DBA vs. MOO

Last updated Jun 13, 2026

DBA (Invesco DB Agriculture Fund) and MOO (VanEck Agribusiness ETF) are both exchange-traded funds - DBA is a Agricultural Commodities fund tracking the DBIQ Diversified Agriculture Index TR, while MOO is a Large Cap Blend Equities fund tracking the MVIS Global Agribusiness Index. Both are passively managed. Over the past 10 years, DBA returned 3.01%/yr vs 7.09%/yr for MOO. At a 0.30 correlation, their price movements are largely independent. DBA charges 0.94%/yr vs 0.55%/yr for MOO.

Performance

DBA vs. MOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DB Agriculture Fund (DBA) and VanEck Agribusiness ETF (MOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DBA achieves a 2.82% return, which is significantly lower than MOO's 7.97% return. Over the past 10 years, DBA has underperformed MOO with an annualized return of 3.01%, while MOO has yielded a comparatively higher 7.09% annualized return.

DBA

• 1D: -0.23%
• 1M: -7.12%
• YTD: 2.82%
• 6M: 2.51%
• 1Y: 0.84%
• 3Y*: 11.58%
• 5Y*: 9.33%
• 10Y*: 3.01%

MOO

• 1D: 0.85%
• 1M: -4.12%
• YTD: 7.97%
• 6M: 8.15%
• 1Y: 8.56%
• 3Y*: 1.51%
• 5Y*: -0.93%
• 10Y*: 7.09%

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

DBA vs. MOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DBA Invesco DB Agriculture Fund	2.82%	-0.56%	33.45%	7.64%	2.53%	22.37%	-2.54%	-0.71%	-8.74%	-6.06%
MOO VanEck Agribusiness ETF	7.97%	15.61%	-12.43%	-8.57%	-8.10%	23.99%	14.59%	22.29%	-6.03%	21.75%

Correlation

The correlation between DBA and MOO is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (3Y) Calculated over the trailing 3-year period	0.18
Correlation (5Y) Calculated over the trailing 5-year period	0.25
Correlation (10Y) Calculated over the trailing 10-year period	0.24
Correlation (All Time) Calculated using the full available price history since Sep 5, 2007	0.30

The correlation between DBA and MOO shifts across timeframes, from 0.18 (3 years) to 0.30 (all time), reflecting how their relationship changes across market environments.

DBA vs. MOO - Sectors Allocation Comparison

Sectors	DBA	MOO
Healthcare	16.8%	16.8%
Industrials	15.2%	20.9%
Financial Services	13.7%	-
Consumer Cyclical	11.8%	-
Basic Materials	10.7%	25.5%
Consumer Defensive	8.8%	36.8%
Communication Services	7.4%	-
Technology	6.3%	-
Energy	5.3%	-
Utilities	2.9%	-
Real Estate	1.1%	-

Return for Risk

DBA vs. MOO — Risk / Return Rank

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

DBA

DBA Risk / Return Rank: 10
DBA Sharpe Ratio Rank: 10
DBA Sortino Ratio Rank: 10
DBA Omega Ratio Rank: 10
DBA Calmar Ratio Rank: 10
DBA Martin Ratio Rank: 10

MOO

MOO Risk / Return Rank: 21
MOO Sharpe Ratio Rank: 21
MOO Sortino Ratio Rank: 21
MOO Omega Ratio Rank: 20
MOO Calmar Ratio Rank: 21
MOO Martin Ratio Rank: 22

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. MOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DB Agriculture Fund (DBA) and VanEck Agribusiness ETF (MOO). 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	MOO	Difference
Sharpe ratio: Return per unit of total volatility	0.06	0.64	-0.57
Sortino ratio: Return per unit of downside risk	0.16	1.00	-0.83
Omega ratio: Gain probability vs. loss probability	1.02	1.12	-0.10
Calmar ratio: Return relative to maximum drawdown	0.08	0.87	-0.79
Martin ratio: Return relative to average drawdown	0.16	2.42	-2.26

DBA vs. MOO - Sharpe Ratio Comparison

The current DBA Sharpe Ratio is 0.06, which is lower than the MOO Sharpe Ratio of 0.64. The chart below compares the historical Sharpe Ratios of DBA and MOO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

DBA vs. MOO - Drawdown Comparison

The maximum DBA drawdown since its inception was -67.97%, roughly equal to the maximum MOO drawdown of -69.53%. Use the drawdown chart below to compare losses from any high point for DBA and MOO.

