DBA vs. VEGI

Last updated Jun 4, 2026

DBA (Invesco DB Agriculture Fund) and VEGI (iShares MSCI Agriculture Producers ETF) are both exchange-traded funds - DBA is a Agricultural Commodities fund tracking the DBIQ Diversified Agriculture Index TR, while VEGI is a Mid Cap Value Equities fund tracking the MSCI ACWI Select Agriculture Producers Investable Market Index. Both are passively managed. Over the past 10 years, DBA returned 3.54%/yr vs 8.58%/yr for VEGI. At a 0.25 correlation, their price movements are largely independent. DBA charges 0.94%/yr vs 0.39%/yr for VEGI.

Performance

DBA vs. VEGI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DB Agriculture Fund (DBA) and iShares MSCI Agriculture Producers ETF (VEGI). 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 lower than VEGI's 16.98% return. Over the past 10 years, DBA has underperformed VEGI with an annualized return of 3.54%, while VEGI has yielded a comparatively higher 8.58% annualized 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%

VEGI

• 1D: 0.58%
• 1M: -1.31%
• YTD: 16.98%
• 6M: 16.00%
• 1Y: 14.94%
• 3Y*: 8.09%
• 5Y*: 3.61%
• 10Y*: 8.58%

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

DBA vs. VEGI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DBA Invesco DB Agriculture Fund	5.25%	-0.56%	33.45%	7.64%	2.53%	22.37%	-2.54%	-0.71%	-8.74%	-6.06%
VEGI iShares MSCI Agriculture Producers ETF	16.98%	11.34%	-4.85%	-8.59%	6.34%	21.56%	20.06%	13.52%	-9.76%	19.79%

Correlation

The correlation between DBA and VEGI is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (3Y) Calculated over the trailing 3-year period	0.18
Correlation (5Y) Calculated over the trailing 5-year period	0.26
Correlation (10Y) Calculated over the trailing 10-year period	0.25
Correlation (All Time) Calculated using the full available price history since Feb 3, 2012	0.25

DBA vs. VEGI - Sectors Allocation Comparison

Sectors	DBA	VEGI
Healthcare	16.8%	-
Industrials	15.2%	34.2%
Financial Services	13.7%	-
Consumer Cyclical	11.8%	-
Basic Materials	10.7%	31.7%
Consumer Defensive	8.8%	33.3%
Communication Services	7.4%	-
Technology	6.3%	-
Energy	5.3%	-
Utilities	2.9%	-
Real Estate	1.1%	-

Return for Risk

DBA vs. VEGI — 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

VEGI

VEGI Risk / Return Rank: 30
VEGI Sharpe Ratio Rank: 28
VEGI Sortino Ratio Rank: 29
VEGI Omega Ratio Rank: 27
VEGI Calmar Ratio Rank: 40
VEGI Martin Ratio Rank: 27

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. VEGI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DB Agriculture Fund (DBA) and iShares MSCI Agriculture Producers ETF (VEGI). 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	VEGI	Difference
Sharpe ratio: Return per unit of total volatility	0.39	1.02	-0.62
Sortino ratio: Return per unit of downside risk	0.63	1.57	-0.95
Omega ratio: Gain probability vs. loss probability	1.07	1.18	-0.11
Calmar ratio: Return relative to maximum drawdown	0.53	2.00	-1.47
Martin ratio: Return relative to average drawdown	1.04	3.86	-2.82
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. VEGI - Sharpe Ratio Comparison

The current DBA Sharpe Ratio is 0.39, which is lower than the VEGI Sharpe Ratio of 1.02. The chart below compares the historical Sharpe Ratios of DBA and VEGI, 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	VEGI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.39	1.02	-0.62
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.71	0.20	+0.50
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.27	0.45	-0.18
Sharpe Ratio (All Time) Calculated using the full available price history	0.08	0.34	-0.26

Drawdowns

DBA vs. VEGI - Drawdown Comparison

The maximum DBA drawdown since its inception was -67.97%, which is greater than VEGI's maximum drawdown of -37.37%. Use the drawdown chart below to compare losses from any high point for DBA and VEGI.

Drawdown Indicators

	DBA	VEGI	Difference
Max Drawdown Largest peak-to-trough decline	-67.97%	-37.37%	-30.60%
Max Drawdown (1Y) Largest decline over 1 year	-7.99%	-7.49%	-0.50%
Max Drawdown (3Y) Largest decline over 3 years	-12.36%	-17.71%	+5.35%
Max Drawdown (5Y) Largest decline over 5 years	-15.94%	-28.86%	+12.92%
Max Drawdown (10Y) Largest decline over 10 years	-41.16%	-37.37%	-3.79%
Current Drawdown Current decline from peak	-25.90%	-4.33%	-21.57%
Average Drawdown Average peak-to-trough decline	-41.11%	-9.82%	-31.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.07%	3.88%	+0.19%

Volatility

DBA vs. VEGI - Volatility Comparison

The current volatility for Invesco DB Agriculture Fund (DBA) is 4.17%, while iShares MSCI Agriculture Producers ETF (VEGI) has a volatility of 4.52%. This indicates that DBA experiences smaller price fluctuations and is considered to be less risky than VEGI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DBA	VEGI	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.17%	4.52%	-0.35%
Volatility (6M) Calculated over the trailing 6-month period	6.46%	11.80%	-5.34%
Volatility (1Y) Calculated over the trailing 1-year period	10.77%	14.75%	-3.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.10%	17.88%	-3.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.09%	18.94%	-5.85%

DBA vs. VEGI - Expense Ratio Comparison

DBA has a 0.94% expense ratio, which is higher than VEGI's 0.39% expense ratio.

Dividends

DBA vs. VEGI - Dividend Comparison

DBA's dividend yield for the trailing twelve months is around 3.40%, more than VEGI's 1.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DBA Invesco DB Agriculture Fund	3.40%	3.58%	4.08%	4.63%	0.48%	0.00%	0.00%	1.55%	1.06%	0.00%	0.00%	0.00%
VEGI iShares MSCI Agriculture Producers ETF	1.99%	2.33%	2.62%	2.54%	1.49%	1.46%	1.55%	1.84%	2.02%	1.75%	2.13%	2.49%

Frequently Asked Questions

Can I hold both DBA and VEGI in my portfolio?

DBA and VEGI have a correlation of 0.23, 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 VEGI?

VEGI has higher volatility (4.52%) compared to DBA (4.17%). In terms of maximum drawdown, DBA dropped -67.97% vs VEGI's -37.37%.

Which ETF is better, DBA or VEGI?

On 10-year performance, VEGI leads with 8.58% vs 3.54% for DBA. On fees, VEGI is cheaper at 0.39% 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 VEGI?

Over the 10-year period, VEGI has performed better with a 8.58% return vs 3.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DBA or VEGI?

VEGI is cheaper with a 0.39% expense ratio, compared with 0.94% for DBA.

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

DBA has the higher dividend yield at 3.40%, compared with 1.99% for VEGI.

What is the main difference between DBA and VEGI?

DBA is categorized as Agricultural Commodities, while VEGI is Mid Cap Value Equities. DBA tracks DBIQ Diversified Agriculture Index TR, while VEGI tracks MSCI ACWI Select Agriculture Producers Investable Market Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.94% for DBA and 0.39% for VEGI.

Which has better risk-adjusted returns?

VEGI currently has the higher Sharpe Ratio (1.02 vs 0.39), 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.