DBC vs. CGDV

Last updated Jun 13, 2026

DBC (Invesco DB Commodity Index Tracking Fund) and CGDV (Capital Group Dividend Value ETF) are both exchange-traded funds - DBC is a Commodities fund tracking the DBIQ Optimum Yield Diversified Commodity Index Excess Return, while CGDV is a Large Cap Value Equities fund actively managed by Capital Group. DBC is passively managed, while CGDV is actively managed. Over the past 3 years, DBC returned 12.92%/yr vs 24.15%/yr for CGDV. At a 0.17 correlation, their price movements are largely independent. DBC charges 0.85%/yr vs 0.33%/yr for CGDV.

Performance

DBC vs. CGDV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DB Commodity Index Tracking Fund (DBC) and Capital Group Dividend Value ETF (CGDV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DBC achieves a 27.68% return, which is significantly higher than CGDV's 11.55% return.

DBC

• 1D: -1.04%
• 1M: -8.35%
• YTD: 27.68%
• 6M: 28.76%
• 1Y: 30.29%
• 3Y*: 12.92%
• 5Y*: 11.29%
• 10Y*: 8.27%

CGDV

• 1D: 0.66%
• 1M: 0.35%
• YTD: 11.55%
• 6M: 12.50%
• 1Y: 28.33%
• 3Y*: 24.15%
• 5Y*: —
• 10Y*: —

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

DBC vs. CGDV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
DBC Invesco DB Commodity Index Tracking Fund	27.68%	8.10%	2.18%	-6.19%	4.50%
CGDV Capital Group Dividend Value ETF	11.55%	25.50%	20.10%	28.81%	-0.44%

Correlation

The correlation between DBC and CGDV is -0.16, 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	-0.16
Correlation (3Y) Calculated over the trailing 3-year period	0.07
Correlation (All Time) Calculated using the full available price history since Feb 24, 2022	0.17

The correlation between DBC and CGDV shifts across timeframes, from -0.16 (1 year) to 0.17 (all time), reflecting how their relationship changes across market environments.

DBC vs. CGDV - Sectors Allocation Comparison

Sectors	DBC	CGDV
Financial Services	91.5%	6.8%
Basic Materials	-	2.9%
Communication Services	-	8.4%
Consumer Cyclical	-	10.6%
Consumer Defensive	-	5.5%
Energy	-	3.8%
Healthcare	-	11.5%
Industrials	-	13.2%
Real Estate	-	1.1%
Technology	-	34.1%
Utilities	-	2.1%

Return for Risk

DBC vs. CGDV — Risk / Return Rank

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

DBC

DBC Risk / Return Rank: 64
DBC Sharpe Ratio Rank: 63
DBC Sortino Ratio Rank: 59
DBC Omega Ratio Rank: 60
DBC Calmar Ratio Rank: 77
DBC Martin Ratio Rank: 61

CGDV

CGDV Risk / Return Rank: 78
CGDV Sharpe Ratio Rank: 82
CGDV Sortino Ratio Rank: 81
CGDV Omega Ratio Rank: 82
CGDV Calmar Ratio Rank: 65
CGDV Martin Ratio Rank: 79

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. CGDV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DB Commodity Index Tracking Fund (DBC) and Capital Group Dividend Value ETF (CGDV). 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	CGDV	Difference
Sharpe ratio: Return per unit of total volatility	1.82	2.27	-0.45
Sortino ratio: Return per unit of downside risk	2.42	3.11	-0.69
Omega ratio: Gain probability vs. loss probability	1.32	1.42	-0.10
Calmar ratio: Return relative to maximum drawdown	3.48	2.83	+0.65
Martin ratio: Return relative to average drawdown	9.64	13.19	-3.54

DBC vs. CGDV - Sharpe Ratio Comparison

The current DBC Sharpe Ratio is 1.82, which is comparable to the CGDV Sharpe Ratio of 2.27. The chart below compares the historical Sharpe Ratios of DBC and CGDV, 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. CGDV - Drawdown Comparison

The maximum DBC drawdown since its inception was -76.36%, which is greater than CGDV's maximum drawdown of -21.82%. Use the drawdown chart below to compare losses from any high point for DBC and CGDV.

Drawdown Indicators

	DBC	CGDV	Difference
Max Drawdown Largest peak-to-trough decline	-76.36%	-21.82%	-54.54%
Max Drawdown (1Y) Largest decline over 1 year	-9.91%	-9.75%	-0.16%
Max Drawdown (3Y) Largest decline over 3 years	-13.82%	-14.28%	+0.46%
Max Drawdown (5Y) Largest decline over 5 years	-27.34%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-41.71%	—	—
Current Drawdown Current decline from peak	-26.14%	-0.98%	-25.16%
Average Drawdown Average peak-to-trough decline	-46.19%	-3.60%	-42.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.57%	2.09%	+1.48%

Volatility

DBC vs. CGDV - Volatility Comparison

Invesco DB Commodity Index Tracking Fund (DBC) has a higher volatility of 5.20% compared to Capital Group Dividend Value ETF (CGDV) at 4.52%. This indicates that DBC's price experiences larger fluctuations and is considered to be riskier than CGDV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DBC	CGDV	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.20%	4.52%	+0.68%
Volatility (6M) Calculated over the trailing 6-month period	16.11%	9.80%	+6.31%
Volatility (1Y) Calculated over the trailing 1-year period	18.94%	12.13%	+6.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.22%	15.57%	+3.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.82%	15.57%	+2.25%

DBC vs. CGDV - Expense Ratio Comparison

DBC has a 0.85% expense ratio, which is higher than CGDV's 0.33% expense ratio.

Dividends

DBC vs. CGDV - Dividend Comparison

DBC's dividend yield for the trailing twelve months is around 2.61%, more than CGDV's 1.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
CGDV Capital Group Dividend Value ETF	1.17%	1.29%	1.60%	1.65%	1.36%	0.00%	0.00%	0.00%	0.00%
DBC Invesco DB Commodity Index Tracking Fund	2.61%	3.33%	5.22%	4.94%	0.59%	0.00%	0.00%	1.59%	1.30%

Frequently Asked Questions

Can I hold both DBC and CGDV in my portfolio?

DBC and CGDV have a correlation of -0.16, 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 CGDV?

DBC has higher volatility (5.20%) compared to CGDV (4.52%). In terms of maximum drawdown, DBC dropped -76.36% vs CGDV's -21.82%.

Which ETF is better, DBC or CGDV?

On 3-year performance, CGDV leads with 24.15% vs 12.92% for DBC. On fees, CGDV is cheaper at 0.33% per year. On volatility, CGDV has been the lower-risk option at 4.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DBC or CGDV?

Over the 3-year period, CGDV has performed better with a 24.15% return vs 12.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DBC or CGDV?

CGDV is cheaper with a 0.33% expense ratio, compared with 0.85% for DBC.

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

DBC has the higher dividend yield at 2.61%, compared with 1.17% for CGDV.

What is the main difference between DBC and CGDV?

DBC is categorized as Commodities, while CGDV is Large Cap Value Equities. They also come from different issuers: Invesco and Capital Group. Their fees differ too: 0.85% for DBC and 0.33% for CGDV.

Which has better risk-adjusted returns?

CGDV currently has the higher Sharpe Ratio (2.27 vs 1.82), 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.