DBC vs. COMT
DBC (Invesco DB Commodity Index Tracking Fund) and COMT (iShares GSCI Commodity Dynamic Roll Strategy ETF) are both Commodities funds - DBC tracks the DBIQ Optimum Yield Diversified Commodity Index Excess Return while COMT tracks the S&P GSCI Dynamic Roll (USD) Total Return Index. Both are passively managed. Over the past 10 years, DBC returned 7.81%/yr vs 7.83%/yr for COMT. Their correlation of 0.93 suggests significant overlap in exposure. DBC charges 0.85%/yr vs 0.48%/yr for COMT.
Performance
DBC vs. COMT - Performance Comparison
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Returns By Period
In the year-to-date period, DBC achieves a 23.57% return, which is significantly lower than COMT's 26.01% return. Both investments have delivered pretty close results over the past 10 years, with DBC having a 7.81% annualized return and COMT not far ahead at 7.83%.
DBC
- 1D
- -0.29%
- 1M
- -10.00%
- YTD
- 23.57%
- 6M
- 24.99%
- 1Y
- 22.79%
- 3Y*
- 10.38%
- 5Y*
- 11.27%
- 10Y*
- 7.81%
COMT
- 1D
- -0.16%
- 1M
- -11.04%
- YTD
- 26.01%
- 6M
- 27.62%
- 1Y
- 22.89%
- 3Y*
- 11.82%
- 5Y*
- 11.50%
- 10Y*
- 7.83%
DBC vs. COMT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DBC Invesco DB Commodity Index Tracking Fund | 23.57% | 8.10% | 2.18% | -6.19% | 19.34% | 41.36% | -7.84% | 11.84% | -11.63% | 4.86% |
COMT iShares GSCI Commodity Dynamic Roll Strategy ETF | 26.01% | 6.07% | 5.96% | -6.56% | 19.45% | 36.88% | -18.66% | 10.81% | -6.67% | 11.70% |
Correlation
The correlation between DBC and COMT is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.97 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.97 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.94 |
Correlation (All Time) Calculated using the full available price history since Oct 16, 2014 | 0.93 |
The correlation between DBC and COMT has been stable across timeframes, ranging from 0.93 to 0.97 - a consistent structural relationship.
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Return for Risk
DBC vs. COMT — Risk / Return Rank
DBC
COMT
DBC vs. COMT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB Commodity Index Tracking Fund (DBC) and iShares GSCI Commodity Dynamic Roll Strategy ETF (COMT). 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 | COMT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.17 | ||
| Sortino ratioReturn per unit of downside risk | +0.19 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.20 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.84 | 1.65 | +0.19 |
| Martin ratioReturn relative to average drawdown | 6.05 | 5.73 | +0.32 |
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Drawdowns
DBC vs. COMT - Drawdown Comparison
The maximum DBC drawdown since its inception was -76.36%, which is greater than COMT's maximum drawdown of -51.89%. Use the drawdown chart below to compare losses from any high point for DBC and COMT.
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Drawdown Indicators
| DBC | COMT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.36% | -51.89% | -24.47% |
Max Drawdown (1Y)Largest decline over 1 year | -12.81% | -14.13% | +1.32% |
Max Drawdown (3Y)Largest decline over 3 years | -13.82% | -14.13% | +0.31% |
Max Drawdown (5Y)Largest decline over 5 years | -27.34% | -29.00% | +1.66% |
Max Drawdown (10Y)Largest decline over 10 years | -41.71% | -39.22% | -2.49% |
Current DrawdownCurrent decline from peak | -28.52% | -14.13% | -14.39% |
Average DrawdownAverage peak-to-trough decline | -46.18% | -24.01% | -22.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.88% | 4.05% | -0.17% |
Volatility
DBC vs. COMT - Volatility Comparison
The current volatility for Invesco DB Commodity Index Tracking Fund (DBC) is 4.93%, while iShares GSCI Commodity Dynamic Roll Strategy ETF (COMT) has a volatility of 5.46%. This indicates that DBC experiences smaller price fluctuations and is considered to be less risky than COMT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DBC | COMT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.93% | 5.46% | -0.53% |
Volatility (6M)Calculated over the trailing 6-month period | 16.16% | 19.22% | -3.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.70% | 21.41% | -2.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.20% | 21.12% | -1.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.80% | 18.88% | -1.08% |
DBC vs. COMT - Expense Ratio Comparison
DBC has a 0.85% expense ratio, which is higher than COMT's 0.48% expense ratio.
Dividends
DBC vs. COMT - Dividend Comparison
DBC's dividend yield for the trailing twelve months is around 2.69%, less than COMT's 6.14% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
COMT iShares GSCI Commodity Dynamic Roll Strategy ETF | 6.14% | 7.74% | 4.90% | 5.19% | 29.79% | 17.79% | 0.36% | 2.61% | 11.65% | 5.16% | 0.52% | 1.44% |
DBC Invesco DB Commodity Index Tracking Fund | 2.69% | 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
With a correlation of 0.97, DBC and COMT 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.
COMT has higher volatility (5.46%) compared to DBC (4.93%). In terms of maximum drawdown, DBC dropped -76.36% vs COMT's -51.89%.
On 10-year performance, COMT leads with 7.83% vs 7.81% for DBC. On fees, COMT is cheaper at 0.48% per year. On volatility, DBC has been the lower-risk option at 4.93%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, COMT has performed better with a 7.83% return vs 7.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
COMT is cheaper with a 0.48% expense ratio, compared with 0.85% for DBC.
COMT has the higher dividend yield at 6.14%, compared with 2.69% for DBC.
DBC tracks DBIQ Optimum Yield Diversified Commodity Index Excess Return, while COMT tracks S&P GSCI Dynamic Roll (USD) Total Return Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.85% for DBC and 0.48% for COMT.
DBC currently has the higher Sharpe Ratio (1.26 vs 1.09), 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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