DBC vs. EVMT

Last updated Jun 21, 2026

DBC (Invesco DB Commodity Index Tracking Fund) and EVMT (Invesco Electric Vehicle Metals Commodity Strategy No K-1 ETF) are both Commodities funds from Invesco. DBC is passively managed, while EVMT is actively managed. Over the past 3 years, DBC returned 10.38%/yr vs 0.96%/yr for EVMT. At a 0.34 correlation, their price movements are largely independent. DBC charges 0.85%/yr vs 0.59%/yr for EVMT.

Performance

DBC vs. EVMT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DB Commodity Index Tracking Fund (DBC) and Invesco Electric Vehicle Metals Commodity Strategy No K-1 ETF (EVMT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DBC achieves a 23.57% return, which is significantly higher than EVMT's 8.02% return.

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%

EVMT

• 1D: 0.16%
• 1M: -4.46%
• YTD: 8.02%
• 6M: 14.12%
• 1Y: 36.32%
• 3Y*: 0.96%
• 5Y*: —
• 10Y*: —

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

DBC vs. EVMT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
DBC Invesco DB Commodity Index Tracking Fund	23.57%	8.10%	2.18%	-6.19%	-7.98%
EVMT Invesco Electric Vehicle Metals Commodity Strategy No K-1 ETF	8.02%	30.61%	-10.50%	-27.71%	-16.95%

Correlation

The correlation between DBC and EVMT is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (3Y) Calculated over the trailing 3-year period	0.32
Correlation (All Time) Calculated using the full available price history since Apr 26, 2022	0.34

The correlation between DBC and EVMT shifts across timeframes, from 0.23 (1 year) to 0.34 (all time), reflecting how their relationship changes across market environments.

Return for Risk

DBC vs. EVMT — Risk / Return Rank

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

DBC

DBC Risk / Return Rank: 37
DBC Sharpe Ratio Rank: 37
DBC Sortino Ratio Rank: 34
DBC Omega Ratio Rank: 35
DBC Calmar Ratio Rank: 38
DBC Martin Ratio Rank: 40

EVMT

EVMT Risk / Return Rank: 77
EVMT Sharpe Ratio Rank: 76
EVMT Sortino Ratio Rank: 74
EVMT Omega Ratio Rank: 75
EVMT Calmar Ratio Rank: 85
EVMT 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. EVMT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DB Commodity Index Tracking Fund (DBC) and Invesco Electric Vehicle Metals Commodity Strategy No K-1 ETF (EVMT). 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	EVMT	Difference
Sharpe ratio: Return per unit of total volatility	1.26	2.33	-1.07
Sortino ratio: Return per unit of downside risk	1.75	3.16	-1.41
Omega ratio: Gain probability vs. loss probability	1.23	1.42	-0.20
Calmar ratio: Return relative to maximum drawdown	1.84	4.48	-2.65
Martin ratio: Return relative to average drawdown	6.05	13.78	-7.73

DBC vs. EVMT - Sharpe Ratio Comparison

The current DBC Sharpe Ratio is 1.26, which is lower than the EVMT Sharpe Ratio of 2.33. The chart below compares the historical Sharpe Ratios of DBC and EVMT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

DBC vs. EVMT - Drawdown Comparison

The maximum DBC drawdown since its inception was -76.36%, which is greater than EVMT's maximum drawdown of -48.34%. Use the drawdown chart below to compare losses from any high point for DBC and EVMT.

Drawdown Indicators

	DBC	EVMT	Difference
Max Drawdown Largest peak-to-trough decline	-76.36%	-48.34%	-28.02%
Max Drawdown (1Y) Largest decline over 1 year	-12.81%	-7.96%	-4.85%
Max Drawdown (3Y) Largest decline over 3 years	-13.82%	-29.38%	+15.56%
Max Drawdown (5Y) Largest decline over 5 years	-27.34%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-41.71%	—	—
Current Drawdown Current decline from peak	-28.52%	-25.43%	-3.09%
Average Drawdown Average peak-to-trough decline	-46.18%	-34.59%	-11.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.88%	2.58%	+1.30%

Volatility

DBC vs. EVMT - Volatility Comparison

Invesco DB Commodity Index Tracking Fund (DBC) has a higher volatility of 4.93% compared to Invesco Electric Vehicle Metals Commodity Strategy No K-1 ETF (EVMT) at 4.07%. This indicates that DBC's price experiences larger fluctuations and is considered to be riskier than EVMT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DBC	EVMT	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.93%	4.07%	+0.86%
Volatility (6M) Calculated over the trailing 6-month period	16.16%	13.69%	+2.47%
Volatility (1Y) Calculated over the trailing 1-year period	18.70%	15.31%	+3.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.20%	20.45%	-1.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.80%	20.45%	-2.65%

DBC vs. EVMT - Expense Ratio Comparison

DBC has a 0.85% expense ratio, which is higher than EVMT's 0.59% expense ratio.

Dividends

DBC vs. EVMT - Dividend Comparison

DBC's dividend yield for the trailing twelve months is around 2.69%, less than EVMT's 10.93% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
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%
EVMT Invesco Electric Vehicle Metals Commodity Strategy No K-1 ETF	10.93%	11.80%	3.62%	5.49%	0.86%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DBC and EVMT in my portfolio?

DBC and EVMT have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DBC or EVMT?

DBC has higher volatility (4.93%) compared to EVMT (4.07%). In terms of maximum drawdown, DBC dropped -76.36% vs EVMT's -48.34%.

Which ETF is better, DBC or EVMT?

On 3-year performance, DBC leads with 10.38% vs 0.96% for EVMT. On fees, EVMT is cheaper at 0.59% per year. On volatility, EVMT has been the lower-risk option at 4.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DBC or EVMT?

Over the 3-year period, DBC has performed better with a 10.38% return vs 0.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DBC or EVMT?

EVMT is cheaper with a 0.59% expense ratio, compared with 0.85% for DBC.

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

EVMT has the higher dividend yield at 10.93%, compared with 2.69% for DBC.

What is the main difference between DBC and EVMT?

Their fees differ too: 0.85% for DBC and 0.59% for EVMT.

Which has better risk-adjusted returns?

EVMT currently has the higher Sharpe Ratio (2.33 vs 1.26), 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.