DBB vs. 0GZD.DE

Last updated Jun 5, 2026

DBB (Invesco DB Base Metals Fund) and 0GZD.DE (BNPP RICI Enhanced Industriemetalle (ER) EUR Hedge ETC) are both Metals funds - DBB tracks the DBIQ Optimum Yield Industrial Metals Index Excess Return while 0GZD.DE tracks the RICI Enhanced Industrial Metals (EUR Hedged). Both are passively managed. Over the past 5 years, DBB returned 8.23%/yr vs 4.76%/yr for 0GZD.DE. A 0.77 correlation means they provide meaningful diversification when combined. DBB charges 0.80%/yr vs 1.20%/yr for 0GZD.DE.

Performance

DBB vs. 0GZD.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DB Base Metals Fund (DBB) and BNPP RICI Enhanced Industriemetalle (ER) EUR Hedge ETC (0GZD.DE). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

DBB is traded in USD, while 0GZD.DE is traded in EUR. To make them comparable, the 0GZD.DE values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, DBB achieves a 14.30% return, which is significantly higher than 0GZD.DE's 10.55% return.

DBB

• 1D: 0.04%
• 1M: 4.67%
• YTD: 14.30%
• 6M: 21.27%
• 1Y: 43.95%
• 3Y*: 19.22%
• 5Y*: 8.23%
• 10Y*: 9.46%

0GZD.DE

• 1D: -0.14%
• 1M: 2.96%
• YTD: 10.55%
• 6M: 16.23%
• 1Y: 32.96%
• 3Y*: 15.51%
• 5Y*: 4.76%
• 10Y*: —

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

DBB vs. 0GZD.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
DBB Invesco DB Base Metals Fund	14.30%	25.01%	7.90%	1.15%	-11.80%	28.97%	15.53%	3.75%
0GZD.DE BNPP RICI Enhanced Industriemetalle (ER) EUR Hedge ETC	10.55%	31.30%	-1.28%	-1.91%	-8.30%	14.50%	22.01%	1.38%

Correlation

The correlation between DBB and 0GZD.DE is 0.76, 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	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (All Time) Calculated using the full available price history since Aug 12, 2019	0.77

The correlation between DBB and 0GZD.DE has been stable across timeframes, ranging from 0.76 to 0.78 - a consistent structural relationship.

Return for Risk

DBB vs. 0GZD.DE — Risk / Return Rank

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

DBB

DBB Risk / Return Rank: 76
DBB Sharpe Ratio Rank: 77
DBB Sortino Ratio Rank: 72
DBB Omega Ratio Rank: 72
DBB Calmar Ratio Rank: 79
DBB Martin Ratio Rank: 80

0GZD.DE

0GZD.DE Risk / Return Rank: 63
0GZD.DE Sharpe Ratio Rank: 62
0GZD.DE Sortino Ratio Rank: 62
0GZD.DE Omega Ratio Rank: 61
0GZD.DE Calmar Ratio Rank: 66
0GZD.DE Martin Ratio Rank: 66

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.

DBB vs. 0GZD.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DB Base Metals Fund (DBB) and BNPP RICI Enhanced Industriemetalle (ER) EUR Hedge ETC (0GZD.DE). 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.

	DBB	0GZD.DE	Difference
Sharpe ratio: Return per unit of total volatility	2.46	1.91	+0.54
Sortino ratio: Return per unit of downside risk	3.21	2.61	+0.60
Omega ratio: Gain probability vs. loss probability	1.42	1.33	+0.09
Calmar ratio: Return relative to maximum drawdown	4.02	2.62	+1.40
Martin ratio: Return relative to average drawdown	15.35	8.78	+6.58
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DBB vs. 0GZD.DE - Sharpe Ratio Comparison

The current DBB Sharpe Ratio is 2.46, which is comparable to the 0GZD.DE Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of DBB and 0GZD.DE, 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

	DBB	0GZD.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.46	1.91	+0.54
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.41	0.21	+0.20
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.51	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.08	0.43	-0.35

Drawdowns

DBB vs. 0GZD.DE - Drawdown Comparison

The maximum DBB drawdown since its inception was -60.20%, which is greater than 0GZD.DE's maximum drawdown of -47.05%. Use the drawdown chart below to compare losses from any high point for DBB and 0GZD.DE.

Drawdown Indicators

	DBB	0GZD.DE	Difference
Max Drawdown Largest peak-to-trough decline	-60.20%	-47.05%	-13.15%
Max Drawdown (1Y) Largest decline over 1 year	-11.00%	-12.53%	+1.53%
Max Drawdown (3Y) Largest decline over 3 years	-16.59%	-16.74%	+0.15%
Max Drawdown (5Y) Largest decline over 5 years	-35.00%	-47.05%	+12.05%
Max Drawdown (10Y) Largest decline over 10 years	-37.98%	—	—
Current Drawdown Current decline from peak	-1.54%	-2.92%	+1.38%
Average Drawdown Average peak-to-trough decline	-30.89%	-19.50%	-11.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.87%	3.74%	-0.87%

Volatility

DBB vs. 0GZD.DE - Volatility Comparison

Invesco DB Base Metals Fund (DBB) and BNPP RICI Enhanced Industriemetalle (ER) EUR Hedge ETC (0GZD.DE) have volatilities of 5.49% and 5.23%, 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

	DBB	0GZD.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.49%	5.23%	+0.26%
Volatility (6M) Calculated over the trailing 6-month period	15.72%	13.92%	+1.80%
Volatility (1Y) Calculated over the trailing 1-year period	17.99%	17.18%	+0.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.24%	22.33%	-2.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.47%	21.25%	-2.78%

DBB vs. 0GZD.DE - Expense Ratio Comparison

DBB has a 0.80% expense ratio, which is lower than 0GZD.DE's 1.20% expense ratio.

Dividends

DBB vs. 0GZD.DE - Dividend Comparison

DBB's dividend yield for the trailing twelve months is around 2.29%, while 0GZD.DE has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
0GZD.DE BNPP RICI Enhanced Industriemetalle (ER) EUR Hedge ETC	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
DBB Invesco DB Base Metals Fund	2.29%	2.61%	4.75%	7.21%	0.94%	0.00%	0.00%	1.83%	1.59%

Frequently Asked Questions

Can I hold both DBB and 0GZD.DE in my portfolio?

DBB and 0GZD.DE have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DBB or 0GZD.DE?

On fees, DBB is cheaper at 0.80% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DBB or 0GZD.DE?

DBB is cheaper with a 0.80% expense ratio, compared with 1.20% for 0GZD.DE.

What is the main difference between DBB and 0GZD.DE?

DBB tracks DBIQ Optimum Yield Industrial Metals Index Excess Return, while 0GZD.DE tracks RICI Enhanced Industrial Metals (EUR Hedged). They also come from different issuers: Invesco and BNP Paribas. Their fees differ too: 0.80% for DBB and 1.20% for 0GZD.DE.