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DBB vs. SPHD
Performance
Return for Risk
Drawdowns
Volatility
Dividends

DBB vs. SPHD

Last updated Jun 10, 2026

DBB (Invesco DB Base Metals Fund) and SPHD (Invesco S&P 500® High Dividend Low Volatility ETF) are both exchange-traded funds - DBB is a Metals fund tracking the DBIQ Optimum Yield Industrial Metals Index Excess Return, while SPHD is a Dividend fund tracking the S&P 500 Low Volatility High Dividend Index. Both are passively managed. Over the past 10 years, DBB returned 9.08%/yr vs 7.34%/yr for SPHD. At a 0.24 correlation, their price movements are largely independent. DBB charges 0.80%/yr vs 0.30%/yr for SPHD.

Performance

DBB vs. SPHD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DB Base Metals Fund (DBB) and Invesco S&P 500® High Dividend Low Volatility ETF (SPHD). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, DBB achieves a 10.81% return, which is significantly higher than SPHD's 7.51% return. Over the past 10 years, DBB has outperformed SPHD with an annualized return of 9.08%, while SPHD has yielded a comparatively lower 7.34% 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%

SPHD

1D
1.24%
1M
2.35%
YTD
7.51%
6M
9.29%
1Y
11.54%
3Y*
11.87%
5Y*
6.08%
10Y*
7.34%
*Multi-year figures are annualized to reflect compound growth (CAGR)

DBB vs. SPHD - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
SPHD
Invesco S&P 500® High Dividend Low Volatility ETF		7.51%3.41%18.08%1.32%0.58%24.98%-9.98%20.26%-6.17%11.90%

Correlation

The correlation between DBB and SPHD is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.14

Correlation (3Y)
Calculated over the trailing 3-year period

0.17

Correlation (5Y)
Calculated over the trailing 5-year period

0.23

Correlation (10Y)
Calculated over the trailing 10-year period

0.25

Correlation (All Time)
Calculated using the full available price history since Oct 26, 2012

0.24

The correlation between DBB and SPHD shifts across timeframes, from 0.14 (1 year) to 0.25 (10 years), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Invesco DB Base Metals Fund

Invesco S&P 500® High Dividend Low Volatility ETF

Often compared with DBB:
DBB vs. PICKDBB vs. DBADBB vs. DBCDBB vs. DBEDBB vs. VOODBB vs. GLDMDBB vs. VT
Often compared with SPHD:
SPHD vs. SCHDSPHD vs. JEPISPHD vs. SPYDSPHD vs. VYMSPHD vs. SPYSPHD vs. SPLVSPHD vs. VOO

Return for Risk

DBB vs. SPHD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
DBB
DBB Risk / Return Rank: 7777
Overall Rank
DBB Sharpe Ratio Rank: 7979
Sharpe Ratio Rank
DBB Sortino Ratio Rank: 7474
Sortino Ratio Rank
DBB Omega Ratio Rank: 7373
Omega Ratio Rank
DBB Calmar Ratio Rank: 8080
Calmar Ratio Rank
DBB Martin Ratio Rank: 8080
Martin Ratio Rank
SPHD
SPHD Risk / Return Rank: 3232
Overall Rank
SPHD Sharpe Ratio Rank: 3232
Sharpe Ratio Rank
SPHD Sortino Ratio Rank: 3333
Sortino Ratio Rank
SPHD Omega Ratio Rank: 2929
Omega Ratio Rank
SPHD Calmar Ratio Rank: 3636
Calmar Ratio Rank
SPHD Martin Ratio Rank: 3030
Martin Ratio Rank
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. SPHD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DB Base Metals Fund (DBB) and Invesco S&P 500® High Dividend Low Volatility ETF (SPHD). 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.

