DBC vs. FSMD
DBC (Invesco DB Commodity Index Tracking Fund) and FSMD (Fidelity Small-Mid Multifactor ETF) are both exchange-traded funds - DBC is a Commodities fund tracking the DBIQ Optimum Yield Diversified Commodity Index Excess Return, while FSMD is a Small Cap Growth Equities fund tracking the Fidelity Small-Mid Multifactor Index. Both are passively managed. Over the past 5 years, DBC returned 11.38%/yr vs 10.41%/yr for FSMD. At a 0.24 correlation, their price movements are largely independent. DBC charges 0.85%/yr vs 0.29%/yr for FSMD.
Performance
DBC vs. FSMD - Performance Comparison
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Returns By Period
In the year-to-date period, DBC achieves a 26.21% return, which is significantly higher than FSMD's 18.15% return.
DBC
- 1D
- -1.16%
- 1M
- -9.52%
- YTD
- 26.21%
- 6M
- 27.88%
- 1Y
- 28.79%
- 3Y*
- 11.16%
- 5Y*
- 11.38%
- 10Y*
- 8.13%
FSMD
- 1D
- 0.48%
- 1M
- 6.83%
- YTD
- 18.15%
- 6M
- 16.30%
- 1Y
- 30.28%
- 3Y*
- 17.72%
- 5Y*
- 10.41%
- 10Y*
- —
DBC vs. FSMD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
DBC Invesco DB Commodity Index Tracking Fund | 26.21% | 8.10% | 2.18% | -6.19% | 19.34% | 41.36% | -7.84% | 1.28% |
FSMD Fidelity Small-Mid Multifactor ETF | 18.15% | 8.70% | 15.18% | 17.37% | -11.15% | 26.40% | 8.94% | 8.81% |
Correlation
The correlation between DBC and FSMD is -0.17, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.18 |
Correlation (All Time) Calculated using the full available price history since Feb 28, 2019 | 0.24 |
The correlation between DBC and FSMD shifts across timeframes, from -0.17 (1 year) to 0.24 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
DBC vs. FSMD — Risk / Return Rank
DBC
FSMD
DBC vs. FSMD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB Commodity Index Tracking Fund (DBC) and Fidelity Small-Mid Multifactor ETF (FSMD). 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 | FSMD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.41 | ||
| Sortino ratioReturn per unit of downside risk | -0.72 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.34 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.64 | 3.61 | -0.96 |
| Martin ratioReturn relative to average drawdown | 7.94 | 12.98 | -5.04 |
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Drawdowns
DBC vs. FSMD - Drawdown Comparison
The maximum DBC drawdown since its inception was -76.36%, which is greater than FSMD's maximum drawdown of -40.67%. Use the drawdown chart below to compare losses from any high point for DBC and FSMD.
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Drawdown Indicators
| DBC | FSMD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.36% | -40.67% | -35.69% |
Max Drawdown (1Y)Largest decline over 1 year | -10.95% | -8.44% | -2.51% |
Max Drawdown (3Y)Largest decline over 3 years | -13.82% | -22.16% | +8.34% |
Max Drawdown (5Y)Largest decline over 5 years | -27.34% | -22.16% | -5.18% |
Max Drawdown (10Y)Largest decline over 10 years | -41.71% | — | — |
Current DrawdownCurrent decline from peak | -26.99% | 0.00% | -26.99% |
Average DrawdownAverage peak-to-trough decline | -46.19% | -5.98% | -40.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.64% | 2.34% | +1.30% |
Volatility
DBC vs. FSMD - Volatility Comparison
Invesco DB Commodity Index Tracking Fund (DBC) and Fidelity Small-Mid Multifactor ETF (FSMD) have volatilities of 5.24% and 5.15%, 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.
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Volatility by Period
| DBC | FSMD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.24% | 5.15% | +0.09% |
Volatility (6M)Calculated over the trailing 6-month period | 16.17% | 11.81% | +4.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.79% | 15.64% | +3.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.23% | 18.55% | +0.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.82% | 21.42% | -3.60% |
DBC vs. FSMD - Expense Ratio Comparison
DBC has a 0.85% expense ratio, which is higher than FSMD's 0.29% expense ratio.
Dividends
DBC vs. FSMD - Dividend Comparison
DBC's dividend yield for the trailing twelve months is around 2.64%, more than FSMD's 1.18% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBC Invesco DB Commodity Index Tracking Fund | 2.64% | 3.33% | 5.22% | 4.94% | 0.59% | 0.00% | 0.00% | 1.59% | 1.30% |
FSMD Fidelity Small-Mid Multifactor ETF | 1.18% | 1.33% | 1.29% | 1.37% | 1.54% | 1.18% | 1.32% | 1.37% | 0.00% |
Frequently Asked Questions
DBC and FSMD have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBC has higher volatility (5.24%) compared to FSMD (5.15%). In terms of maximum drawdown, DBC dropped -76.36% vs FSMD's -40.67%.
On 5-year performance, DBC leads with 11.38% vs 10.41% for FSMD. On fees, FSMD is cheaper at 0.29% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, DBC has performed better with a 11.38% return vs 10.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FSMD is cheaper with a 0.29% expense ratio, compared with 0.85% for DBC.
DBC has the higher dividend yield at 2.64%, compared with 1.18% for FSMD.
DBC is categorized as Commodities, while FSMD is Small Cap Growth Equities. DBC tracks DBIQ Optimum Yield Diversified Commodity Index Excess Return, while FSMD tracks Fidelity Small-Mid Multifactor Index. They also come from different issuers: Invesco and Fidelity. Their fees differ too: 0.85% for DBC and 0.29% for FSMD.
FSMD currently has the higher Sharpe Ratio (1.95 vs 1.54), 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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