DBA vs. PDBA

Last updated Jun 23, 2026

DBA (Invesco DB Agriculture Fund) and PDBA (Invesco Agriculture Commodity Strategy No K-1 ETF) are both Agricultural Commodities funds from Invesco. DBA is passively managed, while PDBA is actively managed. Over the past 3 years, DBA returned 11.76%/yr vs 11.93%/yr for PDBA. With a 0.97 correlation, they move nearly in lockstep. DBA charges 0.88%/yr vs 0.59%/yr for PDBA.

Performance

DBA vs. PDBA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DB Agriculture Fund (DBA) and Invesco Agriculture Commodity Strategy No K-1 ETF (PDBA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with DBA having a 4.43% return and PDBA slightly higher at 4.50%.

DBA

• 1D: 0.08%
• 1M: -3.30%
• YTD: 4.43%
• 6M: 4.76%
• 1Y: 4.55%
• 3Y*: 11.76%
• 5Y*: 11.03%
• 10Y*: 3.67%

PDBA

• 1D: 0.03%
• 1M: -3.37%
• YTD: 4.50%
• 6M: 4.66%
• 1Y: 4.20%
• 3Y*: 11.93%
• 5Y*: —
• 10Y*: —

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

DBA vs. PDBA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
DBA Invesco DB Agriculture Fund	4.43%	-0.56%	33.45%	7.64%	-1.47%
PDBA Invesco Agriculture Commodity Strategy No K-1 ETF	4.50%	-0.76%	34.16%	7.83%	-3.34%

Correlation

The correlation between DBA and PDBA is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (All Time) Calculated using the full available price history since Aug 24, 2022	0.97

The correlation between DBA and PDBA has been stable across timeframes, ranging from 0.97 to 0.97 - a consistent structural relationship.

Return for Risk

DBA vs. PDBA — 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: 15
DBA Sortino Ratio Rank: 13
DBA Omega Ratio Rank: 13
DBA Calmar Ratio Rank: 14
DBA Martin Ratio Rank: 14

PDBA

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

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. 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.

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	PDBA	Difference
Sharpe ratio: Return per unit of total volatility	0.43	0.40	+0.03
Sortino ratio: Return per unit of downside risk	0.68	0.63	+0.05
Omega ratio: Gain probability vs. loss probability	1.08	1.07	0.00
Calmar ratio: Return relative to maximum drawdown	0.53	0.49	+0.04
Martin ratio: Return relative to average drawdown	1.15	1.05	+0.10

DBA vs. PDBA - Sharpe Ratio Comparison

The current DBA Sharpe Ratio is 0.43, which is comparable to the PDBA Sharpe Ratio of 0.40. The chart below compares the historical Sharpe Ratios of DBA and PDBA, 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. 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.

Drawdown Indicators

	DBA	PDBA	Difference
Max Drawdown Largest peak-to-trough decline	-67.97%	-12.45%	-55.52%
Max Drawdown (1Y) Largest decline over 1 year	-8.67%	-8.59%	-0.08%
Max Drawdown (3Y) Largest decline over 3 years	-12.36%	-12.45%	+0.09%
Max Drawdown (5Y) Largest decline over 5 years	-15.94%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-39.12%	—	—
Current Drawdown Current decline from peak	-26.48%	-7.26%	-19.22%
Average Drawdown Average peak-to-trough decline	-41.06%	-3.98%	-37.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.96%	4.00%	-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 2.85% and 2.91%, 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	PDBA	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.85%	2.91%	-0.06%
Volatility (6M) Calculated over the trailing 6-month period	6.65%	6.70%	-0.05%
Volatility (1Y) Calculated over the trailing 1-year period	10.60%	10.60%	0.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.93%	13.28%	+0.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.06%	13.28%	-0.22%

DBA vs. PDBA - Expense Ratio Comparison

DBA has a 0.88% expense ratio, which is higher than PDBA's 0.59% expense ratio.

Dividends

DBA vs. PDBA - Dividend Comparison

DBA's dividend yield for the trailing twelve months is around 3.42%, more than PDBA's 3.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBA Invesco DB Agriculture Fund	3.42%	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	3.18%	3.32%	13.01%	6.82%	0.74%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DBA and PDBA in my portfolio?

With a correlation of 0.97, DBA and PDBA move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, DBA or PDBA?

PDBA has higher volatility (2.91%) compared to DBA (2.85%). In terms of maximum drawdown, DBA dropped -67.97% vs PDBA's -12.45%.

Which ETF is better, DBA or PDBA?

On 3-year performance, PDBA leads with 11.93% vs 11.76% for DBA. On fees, PDBA is cheaper at 0.59% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DBA or PDBA?

Over the 3-year period, PDBA has performed better with a 11.93% return vs 11.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DBA or PDBA?

PDBA is cheaper with a 0.59% expense ratio, compared with 0.88% for DBA.

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

DBA has the higher dividend yield at 3.42%, compared with 3.18% for PDBA.

What is the main difference between DBA and PDBA?

Their fees differ too: 0.88% for DBA and 0.59% for PDBA.

Which has better risk-adjusted returns?

DBA currently has the higher Sharpe Ratio (0.43 vs 0.40), 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.