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DBC vs. CNDX.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

DBC vs. CNDX.L

Last updated Jun 10, 2026

DBC (Invesco DB Commodity Index Tracking Fund) and CNDX.L (iShares NASDAQ 100 UCITS ETF) are both exchange-traded funds - DBC is a Commodities fund tracking the DBIQ Optimum Yield Diversified Commodity Index Excess Return, while CNDX.L is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Both are passively managed. Over the past 10 years, DBC returned 8.39%/yr vs 21.02%/yr for CNDX.L. At a 0.17 correlation, their price movements are largely independent. DBC charges 0.85%/yr vs 0.33%/yr for CNDX.L.

Performance

DBC vs. CNDX.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DB Commodity Index Tracking Fund (DBC) and iShares NASDAQ 100 UCITS ETF (CNDX.L). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, DBC achieves a 30.01% return, which is significantly higher than CNDX.L's 13.47% return. Over the past 10 years, DBC has underperformed CNDX.L with an annualized return of 8.39%, while CNDX.L has yielded a comparatively higher 21.02% annualized return.

DBC

1D
-1.36%
1M
-4.06%
YTD
30.01%
6M
30.70%
1Y
38.66%
3Y*
13.59%
5Y*
11.62%
10Y*
8.39%

CNDX.L

1D
-2.45%
1M
-0.89%
YTD
13.47%
6M
12.34%
1Y
32.47%
3Y*
26.03%
5Y*
16.08%
10Y*
21.02%
*Multi-year figures are annualized to reflect compound growth (CAGR)

DBC vs. CNDX.L - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
DBC
Invesco DB Commodity Index Tracking Fund		30.01%8.10%2.18%-6.19%19.34%41.36%-7.84%11.84%-11.63%4.86%
CNDX.L
iShares NASDAQ 100 UCITS ETF		13.47%19.75%26.42%56.22%-33.49%27.92%48.25%37.96%-1.08%31.91%

Correlation

The correlation between DBC and CNDX.L is -0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

-0.07

Correlation (3Y)
Calculated over the trailing 3-year period

0.05

Correlation (5Y)
Calculated over the trailing 5-year period

0.09

Correlation (10Y)
Calculated over the trailing 10-year period

0.15

Correlation (All Time)
Calculated using the full available price history since Sep 15, 2010

0.17

The correlation between DBC and CNDX.L shifts across timeframes, from -0.07 (1 year) to 0.17 (all time), reflecting how their relationship changes across market environments.

DBC vs. CNDX.L - Sectors Allocation Comparison

Sectors
DBC
CNDX.L

Financial Services

91.5%
0.2%

Basic Materials

-

1.0%

Communication Services

-

14.5%

Consumer Cyclical

-

11.6%

Consumer Defensive

-

6.6%

Energy

-

0.5%

Healthcare

-

3.7%

Industrials

-

2.8%

Real Estate

-

0.1%

Technology

-

57.9%

Utilities

-

1.2%

Financial Services

DBC
91.5%
CNDX.L
0.2%

Basic Materials

DBC

-

CNDX.L
1.0%

Communication Services

DBC

-

CNDX.L
14.5%

Consumer Cyclical

DBC

-

CNDX.L
11.6%

Consumer Defensive

DBC

-

CNDX.L
6.6%

Energy

DBC

-

CNDX.L
0.5%

Healthcare

DBC

-

CNDX.L
3.7%

Industrials

DBC

-

CNDX.L
2.8%

Real Estate

DBC

-

CNDX.L
0.1%

Technology

DBC

-

CNDX.L
57.9%

Utilities

DBC

-

CNDX.L
1.2%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Invesco DB Commodity Index Tracking Fund

iShares NASDAQ 100 UCITS ETF

Often compared with DBC:
DBC vs. PDBCDBC vs. GSGDBC vs. DBADBC vs. BCIDBC vs. DJPDBC vs. XLEDBC vs. USCI
Often compared with CNDX.L:
CNDX.L vs. QQQCNDX.L vs. EQQQ.DECNDX.L vs. SXRV.DECNDX.L vs. CNX1.LCNDX.L vs. CSPX.LCNDX.L vs. EQQU.LCNDX.L vs. VWRA.L

