DBA vs. TAXM

Last updated Jul 14, 2026

DBA (Invesco DB Agriculture Fund) and TAXM (BondBloxx IR+M Tax-Aware ETF for Massachusetts Residents) are both exchange-traded funds - DBA is a Agricultural Commodities fund tracking the DBIQ Diversified Agriculture Index Excess Return, while TAXM is a Municipal Bonds fund actively managed by BondBloxx. DBA is passively managed, while TAXM is actively managed. Over the past year, DBA returned 11.45% vs 5.90% for TAXM. At a correlation of -0.05, they often move in opposite directions. DBA charges 0.88%/yr vs 0.35%/yr for TAXM.

Performance

DBA vs. TAXM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DB Agriculture Fund (DBA) and BondBloxx IR+M Tax-Aware ETF for Massachusetts Residents (TAXM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DBA achieves a 8.62% return, which is significantly higher than TAXM's 1.25% return.

DBA

• 1D: -0.18%
• 1M: 5.64%
• 6M: 8.15%
• YTD: 8.62%
• 1Y: 11.45%
• 3Y*: 13.13%
• 5Y*: 11.46%
• 10Y*: 4.22%

TAXM

• 1D: -0.12%
• 1M: 0.09%
• 6M: 0.86%
• YTD: 1.25%
• 1Y: 5.90%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DBA vs. TAXM - Yearly Performance Comparison

	2026 (YTD)	2025
DBA Invesco DB Agriculture Fund	8.62%	-0.52%
TAXM BondBloxx IR+M Tax-Aware ETF for Massachusetts Residents	1.25%	3.90%

Correlation

The correlation between DBA and TAXM is -0.15, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.15
Correlation (All Time) Calculated using the full available price history since Mar 13, 2025	-0.05

The correlation between DBA and TAXM shifts across timeframes, from -0.15 (1 year) to -0.05 (all time), reflecting how their relationship changes across market environments.

Return for Risk

DBA vs. TAXM — Risk / Return Rank

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

DBA

DBA Risk / Return Rank: 34
DBA Sharpe Ratio Rank: 37
DBA Sortino Ratio Rank: 38
DBA Omega Ratio Rank: 35
DBA Calmar Ratio Rank: 32
DBA Martin Ratio Rank: 26

TAXM

TAXM Risk / Return Rank: 75
TAXM Sharpe Ratio Rank: 87
TAXM Sortino Ratio Rank: 89
TAXM Omega Ratio Rank: 90
TAXM Calmar Ratio Rank: 55
TAXM Martin Ratio Rank: 55

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. TAXM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DB Agriculture Fund (DBA) and BondBloxx IR+M Tax-Aware ETF for Massachusetts Residents (TAXM). 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	TAXM	Difference
Sharpe ratio: Return per unit of total volatility	1.06	2.22	-1.16
Sortino ratio: Return per unit of downside risk	1.62	3.24	-1.63
Omega ratio: Gain probability vs. loss probability	1.19	1.45	-0.26
Calmar ratio: Return relative to maximum drawdown	1.33	2.19	-0.87
Martin ratio: Return relative to average drawdown	2.78	7.53	-4.76

DBA vs. TAXM - Sharpe Ratio Comparison

The current DBA Sharpe Ratio is 1.06, which is lower than the TAXM Sharpe Ratio of 2.22. The chart below compares the historical Sharpe Ratios of DBA and TAXM, 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. TAXM - Drawdown Comparison

The maximum DBA drawdown since its inception was -67.97%, which is greater than TAXM's maximum drawdown of -3.10%. Use the drawdown chart below to compare losses from any high point for DBA and TAXM.

Drawdown Indicators

	DBA	TAXM	Difference
Max Drawdown Largest peak-to-trough decline	-67.97%	-3.10%	-64.87%
Max Drawdown (1Y) Largest decline over 1 year	-8.67%	-2.70%	-5.97%
Max Drawdown (3Y) Largest decline over 3 years	-12.36%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-15.94%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-37.19%	—	—
Current Drawdown Current decline from peak	-23.53%	-0.73%	-22.80%
Average Drawdown Average peak-to-trough decline	-41.02%	-0.70%	-40.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.13%	0.78%	+3.35%

Volatility

DBA vs. TAXM - Volatility Comparison

Invesco DB Agriculture Fund (DBA) has a higher volatility of 3.91% compared to BondBloxx IR+M Tax-Aware ETF for Massachusetts Residents (TAXM) at 0.63%. This indicates that DBA's price experiences larger fluctuations and is considered to be riskier than TAXM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DBA	TAXM	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.91%	0.63%	+3.28%
Volatility (6M) Calculated over the trailing 6-month period	7.43%	2.11%	+5.32%
Volatility (1Y) Calculated over the trailing 1-year period	10.83%	2.67%	+8.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.84%	3.46%	+10.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.06%	3.46%	+9.60%

DBA vs. TAXM - Expense Ratio Comparison

DBA has a 0.88% expense ratio, which is higher than TAXM's 0.35% expense ratio.

Dividends

DBA vs. TAXM - Dividend Comparison

DBA's dividend yield for the trailing twelve months is around 3.29%, which matches TAXM's 3.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBA Invesco DB Agriculture Fund	3.29%	3.58%	4.08%	4.63%	0.48%	0.00%	0.00%	1.55%	1.06%
TAXM BondBloxx IR+M Tax-Aware ETF for Massachusetts Residents	3.28%	2.75%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DBA and TAXM in my portfolio?

DBA and TAXM have a correlation of -0.15, 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 TAXM?

DBA has higher volatility (3.91%) compared to TAXM (0.63%). In terms of maximum drawdown, DBA dropped -67.97% vs TAXM's -3.10%.

Which ETF is better, DBA or TAXM?

On 1-year performance, DBA leads with 11.45% vs 5.90% for TAXM. On fees, TAXM is cheaper at 0.35% per year. On volatility, TAXM has been the lower-risk option at 0.63%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DBA or TAXM?

Over the 1-year period, DBA has performed better with a 11.45% return vs 5.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DBA or TAXM?

TAXM is cheaper with a 0.35% expense ratio, compared with 0.88% for DBA.

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

DBA and TAXM have nearly identical dividend yields, around 3.29%.

What is the main difference between DBA and TAXM?

DBA is categorized as Agricultural Commodities, while TAXM is Municipal Bonds. They also come from different issuers: Invesco and BondBloxx. Their fees differ too: 0.88% for DBA and 0.35% for TAXM.

Which has better risk-adjusted returns?

TAXM currently has the higher Sharpe Ratio (2.22 vs 1.06), 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.