DBB vs. BDVG

Last updated Jun 30, 2026

DBB (Invesco DB Base Metals Fund) and BDVG (iMGP Berkshire Dividend Growth ETF) are both exchange-traded funds - DBB is a Metals fund tracking the DBIQ Optimum Yield Industrial Metals Index Excess Return, while BDVG is a Large Cap Value Equities fund actively managed by iMGP. DBB is passively managed, while BDVG is actively managed. Over the past 3 years, DBB returned 15.61%/yr vs 13.62%/yr for BDVG. At a 0.27 correlation, their price movements are largely independent. DBB charges 0.80%/yr vs 0.55%/yr for BDVG.

Performance

DBB vs. BDVG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DB Base Metals Fund (DBB) and iMGP Berkshire Dividend Growth ETF (BDVG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DBB achieves a 4.53% return, which is significantly lower than BDVG's 11.70% return.

DBB

• 1D: -1.19%
• 1M: -7.66%
• YTD: 4.53%
• 6M: 6.67%
• 1Y: 26.91%
• 3Y*: 15.61%
• 5Y*: 6.73%
• 10Y*: 7.86%

BDVG

• 1D: -0.63%
• 1M: -0.79%
• YTD: 11.70%
• 6M: 10.85%
• 1Y: 20.53%
• 3Y*: 13.62%
• 5Y*: —
• 10Y*: —

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

DBB vs. BDVG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
DBB Invesco DB Base Metals Fund	4.53%	25.01%	7.90%	10.77%
BDVG iMGP Berkshire Dividend Growth ETF	11.70%	13.81%	11.75%	3.42%

Correlation

The correlation between DBB and BDVG is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.30
Correlation (3Y) Calculated over the trailing 3-year period	0.27
Correlation (All Time) Calculated using the full available price history since Jun 30, 2023	0.27

Return for Risk

DBB vs. BDVG — Risk / Return Rank

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

DBB

DBB Risk / Return Rank: 49
DBB Sharpe Ratio Rank: 46
DBB Sortino Ratio Rank: 44
DBB Omega Ratio Rank: 43
DBB Calmar Ratio Rank: 58
DBB Martin Ratio Rank: 54

BDVG

BDVG Risk / Return Rank: 75
BDVG Sharpe Ratio Rank: 75
BDVG Sortino Ratio Rank: 79
BDVG Omega Ratio Rank: 74
BDVG Calmar Ratio Rank: 71
BDVG Martin Ratio Rank: 74

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. BDVG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DB Base Metals Fund (DBB) and iMGP Berkshire Dividend Growth ETF (BDVG). 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.

	DBB	BDVG	Difference
Sharpe ratio: Return per unit of total volatility	1.43	2.05	-0.62
Sortino ratio: Return per unit of downside risk	1.97	3.00	-1.04
Omega ratio: Gain probability vs. loss probability	1.25	1.37	-0.12
Calmar ratio: Return relative to maximum drawdown	2.46	3.08	-0.62
Martin ratio: Return relative to average drawdown	8.16	11.66	-3.50

DBB vs. BDVG - Sharpe Ratio Comparison

The current DBB Sharpe Ratio is 1.43, which is lower than the BDVG Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of DBB and BDVG, 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

DBB vs. BDVG - Drawdown Comparison

The maximum DBB drawdown since its inception was -60.20%, which is greater than BDVG's maximum drawdown of -14.46%. Use the drawdown chart below to compare losses from any high point for DBB and BDVG.

Drawdown Indicators

	DBB	BDVG	Difference
Max Drawdown Largest peak-to-trough decline	-60.20%	-14.46%	-45.74%
Max Drawdown (1Y) Largest decline over 1 year	-11.00%	-6.70%	-4.30%
Max Drawdown (3Y) Largest decline over 3 years	-16.59%	-14.46%	-2.13%
Max Drawdown (5Y) Largest decline over 5 years	-35.00%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-37.98%	—	—
Current Drawdown Current decline from peak	-9.95%	-1.90%	-8.05%
Average Drawdown Average peak-to-trough decline	-30.80%	-2.32%	-28.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.31%	1.76%	+1.55%

Volatility

DBB vs. BDVG - Volatility Comparison

Invesco DB Base Metals Fund (DBB) has a higher volatility of 6.54% compared to iMGP Berkshire Dividend Growth ETF (BDVG) at 3.51%. This indicates that DBB's price experiences larger fluctuations and is considered to be riskier than BDVG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DBB	BDVG	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.54%	3.51%	+3.03%
Volatility (6M) Calculated over the trailing 6-month period	16.55%	7.80%	+8.75%
Volatility (1Y) Calculated over the trailing 1-year period	18.91%	10.08%	+8.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.31%	11.92%	+8.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.52%	11.92%	+6.60%

DBB vs. BDVG - Expense Ratio Comparison

DBB has a 0.80% expense ratio, which is higher than BDVG's 0.55% expense ratio.

Dividends

DBB vs. BDVG - Dividend Comparison

DBB's dividend yield for the trailing twelve months is around 2.50%, more than BDVG's 1.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
BDVG iMGP Berkshire Dividend Growth ETF	1.50%	1.75%	1.69%	0.95%	0.00%	0.00%	0.00%	0.00%	0.00%
DBB Invesco DB Base Metals Fund	2.50%	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 BDVG in my portfolio?

DBB and BDVG have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DBB or BDVG?

DBB has higher volatility (6.54%) compared to BDVG (3.51%). In terms of maximum drawdown, DBB dropped -60.20% vs BDVG's -14.46%.

Which ETF is better, DBB or BDVG?

On 3-year performance, DBB leads with 15.61% vs 13.62% for BDVG. On fees, BDVG is cheaper at 0.55% per year. On volatility, BDVG has been the lower-risk option at 3.51%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DBB or BDVG?

Over the 3-year period, DBB has performed better with a 15.61% return vs 13.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DBB or BDVG?

BDVG is cheaper with a 0.55% expense ratio, compared with 0.80% for DBB.

Which ETF pays a higher dividend yield, DBB or BDVG?

DBB has the higher dividend yield at 2.50%, compared with 1.50% for BDVG.

What is the main difference between DBB and BDVG?

DBB is categorized as Metals, while BDVG is Large Cap Value Equities. They also come from different issuers: Invesco and iMGP. Their fees differ too: 0.80% for DBB and 0.55% for BDVG.

Which has better risk-adjusted returns?

BDVG currently has the higher Sharpe Ratio (2.05 vs 1.43), 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.