Drawdown Indicators

	DBA	MOO	Difference
Max Drawdown Largest peak-to-trough decline	-67.97%	-69.53%	+1.56%
Max Drawdown (1Y) Largest decline over 1 year	-8.67%	-10.38%	+1.71%
Max Drawdown (3Y) Largest decline over 3 years	-12.36%	-26.83%	+14.47%
Max Drawdown (5Y) Largest decline over 5 years	-15.94%	-39.52%	+23.58%
Max Drawdown (10Y) Largest decline over 10 years	-40.67%	-39.52%	-1.15%
Current Drawdown Current decline from peak	-27.61%	-19.10%	-8.51%
Average Drawdown Average peak-to-trough decline	-41.08%	-16.97%	-24.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.10%	3.70%	+0.40%

Volatility

DBA vs. MOO - Volatility Comparison

Invesco DB Agriculture Fund (DBA) and VanEck Agribusiness ETF (MOO) have volatilities of 3.33% and 3.50%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DBA	MOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.33%	3.50%	-0.17%
Volatility (6M) Calculated over the trailing 6-month period	6.56%	10.85%	-4.29%
Volatility (1Y) Calculated over the trailing 1-year period	10.64%	14.16%	-3.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.08%	17.15%	-3.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.07%	18.19%	-5.12%

DBA vs. MOO - Expense Ratio Comparison

DBA has a 0.94% expense ratio, which is higher than MOO's 0.55% expense ratio.

Dividends

DBA vs. MOO - Dividend Comparison

DBA's dividend yield for the trailing twelve months is around 3.48%, more than MOO's 2.29% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DBA Invesco DB Agriculture Fund	3.48%	3.58%	4.08%	4.63%	0.48%	0.00%	0.00%	1.55%	1.06%	0.00%	0.00%	0.00%
MOO VanEck Agribusiness ETF	2.29%	2.47%	3.41%	2.93%	2.15%	1.17%	1.10%	1.26%	1.69%	1.44%	2.14%	2.89%

Frequently Asked Questions

Can I hold both DBA and MOO in my portfolio?

DBA and MOO have a correlation of 0.25, 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 MOO?

MOO has higher volatility (3.50%) compared to DBA (3.33%). In terms of maximum drawdown, DBA dropped -67.97% vs MOO's -69.53%.

Which ETF is better, DBA or MOO?

On 10-year performance, MOO leads with 7.09% vs 3.01% for DBA. On fees, MOO is cheaper at 0.55% per year. On volatility, DBA has been the lower-risk option at 3.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DBA or MOO?

Over the 10-year period, MOO has performed better with a 7.09% return vs 3.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DBA or MOO?

MOO is cheaper with a 0.55% expense ratio, compared with 0.94% for DBA.

Which ETF pays a higher dividend yield, DBA or MOO?

DBA has the higher dividend yield at 3.48%, compared with 2.29% for MOO.

What is the main difference between DBA and MOO?

DBA is categorized as Agricultural Commodities, while MOO is Large Cap Blend Equities. DBA tracks DBIQ Diversified Agriculture Index TR, while MOO tracks MVIS Global Agribusiness Index. They also come from different issuers: Invesco and VanEck. Their fees differ too: 0.94% for DBA and 0.55% for MOO.

Which has better risk-adjusted returns?

MOO currently has the higher Sharpe Ratio (0.64 vs 0.06), 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.