DBC vs. BSV

Last updated Jun 9, 2026

DBC (Invesco DB Commodity Index Tracking Fund) and BSV (Vanguard Short-Term Bond Index Fund ETF Shares) are both exchange-traded funds - DBC is a Commodities fund tracking the DBIQ Optimum Yield Diversified Commodity Index Excess Return, while BSV is a Short-Term Bond fund tracking the Bloomberg U.S. 1–5 Year Government/Credit Float Adjusted Index. Both are passively managed. Over the past 10 years, DBC returned 8.54%/yr vs 1.91%/yr for BSV. At a correlation of -0.09, they often move in opposite directions. DBC charges 0.85%/yr vs 0.03%/yr for BSV.

Performance

DBC vs. BSV - Performance Comparison

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

Returns By Period

In the year-to-date period, DBC achieves a 31.80% return, which is significantly higher than BSV's 0.10% return. Over the past 10 years, DBC has outperformed BSV with an annualized return of 8.54%, while BSV has yielded a comparatively lower 1.91% annualized return.

DBC

• 1D: 0.82%
• 1M: -2.74%
• YTD: 31.80%
• 6M: 32.21%
• 1Y: 40.70%
• 3Y*: 14.11%
• 5Y*: 12.01%
• 10Y*: 8.54%

BSV

• 1D: -0.01%
• 1M: -0.38%
• YTD: 0.10%
• 6M: 0.53%
• 1Y: 3.66%
• 3Y*: 4.42%
• 5Y*: 1.57%
• 10Y*: 1.91%

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

DBC vs. BSV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DBC Invesco DB Commodity Index Tracking Fund	31.80%	8.10%	2.18%	-6.19%	19.34%	41.36%	-7.84%	11.84%	-11.63%	4.86%
BSV Vanguard Short-Term Bond Index Fund ETF Shares	0.10%	6.00%	3.78%	4.90%	-5.49%	-1.09%	4.70%	4.98%	1.34%	1.20%

Correlation

The correlation between DBC and BSV is -0.30, 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	-0.30
Correlation (3Y) Calculated over the trailing 3-year period	-0.15
Correlation (5Y) Calculated over the trailing 5-year period	-0.07
Correlation (10Y) Calculated over the trailing 10-year period	-0.09
Correlation (All Time) Calculated using the full available price history since Apr 10, 2007	-0.09

Over the past year, the inverse relationship between DBC and BSV has strengthened: their correlation has moved from -0.09 to -0.30, meaning they now move in opposite directions more often than their long-term average.

Return for Risk

DBC vs. BSV — Risk / Return Rank

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

DBC

DBC Risk / Return Rank: 75
DBC Sharpe Ratio Rank: 74
DBC Sortino Ratio Rank: 68
DBC Omega Ratio Rank: 70
DBC Calmar Ratio Rank: 91
DBC Martin Ratio Rank: 71

BSV

BSV Risk / Return Rank: 70
BSV Sharpe Ratio Rank: 70
BSV Sortino Ratio Rank: 82
BSV Omega Ratio Rank: 74
BSV Calmar Ratio Rank: 63
BSV Martin Ratio Rank: 61

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. BSV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DB Commodity Index Tracking Fund (DBC) and Vanguard Short-Term Bond Index Fund ETF Shares (BSV). 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	BSV	Difference
Sharpe ratio: Return per unit of total volatility	2.17	2.06	+0.11
Sortino ratio: Return per unit of downside risk	2.81	3.30	-0.49
Omega ratio: Gain probability vs. loss probability	1.38	1.39	-0.02
Calmar ratio: Return relative to maximum drawdown	5.27	2.85	+2.42
Martin ratio: Return relative to average drawdown	12.03	9.83	+2.20
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. BSV - Sharpe Ratio Comparison

The current DBC Sharpe Ratio is 2.17, which is comparable to the BSV Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of DBC and BSV, 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	BSV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.17	2.06	+0.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.63	0.58	+0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.48	0.81	-0.33
Sharpe Ratio (All Time) Calculated using the full available price history	0.11	0.85	-0.74

Drawdowns

DBC vs. BSV - Drawdown Comparison

The maximum DBC drawdown since its inception was -76.36%, which is greater than BSV's maximum drawdown of -8.54%. Use the drawdown chart below to compare losses from any high point for DBC and BSV.

Drawdown Indicators

	DBC	BSV	Difference
Max Drawdown Largest peak-to-trough decline	-76.36%	-8.54%	-67.82%
Max Drawdown (1Y) Largest decline over 1 year	-7.76%	-1.29%	-6.47%
Max Drawdown (3Y) Largest decline over 3 years	-13.82%	-1.53%	-12.29%
Max Drawdown (5Y) Largest decline over 5 years	-27.34%	-8.54%	-18.80%
Max Drawdown (10Y) Largest decline over 10 years	-41.71%	-8.54%	-33.17%
Current Drawdown Current decline from peak	-23.76%	-0.82%	-22.94%
Average Drawdown Average peak-to-trough decline	-46.21%	-0.97%	-45.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.39%	0.37%	+3.02%

Volatility

DBC vs. BSV - Volatility Comparison

Invesco DB Commodity Index Tracking Fund (DBC) has a higher volatility of 6.20% compared to Vanguard Short-Term Bond Index Fund ETF Shares (BSV) at 0.54%. This indicates that DBC's price experiences larger fluctuations and is considered to be riskier than BSV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DBC	BSV	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.20%	0.54%	+5.66%
Volatility (6M) Calculated over the trailing 6-month period	16.02%	1.28%	+14.74%
Volatility (1Y) Calculated over the trailing 1-year period	18.91%	1.79%	+17.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.20%	2.73%	+16.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.82%	2.38%	+15.44%

DBC vs. BSV - Expense Ratio Comparison

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

Dividends

DBC vs. BSV - Dividend Comparison

DBC's dividend yield for the trailing twelve months is around 2.53%, less than BSV's 4.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BSV Vanguard Short-Term Bond Index Fund ETF Shares	4.00%	3.83%	3.38%	2.46%	1.50%	1.45%	1.79%	2.29%	1.99%	1.65%	1.48%	1.40%
DBC Invesco DB Commodity Index Tracking Fund	2.53%	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 BSV in my portfolio?

DBC and BSV have a correlation of -0.30, 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 BSV?

DBC has higher volatility (6.20%) compared to BSV (0.54%). In terms of maximum drawdown, DBC dropped -76.36% vs BSV's -8.54%.

Which ETF is better, DBC or BSV?

On 10-year performance, DBC leads with 8.54% vs 1.91% for BSV. On fees, BSV is cheaper at 0.03% per year. On volatility, BSV has been the lower-risk option at 0.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DBC or BSV?

Over the 10-year period, DBC has performed better with a 8.54% return vs 1.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DBC or BSV?

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

Which ETF pays a higher dividend yield, DBC or BSV?

BSV has the higher dividend yield at 4.00%, compared with 2.53% for DBC.

What is the main difference between DBC and BSV?

DBC is categorized as Commodities, while BSV is Short-Term Bond. DBC tracks DBIQ Optimum Yield Diversified Commodity Index Excess Return, while BSV tracks Bloomberg U.S. 1–5 Year Government/Credit Float Adjusted Index. They also come from different issuers: Invesco and Vanguard. Their fees differ too: 0.85% for DBC and 0.03% for BSV.

Which has better risk-adjusted returns?

DBC currently has the higher Sharpe Ratio (2.17 vs 2.06), 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.