DBB vs. TBIL
DBB (Invesco DB Base Metals Fund) and TBIL (US Treasury 3 Month Bill ETF) are both exchange-traded funds - DBB is a Metals fund tracking the DBIQ Optimum Yield Industrial Metals Index Excess Return, while TBIL is a Ultrashort Bond fund tracking the ICE BofA US Treasury Bill 3 Month Index. Both are passively managed. Over the past 3 years, DBB returned 19.22%/yr vs 4.63%/yr for TBIL. At a correlation of -0.03, they often move in opposite directions. DBB charges 0.80%/yr vs 0.15%/yr for TBIL.
Performance
DBB vs. TBIL - Performance Comparison
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Returns By Period
In the year-to-date period, DBB achieves a 14.30% return, which is significantly higher than TBIL's 1.51% return.
DBB
- 1D
- 0.04%
- 1M
- 4.67%
- YTD
- 14.30%
- 6M
- 21.27%
- 1Y
- 43.95%
- 3Y*
- 19.22%
- 5Y*
- 8.23%
- 10Y*
- 9.46%
TBIL
- 1D
- 0.02%
- 1M
- 0.28%
- YTD
- 1.51%
- 6M
- 1.78%
- 1Y
- 3.93%
- 3Y*
- 4.63%
- 5Y*
- —
- 10Y*
- —
DBB vs. TBIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
DBB Invesco DB Base Metals Fund | 14.30% | 25.01% | 7.90% | 1.15% | -1.79% |
TBIL US Treasury 3 Month Bill ETF | 1.51% | 4.19% | 5.15% | 5.12% | 1.30% |
Correlation
The correlation between DBB and TBIL is -0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.08 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.05 |
Correlation (All Time) Calculated using the full available price history since Aug 10, 2022 | -0.03 |
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Return for Risk
DBB vs. TBIL — Risk / Return Rank
DBB
TBIL
DBB vs. TBIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB Base Metals Fund (DBB) and US Treasury 3 Month Bill ETF (TBIL). 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 | TBIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -11.32 | ||
| Sortino ratioReturn per unit of downside risk | -55.19 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 17.16 | -15.74 |
| Calmar ratioReturn relative to maximum drawdown | 4.02 | 196.84 | -192.82 |
| Martin ratioReturn relative to average drawdown | 15.35 | 934.40 | -919.05 |
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 | TBIL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.46 | 13.78 | -11.32 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.41 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.51 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.08 | 14.08 | -14.00 |
Drawdowns
DBB vs. TBIL - Drawdown Comparison
The maximum DBB drawdown since its inception was -60.20%, which is greater than TBIL's maximum drawdown of -0.10%. Use the drawdown chart below to compare losses from any high point for DBB and TBIL.
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Drawdown Indicators
| DBB | TBIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.20% | -0.10% | -60.10% |
Max Drawdown (1Y)Largest decline over 1 year | -11.00% | -0.02% | -10.98% |
Max Drawdown (3Y)Largest decline over 3 years | -16.59% | -0.02% | -16.57% |
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 | -1.54% | 0.00% | -1.54% |
Average DrawdownAverage peak-to-trough decline | -30.89% | -0.00% | -30.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.87% | 0.00% | +2.87% |
Volatility
DBB vs. TBIL - Volatility Comparison
Invesco DB Base Metals Fund (DBB) has a higher volatility of 5.49% compared to US Treasury 3 Month Bill ETF (TBIL) at 0.08%. This indicates that DBB's price experiences larger fluctuations and is considered to be riskier than TBIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DBB | TBIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.49% | 0.08% | +5.41% |
Volatility (6M)Calculated over the trailing 6-month period | 15.72% | 0.19% | +15.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.99% | 0.29% | +17.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.24% | 0.32% | +19.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.47% | 0.32% | +18.15% |
DBB vs. TBIL - Expense Ratio Comparison
DBB has a 0.80% expense ratio, which is higher than TBIL's 0.15% expense ratio.
Dividends
DBB vs. TBIL - Dividend Comparison
DBB's dividend yield for the trailing twelve months is around 2.29%, less than TBIL's 3.82% 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% |
TBIL US Treasury 3 Month Bill ETF | 3.82% | 4.07% | 5.02% | 5.00% | 1.10% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
DBB and TBIL have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBB has higher volatility (5.49%) compared to TBIL (0.08%). In terms of maximum drawdown, DBB dropped -60.20% vs TBIL's -0.10%.
On 3-year performance, DBB leads with 19.22% vs 4.63% for TBIL. On fees, TBIL is cheaper at 0.15% per year. On volatility, TBIL has been the lower-risk option at 0.08%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, DBB has performed better with a 19.22% return vs 4.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TBIL is cheaper with a 0.15% expense ratio, compared with 0.80% for DBB.
TBIL has the higher dividend yield at 3.82%, compared with 2.29% for DBB.
DBB is categorized as Metals, while TBIL is Ultrashort Bond. DBB tracks DBIQ Optimum Yield Industrial Metals Index Excess Return, while TBIL tracks ICE BofA US Treasury Bill 3 Month Index. They also come from different issuers: Invesco and US Benchmark Series. Their fees differ too: 0.80% for DBB and 0.15% for TBIL.
TBIL currently has the higher Sharpe Ratio (13.78 vs 2.46), 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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