpe Ratio (All Time) Calculated using the full available price history	0.07	0.53	-0.46

Drawdowns

DBA vs. KO - Drawdown Comparison

The maximum DBA drawdown since its inception was -67.97%, roughly equal to the maximum KO drawdown of -68.23%. Use the drawdown chart below to compare losses from any high point for DBA and KO.

Drawdown Indicators

	DBA	KO	Difference
Max Drawdown Largest peak-to-trough decline	-67.97%	-68.23%	+0.26%
Max Drawdown (1Y) Largest decline over 1 year	-8.35%	-7.89%	-0.46%
Max Drawdown (3Y) Largest decline over 3 years	-12.36%	-16.26%	+3.90%
Max Drawdown (5Y) Largest decline over 5 years	-15.94%	-17.27%	+1.33%
Max Drawdown (10Y) Largest decline over 10 years	-40.72%	-36.99%	-3.73%
Current Drawdown Current decline from peak	-27.37%	-2.91%	-24.46%
Average Drawdown Average peak-to-trough decline	-41.10%	-16.09%	-25.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.16%	4.03%	+0.13%

Volatility

DBA vs. KO - Volatility Comparison

The current volatility for Invesco DB Agriculture Fund (DBA) is 4.09%, while The Coca-Cola Company (KO) has a volatility of 5.81%. This indicates that DBA experiences smaller price fluctuations and is considered to be less risky than KO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DBA	KO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.09%	5.81%	-1.72%
Volatility (6M) Calculated over the trailing 6-month period	6.58%	12.37%	-5.79%
Volatility (1Y) Calculated over the trailing 1-year period	10.73%	16.37%	-5.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.09%	16.10%	-2.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.07%	18.21%	-5.14%

Dividends

DBA vs. KO - Dividend Comparison

DBA's dividend yield for the trailing twelve months is around 3.47%, more than KO's 2.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DBA Invesco DB Agriculture Fund	3.47%	3.58%	4.08%	4.63%	0.48%	0.00%	0.00%	1.55%	1.06%	0.00%	0.00%	0.00%
KO The Coca-Cola Company	2.59%	2.92%	3.12%	3.12%	2.77%	2.84%	2.99%	2.89%	3.29%	3.23%	3.38%	3.07%

Frequently Asked Questions

Can I hold both DBA and KO in my portfolio?

DBA and KO have a correlation of -0.12, 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 KO?

KO has higher volatility (5.81%) compared to DBA (4.09%). In terms of maximum drawdown, DBA dropped -67.97% vs KO's -68.23%.

Which has better risk-adjusted returns?

KO currently has the higher Sharpe Ratio (0.90 vs -0.07), 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.