DBB vs. CPER
DBB (Invesco DB Base Metals Fund) and CPER (United States Copper Index Fund) are both Metals funds - DBB tracks the DBIQ Optimum Yield Industrial Metals Index Excess Return while CPER tracks the SummerHaven Copper Index Total Return. Both are passively managed. Over the past 10 years, DBB returned 9.08%/yr vs 11.09%/yr for CPER. A 0.74 correlation means they provide meaningful diversification when combined. DBB charges 0.80%/yr vs 1.06%/yr for CPER.
Performance
DBB vs. CPER - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with DBB having a 10.81% return and CPER slightly lower at 10.41%. Over the past 10 years, DBB has underperformed CPER with an annualized return of 9.08%, while CPER has yielded a comparatively higher 11.09% annualized return.
DBB
- 1D
- -0.97%
- 1M
- 0.39%
- YTD
- 10.81%
- 6M
- 18.37%
- 1Y
- 40.01%
- 3Y*
- 17.45%
- 5Y*
- 7.62%
- 10Y*
- 9.08%
CPER
- 1D
- 0.13%
- 1M
- 0.86%
- YTD
- 10.41%
- 6M
- 18.22%
- 1Y
- 25.81%
- 3Y*
- 18.36%
- 5Y*
- 6.89%
- 10Y*
- 11.09%
DBB vs. CPER - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DBB Invesco DB Base Metals Fund | 10.81% | 25.01% | 7.90% | 1.15% | -11.80% | 28.97% | 15.53% | -1.17% | -19.47% | 30.09% |
CPER United States Copper Index Fund | 10.41% | 38.95% | 4.23% | 4.55% | -15.14% | 25.21% | 23.90% | 6.66% | -21.91% | 28.80% |
Correlation
The correlation between DBB and CPER is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.85 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.78 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.80 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.78 |
Correlation (All Time) Calculated using the full available price history since Nov 15, 2011 | 0.74 |
The correlation between DBB and CPER shifts across timeframes, from 0.74 (all time) to 0.85 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
DBB vs. CPER — Risk / Return Rank
DBB
CPER
DBB vs. CPER - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB Base Metals Fund (DBB) and United States Copper Index Fund (CPER). 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 | CPER | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.46 | ||
| Sortino ratioReturn per unit of downside risk | +1.81 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.18 | +0.20 |
| Calmar ratioReturn relative to maximum drawdown | 3.66 | 1.05 | +2.61 |
| Martin ratioReturn relative to average drawdown | 13.81 | 2.17 | +11.64 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| DBB | CPER | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.21 | 0.75 | +1.46 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.38 | 0.26 | +0.12 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.49 | 0.46 | +0.03 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.07 | 0.13 | -0.06 |
Drawdowns
DBB vs. CPER - Drawdown Comparison
The maximum DBB drawdown since its inception was -60.20%, which is greater than CPER's maximum drawdown of -54.04%. Use the drawdown chart below to compare losses from any high point for DBB and CPER.
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Drawdown Indicators
| DBB | CPER | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.20% | -54.04% | -6.16% |
Max Drawdown (1Y)Largest decline over 1 year | -11.00% | -24.77% | +13.77% |
Max Drawdown (3Y)Largest decline over 3 years | -16.59% | -24.77% | +8.18% |
Max Drawdown (5Y)Largest decline over 5 years | -35.00% | -34.75% | -0.25% |
Max Drawdown (10Y)Largest decline over 10 years | -37.98% | -38.42% | +0.44% |
Current DrawdownCurrent decline from peak | -4.54% | -4.93% | +0.39% |
Average DrawdownAverage peak-to-trough decline | -30.87% | -25.38% | -5.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.90% | 11.94% | -9.04% |
Volatility
DBB vs. CPER - Volatility Comparison
The current volatility for Invesco DB Base Metals Fund (DBB) is 6.10%, while United States Copper Index Fund (CPER) has a volatility of 9.94%. This indicates that DBB experiences smaller price fluctuations and is considered to be less risky than CPER based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DBB | CPER | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.10% | 9.94% | -3.84% |
Volatility (6M)Calculated over the trailing 6-month period | 15.90% | 23.10% | -7.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.21% | 34.71% | -16.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.27% | 27.03% | -6.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.48% | 24.07% | -5.59% |
DBB vs. CPER - Expense Ratio Comparison
DBB has a 0.80% expense ratio, which is lower than CPER's 1.06% expense ratio.
Dividends
DBB vs. CPER - Dividend Comparison
DBB's dividend yield for the trailing twelve months is around 2.36%, while CPER has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
CPER United States Copper Index Fund | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
DBB Invesco DB Base Metals Fund | 2.36% | 2.61% | 4.75% | 7.21% | 0.94% | 0.00% | 0.00% | 1.83% | 1.59% |
Frequently Asked Questions
DBB and CPER have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CPER has higher volatility (9.94%) compared to DBB (6.10%). In terms of maximum drawdown, DBB dropped -60.20% vs CPER's -54.04%.
On 10-year performance, CPER leads with 11.09% vs 9.08% for DBB. On fees, DBB is cheaper at 0.80% per year. On volatility, DBB has been the lower-risk option at 6.10%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, CPER has performed better with a 11.09% return vs 9.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DBB is cheaper with a 0.80% expense ratio, compared with 1.06% for CPER.
DBB has the higher dividend yield at 2.36%, compared with 0.00% for CPER.
DBB tracks DBIQ Optimum Yield Industrial Metals Index Excess Return, while CPER tracks SummerHaven Copper Index Total Return. They also come from different issuers: Invesco and USCF. Their fees differ too: 0.80% for DBB and 1.06% for CPER.
DBB currently has the higher Sharpe Ratio (2.21 vs 0.75), 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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