DBC vs. BG

Last updated Jul 12, 2026

DBC (Invesco DB Commodity Index Tracking Fund) is Commodities fund tracking the DBIQ Optimum Yield Diversified Commodity Index Excess Return, while BG (Bunge Limited) is a stock. Over the past 10 years, DBC returned 7.98%/yr vs 9.82%/yr for BG. At a 0.30 correlation, their price movements are largely independent.

Performance

DBC vs. BG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DB Commodity Index Tracking Fund (DBC) and Bunge Limited (BG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DBC achieves a 23.08% return, which is significantly lower than BG's 29.85% return. Over the past 10 years, DBC has underperformed BG with an annualized return of 7.98%, while BG has yielded a comparatively higher 9.82% annualized return.

DBC

• 1D: -0.22%
• 1M: -4.61%
• 6M: 20.17%
• YTD: 23.08%
• 1Y: 26.37%
• 3Y*: 10.50%
• 5Y*: 10.59%
• 10Y*: 7.98%

BG

• 1D: 0.62%
• 1M: -8.75%
• 6M: 15.68%
• YTD: 29.85%
• 1Y: 53.17%
• 3Y*: 6.89%
• 5Y*: 11.18%
• 10Y*: 9.82%

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

DBC vs. BG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DBC Invesco DB Commodity Index Tracking Fund	23.08%	8.10%	2.18%	-6.19%	19.34%	41.36%	-7.84%	11.84%	-11.63%	4.86%
BG Bunge Limited	29.85%	18.56%	-20.74%	3.79%	9.28%	46.77%	18.92%	11.77%	-17.99%	-4.76%

Correlation

The correlation between DBC and BG is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (3Y) Calculated over the trailing 3-year period	0.29
Correlation (5Y) Calculated over the trailing 5-year period	0.31
Correlation (10Y) Calculated over the trailing 10-year period	0.27
Correlation (All Time) Calculated using the full available price history since Feb 6, 2006	0.30

Return for Risk

DBC vs. BG — Risk / Return Rank

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

DBC

DBC Risk / Return Rank: 49
DBC Sharpe Ratio Rank: 55
DBC Sortino Ratio Rank: 53
DBC Omega Ratio Rank: 50
DBC Calmar Ratio Rank: 42
DBC Martin Ratio Rank: 45

BG

BG Risk / Return Rank: 87
BG Sharpe Ratio Rank: 89
BG Sortino Ratio Rank: 89
BG Omega Ratio Rank: 84
BG Calmar Ratio Rank: 84
BG Martin Ratio Rank: 89

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.

DBC vs. BG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DB Commodity Index Tracking Fund (DBC) and Bunge Limited (BG). 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.

	DBC	BG	Difference
Sharpe ratio: Return per unit of total volatility	1.51	1.74	-0.23
Sortino ratio: Return per unit of downside risk	2.08	2.71	-0.63
Omega ratio: Gain probability vs. loss probability	1.26	1.30	-0.04
Calmar ratio: Return relative to maximum drawdown	1.70	2.67	-0.96
Martin ratio: Return relative to average drawdown	6.03	9.27	-3.24

DBC vs. BG - Sharpe Ratio Comparison

The current DBC Sharpe Ratio is 1.51, which is comparable to the BG Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of DBC and BG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

DBC vs. BG - Drawdown Comparison

The maximum DBC drawdown since its inception was -76.36%, roughly equal to the maximum BG drawdown of -77.34%. Use the drawdown chart below to compare losses from any high point for DBC and BG.

Drawdown Indicators

	DBC	BG	Difference
Max Drawdown Largest peak-to-trough decline	-76.36%	-77.34%	+0.98%
Max Drawdown (1Y) Largest decline over 1 year	-16.54%	-20.18%	+3.64%
Max Drawdown (3Y) Largest decline over 3 years	-16.54%	-38.82%	+22.28%
Max Drawdown (5Y) Largest decline over 5 years	-27.34%	-41.49%	+14.15%
Max Drawdown (10Y) Largest decline over 10 years	-41.71%	-60.49%	+18.78%
Current Drawdown Current decline from peak	-28.80%	-13.01%	-15.79%
Average Drawdown Average peak-to-trough decline	-46.13%	-28.83%	-17.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.66%	5.80%	-1.14%

Volatility

DBC vs. BG - Volatility Comparison

The current volatility for Invesco DB Commodity Index Tracking Fund (DBC) is 5.21%, while Bunge Limited (BG) has a volatility of 9.66%. This indicates that DBC experiences smaller price fluctuations and is considered to be less risky than BG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DBC	BG	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.21%	9.66%	-4.45%
Volatility (6M) Calculated over the trailing 6-month period	16.48%	20.94%	-4.46%
Volatility (1Y) Calculated over the trailing 1-year period	18.63%	30.89%	-12.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.23%	29.36%	-10.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.78%	31.04%	-13.26%

Dividends

DBC vs. BG - Dividend Comparison

DBC's dividend yield for the trailing twelve months is around 2.70%, more than BG's 2.47% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BG Bunge Limited	2.47%	3.12%	3.48%	2.55%	2.31%	2.76%	3.05%	3.48%	3.59%	2.62%	2.21%	2.11%
DBC Invesco DB Commodity Index Tracking Fund	2.70%	3.33%	5.22%	4.94%	0.59%	0.00%	0.00%	1.59%	1.30%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DBC and BG in my portfolio?

DBC and BG have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DBC or BG?

BG has higher volatility (9.66%) compared to DBC (5.21%). In terms of maximum drawdown, DBC dropped -76.36% vs BG's -77.34%.

Which has better risk-adjusted returns?

BG currently has the higher Sharpe Ratio (1.74 vs 1.51), 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.