DBA vs. TIP
DBA (Invesco DB Agriculture Fund) and TIP (iShares TIPS Bond ETF) are both exchange-traded funds - DBA is a Agricultural Commodities fund tracking the DBIQ Diversified Agriculture Index Excess Return, while TIP is a Inflation-Protected Bonds fund tracking the ICE U.S. Treasury Inflation Linked Bond Index. Both are passively managed. Over the past 10 years, DBA returned 4.14%/yr vs 2.34%/yr for TIP. At a correlation of -0.02, they often move in opposite directions. DBA charges 0.88%/yr vs 0.18%/yr for TIP.
Performance
DBA vs. TIP - Performance Comparison
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Returns By Period
In the year-to-date period, DBA achieves a 8.82% return, which is significantly higher than TIP's 1.00% return. Over the past 10 years, DBA has outperformed TIP with an annualized return of 4.14%, while TIP has yielded a comparatively lower 2.34% annualized return.
DBA
- 1D
- 0.22%
- 1M
- 5.59%
- 6M
- 7.72%
- YTD
- 8.82%
- 1Y
- 11.65%
- 3Y*
- 13.55%
- 5Y*
- 12.19%
- 10Y*
- 4.14%
TIP
- 1D
- 0.01%
- 1M
- -0.38%
- 6M
- 0.76%
- YTD
- 1.00%
- 1Y
- 3.30%
- 3Y*
- 4.07%
- 5Y*
- 0.66%
- 10Y*
- 2.34%
DBA vs. TIP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DBA Invesco DB Agriculture Fund | 8.82% | -0.56% | 33.45% | 7.64% | 2.53% | 22.37% | -2.54% | -0.71% | -8.74% | -6.06% |
TIP iShares TIPS Bond ETF | 1.00% | 6.77% | 1.65% | 3.80% | -12.26% | 5.68% | 10.84% | 8.35% | -1.42% | 2.92% |
Correlation
The correlation between DBA and TIP is 0.01, 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 | 0.01 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.03 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.00 |
Correlation (All Time) Calculated using the full available price history since Jan 5, 2007 | -0.02 |
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Return for Risk
DBA vs. TIP — Risk / Return Rank
DBA
TIP
DBA vs. TIP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB Agriculture Fund (DBA) and iShares TIPS Bond ETF (TIP). 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 | TIP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.18 | ||
| Sortino ratioReturn per unit of downside risk | +0.30 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.16 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.35 | 1.59 | -0.24 |
| Martin ratioReturn relative to average drawdown | 2.83 | 4.58 | -1.75 |
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Drawdowns
DBA vs. TIP - Drawdown Comparison
The maximum DBA drawdown since its inception was -67.97%, which is greater than TIP's maximum drawdown of -14.57%. Use the drawdown chart below to compare losses from any high point for DBA and TIP.
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Drawdown Indicators
| DBA | TIP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -67.97% | -14.57% | -53.40% |
Max Drawdown (1Y)Largest decline over 1 year | -8.67% | -1.98% | -6.69% |
Max Drawdown (3Y)Largest decline over 3 years | -12.36% | -4.54% | -7.82% |
Max Drawdown (5Y)Largest decline over 5 years | -15.94% | -14.51% | -1.43% |
Max Drawdown (10Y)Largest decline over 10 years | -37.97% | -14.51% | -23.46% |
Current DrawdownCurrent decline from peak | -23.39% | -0.85% | -22.54% |
Average DrawdownAverage peak-to-trough decline | -41.02% | -3.42% | -37.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.12% | 0.69% | +3.43% |
Volatility
DBA vs. TIP - Volatility Comparison
Invesco DB Agriculture Fund (DBA) has a higher volatility of 3.88% compared to iShares TIPS Bond ETF (TIP) at 1.25%. This indicates that DBA's price experiences larger fluctuations and is considered to be riskier than TIP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DBA | TIP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.88% | 1.25% | +2.63% |
Volatility (6M)Calculated over the trailing 6-month period | 7.43% | 2.54% | +4.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.83% | 3.47% | +7.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.86% | 6.20% | +7.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.06% | 5.73% | +7.33% |
DBA vs. TIP - Expense Ratio Comparison
DBA has a 0.88% expense ratio, which is higher than TIP's 0.18% expense ratio.
Dividends
DBA vs. TIP - Dividend Comparison
DBA's dividend yield for the trailing twelve months is around 3.29%, less than TIP's 4.44% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DBA Invesco DB Agriculture Fund | 3.29% | 3.58% | 4.08% | 4.63% | 0.48% | 0.00% | 0.00% | 1.55% | 1.06% | 0.00% | 0.00% | 0.00% |
TIP iShares TIPS Bond ETF | 4.44% | 3.46% | 2.52% | 2.73% | 6.96% | 4.28% | 1.17% | 1.75% | 2.71% | 2.07% | 1.48% | 0.34% |
Frequently Asked Questions
DBA and TIP have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBA has higher volatility (3.88%) compared to TIP (1.25%). In terms of maximum drawdown, DBA dropped -67.97% vs TIP's -14.57%.
On 10-year performance, DBA leads with 4.14% vs 2.34% for TIP. On fees, TIP is cheaper at 0.18% per year. On volatility, TIP has been the lower-risk option at 1.25%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DBA has performed better with a 4.14% return vs 2.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TIP is cheaper with a 0.18% expense ratio, compared with 0.88% for DBA.
TIP has the higher dividend yield at 4.44%, compared with 3.29% for DBA.
DBA is categorized as Agricultural Commodities, while TIP is Inflation-Protected Bonds. DBA tracks DBIQ Diversified Agriculture Index Excess Return, while TIP tracks ICE U.S. Treasury Inflation Linked Bond Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.88% for DBA and 0.18% for TIP.
DBA currently has the higher Sharpe Ratio (1.08 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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