DBC vs. CMDY

Last updated Jun 4, 2026

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 12.78%/yr vs 10.71%/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

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DB Commodity Index Tracking Fund (DBC) and iShares Bloomberg Roll Select Commodity Strategy ETF (CMDY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DBC achieves a 35.47% return, which is significantly higher than CMDY's 25.44% 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%

CMDY

• 1D: 0.02%
• 1M: -2.52%
• YTD: 25.44%
• 6M: 24.53%
• 1Y: 37.10%
• 3Y*: 15.48%
• 5Y*: 10.71%
• 10Y*: —

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

DBC vs. CMDY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
DBC Invesco DB Commodity Index Tracking Fund	35.47%	8.10%	2.18%	-6.19%	19.34%	41.36%	-7.84%	11.84%	-12.89%
CMDY iShares Bloomberg Roll Select Commodity Strategy ETF	25.44%	15.81%	5.43%	-9.33%	14.55%	26.38%	1.15%	4.96%	-11.11%

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 6, 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.

DBC vs. CMDY - Sectors Allocation Comparison

Sectors	DBC	CMDY
Financial Services	91.5%	-
Basic Materials	-	-
Communication Services	-	100.0%
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

DBC vs. CMDY — Risk / Return Rank

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

DBC

DBC Risk / Return Rank: 75
DBC Sharpe Ratio Rank: 74
DBC Sortino Ratio Rank: 67
DBC Omega Ratio Rank: 70
DBC Calmar Ratio Rank: 92
DBC Martin Ratio Rank: 72

CMDY

CMDY Risk / Return Rank: 72
CMDY Sharpe Ratio Rank: 69
CMDY Sortino Ratio Rank: 61
CMDY Omega Ratio Rank: 69
CMDY Calmar Ratio Rank: 86
CMDY Martin Ratio Rank: 75

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. 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.

	DBC	CMDY	Difference
Sharpe ratio: Return per unit of total volatility	2.47	2.32	+0.15
Sortino ratio: Return per unit of downside risk	3.16	2.93	+0.23
Omega ratio: Gain probability vs. loss probability	1.43	1.42	+0.01
Calmar ratio: Return relative to maximum drawdown	6.54	4.82	+1.72
Martin ratio: Return relative to average drawdown	13.91	14.50	-0.59
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DBC vs. CMDY - Sharpe Ratio Comparison

The current DBC Sharpe Ratio is 2.47, which is comparable to the CMDY Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of DBC and CMDY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	DBC	CMDY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.47	2.32	+0.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.67	0.68	-0.01
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	0.56	-0.44

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.

Drawdown Indicators

	DBC	CMDY	Difference
Max Drawdown Largest peak-to-trough decline	-76.36%	-31.19%	-45.17%
Max Drawdown (1Y) Largest decline over 1 year	-7.05%	-7.73%	+0.68%
Max Drawdown (3Y) Largest decline over 3 years	-13.82%	-10.08%	-3.74%
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 Drawdown Current decline from peak	-21.64%	-3.97%	-17.67%
Average Drawdown Average peak-to-trough decline	-46.22%	-13.14%	-33.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.31%	2.57%	+0.74%

Volatility

DBC vs. CMDY - Volatility Comparison

Invesco DB Commodity Index Tracking Fund (DBC) has a higher volatility of 6.45% compared to iShares Bloomberg Roll Select Commodity Strategy ETF (CMDY) at 5.04%. 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.

Volatility by Period

	DBC	CMDY	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.45%	5.04%	+1.41%
Volatility (6M) Calculated over the trailing 6-month period	15.75%	14.20%	+1.55%
Volatility (1Y) Calculated over the trailing 1-year period	18.68%	16.06%	+2.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.18%	15.80%	+3.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.81%	14.63%	+3.18%

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 2.46%, less than CMDY's 10.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
CMDY iShares Bloomberg Roll Select Commodity Strategy ETF	10.28%	12.89%	4.23%	5.10%	3.98%	16.09%	0.15%	2.21%	1.73%
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

Can I hold both DBC and CMDY in my portfolio?

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.

Which is riskier, DBC or CMDY?

DBC has higher volatility (6.45%) compared to CMDY (5.04%). In terms of maximum drawdown, DBC dropped -76.36% vs CMDY's -31.19%.

Which ETF is better, DBC or CMDY?

On 5-year performance, DBC leads with 12.78% vs 10.71% for CMDY. On fees, CMDY is cheaper at 0.28% per year. On volatility, CMDY has been the lower-risk option at 5.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DBC or CMDY?

Over the 5-year period, DBC has performed better with a 12.78% return vs 10.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DBC or CMDY?

CMDY is cheaper with a 0.28% expense ratio, compared with 0.85% for DBC.

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

CMDY has the higher dividend yield at 10.28%, compared with 2.46% for DBC.

What is the main difference between DBC and CMDY?

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.

Which has better risk-adjusted returns?

DBC currently has the higher Sharpe Ratio (2.47 vs 2.32), 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.