DBC vs. BIAHX

Last updated Jun 10, 2026

DBC (Invesco DB Commodity Index Tracking Fund) and BIAHX (Brown Advisory - WMC Strategic European Equity Fund) are both funds - DBC is a Commodities fund tracking the DBIQ Optimum Yield Diversified Commodity Index Excess Return, while BIAHX is a Europe Equities fund managed by Brown Advisory Funds. Over the past 10 years, DBC returned 8.39%/yr vs 11.95%/yr for BIAHX. At a 0.25 correlation, their price movements are largely independent. DBC charges 0.85%/yr vs 1.19%/yr for BIAHX.

Performance

DBC vs. BIAHX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DB Commodity Index Tracking Fund (DBC) and Brown Advisory - WMC Strategic European Equity Fund (BIAHX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DBC achieves a 30.01% return, which is significantly higher than BIAHX's -0.34% return. Over the past 10 years, DBC has underperformed BIAHX with an annualized return of 8.39%, while BIAHX has yielded a comparatively higher 11.95% annualized return.

DBC

• 1D: -1.36%
• 1M: -4.06%
• YTD: 30.01%
• 6M: 30.70%
• 1Y: 38.66%
• 3Y*: 13.59%
• 5Y*: 11.62%
• 10Y*: 8.39%

BIAHX

• 1D: -0.17%
• 1M: -1.49%
• YTD: -0.34%
• 6M: 2.45%
• 1Y: 8.48%
• 3Y*: 20.92%
• 5Y*: 11.64%
• 10Y*: 11.95%

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

DBC vs. BIAHX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DBC Invesco DB Commodity Index Tracking Fund	30.01%	8.10%	2.18%	-6.19%	19.34%	41.36%	-7.84%	11.84%	-11.63%	4.86%
BIAHX Brown Advisory - WMC Strategic European Equity Fund	-0.34%	47.26%	10.85%	19.36%	-11.95%	14.54%	11.34%	29.43%	-16.60%	32.37%

Correlation

The correlation between DBC and BIAHX is -0.20, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.20
Correlation (3Y) Calculated over the trailing 3-year period	0.03
Correlation (5Y) Calculated over the trailing 5-year period	0.15
Correlation (10Y) Calculated over the trailing 10-year period	0.23
Correlation (All Time) Calculated using the full available price history since Oct 23, 2013	0.25

The correlation between DBC and BIAHX shifts across timeframes, from -0.20 (1 year) to 0.25 (all time), reflecting how their relationship changes across market environments.

Return for Risk

DBC vs. BIAHX — Risk / Return Rank

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

DBC

DBC Risk / Return Rank: 73
DBC Sharpe Ratio Rank: 71
DBC Sortino Ratio Rank: 66
DBC Omega Ratio Rank: 68
DBC Calmar Ratio Rank: 89
DBC Martin Ratio Rank: 69

BIAHX

BIAHX Risk / Return Rank: 10
BIAHX Sharpe Ratio Rank: 10
BIAHX Sortino Ratio Rank: 11
BIAHX Omega Ratio Rank: 11
BIAHX Calmar Ratio Rank: 10
BIAHX Martin Ratio Rank: 10

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. BIAHX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DB Commodity Index Tracking Fund (DBC) and Brown Advisory - WMC Strategic European Equity Fund (BIAHX). 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.

	DBC	BIAHX	Difference
Sharpe ratio: Return per unit of total volatility	2.05	0.67	+1.38
Sortino ratio: Return per unit of downside risk	2.69	1.04	+1.64
Omega ratio: Gain probability vs. loss probability	1.36	1.13	+0.23
Calmar ratio: Return relative to maximum drawdown	4.70	0.71	+3.99
Martin ratio: Return relative to average drawdown	11.30	2.16	+9.14
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DBC vs. BIAHX - Sharpe Ratio Comparison

The current DBC Sharpe Ratio is 2.05, which is higher than the BIAHX Sharpe Ratio of 0.67. The chart below compares the historical Sharpe Ratios of DBC and BIAHX, 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

	DBC	BIAHX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.05	0.67	+1.38
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.61	0.71	-0.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.47	0.69	-0.22
Sharpe Ratio (All Time) Calculated using the full available price history	0.10	0.57	-0.47

Drawdowns

DBC vs. BIAHX - Drawdown Comparison

The maximum DBC drawdown since its inception was -76.36%, which is greater than BIAHX's maximum drawdown of -34.90%. Use the drawdown chart below to compare losses from any high point for DBC and BIAHX.

Drawdown Indicators

	DBC	BIAHX	Difference
Max Drawdown Largest peak-to-trough decline	-76.36%	-34.90%	-41.46%
Max Drawdown (1Y) Largest decline over 1 year	-8.27%	-13.18%	+4.91%
Max Drawdown (3Y) Largest decline over 3 years	-13.82%	-13.18%	-0.64%
Max Drawdown (5Y) Largest decline over 5 years	-27.34%	-30.95%	+3.61%
Max Drawdown (10Y) Largest decline over 10 years	-41.71%	-34.90%	-6.81%
Current Drawdown Current decline from peak	-24.79%	-8.01%	-16.78%
Average Drawdown Average peak-to-trough decline	-46.20%	-6.03%	-40.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.43%	4.34%	-0.91%

Volatility

DBC vs. BIAHX - Volatility Comparison

Invesco DB Commodity Index Tracking Fund (DBC) has a higher volatility of 6.31% compared to Brown Advisory - WMC Strategic European Equity Fund (BIAHX) at 4.04%. This indicates that DBC's price experiences larger fluctuations and is considered to be riskier than BIAHX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DBC	BIAHX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.31%	4.04%	+2.27%
Volatility (6M) Calculated over the trailing 6-month period	16.09%	11.69%	+4.40%
Volatility (1Y) Calculated over the trailing 1-year period	18.93%	14.06%	+4.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.21%	16.38%	+2.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.82%	17.30%	+0.52%

DBC vs. BIAHX - Expense Ratio Comparison

DBC has a 0.85% expense ratio, which is lower than BIAHX's 1.19% expense ratio.

Dividends

DBC vs. BIAHX - Dividend Comparison

DBC's dividend yield for the trailing twelve months is around 2.56%, less than BIAHX's 7.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
BIAHX Brown Advisory - WMC Strategic European Equity Fund	7.63%	7.60%	5.16%	1.13%	2.66%	9.72%	6.39%	9.78%	12.12%	0.83%	1.19%
DBC Invesco DB Commodity Index Tracking Fund	2.56%	3.33%	5.22%	4.94%	0.59%	0.00%	0.00%	1.59%	1.30%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DBC and BIAHX in my portfolio?

DBC and BIAHX have a correlation of -0.20, 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 BIAHX?

DBC has higher volatility (6.31%) compared to BIAHX (4.04%). In terms of maximum drawdown, DBC dropped -76.36% vs BIAHX's -34.90%.

Which has better risk-adjusted returns?

DBC currently has the higher Sharpe Ratio (2.05 vs 0.67), 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.