DBA vs. PBDC

Last updated Jun 4, 2026

DBA (Invesco DB Agriculture Fund) and PBDC (Putnam BDC Income ETF) are both exchange-traded funds - DBA is a Agricultural Commodities fund tracking the DBIQ Diversified Agriculture Index TR, while PBDC is a Financials Equities fund actively managed by Putnam. DBA is passively managed, while PBDC is actively managed. Over the past 3 years, DBA returned 13.20%/yr vs 7.76%/yr for PBDC. At a 0.12 correlation, their price movements are largely independent. DBA charges 0.94%/yr vs 0.75%/yr for PBDC.

Performance

DBA vs. PBDC - Performance Comparison

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

Returns By Period

In the year-to-date period, DBA achieves a 5.25% return, which is significantly higher than PBDC's -9.74% return.

DBA

• 1D: -0.96%
• 1M: -5.05%
• YTD: 5.25%
• 6M: 5.49%
• 1Y: 4.23%
• 3Y*: 13.20%
• 5Y*: 9.87%
• 10Y*: 3.54%

PBDC

• 1D: -2.15%
• 1M: -6.53%
• YTD: -9.74%
• 6M: -10.38%
• 1Y: -10.30%
• 3Y*: 7.76%
• 5Y*: —
• 10Y*: —

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

DBA vs. PBDC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
DBA Invesco DB Agriculture Fund	5.25%	-0.56%	33.45%	7.64%	1.14%
PBDC Putnam BDC Income ETF	-9.74%	-1.77%	19.43%	30.52%	10.86%

Correlation

The correlation between DBA and PBDC is 0.04, 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	0.04
Correlation (3Y) Calculated over the trailing 3-year period	0.10
Correlation (All Time) Calculated using the full available price history since Oct 3, 2022	0.12

DBA vs. PBDC - Sectors Allocation Comparison

Sectors	DBA	PBDC
Healthcare	16.8%	-
Industrials	15.2%	-
Financial Services	13.7%	100.0%
Consumer Cyclical	11.8%	-
Basic Materials	10.7%	-
Consumer Defensive	8.8%	-
Communication Services	7.4%	-
Technology	6.3%	-
Energy	5.3%	-
Utilities	2.9%	-
Real Estate	1.1%	-

Return for Risk

DBA vs. PBDC — Risk / Return Rank

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

DBA

DBA Risk / Return Rank: 14
DBA Sharpe Ratio Rank: 14
DBA Sortino Ratio Rank: 13
DBA Omega Ratio Rank: 13
DBA Calmar Ratio Rank: 15
DBA Martin Ratio Rank: 14

PBDC

PBDC Risk / Return Rank: 4
PBDC Sharpe Ratio Rank: 4
PBDC Sortino Ratio Rank: 4
PBDC Omega Ratio Rank: 4
PBDC Calmar Ratio Rank: 4
PBDC Martin Ratio Rank: 4

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. PBDC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DB Agriculture Fund (DBA) and Putnam BDC Income ETF (PBDC). 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	PBDC	Difference
Sharpe ratio: Return per unit of total volatility	0.39	-0.56	+0.96
Sortino ratio: Return per unit of downside risk	0.63	-0.69	+1.32
Omega ratio: Gain probability vs. loss probability	1.07	0.92	+0.15
Calmar ratio: Return relative to maximum drawdown	0.53	-0.51	+1.04
Martin ratio: Return relative to average drawdown	1.04	-0.94	+1.98
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. PBDC - Sharpe Ratio Comparison

The current DBA Sharpe Ratio is 0.39, which is higher than the PBDC Sharpe Ratio of -0.56. The chart below compares the historical Sharpe Ratios of DBA and PBDC, 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	PBDC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.39	-0.56	+0.96
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.71	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.27	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.08	0.73	-0.65

Drawdowns

DBA vs. PBDC - Drawdown Comparison

The maximum DBA drawdown since its inception was -67.97%, which is greater than PBDC's maximum drawdown of -20.47%. Use the drawdown chart below to compare losses from any high point for DBA and PBDC.

Drawdown Indicators

	DBA	PBDC	Difference
Max Drawdown Largest peak-to-trough decline	-67.97%	-20.47%	-47.50%
Max Drawdown (1Y) Largest decline over 1 year	-7.99%	-20.15%	+12.16%
Max Drawdown (3Y) Largest decline over 3 years	-12.36%	-20.47%	+8.11%
Max Drawdown (5Y) Largest decline over 5 years	-15.94%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-41.16%	—	—
Current Drawdown Current decline from peak	-25.90%	-17.21%	-8.69%
Average Drawdown Average peak-to-trough decline	-41.11%	-4.66%	-36.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.07%	10.95%	-6.88%

Volatility

DBA vs. PBDC - Volatility Comparison

The current volatility for Invesco DB Agriculture Fund (DBA) is 4.17%, while Putnam BDC Income ETF (PBDC) has a volatility of 5.13%. This indicates that DBA experiences smaller price fluctuations and is considered to be less risky than PBDC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DBA	PBDC	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.17%	5.13%	-0.96%
Volatility (6M) Calculated over the trailing 6-month period	6.46%	15.03%	-8.57%
Volatility (1Y) Calculated over the trailing 1-year period	10.77%	18.31%	-7.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.10%	17.04%	-2.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.09%	17.04%	-3.95%

DBA vs. PBDC - Expense Ratio Comparison

DBA has a 0.94% expense ratio, which is higher than PBDC's 0.75% expense ratio.

Dividends

DBA vs. PBDC - Dividend Comparison

DBA's dividend yield for the trailing twelve months is around 3.40%, less than PBDC's 11.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBA Invesco DB Agriculture Fund	3.40%	3.58%	4.08%	4.63%	0.48%	0.00%	0.00%	1.55%	1.06%
PBDC Putnam BDC Income ETF	11.69%	10.53%	9.29%	9.86%	3.40%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DBA and PBDC in my portfolio?

DBA and PBDC have a correlation of 0.04, 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 PBDC?

PBDC has higher volatility (5.13%) compared to DBA (4.17%). In terms of maximum drawdown, DBA dropped -67.97% vs PBDC's -20.47%.

Which ETF is better, DBA or PBDC?

On 3-year performance, DBA leads with 13.20% vs 7.76% for PBDC. On fees, PBDC is cheaper at 0.75% per year. On volatility, DBA has been the lower-risk option at 4.17%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DBA or PBDC?

Over the 3-year period, DBA has performed better with a 13.20% return vs 7.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DBA or PBDC?

PBDC is cheaper with a 0.75% expense ratio, compared with 0.94% for DBA.

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

PBDC has the higher dividend yield at 11.69%, compared with 3.40% for DBA.

What is the main difference between DBA and PBDC?

DBA is categorized as Agricultural Commodities, while PBDC is Financials Equities. They also come from different issuers: Invesco and Putnam. Their fees differ too: 0.94% for DBA and 0.75% for PBDC.

Which has better risk-adjusted returns?

DBA currently has the higher Sharpe Ratio (0.39 vs -0.56), 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.