PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
DBC vs. BND
Performance
Return for Risk
Drawdowns
Volatility
Dividends

DBC vs. BND

Last updated Jun 3, 2026

DBC (Invesco DB Commodity Index Tracking Fund) and BND (Vanguard Total Bond Market ETF) are both exchange-traded funds - DBC is a Commodities fund tracking the DBIQ Optimum Yield Diversified Commodity Index Excess Return, while BND is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Float Adjusted Index. Both are passively managed. Over the past 10 years, DBC returned 9.04%/yr vs 1.60%/yr for BND. At a correlation of -0.12, they often move in opposite directions. DBC charges 0.85%/yr vs 0.03%/yr for BND.

Performance

DBC vs. BND - Performance Comparison

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

Loading charts...

Returns By Period

In the year-to-date period, DBC achieves a 34.70% return, which is significantly higher than BND's 0.46% return. Over the past 10 years, DBC has outperformed BND with an annualized return of 9.04%, while BND has yielded a comparatively lower 1.60% annualized return.

DBC

1D
0.43%
1M
-2.24%
YTD
34.70%
6M
35.25%
1Y
46.03%
3Y*
14.87%
5Y*
12.90%
10Y*
9.04%

BND

1D
0.03%
1M
0.12%
YTD
0.46%
6M
0.46%
1Y
5.19%
3Y*
4.03%
5Y*
0.20%
10Y*
1.60%
*Multi-year figures are annualized to reflect compound growth (CAGR)

DBC vs. BND - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
DBC
Invesco DB Commodity Index Tracking Fund		34.70%8.10%2.18%-6.19%19.34%41.36%-7.84%11.84%-11.63%4.86%
BND
Vanguard Total Bond Market ETF		0.46%7.08%1.38%5.65%-13.11%-1.86%7.71%8.84%-0.12%3.57%

Correlation

The correlation between DBC and BND is -0.35, 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

-0.35

Correlation (3Y)
Calculated over the trailing 3-year period

-0.15

Correlation (5Y)
Calculated over the trailing 5-year period

-0.09

Correlation (10Y)
Calculated over the trailing 10-year period

-0.09

Correlation (All Time)
Calculated using the full available price history since Apr 11, 2007

-0.12

Over the past year, the inverse relationship between DBC and BND has strengthened: their correlation has moved from -0.12 to -0.35, meaning they now move in opposite directions more often than their long-term average.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Invesco DB Commodity Index Tracking Fund

Vanguard Total Bond Market ETF

Often compared with DBC:
DBC vs. PDBCDBC vs. GSGDBC vs. DBADBC vs. BCIDBC vs. DJPDBC vs. XLEDBC vs. BCD
Often compared with BND:
BND vs. BNDXBND vs. FXNAXBND vs. AGGBND vs. FBNDBND vs. BNDWBND vs. TLTBND vs. VBTLX

Return for Risk

DBC vs. BND — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
DBC
DBC Risk / Return Rank: 7777
Overall Rank
DBC Sharpe Ratio Rank: 7575
Sharpe Ratio Rank
DBC Sortino Ratio Rank: 6868
Sortino Ratio Rank
DBC Omega Ratio Rank: 7171
Omega Ratio Rank
DBC Calmar Ratio Rank: 9494
Calmar Ratio Rank
DBC Martin Ratio Rank: 7676
Martin Ratio Rank
BND
BND Risk / Return Rank: 3838
Overall Rank
BND Sharpe Ratio Rank: 3838
Sharpe Ratio Rank
BND Sortino Ratio Rank: 4040
Sortino Ratio Rank
BND Omega Ratio Rank: 3636
Omega Ratio Rank
BND Calmar Ratio Rank: 3737
Calmar Ratio Rank
BND Martin Ratio Rank: 3636
Martin Ratio Rank
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. BND - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DB Commodity Index Tracking Fund (DBC) and Vanguard Total Bond Market ETF (BND). 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.

