DBC vs. CF
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 9.54%/yr vs 20.99%/yr for CF. Their 0.38 correlation means their historical movements had little consistent relationship.
Performance
DBC vs. CF - Performance Comparison
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Returns By Period
In the year-to-date period, DBC achieves a 31.71% return, which is significantly lower than CF's 63.40% return. Over the past 10 years, DBC has underperformed CF with an annualized return of 9.54%, while CF has yielded a comparatively higher 20.99% annualized return.
DBC
- 1D
- 0.44%
- 1M
- 11.34%
- 6M
- 20.55%
- YTD
- 31.71%
- 1Y
- 35.60%
- 3Y*
- 11.07%
- 5Y*
- 11.66%
- 10Y*
- 9.54%
- ALL TIME*
- 2.04%
CF
- 1D
- -0.46%
- 1M
- 15.75%
- 6M
- 35.55%
- YTD
- 63.40%
- 1Y
- 37.75%
- 3Y*
- 18.16%
- 5Y*
- 24.12%
- 10Y*
- 20.99%
- ALL TIME*
- 21.21%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $259.19M | $278.77M | $321.72M | |
| $27.92M | $29.19M | $34.33M |
DBC vs. CF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DBC Invesco DB Commodity Index Tracking Fund | 31.71% | 8.10% | 2.18% | -6.19% | 19.34% | 41.36% | -7.84% | 11.84% | -11.63% | 4.86% |
CF CF Industries Holdings, Inc. | 63.40% | -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 have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.56 |
Correlation (3Y) Balances recent behavior with more history. | 0.41 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.39 |
Correlation (10Y) Provides a long-term view across more market conditions. | 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.
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Return for Risk
DBC vs. CF — Risk / Return Rank
DBC
CF
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 ratioReturn per unit of total volatility | +0.93 | ||
| Sortino ratioReturn per unit of downside risk | +0.98 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.18 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 2.16 | 1.49 | +0.67 |
| Martin ratioReturn relative to average drawdown | 7.20 | 3.31 | +3.89 |
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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.
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Drawdown Indicators
| DBC | CF | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 DrawdownCurrent decline from peak | -23.81% | -8.65% | -15.16% |
Average DrawdownAverage peak-to-trough decline | -46.07% | -24.87% | -21.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.00% | 11.44% | -6.44% |
Volatility
DBC vs. CF - Volatility Comparison
The current volatility for Invesco DB Commodity Index Tracking Fund (DBC) is 7.01%, while CF Industries Holdings, Inc. (CF) has a volatility of 10.07%. 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.
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Volatility by Period
| DBC | CF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.01% | 10.07% | -3.06% |
Volatility (6M)Calculated over the trailing 6-month period | 17.35% | 35.61% | -18.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.58% | 42.03% | -22.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.31% | 38.14% | -18.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.87% | 40.08% | -22.21% |
Dividends
DBC vs. CF - Dividend Comparison
DBC's dividend yield for the trailing twelve months is around 2.53%, more than CF's 1.60% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CF CF Industries Holdings, Inc. | 1.60% | 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 | 2.53% | 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
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.
CF has higher volatility (10.07%) compared to DBC (7.01%). In terms of maximum drawdown, DBC dropped -76.36% vs CF's -76.73%.
DBC currently has the higher Sharpe Ratio (1.83 vs 0.90), 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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