DBA vs. NBCM
DBA (Invesco DB Agriculture Fund) and NBCM (Neuberger Berman Commodity Strategy ETF) are both exchange-traded funds - DBA is a Agricultural Commodities fund tracking the DBIQ Diversified Agriculture Index Excess Return, while NBCM is a Commodities fund actively managed by Neuberger Berman. DBA is passively managed, while NBCM is actively managed. Over the past 3 years, DBA returned 12.21%/yr vs 14.54%/yr for NBCM. Their 0.42 correlation means their historical movements had little consistent relationship. DBA charges 0.88%/yr vs 0.66%/yr for NBCM.
Performance
DBA vs. NBCM - Performance Comparison
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Returns By Period
In the year-to-date period, DBA achieves a 7.80% return, which is significantly lower than NBCM's 26.45% return.
DBA
- 1D
- 0.11%
- 1M
- 2.42%
- 6M
- 7.21%
- YTD
- 7.80%
- 1Y
- 10.05%
- 3Y*
- 12.21%
- 5Y*
- 10.82%
- 10Y*
- 4.57%
- ALL TIME*
- 1.46%
NBCM
- 1D
- 0.07%
- 1M
- 8.17%
- 6M
- 15.69%
- YTD
- 26.45%
- 1Y
- 38.83%
- 3Y*
- 14.54%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 12.55%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $21.27M | $23.75M | $33.82M | |
| $2.21M | $2.59M | $2.25M |
DBA vs. NBCM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
DBA Invesco DB Agriculture Fund | 7.80% | -0.56% | 33.45% | 7.64% | 0.99% |
NBCM Neuberger Berman Commodity Strategy ETF | 26.45% | 17.45% | 6.55% | -6.41% | 5.39% |
Correlation
The correlation between DBA and NBCM is 0.44, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.44 |
Correlation (3Y) Balances recent behavior with more history. | 0.37 |
Correlation (All Time) Calculated using the full available price history since Oct 24, 2022 | 0.42 |
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Return for Risk
DBA vs. NBCM — Risk / Return Rank
DBA
NBCM
DBA vs. NBCM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB Agriculture Fund (DBA) and Neuberger Berman Commodity Strategy ETF (NBCM). 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 | NBCM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.25 | ||
| Sortino ratioReturn per unit of downside risk | -1.38 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.38 | -0.21 |
| Calmar ratioReturn relative to maximum drawdown | 1.16 | 2.64 | -1.47 |
| Martin ratioReturn relative to average drawdown | 2.40 | 8.37 | -5.97 |
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Drawdowns
DBA vs. NBCM - Drawdown Comparison
The maximum DBA drawdown since its inception was -67.97%, which is greater than NBCM's maximum drawdown of -14.78%. Use the drawdown chart below to compare losses from any high point for DBA and NBCM.
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Drawdown Indicators
| DBA | NBCM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -67.97% | -14.78% | -53.19% |
Max Drawdown (1Y)Largest decline over 1 year | -8.67% | -14.78% | +6.11% |
Max Drawdown (3Y)Largest decline over 3 years | -12.36% | -14.78% | +2.42% |
Max Drawdown (5Y)Largest decline over 5 years | -15.94% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -35.64% | — | — |
Current DrawdownCurrent decline from peak | -24.11% | -6.98% | -17.13% |
Average DrawdownAverage peak-to-trough decline | -40.97% | -4.40% | -36.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.19% | 4.65% | -0.46% |
Volatility
DBA vs. NBCM - Volatility Comparison
Invesco DB Agriculture Fund (DBA) and Neuberger Berman Commodity Strategy ETF (NBCM) have volatilities of 4.72% and 4.62%, 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.
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Volatility by Period
| DBA | NBCM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.72% | 4.62% | +0.10% |
Volatility (6M)Calculated over the trailing 6-month period | 8.10% | 15.33% | -7.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.12% | 18.09% | -6.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.78% | 15.00% | -1.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.05% | 15.00% | -1.95% |
DBA vs. NBCM - Expense Ratio Comparison
DBA has a 0.88% expense ratio, which is higher than NBCM's 0.66% expense ratio.
Dividends
DBA vs. NBCM - Dividend Comparison
DBA's dividend yield for the trailing twelve months is around 3.32%, less than NBCM's 6.69% 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% |
NBCM Neuberger Berman Commodity Strategy ETF | 6.69% | 8.46% | 5.22% | 4.37% | 0.80% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
DBA and NBCM have a correlation of 0.44, 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 NBCM (4.62%). In terms of maximum drawdown, DBA dropped -67.97% vs NBCM's -14.78%.
On 3-year performance, NBCM leads with 14.54% vs 12.21% for DBA. On fees, NBCM is cheaper at 0.66% per year. On volatility, NBCM has been the lower-risk option at 4.62%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, NBCM has performed better with a 14.54% return vs 12.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
NBCM is cheaper with a 0.66% expense ratio, compared with 0.88% for DBA.
NBCM has the higher dividend yield at 6.69%, compared with 3.32% for DBA.
DBA is categorized as Agricultural Commodities, while NBCM is Commodities. They also come from different issuers: Invesco and Neuberger Berman. Their fees differ too: 0.88% for DBA and 0.66% for NBCM.
NBCM currently has the higher Sharpe Ratio (2.16 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.
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