DBB vs. VNQI

Last updated Jun 10, 2026

DBB (Invesco DB Base Metals Fund) and VNQI (Vanguard Global ex-U.S. Real Estate ETF) are both exchange-traded funds - DBB is a Metals fund tracking the DBIQ Optimum Yield Industrial Metals Index Excess Return, while VNQI is a REIT fund tracking the S&P Global ex-U.S. Property Index. Both are passively managed. Over the past 10 years, DBB returned 9.08%/yr vs 2.26%/yr for VNQI. At a 0.38 correlation, their price movements are largely independent. DBB charges 0.80%/yr vs 0.12%/yr for VNQI.

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.

Returns By Period

In the year-to-date period, DBB achieves a 10.81% return, which is significantly higher than VNQI's -3.23% return. Over the past 10 years, DBB has outperformed VNQI with an annualized return of 9.08%, while VNQI has yielded a comparatively lower 2.26% 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%

VNQI

• 1D: 0.73%
• 1M: -7.04%
• YTD: -3.23%
• 6M: -0.83%
• 1Y: 3.66%
• 3Y*: 7.57%
• 5Y*: -2.19%
• 10Y*: 2.26%

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

DBB vs. VNQI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
VNQI Vanguard Global ex-U.S. Real Estate ETF	-3.23%	21.38%	-2.22%	6.99%	-22.94%	5.93%	-7.22%	21.59%	-9.44%	26.91%

Correlation

The correlation between DBB and VNQI is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.39
Correlation (5Y) Calculated over the trailing 5-year period	0.37
Correlation (10Y) Calculated over the trailing 10-year period	0.36
Correlation (All Time) Calculated using the full available price history since Nov 1, 2010	0.38

DBB vs. VNQI - Sectors Allocation Comparison

Sectors	DBB	VNQI
Financial Services	98.8%	1.9%
Basic Materials	-	0.3%
Communication Services	-	-
Consumer Cyclical	-	1.1%
Consumer Defensive	-	0.1%
Energy	-	0.3%
Healthcare	-	0.0%
Industrials	-	0.7%
Real Estate	-	91.2%
Technology	-	0.2%
Utilities	-	0.1%

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: 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

VNQI

VNQI Risk / Return Rank: 13
VNQI Sharpe Ratio Rank: 14
VNQI Sortino Ratio Rank: 13
VNQI Omega Ratio Rank: 13
VNQI Calmar Ratio Rank: 12
VNQI Martin Ratio Rank: 13

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	2.21	0.27	+1.94
Sortino ratio: Return per unit of downside risk	2.90	0.48	+2.43
Omega ratio: Gain probability vs. loss probability	1.38	1.06	+0.32
Calmar ratio: Return relative to maximum drawdown	3.66	0.25	+3.41
Martin ratio: Return relative to average drawdown	13.81	0.73	+13.08
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 2.21, which is higher than the VNQI Sharpe Ratio of 0.27. The chart below compares the historical Sharpe Ratios of DBB and VNQI, 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	VNQI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.21	0.27	+1.94
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.38	-0.14	+0.52
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	0.14	+0.35
Sharpe Ratio (All Time) Calculated using the full available price history	0.07	0.19	-0.12

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 (3Y) Largest decline over 3 years	-16.59%	-16.35%	-0.24%
Max Drawdown (5Y) Largest decline over 5 years	-35.00%	-35.55%	+0.55%
Max Drawdown (10Y) Largest decline over 10 years	-37.98%	-38.35%	+0.37%
Current Drawdown Current decline from peak	-4.54%	-12.61%	+8.07%
Average Drawdown Average peak-to-trough decline	-30.87%	-10.89%	-19.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.90%	5.05%	-2.15%

Volatility

DBB vs. VNQI - Volatility Comparison

Invesco DB Base Metals Fund (DBB) has a higher volatility of 6.10% compared to Vanguard Global ex-U.S. Real Estate ETF (VNQI) at 3.99%. 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	6.10%	3.99%	+2.11%
Volatility (6M) Calculated over the trailing 6-month period	15.90%	11.63%	+4.27%
Volatility (1Y) Calculated over the trailing 1-year period	18.21%	13.60%	+4.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.27%	15.53%	+4.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.48%	16.06%	+2.42%

DBB vs. VNQI - Expense Ratio Comparison

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

Dividends

DBB vs. VNQI - Dividend Comparison

DBB's dividend yield for the trailing twelve months is around 2.36%, less than VNQI's 4.86% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
VNQI Vanguard Global ex-U.S. Real Estate ETF	4.86%	4.70%	5.16%	3.74%	0.57%	6.48%	0.93%	7.58%	4.62%	3.86%	5.18%	2.86%

Frequently Asked Questions

Can I hold both DBB and VNQI in my portfolio?

DBB and VNQI have a correlation of 0.40, 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 VNQI?

DBB has higher volatility (6.10%) compared to VNQI (3.99%). In terms of maximum drawdown, DBB dropped -60.20% vs VNQI's -38.35%.

Which ETF is better, DBB or VNQI?

On 10-year performance, DBB leads with 9.08% vs 2.26% for VNQI. On fees, VNQI is cheaper at 0.12% per year. On volatility, VNQI has been the lower-risk option at 3.99%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DBB or VNQI?

Over the 10-year period, DBB has performed better with a 9.08% return vs 2.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DBB or VNQI?

VNQI is cheaper with a 0.12% expense ratio, compared with 0.80% for DBB.

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

VNQI has the higher dividend yield at 4.86%, compared with 2.36% for DBB.

What is the main difference between DBB and VNQI?

DBB is categorized as Metals, while VNQI is REIT. DBB tracks DBIQ Optimum Yield Industrial Metals Index Excess Return, while VNQI tracks S&P Global ex-U.S. Property Index. They also come from different issuers: Invesco and Vanguard. Their fees differ too: 0.80% for DBB and 0.12% for VNQI.

Which has better risk-adjusted returns?

DBB currently has the higher Sharpe Ratio (2.21 vs 0.27), 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.