DBC vs. CF

Last updated Jul 12, 2026

DBC (Invesco DB Commodity Index Tracking Fund) is Commodities fund tracking the DBIQ Optimum Yield Diversified Commodity Index Excess Return, while CF (CF Industries Holdings, Inc.) is a stock. Over the past 10 years, DBC returned 7.98%/yr vs 19.43%/yr for CF. At a 0.38 correlation, their price movements are largely independent.

Performance

DBC vs. CF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DB Commodity Index Tracking Fund (DBC) and CF Industries Holdings, Inc. (CF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DBC achieves a 23.08% return, which is significantly lower than CF's 52.60% return. Over the past 10 years, DBC has underperformed CF with an annualized return of 7.98%, while CF has yielded a comparatively higher 19.43% annualized return.

DBC

• 1D: -0.22%
• 1M: -4.61%
• 6M: 20.17%
• YTD: 23.08%
• 1Y: 26.37%
• 3Y*: 10.50%
• 5Y*: 10.59%
• 10Y*: 7.98%

CF

• 1D: 2.54%
• 1M: 9.72%
• 6M: 42.89%
• YTD: 52.60%
• 1Y: 21.57%
• 3Y*: 19.81%
• 5Y*: 20.74%
• 10Y*: 19.43%

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

DBC vs. CF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DBC Invesco DB Commodity Index Tracking Fund	23.08%	8.10%	2.18%	-6.19%	19.34%	41.36%	-7.84%	11.84%	-11.63%	4.86%
CF CF Industries Holdings, Inc.	52.60%	-7.17%	10.08%	-4.75%	22.29%	87.18%	-15.76%	12.73%	5.13%	40.24%

Correlation

The correlation between DBC and CF is 0.56, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.56
Correlation (3Y) Calculated over the trailing 3-year period	0.42
Correlation (5Y) Calculated over the trailing 5-year period	0.39
Correlation (10Y) Calculated over the trailing 10-year period	0.37
Correlation (All Time) Calculated using the full available price history since Feb 6, 2006	0.38

The correlation between DBC and CF shifts across timeframes, from 0.37 (10 years) to 0.56 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

DBC vs. CF — Risk / Return Rank

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

DBC

DBC Risk / Return Rank: 49
DBC Sharpe Ratio Rank: 55
DBC Sortino Ratio Rank: 53
DBC Omega Ratio Rank: 50
DBC Calmar Ratio Rank: 42
DBC Martin Ratio Rank: 45

CF

CF Risk / Return Rank: 63
CF Sharpe Ratio Rank: 65
CF Sortino Ratio Rank: 62
CF Omega Ratio Rank: 60
CF Calmar Ratio Rank: 66
CF Martin Ratio Rank: 64

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. CF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DB Commodity Index Tracking Fund (DBC) and CF Industries Holdings, Inc. (CF). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	DBC	CF	Difference
Sharpe ratio: Return per unit of total volatility	1.51	0.60	+0.91
Sortino ratio: Return per unit of downside risk	2.08	1.10	+0.98
Omega ratio: Gain probability vs. loss probability	1.26	1.13	+0.13
Calmar ratio: Return relative to maximum drawdown	1.70	0.98	+0.73
Martin ratio: Return relative to average drawdown	6.03	1.88	+4.15

DBC vs. CF - Sharpe Ratio Comparison

The current DBC Sharpe Ratio is 1.51, which is higher than the CF Sharpe Ratio of 0.60. The chart below compares the historical Sharpe Ratios of DBC and CF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

DBC vs. CF - Drawdown Comparison

The maximum DBC drawdown since its inception was -76.36%, roughly equal to the maximum CF drawdown of -76.73%. Use the drawdown chart below to compare losses from any high point for DBC and CF.

Drawdown Indicators

	DBC	CF	Difference
Max Drawdown Largest peak-to-trough decline	-76.36%	-76.73%	+0.37%
Max Drawdown (1Y) Largest decline over 1 year	-16.54%	-25.45%	+8.91%
Max Drawdown (3Y) Largest decline over 3 years	-16.54%	-29.16%	+12.62%
Max Drawdown (5Y) Largest decline over 5 years	-27.34%	-48.36%	+21.02%
Max Drawdown (10Y) Largest decline over 10 years	-41.71%	-60.74%	+19.03%
Current Drawdown Current decline from peak	-28.80%	-14.68%	-14.12%
Average Drawdown Average peak-to-trough decline	-46.13%	-24.91%	-21.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.66%	13.17%	-8.51%

Volatility

DBC vs. CF - Volatility Comparison

The current volatility for Invesco DB Commodity Index Tracking Fund (DBC) is 5.21%, while CF Industries Holdings, Inc. (CF) has a volatility of 8.65%. This indicates that DBC experiences smaller price fluctuations and is considered to be less risky than CF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DBC	CF	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.21%	8.65%	-3.44%
Volatility (6M) Calculated over the trailing 6-month period	16.48%	35.68%	-19.20%
Volatility (1Y) Calculated over the trailing 1-year period	18.63%	41.78%	-23.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.23%	38.05%	-18.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.78%	40.12%	-22.34%

Dividends

DBC vs. CF - Dividend Comparison

DBC's dividend yield for the trailing twelve months is around 2.70%, more than CF's 1.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CF CF Industries Holdings, Inc.	1.71%	2.59%	2.34%	2.01%	1.76%	1.70%	3.10%	2.51%	2.76%	2.82%	3.81%	2.94%
DBC Invesco DB Commodity Index Tracking Fund	2.70%	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 CF in my portfolio?

DBC and CF have a correlation of 0.56, 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 CF?

CF has higher volatility (8.65%) compared to DBC (5.21%). In terms of maximum drawdown, DBC dropped -76.36% vs CF's -76.73%.

Which has better risk-adjusted returns?

DBC currently has the higher Sharpe Ratio (1.51 vs 0.60), 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.