DBBSPHDDifference
Sharpe ratioReturn per unit of total volatility
2.21
1.04

+1.17

Sortino ratioReturn per unit of downside risk
2.90
1.58

+1.32

Omega ratioGain probability vs. loss probability

1.38

1.18

+0.20

Calmar ratioReturn relative to maximum drawdown

3.66

1.58

+2.07

Martin ratioReturn relative to average drawdown

13.81

3.91

+9.90

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. SPHD - Sharpe Ratio Comparison

The current DBB Sharpe Ratio is 2.21, which is higher than the SPHD Sharpe Ratio of 1.04. The chart below compares the historical Sharpe Ratios of DBB and SPHD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

DBBSPHDDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.21

1.04

+1.17

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.38

0.43

-0.05

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.49

0.42

+0.08

Sharpe Ratio (All Time)

Calculated using the full available price history

0.07

0.59

-0.52

Drawdowns

DBB vs. SPHD - Drawdown Comparison

The maximum DBB drawdown since its inception was -60.20%, which is greater than SPHD's maximum drawdown of -41.39%. Use the drawdown chart below to compare losses from any high point for DBB and SPHD.

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Drawdown Indicators

DBBSPHDDifference

Max Drawdown

Largest peak-to-trough decline

-60.20%

-41.39%

-18.81%

Max Drawdown (1Y)

Largest decline over 1 year

-11.00%

-7.33%

-3.67%

Max Drawdown (3Y)

Largest decline over 3 years

-16.59%

-13.29%

-3.30%

Max Drawdown (5Y)

Largest decline over 5 years

-35.00%

-19.50%

-15.50%

Max Drawdown (10Y)

Largest decline over 10 years

-37.98%

-41.39%

+3.41%

Current Drawdown

Current decline from peak

-4.54%

-2.54%

-2.00%

Average Drawdown

Average peak-to-trough decline

-30.87%

-4.70%

-26.17%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.90%

2.96%

-0.06%

Volatility

DBB vs. SPHD - Volatility Comparison

Invesco DB Base Metals Fund (DBB) has a higher volatility of 6.10% compared to Invesco S&P 500® High Dividend Low Volatility ETF (SPHD) at 3.59%. This indicates that DBB's price experiences larger fluctuations and is considered to be riskier than SPHD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

DBBSPHDDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.10%

3.59%

+2.51%

Volatility (6M)

Calculated over the trailing 6-month period

15.90%

7.77%

+8.13%

Volatility (1Y)

Calculated over the trailing 1-year period

18.21%

11.18%

+7.03%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.27%

14.19%

+6.08%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.48%

17.66%

+0.82%

DBB vs. SPHD - Expense Ratio Comparison

DBB has a 0.80% expense ratio, which is higher than SPHD's 0.30% expense ratio.

Dividends

DBB vs. SPHD - Dividend Comparison

DBB's dividend yield for the trailing twelve months is around 2.36%, less than SPHD's 4.49% yield.

PositionTTM20252024202320222021202020192018201720162015
DBB
Invesco DB Base Metals Fund		2.36%2.61%4.75%7.21%0.94%0.00%0.00%1.83%1.59%0.00%0.00%0.00%
SPHD
Invesco S&P 500® High Dividend Low Volatility ETF		4.49%4.02%3.41%4.48%3.89%3.45%4.89%4.07%4.40%3.14%3.83%3.49%

Frequently Asked Questions

DBB and SPHD have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

DBB has higher volatility (6.10%) compared to SPHD (3.59%). In terms of maximum drawdown, DBB dropped -60.20% vs SPHD's -41.39%.

On 10-year performance, DBB leads with 9.08% vs 7.34% for SPHD. On fees, SPHD is cheaper at 0.30% per year. On volatility, SPHD has been the lower-risk option at 3.59%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, DBB has performed better with a 9.08% return vs 7.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SPHD is cheaper with a 0.30% expense ratio, compared with 0.80% for DBB.

SPHD has the higher dividend yield at 4.49%, compared with 2.36% for DBB.

DBB is categorized as Metals, while SPHD is Dividend. DBB tracks DBIQ Optimum Yield Industrial Metals Index Excess Return, while SPHD tracks S&P 500 Low Volatility High Dividend Index. Their fees differ too: 0.80% for DBB and 0.30% for SPHD.

DBB currently has the higher Sharpe Ratio (2.21 vs 1.04), 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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