DBC vs. CMDY
DBC (Invesco DB Commodity Index Tracking Fund) and CMDY (iShares Bloomberg Roll Select Commodity Strategy ETF) are both Commodities funds - DBC tracks the DBIQ Optimum Yield Diversified Commodity Index Excess Return while CMDY tracks the Bloomberg Roll Select Commodity Total Return Index. Both are passively managed. Over the past 5 years, DBC returned 9.87%/yr vs 8.63%/yr for CMDY. Their correlation of 0.84 suggests significant overlap in exposure. DBC charges 0.85%/yr vs 0.28%/yr for CMDY.
Performance
DBC vs. CMDY - Performance Comparison
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Returns By Period
In the year-to-date period, DBC achieves a 18.29% return, which is significantly higher than CMDY's 12.04% return.
DBC
- 1D
- -2.47%
- 1M
- -13.39%
- YTD
- 18.29%
- 6M
- 16.88%
- 1Y
- 25.07%
- 3Y*
- 9.67%
- 5Y*
- 9.87%
- 10Y*
- 7.62%
CMDY
- 1D
- -1.90%
- 1M
- -11.06%
- YTD
- 12.04%
- 6M
- 10.50%
- 1Y
- 21.81%
- 3Y*
- 10.68%
- 5Y*
- 8.63%
- 10Y*
- —
DBC vs. CMDY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
DBC Invesco DB Commodity Index Tracking Fund | 18.29% | 8.10% | 2.18% | -6.19% | 19.34% | 41.36% | -7.84% | 11.84% | -12.47% |
CMDY iShares Bloomberg Roll Select Commodity Strategy ETF | 12.04% | 15.81% | 5.43% | -9.33% | 14.55% | 26.38% | 1.15% | 4.96% | -11.13% |
Correlation
The correlation between DBC and CMDY is 0.91, 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 | 0.91 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.89 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.88 |
Correlation (All Time) Calculated using the full available price history since Apr 5, 2018 | 0.84 |
The correlation between DBC and CMDY has been stable across timeframes, ranging from 0.84 to 0.91 - a consistent structural relationship.
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Return for Risk
DBC vs. CMDY — Risk / Return Rank
DBC
CMDY
DBC vs. CMDY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB Commodity Index Tracking Fund (DBC) and iShares Bloomberg Roll Select Commodity Strategy ETF (CMDY). 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 | CMDY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.02 | ||
| Sortino ratioReturn per unit of downside risk | +0.10 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.25 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.52 | 1.54 | -0.02 |
| Martin ratioReturn relative to average drawdown | 7.24 | 6.83 | +0.41 |
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Drawdowns
DBC vs. CMDY - Drawdown Comparison
The maximum DBC drawdown since its inception was -76.36%, which is greater than CMDY's maximum drawdown of -31.19%. Use the drawdown chart below to compare losses from any high point for DBC and CMDY.
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Drawdown Indicators
| DBC | CMDY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.36% | -31.19% | -45.17% |
Max Drawdown (1Y)Largest decline over 1 year | -16.54% | -14.23% | -2.31% |
Max Drawdown (3Y)Largest decline over 3 years | -16.54% | -14.23% | -2.31% |
Max Drawdown (5Y)Largest decline over 5 years | -27.34% | -26.56% | -0.78% |
Max Drawdown (10Y)Largest decline over 10 years | -41.71% | — | — |
Current DrawdownCurrent decline from peak | -31.57% | -14.23% | -17.34% |
Average DrawdownAverage peak-to-trough decline | -46.17% | -13.11% | -33.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.47% | 3.20% | +0.27% |
Volatility
DBC vs. CMDY - Volatility Comparison
Invesco DB Commodity Index Tracking Fund (DBC) has a higher volatility of 5.01% compared to iShares Bloomberg Roll Select Commodity Strategy ETF (CMDY) at 3.90%. This indicates that DBC's price experiences larger fluctuations and is considered to be riskier than CMDY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DBC | CMDY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.01% | 3.90% | +1.11% |
Volatility (6M)Calculated over the trailing 6-month period | 16.39% | 14.58% | +1.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.54% | 16.37% | +2.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.24% | 15.80% | +3.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.81% | 14.65% | +3.16% |
DBC vs. CMDY - Expense Ratio Comparison
DBC has a 0.85% expense ratio, which is higher than CMDY's 0.28% expense ratio.
Dividends
DBC vs. CMDY - Dividend Comparison
DBC's dividend yield for the trailing twelve months is around 2.81%, less than CMDY's 11.51% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
CMDY iShares Bloomberg Roll Select Commodity Strategy ETF | 11.51% | 12.89% | 4.23% | 5.10% | 3.98% | 16.09% | 0.15% | 2.21% | 1.73% |
DBC Invesco DB Commodity Index Tracking Fund | 2.81% | 3.33% | 5.22% | 4.94% | 0.59% | 0.00% | 0.00% | 1.59% | 1.30% |
Frequently Asked Questions
With a correlation of 0.91, DBC and CMDY 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 (5.01%) compared to CMDY (3.90%). In terms of maximum drawdown, DBC dropped -76.36% vs CMDY's -31.19%.
On 5-year performance, DBC leads with 9.87% vs 8.63% for CMDY. On fees, CMDY is cheaper at 0.28% per year. On volatility, CMDY has been the lower-risk option at 3.90%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, DBC has performed better with a 9.87% return vs 8.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CMDY is cheaper with a 0.28% expense ratio, compared with 0.85% for DBC.
CMDY has the higher dividend yield at 11.51%, compared with 2.81% for DBC.
DBC tracks DBIQ Optimum Yield Diversified Commodity Index Excess Return, while CMDY tracks Bloomberg Roll Select Commodity Total Return Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.85% for DBC and 0.28% for CMDY.
DBC currently has the higher Sharpe Ratio (1.37 vs 1.35), 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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