DBA vs. PDBA
Compare and contrast key facts about Invesco DB Agriculture Fund (DBA) and Invesco Agriculture Commodity Strategy No K-1 ETF (PDBA).
DBA and PDBA are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. DBA is a passively managed fund by Invesco that tracks the performance of the DBIQ Diversified Agriculture Index TR. It was launched on Jan 5, 2007. PDBA is an actively managed fund by Invesco. It was launched on Aug 24, 2022.
Performance
DBA vs. PDBA - Performance Comparison
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DBA vs. PDBA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
DBA Invesco DB Agriculture Fund | 7.05% | -0.56% | 33.45% | 7.64% | -1.85% |
PDBA Invesco Agriculture Commodity Strategy No K-1 ETF | 7.26% | -0.76% | 34.16% | 7.83% | -1.60% |
Returns By Period
The year-to-date returns for both investments are quite close, with DBA having a 7.05% return and PDBA slightly higher at 7.26%.
DBA
- 1D
- 0.74%
- 1M
- 5.00%
- YTD
- 7.05%
- 6M
- 5.78%
- 1Y
- 7.46%
- 3Y*
- 14.68%
- 5Y*
- 12.86%
- 10Y*
- 4.49%
PDBA
- 1D
- 0.76%
- 1M
- 5.04%
- YTD
- 7.26%
- 6M
- 5.71%
- 1Y
- 7.20%
- 3Y*
- 15.08%
- 5Y*
- —
- 10Y*
- —
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DBA vs. PDBA - Expense Ratio Comparison
DBA has a 0.94% expense ratio, which is higher than PDBA's 0.59% expense ratio.
Return for Risk
DBA vs. PDBA — Risk / Return Rank
DBA
PDBA
DBA vs. PDBA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB Agriculture Fund (DBA) and Invesco Agriculture Commodity Strategy No K-1 ETF (PDBA). 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 | PDBA | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.62 | 0.61 | +0.01 |
Sortino ratioReturn per unit of downside risk | 0.97 | 0.94 | +0.03 |
Omega ratioGain probability vs. loss probability | 1.12 | 1.12 | 0.00 |
Calmar ratioReturn relative to maximum drawdown | 0.87 | 0.85 | +0.02 |
Martin ratioReturn relative to average drawdown | 1.63 | 1.59 | +0.04 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| DBA | PDBA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.62 | 0.61 | +0.01 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.91 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.34 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.09 | 0.92 | -0.84 |
Correlation
The correlation between DBA and PDBA is 0.97, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
DBA vs. PDBA - Dividend Comparison
DBA's dividend yield for the trailing twelve months is around 3.34%, more than PDBA's 3.10% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
DBA Invesco DB Agriculture Fund | 3.34% | 3.58% | 4.08% | 4.63% | 0.48% | 0.00% | 0.00% | 1.55% | 1.06% |
PDBA Invesco Agriculture Commodity Strategy No K-1 ETF | 3.10% | 3.32% | 13.01% | 6.82% | 0.74% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
DBA vs. PDBA - Drawdown Comparison
The maximum DBA drawdown since its inception was -67.97%, which is greater than PDBA's maximum drawdown of -12.45%. Use the drawdown chart below to compare losses from any high point for DBA and PDBA.
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Drawdown Indicators
| DBA | PDBA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -67.97% | -12.45% | -55.52% |
Max Drawdown (1Y)Largest decline over 1 year | -7.99% | -8.05% | +0.06% |
Max Drawdown (5Y)Largest decline over 5 years | -15.94% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -41.16% | — | — |
Current DrawdownCurrent decline from peak | -24.64% | 0.00% | -24.64% |
Average DrawdownAverage peak-to-trough decline | -41.26% | -3.90% | -37.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.26% | 4.30% | -0.04% |
Volatility
DBA vs. PDBA - Volatility Comparison
Invesco DB Agriculture Fund (DBA) and Invesco Agriculture Commodity Strategy No K-1 ETF (PDBA) have volatilities of 2.55% and 2.68%, 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 | PDBA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.55% | 2.68% | -0.13% |
Volatility (6M)Calculated over the trailing 6-month period | 6.53% | 6.72% | -0.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.09% | 11.80% | +0.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.25% | 13.35% | +0.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.13% | 13.35% | -0.22% |