DBA vs. WEAT
DBA (Invesco DB Agriculture Fund) and WEAT (Teucrium Wheat Fund) are both Agricultural Commodities funds - DBA tracks the DBIQ Diversified Agriculture Index Excess Return while WEAT tracks the Teucrium Wheat Fund Benchmark. Both are passively managed. Over the past 10 years, DBA returned 3.65%/yr vs -6.28%/yr for WEAT. A 0.54 correlation means they provide meaningful diversification when combined. DBA charges 0.88%/yr vs 1.91%/yr for WEAT.
Performance
DBA vs. WEAT - Performance Comparison
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Returns By Period
In the year-to-date period, DBA achieves a 4.23% return, which is significantly lower than WEAT's 12.27% return. Over the past 10 years, DBA has outperformed WEAT with an annualized return of 3.65%, while WEAT has yielded a comparatively lower -6.28% annualized return.
DBA
- 1D
- -0.19%
- 1M
- -3.48%
- YTD
- 4.23%
- 6M
- 4.40%
- 1Y
- 4.08%
- 3Y*
- 11.69%
- 5Y*
- 11.06%
- 10Y*
- 3.65%
WEAT
- 1D
- -1.45%
- 1M
- -8.68%
- YTD
- 12.27%
- 6M
- 10.61%
- 1Y
- -4.80%
- 3Y*
- -14.72%
- 5Y*
- -7.07%
- 10Y*
- -6.28%
DBA vs. WEAT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DBA Invesco DB Agriculture Fund | 4.23% | -0.56% | 33.45% | 7.64% | 2.53% | 22.37% | -2.54% | -0.71% | -8.74% | -6.06% |
WEAT Teucrium Wheat Fund | 12.27% | -17.14% | -19.26% | -25.19% | 7.98% | 19.39% | 5.81% | -1.35% | -1.17% | -12.79% |
Correlation
The correlation between DBA and WEAT is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.53 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.36 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.50 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.52 |
Correlation (All Time) Calculated using the full available price history since Sep 19, 2011 | 0.54 |
The correlation between DBA and WEAT shifts across timeframes, from 0.36 (3 years) to 0.54 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
DBA vs. WEAT — Risk / Return Rank
DBA
WEAT
DBA vs. WEAT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB Agriculture Fund (DBA) and Teucrium Wheat Fund (WEAT). 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 | WEAT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.61 | ||
| Sortino ratioReturn per unit of downside risk | +0.80 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 0.98 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 0.47 | -0.34 | +0.81 |
| Martin ratioReturn relative to average drawdown | 1.03 | -0.56 | +1.59 |
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Drawdowns
DBA vs. WEAT - Drawdown Comparison
The maximum DBA drawdown since its inception was -67.97%, smaller than the maximum WEAT drawdown of -84.32%. Use the drawdown chart below to compare losses from any high point for DBA and WEAT.
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Drawdown Indicators
| DBA | WEAT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -67.97% | -84.32% | +16.35% |
Max Drawdown (1Y)Largest decline over 1 year | -8.67% | -14.31% | +5.64% |
Max Drawdown (3Y)Largest decline over 3 years | -12.36% | -46.27% | +33.91% |
Max Drawdown (5Y)Largest decline over 5 years | -15.94% | -67.83% | +51.89% |
Max Drawdown (10Y)Largest decline over 10 years | -39.12% | -67.83% | +28.71% |
Current DrawdownCurrent decline from peak | -26.62% | -82.31% | +55.69% |
Average DrawdownAverage peak-to-trough decline | -41.06% | -63.17% | +22.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.98% | 9.64% | -5.66% |
Volatility
DBA vs. WEAT - Volatility Comparison
The current volatility for Invesco DB Agriculture Fund (DBA) is 2.62%, while Teucrium Wheat Fund (WEAT) has a volatility of 4.87%. This indicates that DBA experiences smaller price fluctuations and is considered to be less risky than WEAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DBA | WEAT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.62% | 4.87% | -2.25% |
Volatility (6M)Calculated over the trailing 6-month period | 6.65% | 18.17% | -11.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.58% | 22.00% | -11.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.93% | 30.44% | -16.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.05% | 26.78% | -13.73% |
DBA vs. WEAT - Expense Ratio Comparison
DBA has a 0.88% expense ratio, which is lower than WEAT's 1.91% expense ratio.
Dividends
DBA vs. WEAT - Dividend Comparison
DBA's dividend yield for the trailing twelve months is around 3.43%, while WEAT has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBA Invesco DB Agriculture Fund | 3.43% | 3.58% | 4.08% | 4.63% | 0.48% | 0.00% | 0.00% | 1.55% | 1.06% |
WEAT Teucrium Wheat Fund | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
DBA and WEAT have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
WEAT has higher volatility (4.87%) compared to DBA (2.62%). In terms of maximum drawdown, DBA dropped -67.97% vs WEAT's -84.32%.
On 10-year performance, DBA leads with 3.65% vs -6.28% for WEAT. On fees, DBA is cheaper at 0.88% per year. On volatility, DBA has been the lower-risk option at 2.62%. 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 3.65% return vs -6.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DBA is cheaper with a 0.88% expense ratio, compared with 1.91% for WEAT.
DBA has the higher dividend yield at 3.43%, compared with 0.00% for WEAT.
DBA tracks DBIQ Diversified Agriculture Index Excess Return, while WEAT tracks Teucrium Wheat Fund Benchmark. They also come from different issuers: Invesco and Teucrium. Their fees differ too: 0.88% for DBA and 1.91% for WEAT.
DBA currently has the higher Sharpe Ratio (0.39 vs -0.22), 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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