DBCBNDDifference

Sharpe ratio

Return per unit of total volatility

2.48

1.38

+1.10

Sortino ratio

Return per unit of downside risk

3.17

2.07

+1.10

Omega ratio

Gain probability vs. loss probability

1.43

1.24

+0.19

Calmar ratio

Return relative to maximum drawdown

6.97

1.85

+5.11

Martin ratio

Return relative to average drawdown

14.90

5.66

+9.24

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. BND - Sharpe Ratio Comparison

The current DBC Sharpe Ratio is 2.48, which is higher than the BND Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of DBC and BND, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Sharpe Ratios by Period

DBCBNDDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.48

1.38

+1.10

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.68

0.03

+0.64

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.51

0.29

+0.22

Sharpe Ratio (All Time)

Calculated using the full available price history

0.12

0.59

-0.47

Drawdowns

DBC vs. BND - Drawdown Comparison

The maximum DBC drawdown since its inception was -76.36%, which is greater than BND's maximum drawdown of -18.58%. Use the drawdown chart below to compare losses from any high point for DBC and BND.

Loading charts...

Drawdown Indicators

DBCBNDDifference

Max Drawdown

Largest peak-to-trough decline

-76.36%

-18.58%

-57.78%

Max Drawdown (1Y)

Largest decline over 1 year

-7.05%

-2.68%

-4.37%

Max Drawdown (3Y)

Largest decline over 3 years

-13.82%

-5.92%

-7.90%

Max Drawdown (5Y)

Largest decline over 5 years

-27.34%

-17.91%

-9.43%

Max Drawdown (10Y)

Largest decline over 10 years

-41.71%

-18.58%

-23.13%

Current Drawdown

Current decline from peak

-22.08%

-2.18%

-19.90%

Average Drawdown

Average peak-to-trough decline

-46.22%

-3.06%

-43.16%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.30%

0.88%

+2.42%

Volatility

DBC vs. BND - Volatility Comparison

Invesco DB Commodity Index Tracking Fund (DBC) has a higher volatility of 6.67% compared to Vanguard Total Bond Market ETF (BND) at 1.26%. This indicates that DBC's price experiences larger fluctuations and is considered to be riskier than BND based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

DBCBNDDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.67%

1.26%

+5.41%

Volatility (6M)

Calculated over the trailing 6-month period

15.75%

2.68%

+13.07%

Volatility (1Y)

Calculated over the trailing 1-year period

18.78%

3.78%

+15.00%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.18%

6.02%

+13.16%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.81%

5.53%

+12.28%

DBC vs. BND - Expense Ratio Comparison

DBC has a 0.85% expense ratio, which is higher than BND's 0.03% expense ratio.

Dividends

DBC vs. BND - Dividend Comparison

DBC's dividend yield for the trailing twelve months is around 2.47%, less than BND's 3.96% yield.

PositionTTM20252024202320222021202020192018201720162015
BND
Vanguard Total Bond Market ETF		3.96%3.86%3.67%3.09%2.60%2.12%2.38%2.72%2.81%2.54%2.51%2.57%
DBC
Invesco DB Commodity Index Tracking Fund		2.47%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

DBC and BND have a correlation of -0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

DBC has higher volatility (6.67%) compared to BND (1.26%). In terms of maximum drawdown, DBC dropped -76.36% vs BND's -18.58%.

On 10-year performance, DBC leads with 9.04% vs 1.60% for BND. On fees, BND is cheaper at 0.03% per year. On volatility, BND has been the lower-risk option at 1.26%. 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 9.04% return vs 1.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

BND is cheaper with a 0.03% expense ratio, compared with 0.85% for DBC.

BND has the higher dividend yield at 3.96%, compared with 2.47% for DBC.

DBC is categorized as Commodities, while BND is Total Bond Market. DBC tracks DBIQ Optimum Yield Diversified Commodity Index Excess Return, while BND tracks Bloomberg U.S. Aggregate Float Adjusted Index. They also come from different issuers: Invesco and Vanguard. Their fees differ too: 0.85% for DBC and 0.03% for BND.

DBC currently has the higher Sharpe Ratio (2.48 vs 1.38), 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.

Portfolio Optimizer

Find the right allocation for DBC and BND

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