DBB vs. SPHQ
DBB (Invesco DB Base Metals Fund) and SPHQ (Invesco S&P 500 Quality ETF) are both exchange-traded funds - DBB is a Metals fund tracking the DBIQ Optimum Yield Industrial Metals Index Excess Return, while SPHQ is a S&P 500 fund tracking the S&P 500 Quality Index. Both are passively managed. Over the past 10 years, DBB returned 7.86%/yr vs 15.36%/yr for SPHQ. At a 0.33 correlation, their price movements are largely independent. DBB charges 0.80%/yr vs 0.15%/yr for SPHQ.
Performance
DBB vs. SPHQ - Performance Comparison
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Returns By Period
In the year-to-date period, DBB achieves a 4.53% return, which is significantly lower than SPHQ's 19.04% return. Over the past 10 years, DBB has underperformed SPHQ with an annualized return of 7.86%, while SPHQ has yielded a comparatively higher 15.36% annualized 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%
SPHQ
- 1D
- 2.25%
- 1M
- 4.27%
- YTD
- 19.04%
- 6M
- 17.51%
- 1Y
- 26.93%
- 3Y*
- 22.23%
- 5Y*
- 14.41%
- 10Y*
- 15.36%
DBB vs. SPHQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DBB Invesco DB Base Metals Fund | 4.53% | 25.01% | 7.90% | 1.15% | -11.80% | 28.97% | 15.53% | -1.17% | -19.47% | 30.09% |
SPHQ Invesco S&P 500 Quality ETF | 19.04% | 13.25% | 25.44% | 24.83% | -15.76% | 28.03% | 17.36% | 33.64% | -7.10% | 19.10% |
Correlation
The correlation between DBB and SPHQ is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.37 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.29 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.30 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.30 |
Correlation (All Time) Calculated using the full available price history since Jan 5, 2007 | 0.33 |
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Return for Risk
DBB vs. SPHQ — Risk / Return Rank
DBB
SPHQ
DBB vs. SPHQ - 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 Quality ETF (SPHQ). 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 | SPHQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.54 | ||
| Sortino ratioReturn per unit of downside risk | -0.82 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.34 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 2.46 | 3.04 | -0.58 |
| Martin ratioReturn relative to average drawdown | 8.16 | 12.90 | -4.74 |
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Drawdowns
DBB vs. SPHQ - Drawdown Comparison
The maximum DBB drawdown since its inception was -60.20%, roughly equal to the maximum SPHQ drawdown of -57.83%. Use the drawdown chart below to compare losses from any high point for DBB and SPHQ.
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Drawdown Indicators
| DBB | SPHQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.20% | -57.83% | -2.37% |
Max Drawdown (1Y)Largest decline over 1 year | -11.00% | -8.90% | -2.10% |
Max Drawdown (3Y)Largest decline over 3 years | -16.59% | -16.57% | -0.02% |
Max Drawdown (5Y)Largest decline over 5 years | -35.00% | -25.04% | -9.96% |
Max Drawdown (10Y)Largest decline over 10 years | -37.98% | -31.60% | -6.38% |
Current DrawdownCurrent decline from peak | -9.95% | -0.84% | -9.11% |
Average DrawdownAverage peak-to-trough decline | -30.80% | -10.67% | -20.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.31% | 2.09% | +1.22% |
Volatility
DBB vs. SPHQ - Volatility Comparison
Invesco DB Base Metals Fund (DBB) and Invesco S&P 500 Quality ETF (SPHQ) have volatilities of 6.54% and 6.62%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DBB | SPHQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.54% | 6.62% | -0.08% |
Volatility (6M)Calculated over the trailing 6-month period | 16.55% | 11.76% | +4.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.91% | 13.77% | +5.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.31% | 16.65% | +3.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.52% | 17.92% | +0.60% |
DBB vs. SPHQ - Expense Ratio Comparison
DBB has a 0.80% expense ratio, which is higher than SPHQ's 0.15% expense ratio.
Dividends
DBB vs. SPHQ - Dividend Comparison
DBB's dividend yield for the trailing twelve months is around 2.50%, more than SPHQ's 1.05% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DBB Invesco DB Base Metals Fund | 2.50% | 2.61% | 4.75% | 7.21% | 0.94% | 0.00% | 0.00% | 1.83% | 1.59% | 0.00% | 0.00% | 0.00% |
SPHQ Invesco S&P 500 Quality ETF | 1.05% | 1.09% | 1.15% | 1.42% | 1.85% | 1.19% | 1.55% | 1.51% | 1.85% | 1.57% | 1.67% | 2.29% |
Frequently Asked Questions
DBB and SPHQ have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPHQ has higher volatility (6.62%) compared to DBB (6.54%). In terms of maximum drawdown, DBB dropped -60.20% vs SPHQ's -57.83%.
On 10-year performance, SPHQ leads with 15.36% vs 7.86% for DBB. On fees, SPHQ is cheaper at 0.15% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPHQ has performed better with a 15.36% return vs 7.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPHQ is cheaper with a 0.15% expense ratio, compared with 0.80% for DBB.
DBB has the higher dividend yield at 2.50%, compared with 1.05% for SPHQ.
DBB is categorized as Metals, while SPHQ is S&P 500. DBB tracks DBIQ Optimum Yield Industrial Metals Index Excess Return, while SPHQ tracks S&P 500 Quality Index. Their fees differ too: 0.80% for DBB and 0.15% for SPHQ.
SPHQ currently has the higher Sharpe Ratio (1.97 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.
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