DBC vs. DBA
DBC (Invesco DB Commodity Index Tracking Fund) and DBA (Invesco DB Agriculture Fund) are both exchange-traded funds - DBC is a Commodities fund tracking the DBIQ Optimum Yield Diversified Commodity Index Excess Return, while DBA is a Agricultural Commodities fund tracking the DBIQ Diversified Agriculture Index Excess Return. Both are passively managed. Over the past 10 years, DBC returned 8.01%/yr vs 3.67%/yr for DBA. A 0.50 correlation means they provide meaningful diversification when combined. DBC charges 0.85%/yr vs 0.88%/yr for DBA.
Performance
DBC vs. DBA - Performance Comparison
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Returns By Period
In the year-to-date period, DBC achieves a 22.58% return, which is significantly higher than DBA's 4.43% return. Over the past 10 years, DBC has outperformed DBA with an annualized return of 8.01%, while DBA has yielded a comparatively lower 3.67% annualized return.
DBC
- 1D
- -0.80%
- 1M
- -10.25%
- YTD
- 22.58%
- 6M
- 22.42%
- 1Y
- 21.81%
- 3Y*
- 10.98%
- 5Y*
- 10.64%
- 10Y*
- 8.01%
DBA
- 1D
- 0.08%
- 1M
- -3.30%
- YTD
- 4.43%
- 6M
- 4.76%
- 1Y
- 4.55%
- 3Y*
- 11.76%
- 5Y*
- 11.03%
- 10Y*
- 3.67%
DBC vs. DBA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DBC Invesco DB Commodity Index Tracking Fund | 22.58% | 8.10% | 2.18% | -6.19% | 19.34% | 41.36% | -7.84% | 11.84% | -11.63% | 4.86% |
DBA Invesco DB Agriculture Fund | 4.43% | -0.56% | 33.45% | 7.64% | 2.53% | 22.37% | -2.54% | -0.71% | -8.74% | -6.06% |
Correlation
The correlation between DBC and DBA is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.35 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.28 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.41 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.40 |
Correlation (All Time) Calculated using the full available price history since Jan 5, 2007 | 0.50 |
The correlation between DBC and DBA shifts across timeframes, from 0.28 (3 years) to 0.50 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
DBC vs. DBA — Risk / Return Rank
DBC
DBA
DBC vs. DBA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB Commodity Index Tracking Fund (DBC) and Invesco DB Agriculture Fund (DBA). 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 | DBA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.74 | ||
| Sortino ratioReturn per unit of downside risk | +0.96 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.08 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 1.62 | 0.53 | +1.09 |
| Martin ratioReturn relative to average drawdown | 6.82 | 1.15 | +5.66 |
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Drawdowns
DBC vs. DBA - Drawdown Comparison
The maximum DBC drawdown since its inception was -76.36%, which is greater than DBA's maximum drawdown of -67.97%. Use the drawdown chart below to compare losses from any high point for DBC and DBA.
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Drawdown Indicators
| DBC | DBA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.36% | -67.97% | -8.39% |
Max Drawdown (1Y)Largest decline over 1 year | -13.51% | -8.67% | -4.84% |
Max Drawdown (3Y)Largest decline over 3 years | -13.82% | -12.36% | -1.46% |
Max Drawdown (5Y)Largest decline over 5 years | -27.34% | -15.94% | -11.40% |
Max Drawdown (10Y)Largest decline over 10 years | -41.71% | -39.12% | -2.59% |
Current DrawdownCurrent decline from peak | -29.09% | -26.48% | -2.61% |
Average DrawdownAverage peak-to-trough decline | -46.17% | -41.06% | -5.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.97% | 3.96% | +0.01% |
Volatility
DBC vs. DBA - Volatility Comparison
Invesco DB Commodity Index Tracking Fund (DBC) has a higher volatility of 4.60% compared to Invesco DB Agriculture Fund (DBA) at 2.85%. This indicates that DBC's price experiences larger fluctuations and is considered to be riskier than DBA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DBC | DBA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.60% | 2.85% | +1.75% |
Volatility (6M)Calculated over the trailing 6-month period | 16.16% | 6.65% | +9.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.75% | 10.60% | +8.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.20% | 13.93% | +5.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.81% | 13.06% | +4.75% |
DBC vs. DBA - Expense Ratio Comparison
DBC has a 0.85% expense ratio, which is lower than DBA's 0.88% expense ratio.
Dividends
DBC vs. DBA - Dividend Comparison
DBC's dividend yield for the trailing twelve months is around 2.72%, less than DBA's 3.42% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBA Invesco DB Agriculture Fund | 3.42% | 3.58% | 4.08% | 4.63% | 0.48% | 0.00% | 0.00% | 1.55% | 1.06% |
DBC Invesco DB Commodity Index Tracking Fund | 2.72% | 3.33% | 5.22% | 4.94% | 0.59% | 0.00% | 0.00% | 1.59% | 1.30% |
Frequently Asked Questions
DBC and DBA have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBC has higher volatility (4.60%) compared to DBA (2.85%). In terms of maximum drawdown, DBC dropped -76.36% vs DBA's -67.97%.
On 10-year performance, DBC leads with 8.01% vs 3.67% for DBA. On fees, DBC is cheaper at 0.85% per year. On volatility, DBA has been the lower-risk option at 2.85%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DBC has performed better with a 8.01% return vs 3.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DBC is cheaper with a 0.85% expense ratio, compared with 0.88% for DBA.
DBA has the higher dividend yield at 3.42%, compared with 2.72% for DBC.
DBC is categorized as Commodities, while DBA is Agricultural Commodities. DBC tracks DBIQ Optimum Yield Diversified Commodity Index Excess Return, while DBA tracks DBIQ Diversified Agriculture Index Excess Return. Their fees differ too: 0.85% for DBC and 0.88% for DBA.
DBC currently has the higher Sharpe Ratio (1.17 vs 0.43), 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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