DBC vs. BIL
DBC (Invesco DB Commodity Index Tracking Fund) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both exchange-traded funds - DBC is a Commodities fund tracking the DBIQ Optimum Yield Diversified Commodity Index Excess Return, while BIL is a Government Bonds fund tracking the Bloomberg 1-3 Month U.S. Treasury Bill Index. Both are passively managed. Over the past 10 years, DBC returned 8.48%/yr vs 2.18%/yr for BIL. At a correlation of -0.00, they often move in opposite directions. DBC charges 0.85%/yr vs 0.14%/yr for BIL.
Performance
DBC vs. BIL - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, DBC achieves a 30.72% return, which is significantly higher than BIL's 1.53% return. Over the past 10 years, DBC has outperformed BIL with an annualized return of 8.48%, while BIL has yielded a comparatively lower 2.18% annualized return.
DBC
- 1D
- -2.18%
- 1M
- -3.53%
- YTD
- 30.72%
- 6M
- 29.51%
- 1Y
- 39.56%
- 3Y*
- 13.78%
- 5Y*
- 11.98%
- 10Y*
- 8.48%
BIL
- 1D
- 0.04%
- 1M
- 0.28%
- YTD
- 1.53%
- 6M
- 1.78%
- 1Y
- 3.87%
- 3Y*
- 4.64%
- 5Y*
- 3.42%
- 10Y*
- 2.18%
DBC vs. BIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DBC Invesco DB Commodity Index Tracking Fund | 30.72% | 8.10% | 2.18% | -6.19% | 19.34% | 41.36% | -7.84% | 11.84% | -11.63% | 4.86% |
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 1.53% | 4.15% | 5.19% | 4.94% | 1.40% | -0.10% | 0.40% | 2.03% | 1.74% | 0.69% |
Correlation
The correlation between DBC and BIL is 0.01, 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 | 0.01 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.01 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.03 |
Correlation (All Time) Calculated using the full available price history since May 31, 2007 | -0.00 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
DBC vs. BIL — Risk / Return Rank
DBC
BIL
DBC vs. BIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB Commodity Index Tracking Fund (DBC) and SPDR Bloomberg 1-3 Month T-Bill ETF (BIL). 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 | BIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -17.52 | ||
| Sortino ratioReturn per unit of downside risk | -172.85 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 88.66 | -87.28 |
| Calmar ratioReturn relative to maximum drawdown | 5.26 | 358.48 | -353.22 |
| Martin ratioReturn relative to average drawdown | 12.12 | 2,842.59 | -2,830.46 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| DBC | BIL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.17 | 19.68 | -17.52 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.63 | 13.16 | -12.54 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.48 | 8.52 | -8.05 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.11 | 2.78 | -2.67 |
Drawdowns
DBC vs. BIL - Drawdown Comparison
The maximum DBC drawdown since its inception was -76.36%, which is greater than BIL's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for DBC and BIL.
Loading charts...
Drawdown Indicators
| DBC | BIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.36% | -0.78% | -75.58% |
Max Drawdown (1Y)Largest decline over 1 year | -7.76% | -0.01% | -7.75% |
Max Drawdown (3Y)Largest decline over 3 years | -13.82% | -0.01% | -13.81% |
Max Drawdown (5Y)Largest decline over 5 years | -27.34% | -0.09% | -27.25% |
Max Drawdown (10Y)Largest decline over 10 years | -41.71% | -0.21% | -41.50% |
Current DrawdownCurrent decline from peak | -24.38% | 0.00% | -24.38% |
Average DrawdownAverage peak-to-trough decline | -46.21% | -0.26% | -45.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.36% | 0.00% | +3.36% |
Volatility
DBC vs. BIL - Volatility Comparison
Invesco DB Commodity Index Tracking Fund (DBC) has a higher volatility of 6.13% compared to SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at 0.06%. This indicates that DBC's price experiences larger fluctuations and is considered to be riskier than BIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| DBC | BIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.13% | 0.06% | +6.07% |
Volatility (6M)Calculated over the trailing 6-month period | 16.00% | 0.14% | +15.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.87% | 0.20% | +18.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.20% | 0.26% | +18.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.82% | 0.26% | +17.56% |
DBC vs. BIL - Expense Ratio Comparison
DBC has a 0.85% expense ratio, which is higher than BIL's 0.14% expense ratio.
Dividends
DBC vs. BIL - Dividend Comparison
DBC's dividend yield for the trailing twelve months is around 2.55%, less than BIL's 3.86% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 3.86% | 4.13% | 5.03% | 4.92% | 1.35% | 0.00% | 0.30% | 2.05% | 1.66% | 0.68% | 0.07% |
DBC Invesco DB Commodity Index Tracking Fund | 2.55% | 3.33% | 5.22% | 4.94% | 0.59% | 0.00% | 0.00% | 1.59% | 1.30% | 0.00% | 0.00% |
Frequently Asked Questions
DBC and BIL have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBC has higher volatility (6.13%) compared to BIL (0.06%). In terms of maximum drawdown, DBC dropped -76.36% vs BIL's -0.78%.
On 10-year performance, DBC leads with 8.48% vs 2.18% for BIL. On fees, BIL is cheaper at 0.14% per year. On volatility, BIL has been the lower-risk option at 0.06%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DBC has performed better with a 8.48% return vs 2.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BIL is cheaper with a 0.14% expense ratio, compared with 0.85% for DBC.
BIL has the higher dividend yield at 3.86%, compared with 2.55% for DBC.
DBC is categorized as Commodities, while BIL is Government Bonds. DBC tracks DBIQ Optimum Yield Diversified Commodity Index Excess Return, while BIL tracks Bloomberg 1-3 Month U.S. Treasury Bill Index. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.85% for DBC and 0.14% for BIL.
BIL currently has the higher Sharpe Ratio (19.68 vs 2.17), 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.
Find the right allocation for DBC and BIL
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer