DBB vs. ISTM
DBB (Invesco DB Base Metals Fund) and ISTM (iShares Strategic Metals ETF) are both Metals funds - DBB tracks the DBIQ Optimum Yield Industrial Metals Index Excess Return while ISTM tracks the ICE Strategic Re-Industrialization Metals Index. Both are passively managed. Over the past year, DBB returned 43.74% vs 58.68% for ISTM. Their correlation of 0.82 suggests significant overlap in exposure. DBB charges 0.80%/yr vs 0.49%/yr for ISTM.
Performance
DBB vs. ISTM - Performance Comparison
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Returns By Period
In the year-to-date period, DBB achieves a 14.25% return, which is significantly higher than ISTM's 13.15% return.
DBB
- 1D
- -1.58%
- 1M
- 7.02%
- YTD
- 14.25%
- 6M
- 21.06%
- 1Y
- 43.74%
- 3Y*
- 19.11%
- 5Y*
- 8.22%
- 10Y*
- 9.52%
ISTM
- 1D
- -2.14%
- 1M
- 4.48%
- YTD
- 13.15%
- 6M
- 24.67%
- 1Y
- 58.68%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
DBB vs. ISTM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
DBB Invesco DB Base Metals Fund | 14.25% | 25.01% | 7.90% | 4.03% |
ISTM iShares Strategic Metals ETF | 13.15% | 54.07% | 6.95% | 2.69% |
Correlation
The correlation between DBB and ISTM is 0.80, 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 | 0.80 |
Correlation (All Time) Calculated using the full available price history since Sep 29, 2023 | 0.82 |
The correlation between DBB and ISTM has been stable across timeframes, ranging from 0.80 to 0.82 - a consistent structural relationship.
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Return for Risk
DBB vs. ISTM — Risk / Return Rank
DBB
ISTM
DBB vs. ISTM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB Base Metals Fund (DBB) and iShares Strategic Metals ETF (ISTM). 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 | ISTM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.52 | ||
| Sortino ratioReturn per unit of downside risk | +1.00 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.36 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 4.00 | 2.66 | +1.34 |
| Martin ratioReturn relative to average drawdown | 15.29 | 6.65 | +8.63 |
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 | ISTM | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.44 | 1.92 | +0.52 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.41 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.52 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.08 | 1.15 | -1.07 |
Drawdowns
DBB vs. ISTM - Drawdown Comparison
The maximum DBB drawdown since its inception was -60.20%, which is greater than ISTM's maximum drawdown of -22.20%. Use the drawdown chart below to compare losses from any high point for DBB and ISTM.
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Drawdown Indicators
| DBB | ISTM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.20% | -22.20% | -38.00% |
Max Drawdown (1Y)Largest decline over 1 year | -11.00% | -22.20% | +11.20% |
Max Drawdown (3Y)Largest decline over 3 years | -16.59% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -35.00% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -37.98% | — | — |
Current DrawdownCurrent decline from peak | -1.58% | -11.03% | +9.45% |
Average DrawdownAverage peak-to-trough decline | -30.89% | -6.49% | -24.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.87% | 8.85% | -5.98% |
Volatility
DBB vs. ISTM - Volatility Comparison
The current volatility for Invesco DB Base Metals Fund (DBB) is 5.85%, while iShares Strategic Metals ETF (ISTM) has a volatility of 8.76%. This indicates that DBB experiences smaller price fluctuations and is considered to be less risky than ISTM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DBB | ISTM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.85% | 8.76% | -2.91% |
Volatility (6M)Calculated over the trailing 6-month period | 15.73% | 28.06% | -12.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.99% | 30.67% | -12.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.25% | 24.11% | -3.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.47% | 24.11% | -5.64% |
DBB vs. ISTM - Expense Ratio Comparison
DBB has a 0.80% expense ratio, which is higher than ISTM's 0.49% expense ratio.
Dividends
DBB vs. ISTM - Dividend Comparison
DBB's dividend yield for the trailing twelve months is around 2.29%, less than ISTM's 13.06% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBB Invesco DB Base Metals Fund | 2.29% | 2.61% | 4.75% | 7.21% | 0.94% | 0.00% | 0.00% | 1.83% | 1.59% |
ISTM iShares Strategic Metals ETF | 13.06% | 14.78% | 29.62% | 1.02% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
DBB and ISTM have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ISTM has higher volatility (8.76%) compared to DBB (5.85%). In terms of maximum drawdown, DBB dropped -60.20% vs ISTM's -22.20%.
On 1-year performance, ISTM leads with 58.68% vs 43.74% for DBB. On fees, ISTM is cheaper at 0.49% per year. On volatility, DBB has been the lower-risk option at 5.85%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, ISTM has performed better with a 58.68% return vs 43.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ISTM is cheaper with a 0.49% expense ratio, compared with 0.80% for DBB.
ISTM has the higher dividend yield at 13.06%, compared with 2.29% for DBB.
DBB tracks DBIQ Optimum Yield Industrial Metals Index Excess Return, while ISTM tracks ICE Strategic Re-Industrialization Metals Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.80% for DBB and 0.49% for ISTM.
DBB currently has the higher Sharpe Ratio (2.44 vs 1.92), 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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