DBC vs. CERY
DBC (Invesco DB Commodity Index Tracking Fund) and CERY (SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF) are both Commodities funds - DBC tracks the DBIQ Optimum Yield Diversified Commodity Index Excess Return while CERY tracks the Bloomberg Enhanced Roll Yield Total Return Index. Both are passively managed. Over the past year, DBC returned 45.90% vs 44.30% for CERY. Their correlation of 0.92 suggests significant overlap in exposure. DBC charges 0.85%/yr vs 0.28%/yr for CERY.
Performance
DBC vs. CERY - Performance Comparison
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Returns By Period
In the year-to-date period, DBC achieves a 35.47% return, which is significantly higher than CERY's 29.88% return.
DBC
- 1D
- 0.56%
- 1M
- -3.32%
- YTD
- 35.47%
- 6M
- 35.36%
- 1Y
- 45.90%
- 3Y*
- 15.09%
- 5Y*
- 12.78%
- 10Y*
- 9.10%
CERY
- 1D
- 0.06%
- 1M
- -1.63%
- YTD
- 29.88%
- 6M
- 30.50%
- 1Y
- 44.30%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
DBC vs. CERY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
DBC Invesco DB Commodity Index Tracking Fund | 35.47% | 8.10% | 4.46% |
CERY SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF | 29.88% | 15.68% | 3.92% |
Correlation
The correlation between DBC and CERY is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.92 |
Correlation (All Time) Calculated using the full available price history since Sep 6, 2024 | 0.92 |
The correlation between DBC and CERY has been stable across timeframes, ranging from 0.92 to 0.92 - a consistent structural relationship.
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Return for Risk
DBC vs. CERY — Risk / Return Rank
DBC
CERY
DBC vs. CERY - 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 Enhanced Roll Yield Commodity Strategy No K-1 ETF (CERY). 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 | CERY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.43 | ||
| Sortino ratioReturn per unit of downside risk | -0.50 | ||
| Omega ratioGain probability vs. loss probability | 1.43 | 1.51 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 6.54 | 6.38 | +0.16 |
| Martin ratioReturn relative to average drawdown | 13.91 | 20.66 | -6.75 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| DBC | CERY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.47 | 2.90 | -0.43 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.67 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.51 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.12 | 2.00 | -1.88 |
Drawdowns
DBC vs. CERY - Drawdown Comparison
The maximum DBC drawdown since its inception was -76.36%, which is greater than CERY's maximum drawdown of -10.05%. Use the drawdown chart below to compare losses from any high point for DBC and CERY.
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Drawdown Indicators
| DBC | CERY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.36% | -10.05% | -66.31% |
Max Drawdown (1Y)Largest decline over 1 year | -7.05% | -6.98% | -0.07% |
Max Drawdown (3Y)Largest decline over 3 years | -13.82% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -27.34% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -41.71% | — | — |
Current DrawdownCurrent decline from peak | -21.64% | -3.71% | -17.93% |
Average DrawdownAverage peak-to-trough decline | -46.22% | -2.11% | -44.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.31% | 2.15% | +1.16% |
Volatility
DBC vs. CERY - Volatility Comparison
Invesco DB Commodity Index Tracking Fund (DBC) has a higher volatility of 6.45% compared to SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF (CERY) at 4.94%. This indicates that DBC's price experiences larger fluctuations and is considered to be riskier than CERY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DBC | CERY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.45% | 4.94% | +1.51% |
Volatility (6M)Calculated over the trailing 6-month period | 15.75% | 13.29% | +2.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.68% | 15.37% | +3.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.18% | 14.71% | +4.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.81% | 14.71% | +3.10% |
DBC vs. CERY - Expense Ratio Comparison
DBC has a 0.85% expense ratio, which is higher than CERY's 0.28% expense ratio.
Dividends
DBC vs. CERY - Dividend Comparison
DBC's dividend yield for the trailing twelve months is around 2.46%, less than CERY's 3.85% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
CERY SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF | 3.85% | 4.99% | 0.52% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
DBC Invesco DB Commodity Index Tracking Fund | 2.46% | 3.33% | 5.22% | 4.94% | 0.59% | 0.00% | 0.00% | 1.59% | 1.30% |
Frequently Asked Questions
With a correlation of 0.92, DBC and CERY move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
DBC has higher volatility (6.45%) compared to CERY (4.94%). In terms of maximum drawdown, DBC dropped -76.36% vs CERY's -10.05%.
On 1-year performance, DBC leads with 45.90% vs 44.30% for CERY. On fees, CERY is cheaper at 0.28% per year. On volatility, CERY has been the lower-risk option at 4.94%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, DBC has performed better with a 45.90% return vs 44.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CERY is cheaper with a 0.28% expense ratio, compared with 0.85% for DBC.
CERY has the higher dividend yield at 3.85%, compared with 2.46% for DBC.
DBC tracks DBIQ Optimum Yield Diversified Commodity Index Excess Return, while CERY tracks Bloomberg Enhanced Roll Yield Total Return Index. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.85% for DBC and 0.28% for CERY.
CERY currently has the higher Sharpe Ratio (2.90 vs 2.47), 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.
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