Return for Risk

DBC vs. CNDX.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
DBC
DBC Risk / Return Rank: 7373
Overall Rank
DBC Sharpe Ratio Rank: 7171
Sharpe Ratio Rank
DBC Sortino Ratio Rank: 6666
Sortino Ratio Rank
DBC Omega Ratio Rank: 6868
Omega Ratio Rank
DBC Calmar Ratio Rank: 8989
Calmar Ratio Rank
DBC Martin Ratio Rank: 6969
Martin Ratio Rank
CNDX.L
CNDX.L Risk / Return Rank: 6767
Overall Rank
CNDX.L Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
CNDX.L Sortino Ratio Rank: 7070
Sortino Ratio Rank
CNDX.L Omega Ratio Rank: 6565
Omega Ratio Rank
CNDX.L Calmar Ratio Rank: 6666
Calmar Ratio Rank
CNDX.L Martin Ratio Rank: 6565
Martin Ratio Rank
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. CNDX.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DB Commodity Index Tracking Fund (DBC) and iShares NASDAQ 100 UCITS ETF (CNDX.L). 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.

DBCCNDX.LDifference
Sharpe ratioReturn per unit of total volatility
2.05
1.99

+0.06

Sortino ratioReturn per unit of downside risk
2.69
2.79

-0.10

Omega ratioGain probability vs. loss probability

1.36

1.34

+0.01

Calmar ratioReturn relative to maximum drawdown

4.70

2.94

+1.76

Martin ratioReturn relative to average drawdown

11.30

10.44

+0.85

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. CNDX.L - Sharpe Ratio Comparison

The current DBC Sharpe Ratio is 2.05, which is comparable to the CNDX.L Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of DBC and CNDX.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

DBCCNDX.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.05

1.99

+0.06

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.61

0.77

-0.16

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.47

1.04

-0.57

Sharpe Ratio (All Time)

Calculated using the full available price history

0.10

1.02

-0.91

Drawdowns

DBC vs. CNDX.L - Drawdown Comparison

The maximum DBC drawdown since its inception was -76.36%, which is greater than CNDX.L's maximum drawdown of -35.21%. Use the drawdown chart below to compare losses from any high point for DBC and CNDX.L.

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Drawdown Indicators

DBCCNDX.LDifference

Max Drawdown

Largest peak-to-trough decline

-76.36%

-35.21%

-41.15%

Max Drawdown (1Y)

Largest decline over 1 year

-8.27%

-11.00%

+2.73%

Max Drawdown (3Y)

Largest decline over 3 years

-13.82%

-22.44%

+8.62%

Max Drawdown (5Y)

Largest decline over 5 years

-27.34%

-35.21%

+7.87%

Max Drawdown (10Y)

Largest decline over 10 years

-41.71%

-35.21%

-6.50%

Current Drawdown

Current decline from peak

-24.79%

-5.89%

-18.90%

Average Drawdown

Average peak-to-trough decline

-46.20%

-5.13%

-41.07%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.43%

3.10%

+0.33%

Volatility

DBC vs. CNDX.L - Volatility Comparison

Invesco DB Commodity Index Tracking Fund (DBC) has a higher volatility of 6.31% compared to iShares NASDAQ 100 UCITS ETF (CNDX.L) at 5.93%. This indicates that DBC's price experiences larger fluctuations and is considered to be riskier than CNDX.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

DBCCNDX.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.31%

5.93%

+0.38%

Volatility (6M)

Calculated over the trailing 6-month period

16.09%

12.40%

+3.69%

Volatility (1Y)

Calculated over the trailing 1-year period

18.93%

16.22%

+2.71%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.21%

20.96%

-1.75%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.82%

20.11%

-2.29%

DBC vs. CNDX.L - Expense Ratio Comparison

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

Dividends

DBC vs. CNDX.L - Dividend Comparison

DBC's dividend yield for the trailing twelve months is around 2.56%, while CNDX.L has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018
CNDX.L
iShares NASDAQ 100 UCITS ETF		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
DBC
Invesco DB Commodity Index Tracking Fund		2.56%3.33%5.22%4.94%0.59%0.00%0.00%1.59%1.30%

Frequently Asked Questions

DBC and CNDX.L have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, CNDX.L is cheaper at 0.33% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

DBC is categorized as Commodities, while CNDX.L is Nasdaq-100. DBC tracks DBIQ Optimum Yield Diversified Commodity Index Excess Return, while CNDX.L tracks NASDAQ-100 Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.85% for DBC and 0.33% for CNDX.L.

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