DBB vs. VNQI

Last updated Apr 1, 2026

Compare and contrast key facts about Invesco DB Base Metals Fund (DBB) and Vanguard Global ex-U.S. Real Estate ETF (VNQI).

DBB and VNQI are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. DBB is a passively managed fund by Invesco that tracks the performance of the DBIQ Optimum Yield Industrial Metals Index Excess Return. It was launched on Jan 5, 2007. VNQI is a passively managed fund by Vanguard that tracks the performance of the S&P Global ex-U.S. Property Index. It was launched on Nov 1, 2010. Both DBB and VNQI are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

DBB vs. VNQI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DB Base Metals Fund (DBB) and Vanguard Global ex-U.S. Real Estate ETF (VNQI). The values are adjusted to include any dividend payments, if applicable.

DBB vs. VNQI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DBB Invesco DB Base Metals Fund	2.44%	25.01%	7.90%	1.15%	-11.80%	28.97%	15.53%	-1.17%	-19.47%	30.09%
VNQI Vanguard Global ex-U.S. Real Estate ETF	-3.03%	21.38%	-2.22%	6.99%	-22.94%	5.93%	-7.22%	21.59%	-9.44%	26.91%

Returns By Period

In the year-to-date period, DBB achieves a 2.44% return, which is significantly higher than VNQI's -3.03% return. Over the past 10 years, DBB has outperformed VNQI with an annualized return of 8.49%, while VNQI has yielded a comparatively lower 2.45% annualized return.

DBB

• 1D: 0.69%
• 1M: -2.81%
• YTD: 2.44%
• 6M: 17.52%
• 1Y: 25.79%
• 3Y*: 10.41%
• 5Y*: 8.01%
• 10Y*: 8.49%

VNQI

• 1D: 2.58%
• 1M: -12.34%
• YTD: -3.03%
• 6M: -2.47%
• 1Y: 15.08%
• 3Y*: 7.86%
• 5Y*: -0.51%
• 10Y*: 2.45%

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

DBB vs. VNQI - Expense Ratio Comparison

DBB has a 0.80% expense ratio, which is higher than VNQI's 0.12% expense ratio.

DBB

Invesco DB Base Metals Fund

VNQI

Vanguard Global ex-U.S. Real Estate ETF

Return for Risk

DBB vs. VNQI — Risk / Return Rank

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

DBB

DBB Risk / Return Rank: 75
DBB Sharpe Ratio Rank: 78
DBB Sortino Ratio Rank: 76
DBB Omega Ratio Rank: 68
DBB Calmar Ratio Rank: 83
DBB Martin Ratio Rank: 73

VNQI

VNQI Risk / Return Rank: 55
VNQI Sharpe Ratio Rank: 63
VNQI Sortino Ratio Rank: 62
VNQI Omega Ratio Rank: 60
VNQI Calmar Ratio Rank: 42
VNQI Martin Ratio Rank: 49

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. VNQI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DB Base Metals Fund (DBB) and Vanguard Global ex-U.S. Real Estate ETF (VNQI). 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	VNQI	Difference
Sharpe ratio Return per unit of total volatility	1.38	1.06	+0.32
Sortino ratio Return per unit of downside risk	1.88	1.51	+0.38
Omega ratio Gain probability vs. loss probability	1.24	1.21	+0.04
Calmar ratio Return relative to maximum drawdown	2.29	0.98	+1.30
Martin ratio Return relative to average drawdown	7.26	4.38	+2.88
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. VNQI - Sharpe Ratio Comparison

The current DBB Sharpe Ratio is 1.38, which is higher than the VNQI Sharpe Ratio of 1.06. The chart below compares the historical Sharpe Ratios of DBB and VNQI, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	DBB	VNQI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.38	1.06	+0.32
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.40	-0.03	+0.43
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.46	0.15	+0.31
Sharpe Ratio (All Time) Calculated using the full available price history	0.06	0.20	-0.14

Correlation

The correlation between DBB and VNQI is 0.38, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

DBB vs. VNQI - Dividend Comparison

DBB's dividend yield for the trailing twelve months is around 2.55%, less than VNQI's 4.85% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DBB Invesco DB Base Metals Fund	2.55%	2.61%	4.75%	7.21%	0.94%	0.00%	0.00%	1.83%	1.59%	0.00%	0.00%	0.00%
VNQI Vanguard Global ex-U.S. Real Estate ETF	4.85%	4.70%	5.16%	3.74%	0.57%	6.48%	0.93%	7.58%	4.62%	3.86%	5.18%	2.86%

Drawdowns

DBB vs. VNQI - Drawdown Comparison

The maximum DBB drawdown since its inception was -60.20%, which is greater than VNQI's maximum drawdown of -38.35%. Use the drawdown chart below to compare losses from any high point for DBB and VNQI.

Drawdown Indicators

	DBB	VNQI	Difference
Max Drawdown Largest peak-to-trough decline	-60.20%	-38.35%	-21.85%
Max Drawdown (1Y) Largest decline over 1 year	-11.00%	-14.78%	+3.78%
Max Drawdown (5Y) Largest decline over 5 years	-35.00%	-35.75%	+0.75%
Max Drawdown (10Y) Largest decline over 10 years	-37.98%	-38.35%	+0.37%
Current Drawdown Current decline from peak	-6.37%	-12.43%	+6.06%
Average Drawdown Average peak-to-trough decline	-31.16%	-10.92%	-20.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.46%	3.32%	+0.14%

Volatility

DBB vs. VNQI - Volatility Comparison

Invesco DB Base Metals Fund (DBB) has a higher volatility of 7.07% compared to Vanguard Global ex-U.S. Real Estate ETF (VNQI) at 6.55%. This indicates that DBB's price experiences larger fluctuations and is considered to be riskier than VNQI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DBB	VNQI	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.07%	6.55%	+0.52%
Volatility (6M) Calculated over the trailing 6-month period	14.98%	9.50%	+5.48%
Volatility (1Y) Calculated over the trailing 1-year period	18.84%	14.34%	+4.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.29%	15.28%	+5.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.46%	15.96%	+2.50%