DBC vs. BYLD

Last updated Jun 3, 2026

DBC (Invesco DB Commodity Index Tracking Fund) and BYLD (iShares Yield Optimized Bond ETF) are both exchange-traded funds - DBC is a Commodities fund tracking the DBIQ Optimum Yield Diversified Commodity Index Excess Return, while BYLD is a Intermediate Core-Plus Bond fund tracking the Morningstar U.S. Bond Market Yield-Optimized Index. Both are passively managed. Over the past 10 years, DBC returned 9.04%/yr vs 3.03%/yr for BYLD. At a 0.05 correlation, their price movements are largely independent. DBC charges 0.85%/yr vs 0.17%/yr for BYLD.

Performance

DBC vs. BYLD - Performance Comparison

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

Returns By Period

In the year-to-date period, DBC achieves a 34.70% return, which is significantly higher than BYLD's 1.41% return. Over the past 10 years, DBC has outperformed BYLD with an annualized return of 9.04%, while BYLD has yielded a comparatively lower 3.03% 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%

BYLD

• 1D: 0.08%
• 1M: 0.49%
• YTD: 1.41%
• 6M: 1.62%
• 1Y: 7.32%
• 3Y*: 6.56%
• 5Y*: 2.32%
• 10Y*: 3.03%

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

DBC vs. BYLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
BYLD iShares Yield Optimized Bond ETF	1.41%	8.41%	4.17%	8.30%	-10.33%	-1.25%	4.25%	12.79%	-1.50%	4.75%

Correlation

The correlation between DBC and BYLD 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	-0.09
Correlation (5Y) Calculated over the trailing 5-year period	-0.02
Correlation (10Y) Calculated over the trailing 10-year period	0.04
Correlation (All Time) Calculated using the full available price history since Apr 25, 2014	0.05

The correlation between DBC and BYLD shifts across timeframes, from -0.35 (1 year) to 0.05 (all time), reflecting how their relationship changes across market environments.

DBC vs. BYLD - Sectors Allocation Comparison

Sectors	DBC	BYLD
Financial Services	91.5%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	99.2%
Healthcare	-	-
Industrials	-	-
Real Estate	-	0.8%
Technology	-	-
Utilities	-	-

Return for Risk

DBC vs. BYLD — Risk / Return Rank

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

DBC

DBC Risk / Return Rank: 77
DBC Sharpe Ratio Rank: 75
DBC Sortino Ratio Rank: 68
DBC Omega Ratio Rank: 71
DBC Calmar Ratio Rank: 94
DBC Martin Ratio Rank: 76

BYLD

BYLD Risk / Return Rank: 57
BYLD Sharpe Ratio Rank: 56
BYLD Sortino Ratio Rank: 61
BYLD Omega Ratio Rank: 59
BYLD Calmar Ratio Rank: 52
BYLD Martin Ratio Rank: 60

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. BYLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DB Commodity Index Tracking Fund (DBC) and iShares Yield Optimized Bond ETF (BYLD). 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	BYLD	Difference
Sharpe ratio Return per unit of total volatility	2.48	1.93	+0.55
Sortino ratio Return per unit of downside risk	3.17	2.88	+0.29
Omega ratio Gain probability vs. loss probability	1.43	1.36	+0.07
Calmar ratio Return relative to maximum drawdown	6.97	2.64	+4.33
Martin ratio Return relative to average drawdown	14.90	10.73	+4.16
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. BYLD - Sharpe Ratio Comparison

The current DBC Sharpe Ratio is 2.48, which is comparable to the BYLD Sharpe Ratio of 1.93. The chart below compares the historical Sharpe Ratios of DBC and BYLD, 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	BYLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.48	1.93	+0.55
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.68	0.45	+0.23
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.51	0.56	-0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.12	0.57	-0.46

Drawdowns

DBC vs. BYLD - Drawdown Comparison

The maximum DBC drawdown since its inception was -76.36%, which is greater than BYLD's maximum drawdown of -14.75%. Use the drawdown chart below to compare losses from any high point for DBC and BYLD.

Drawdown Indicators

	DBC	BYLD	Difference
Max Drawdown Largest peak-to-trough decline	-76.36%	-14.75%	-61.61%
Max Drawdown (1Y) Largest decline over 1 year	-7.05%	-2.71%	-4.34%
Max Drawdown (3Y) Largest decline over 3 years	-13.82%	-3.94%	-9.88%
Max Drawdown (5Y) Largest decline over 5 years	-27.34%	-14.65%	-12.69%
Max Drawdown (10Y) Largest decline over 10 years	-41.71%	-14.75%	-26.96%
Current Drawdown Current decline from peak	-22.08%	-0.16%	-21.92%
Average Drawdown Average peak-to-trough decline	-46.22%	-2.51%	-43.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.30%	0.67%	+2.63%

Volatility

DBC vs. BYLD - Volatility Comparison

Invesco DB Commodity Index Tracking Fund (DBC) has a higher volatility of 6.67% compared to iShares Yield Optimized Bond ETF (BYLD) at 1.44%. This indicates that DBC's price experiences larger fluctuations and is considered to be riskier than BYLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DBC	BYLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.67%	1.44%	+5.23%
Volatility (6M) Calculated over the trailing 6-month period	15.75%	2.96%	+12.79%
Volatility (1Y) Calculated over the trailing 1-year period	18.78%	3.82%	+14.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.18%	5.20%	+13.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.81%	5.43%	+12.38%

DBC vs. BYLD - Expense Ratio Comparison

DBC has a 0.85% expense ratio, which is higher than BYLD's 0.17% expense ratio.

Dividends

DBC vs. BYLD - Dividend Comparison

DBC's dividend yield for the trailing twelve months is around 2.47%, less than BYLD's 5.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BYLD iShares Yield Optimized Bond ETF	5.80%	5.32%	5.31%	4.45%	3.39%	2.18%	3.41%	3.67%	4.22%	3.22%	3.14%	3.37%
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

Can I hold both DBC and BYLD in my portfolio?

DBC and BYLD 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.

Which is riskier, DBC or BYLD?

DBC has higher volatility (6.67%) compared to BYLD (1.44%). In terms of maximum drawdown, DBC dropped -76.36% vs BYLD's -14.75%.

Which ETF is better, DBC or BYLD?

On 10-year performance, DBC leads with 9.04% vs 3.03% for BYLD. On fees, BYLD is cheaper at 0.17% per year. On volatility, BYLD has been the lower-risk option at 1.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DBC or BYLD?

Over the 10-year period, DBC has performed better with a 9.04% return vs 3.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DBC or BYLD?

BYLD is cheaper with a 0.17% expense ratio, compared with 0.85% for DBC.

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

BYLD has the higher dividend yield at 5.80%, compared with 2.47% for DBC.

What is the main difference between DBC and BYLD?

DBC is categorized as Commodities, while BYLD is Intermediate Core-Plus Bond. DBC tracks DBIQ Optimum Yield Diversified Commodity Index Excess Return, while BYLD tracks Morningstar U.S. Bond Market Yield-Optimized Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.85% for DBC and 0.17% for BYLD.

Which has better risk-adjusted returns?

DBC currently has the higher Sharpe Ratio (2.48 vs 1.93), 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.