DBC vs. DJP

Last updated Apr 2, 2026

Compare and contrast key facts about Invesco DB Commodity Index Tracking Fund (DBC) and iPath Bloomberg Commodity Index Total Return ETN (DJP).

DBC and DJP are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. DBC is a passively managed fund by Invesco that tracks the performance of the DBIQ Optimum Yield Diversified Commodity Index Excess Return. It was launched on Feb 3, 2006. DJP is a passively managed fund by Barclays Capital that tracks the performance of the Bloomberg Commodity Index. It was launched on Jun 6, 2006. Both DBC and DJP are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

DBC vs. DJP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DB Commodity Index Tracking Fund (DBC) and iPath Bloomberg Commodity Index Total Return ETN (DJP). The values are adjusted to include any dividend payments, if applicable.

DBC vs. DJP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DBC Invesco DB Commodity Index Tracking Fund	28.26%	8.10%	2.18%	-6.19%	19.34%	41.36%	-7.84%	11.84%	-11.63%	4.86%
DJP iPath Bloomberg Commodity Index Total Return ETN	26.62%	17.20%	5.59%	-9.85%	17.46%	31.05%	-4.12%	7.63%	-13.07%	0.74%

Returns By Period

In the year-to-date period, DBC achieves a 28.26% return, which is significantly higher than DJP's 26.62% return. Over the past 10 years, DBC has outperformed DJP with an annualized return of 10.02%, while DJP has yielded a comparatively lower 8.41% annualized return.

DBC

• 1D: -0.93%
• 1M: 11.12%
• YTD: 28.26%
• 6M: 31.82%
• 1Y: 31.70%
• 3Y*: 11.34%
• 5Y*: 14.31%
• 10Y*: 10.02%

DJP

• 1D: -1.08%
• 1M: 9.10%
• YTD: 26.62%
• 6M: 33.73%
• 1Y: 34.63%
• 3Y*: 14.66%
• 5Y*: 14.92%
• 10Y*: 8.41%

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

DBC vs. DJP - Expense Ratio Comparison

DBC has a 0.85% expense ratio, which is higher than DJP's 0.70% expense ratio.

DBC

Invesco DB Commodity Index Tracking Fund

DJP

iPath Bloomberg Commodity Index Total Return ETN

Return for Risk

DBC vs. DJP — Risk / Return Rank

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

DBC

DBC Risk / Return Rank: 81
DBC Sharpe Ratio Rank: 84
DBC Sortino Ratio Rank: 84
DBC Omega Ratio Rank: 78
DBC Calmar Ratio Rank: 88
DBC Martin Ratio Rank: 70

DJP

DJP Risk / Return Rank: 85
DJP Sharpe Ratio Rank: 86
DJP Sortino Ratio Rank: 85
DJP Omega Ratio Rank: 82
DJP Calmar Ratio Rank: 91
DJP Martin Ratio Rank: 79

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. DJP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DB Commodity Index Tracking Fund (DBC) and iPath Bloomberg Commodity Index Total Return ETN (DJP). 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	DJP	Difference
Sharpe ratio Return per unit of total volatility	1.70	1.80	-0.10
Sortino ratio Return per unit of downside risk	2.28	2.36	-0.08
Omega ratio Gain probability vs. loss probability	1.31	1.33	-0.03
Calmar ratio Return relative to maximum drawdown	2.89	3.28	-0.39
Martin ratio Return relative to average drawdown	7.43	8.99	-1.56
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. DJP - Sharpe Ratio Comparison

The current DBC Sharpe Ratio is 1.70, which is comparable to the DJP Sharpe Ratio of 1.80. The chart below compares the historical Sharpe Ratios of DBC and DJP, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	DBC	DJP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.70	1.80	-0.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.76	0.80	-0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.57	0.50	+0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.10	-0.01	+0.11

Correlation

The correlation between DBC and DJP is 0.89, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

DBC vs. DJP - Dividend Comparison

DBC's dividend yield for the trailing twelve months is around 2.59%, while DJP has not paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBC Invesco DB Commodity Index Tracking Fund	2.59%	3.33%	5.22%	4.94%	0.59%	0.00%	0.00%	1.59%	1.30%
DJP iPath Bloomberg Commodity Index Total Return ETN	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

DBC vs. DJP - Drawdown Comparison

The maximum DBC drawdown since its inception was -76.36%, roughly equal to the maximum DJP drawdown of -78.35%. Use the drawdown chart below to compare losses from any high point for DBC and DJP.

Drawdown Indicators

	DBC	DJP	Difference
Max Drawdown Largest peak-to-trough decline	-76.36%	-78.35%	+1.99%
Max Drawdown (1Y) Largest decline over 1 year	-10.99%	-10.64%	-0.35%
Max Drawdown (5Y) Largest decline over 5 years	-27.34%	-28.98%	+1.64%
Max Drawdown (10Y) Largest decline over 10 years	-41.71%	-38.36%	-3.35%
Current Drawdown Current decline from peak	-25.80%	-34.88%	+9.08%
Average Drawdown Average peak-to-trough decline	-46.42%	-51.02%	+4.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.27%	3.88%	+0.39%

Volatility

DBC vs. DJP - Volatility Comparison

Invesco DB Commodity Index Tracking Fund (DBC) and iPath Bloomberg Commodity Index Total Return ETN (DJP) have volatilities of 8.30% and 8.27%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DBC	DJP	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.30%	8.27%	+0.03%
Volatility (6M) Calculated over the trailing 6-month period	13.96%	15.27%	-1.31%
Volatility (1Y) Calculated over the trailing 1-year period	18.75%	19.36%	-0.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.97%	18.78%	+0.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.72%	17.00%	+0.72%