DBC vs. BGLD
DBC (Invesco DB Commodity Index Tracking Fund) and BGLD (FT Vest Gold Strategy Quarterly Buffer ETF) are both exchange-traded funds - DBC is a Commodities fund tracking the DBIQ Optimum Yield Diversified Commodity Index Excess Return, while BGLD is a Defined Outcome fund actively managed by FT Vest. DBC is passively managed, while BGLD is actively managed. Over the past 5 years, DBC returned 11.29%/yr vs 10.64%/yr for BGLD. At a 0.23 correlation, their price movements are largely independent. DBC charges 0.85%/yr vs 0.91%/yr for BGLD.
Performance
DBC vs. BGLD - Performance Comparison
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Returns By Period
In the year-to-date period, DBC achieves a 27.68% return, which is significantly higher than BGLD's -2.58% return.
DBC
- 1D
- -1.04%
- 1M
- -8.35%
- YTD
- 27.68%
- 6M
- 28.76%
- 1Y
- 30.29%
- 3Y*
- 12.92%
- 5Y*
- 11.29%
- 10Y*
- 8.27%
BGLD
- 1D
- -0.02%
- 1M
- -3.90%
- YTD
- -2.58%
- 6M
- -3.54%
- 1Y
- 8.12%
- 3Y*
- 18.31%
- 5Y*
- 10.64%
- 10Y*
- —
DBC vs. BGLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
DBC Invesco DB Commodity Index Tracking Fund | 27.68% | 8.10% | 2.18% | -6.19% | 19.34% | 35.29% |
BGLD FT Vest Gold Strategy Quarterly Buffer ETF | -2.58% | 33.03% | 21.80% | 13.24% | -2.42% | -5.53% |
Correlation
The correlation between DBC and BGLD is 0.02, 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 | 0.02 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.21 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.22 |
Correlation (All Time) Calculated using the full available price history since Jan 21, 2021 | 0.23 |
Over the past year, the correlation between DBC and BGLD has dropped to 0.02 - well below their long-term average of 0.23, suggesting their price drivers have been diverging.
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Return for Risk
DBC vs. BGLD — Risk / Return Rank
DBC
BGLD
DBC vs. BGLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB Commodity Index Tracking Fund (DBC) and FT Vest Gold Strategy Quarterly Buffer ETF (BGLD). 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 | BGLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.09 | ||
| Sortino ratioReturn per unit of downside risk | +1.38 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.15 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | 3.48 | 0.79 | +2.69 |
| Martin ratioReturn relative to average drawdown | 9.64 | 2.37 | +7.28 |
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Drawdowns
DBC vs. BGLD - Drawdown Comparison
The maximum DBC drawdown since its inception was -76.36%, which is greater than BGLD's maximum drawdown of -16.19%. Use the drawdown chart below to compare losses from any high point for DBC and BGLD.
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Drawdown Indicators
| DBC | BGLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.36% | -16.19% | -60.17% |
Max Drawdown (1Y)Largest decline over 1 year | -9.91% | -11.42% | +1.51% |
Max Drawdown (3Y)Largest decline over 3 years | -13.82% | -11.42% | -2.40% |
Max Drawdown (5Y)Largest decline over 5 years | -27.34% | -15.42% | -11.92% |
Max Drawdown (10Y)Largest decline over 10 years | -41.71% | — | — |
Current DrawdownCurrent decline from peak | -26.14% | -9.90% | -16.24% |
Average DrawdownAverage peak-to-trough decline | -46.19% | -3.67% | -42.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.57% | 3.82% | -0.25% |
Volatility
DBC vs. BGLD - Volatility Comparison
Invesco DB Commodity Index Tracking Fund (DBC) has a higher volatility of 5.20% compared to FT Vest Gold Strategy Quarterly Buffer ETF (BGLD) at 4.02%. This indicates that DBC's price experiences larger fluctuations and is considered to be riskier than BGLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DBC | BGLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.20% | 4.02% | +1.18% |
Volatility (6M)Calculated over the trailing 6-month period | 16.11% | 10.61% | +5.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.94% | 12.42% | +6.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.22% | 10.09% | +9.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.82% | 9.99% | +7.83% |
DBC vs. BGLD - Expense Ratio Comparison
DBC has a 0.85% expense ratio, which is lower than BGLD's 0.91% expense ratio.
Dividends
DBC vs. BGLD - Dividend Comparison
DBC's dividend yield for the trailing twelve months is around 2.61%, less than BGLD's 45.50% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BGLD FT Vest Gold Strategy Quarterly Buffer ETF | 45.50% | 44.32% | 25.04% | 10.49% | 0.40% | 0.00% | 0.00% | 0.00% | 0.00% |
DBC Invesco DB Commodity Index Tracking Fund | 2.61% | 3.33% | 5.22% | 4.94% | 0.59% | 0.00% | 0.00% | 1.59% | 1.30% |
Frequently Asked Questions
DBC and BGLD have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBC has higher volatility (5.20%) compared to BGLD (4.02%). In terms of maximum drawdown, DBC dropped -76.36% vs BGLD's -16.19%.
On 5-year performance, DBC leads with 11.29% vs 10.64% for BGLD. On fees, DBC is cheaper at 0.85% per year. On volatility, BGLD has been the lower-risk option at 4.02%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, DBC has performed better with a 11.29% return vs 10.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DBC is cheaper with a 0.85% expense ratio, compared with 0.91% for BGLD.
BGLD has the higher dividend yield at 45.50%, compared with 2.61% for DBC.
DBC is categorized as Commodities, while BGLD is Defined Outcome. They also come from different issuers: Invesco and FT Vest. Their fees differ too: 0.85% for DBC and 0.91% for BGLD.
DBC currently has the higher Sharpe Ratio (1.82 vs 0.73), 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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