DBB vs. NIKL

Last updated Jun 10, 2026

DBB (Invesco DB Base Metals Fund) and NIKL (Sprott Nickel Miners ETF) are both exchange-traded funds - DBB is a Metals fund tracking the DBIQ Optimum Yield Industrial Metals Index Excess Return, while NIKL is a Energy Equities fund tracking the Nasdaq Sprott Nickel Miners Index - Benchmark TR Gross. Both are passively managed. Over the past 3 years, DBB returned 17.45%/yr vs -6.07%/yr for NIKL. At a 0.47 correlation, their price movements are largely independent. DBB charges 0.80%/yr vs 0.75%/yr for NIKL.

Performance

DBB vs. NIKL - Performance Comparison

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

Returns By Period

In the year-to-date period, DBB achieves a 10.81% return, which is significantly higher than NIKL's -13.29% 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%

NIKL

• 1D: 1.72%
• 1M: -20.14%
• YTD: -13.29%
• 6M: 0.68%
• 1Y: 17.35%
• 3Y*: -6.07%
• 5Y*: —
• 10Y*: —

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

DBB vs. NIKL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
DBB Invesco DB Base Metals Fund	10.81%	25.01%	7.90%	0.78%
NIKL Sprott Nickel Miners ETF	-13.29%	52.05%	-22.48%	-19.00%

Correlation

The correlation between DBB and NIKL is 0.54, 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	0.54
Correlation (3Y) Calculated over the trailing 3-year period	0.47
Correlation (All Time) Calculated using the full available price history since Mar 22, 2023	0.47

The correlation between DBB and NIKL has been stable across timeframes, ranging from 0.47 to 0.54 - a consistent structural relationship.

DBB vs. NIKL - Sectors Allocation Comparison

Sectors	DBB	NIKL
Financial Services	98.8%	-
Basic Materials	-	100.0%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

DBB vs. NIKL — Risk / Return Rank

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

DBB

DBB Risk / Return Rank: 77
DBB Sharpe Ratio Rank: 79
DBB Sortino Ratio Rank: 74
DBB Omega Ratio Rank: 73
DBB Calmar Ratio Rank: 80
DBB Martin Ratio Rank: 80

NIKL

NIKL Risk / Return Rank: 17
NIKL Sharpe Ratio Rank: 16
NIKL Sortino Ratio Rank: 18
NIKL Omega Ratio Rank: 18
NIKL Calmar Ratio Rank: 16
NIKL Martin Ratio Rank: 16

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. NIKL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DB Base Metals Fund (DBB) and Sprott Nickel Miners ETF (NIKL). 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	NIKL	Difference
Sharpe ratio: Return per unit of total volatility	2.21	0.41	+1.80
Sortino ratio: Return per unit of downside risk	2.90	0.85	+2.05
Omega ratio: Gain probability vs. loss probability	1.38	1.10	+0.28
Calmar ratio: Return relative to maximum drawdown	3.66	0.50	+3.16
Martin ratio: Return relative to average drawdown	13.81	1.34	+12.47
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. NIKL - Sharpe Ratio Comparison

The current DBB Sharpe Ratio is 2.21, which is higher than the NIKL Sharpe Ratio of 0.41. The chart below compares the historical Sharpe Ratios of DBB and NIKL, 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	NIKL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.21	0.41	+1.80
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.38	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.07	-0.17	+0.25

Drawdowns

DBB vs. NIKL - Drawdown Comparison

The maximum DBB drawdown since its inception was -60.20%, roughly equal to the maximum NIKL drawdown of -60.23%. Use the drawdown chart below to compare losses from any high point for DBB and NIKL.

Drawdown Indicators

	DBB	NIKL	Difference
Max Drawdown Largest peak-to-trough decline	-60.20%	-60.23%	+0.03%
Max Drawdown (1Y) Largest decline over 1 year	-11.00%	-34.87%	+23.87%
Max Drawdown (3Y) Largest decline over 3 years	-16.59%	-60.23%	+43.64%
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	-4.54%	-33.75%	+29.21%
Average Drawdown Average peak-to-trough decline	-30.87%	-26.59%	-4.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.90%	12.98%	-10.08%

Volatility

DBB vs. NIKL - Volatility Comparison

The current volatility for Invesco DB Base Metals Fund (DBB) is 6.10%, while Sprott Nickel Miners ETF (NIKL) has a volatility of 16.14%. This indicates that DBB experiences smaller price fluctuations and is considered to be less risky than NIKL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DBB	NIKL	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.10%	16.14%	-10.04%
Volatility (6M) Calculated over the trailing 6-month period	15.90%	36.40%	-20.50%
Volatility (1Y) Calculated over the trailing 1-year period	18.21%	42.58%	-24.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.27%	32.82%	-12.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.48%	32.82%	-14.34%

DBB vs. NIKL - Expense Ratio Comparison

DBB has a 0.80% expense ratio, which is higher than NIKL's 0.75% expense ratio.

Dividends

DBB vs. NIKL - Dividend Comparison

DBB's dividend yield for the trailing twelve months is around 2.36%, less than NIKL's 2.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBB Invesco DB Base Metals Fund	2.36%	2.61%	4.75%	7.21%	0.94%	0.00%	0.00%	1.83%	1.59%
NIKL Sprott Nickel Miners ETF	2.91%	2.53%	3.49%	19.52%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DBB and NIKL in my portfolio?

DBB and NIKL have a correlation of 0.54, 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 NIKL?

NIKL has higher volatility (16.14%) compared to DBB (6.10%). In terms of maximum drawdown, DBB dropped -60.20% vs NIKL's -60.23%.

Which ETF is better, DBB or NIKL?

On 3-year performance, DBB leads with 17.45% vs -6.07% for NIKL. On fees, NIKL is cheaper at 0.75% 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.

Which ETF has performed better, DBB or NIKL?

Over the 3-year period, DBB has performed better with a 17.45% return vs -6.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DBB or NIKL?

NIKL is cheaper with a 0.75% expense ratio, compared with 0.80% for DBB.

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

NIKL has the higher dividend yield at 2.91%, compared with 2.36% for DBB.

What is the main difference between DBB and NIKL?

DBB is categorized as Metals, while NIKL is Energy Equities. DBB tracks DBIQ Optimum Yield Industrial Metals Index Excess Return, while NIKL tracks Nasdaq Sprott Nickel Miners Index - Benchmark TR Gross. They also come from different issuers: Invesco and Sprott. Their fees differ too: 0.80% for DBB and 0.75% for NIKL.

Which has better risk-adjusted returns?

DBB currently has the higher Sharpe Ratio (2.21 vs 0.41), 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.