DBC vs. GOVT
DBC (Invesco DB Commodity Index Tracking Fund) and GOVT (iShares U.S. Treasury Bond ETF) are both exchange-traded funds - DBC is a Commodities fund tracking the DBIQ Optimum Yield Diversified Commodity Index Excess Return, while GOVT is a Government Bonds fund tracking the ICE U.S. Treasury Core Bond Index. Both are passively managed. Over the past 10 years, DBC returned 8.48%/yr vs 0.86%/yr for GOVT. At a correlation of -0.16, they often move in opposite directions. DBC charges 0.85%/yr vs 0.05%/yr for GOVT.
Performance
DBC vs. GOVT - Performance Comparison
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Returns By Period
In the year-to-date period, DBC achieves a 30.72% return, which is significantly higher than GOVT's -0.33% return. Over the past 10 years, DBC has outperformed GOVT with an annualized return of 8.48%, while GOVT has yielded a comparatively lower 0.86% annualized return.
DBC
- 1D
- -2.18%
- 1M
- -3.53%
- YTD
- 30.72%
- 6M
- 29.51%
- 1Y
- 39.56%
- 3Y*
- 13.78%
- 5Y*
- 11.98%
- 10Y*
- 8.48%
GOVT
- 1D
- -0.35%
- 1M
- -0.59%
- YTD
- -0.33%
- 6M
- -0.22%
- 1Y
- 3.74%
- 3Y*
- 2.73%
- 5Y*
- -0.50%
- 10Y*
- 0.86%
DBC vs. GOVT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DBC Invesco DB Commodity Index Tracking Fund | 30.72% | 8.10% | 2.18% | -6.19% | 19.34% | 41.36% | -7.84% | 11.84% | -11.63% | 4.86% |
GOVT iShares U.S. Treasury Bond ETF | -0.33% | 3.77% | 2.95% | 4.17% | -13.39% | -1.11% | 7.28% | 7.36% | 0.26% | 2.19% |
Correlation
The correlation between DBC and GOVT is -0.34, 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 | -0.34 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.17 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.13 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.15 |
Correlation (All Time) Calculated using the full available price history since Feb 27, 2012 | -0.16 |
The correlation between DBC and GOVT shifts across timeframes, from -0.34 (1 year) to -0.13 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
DBC vs. GOVT — Risk / Return Rank
DBC
GOVT
DBC vs. GOVT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB Commodity Index Tracking Fund (DBC) and iShares U.S. Treasury Bond ETF (GOVT). 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 | GOVT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.27 | ||
| Sortino ratioReturn per unit of downside risk | +1.48 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.15 | +0.23 |
| Calmar ratioReturn relative to maximum drawdown | 5.26 | 1.12 | +4.14 |
| Martin ratioReturn relative to average drawdown | 12.12 | 3.25 | +8.87 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| DBC | GOVT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.17 | 0.89 | +1.27 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.63 | -0.08 | +0.71 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.48 | 0.16 | +0.31 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.11 | 0.26 | -0.15 |
Drawdowns
DBC vs. GOVT - Drawdown Comparison
The maximum DBC drawdown since its inception was -76.36%, which is greater than GOVT's maximum drawdown of -19.07%. Use the drawdown chart below to compare losses from any high point for DBC and GOVT.
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Drawdown Indicators
| DBC | GOVT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.36% | -19.07% | -57.29% |
Max Drawdown (1Y)Largest decline over 1 year | -7.76% | -2.85% | -4.91% |
Max Drawdown (3Y)Largest decline over 3 years | -13.82% | -5.43% | -8.39% |
Max Drawdown (5Y)Largest decline over 5 years | -27.34% | -16.60% | -10.74% |
Max Drawdown (10Y)Largest decline over 10 years | -41.71% | -19.07% | -22.64% |
Current DrawdownCurrent decline from peak | -24.38% | -7.38% | -17.00% |
Average DrawdownAverage peak-to-trough decline | -46.21% | -5.25% | -40.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.36% | 0.98% | +2.38% |
Volatility
DBC vs. GOVT - Volatility Comparison
Invesco DB Commodity Index Tracking Fund (DBC) has a higher volatility of 6.13% compared to iShares U.S. Treasury Bond ETF (GOVT) at 1.06%. This indicates that DBC's price experiences larger fluctuations and is considered to be riskier than GOVT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DBC | GOVT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.13% | 1.06% | +5.07% |
Volatility (6M)Calculated over the trailing 6-month period | 16.00% | 2.54% | +13.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.87% | 3.60% | +15.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.20% | 6.04% | +13.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.82% | 5.22% | +12.60% |
DBC vs. GOVT - Expense Ratio Comparison
DBC has a 0.85% expense ratio, which is higher than GOVT's 0.05% expense ratio.
Dividends
DBC vs. GOVT - Dividend Comparison
DBC's dividend yield for the trailing twelve months is around 2.55%, less than GOVT's 3.59% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DBC Invesco DB Commodity Index Tracking Fund | 2.55% | 3.33% | 5.22% | 4.94% | 0.59% | 0.00% | 0.00% | 1.59% | 1.30% | 0.00% | 0.00% | 0.00% |
GOVT iShares U.S. Treasury Bond ETF | 3.59% | 3.49% | 3.14% | 2.65% | 1.77% | 0.96% | 2.17% | 1.98% | 1.97% | 1.57% | 1.40% | 1.25% |
Frequently Asked Questions
DBC and GOVT have a correlation of -0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBC has higher volatility (6.13%) compared to GOVT (1.06%). In terms of maximum drawdown, DBC dropped -76.36% vs GOVT's -19.07%.
On 10-year performance, DBC leads with 8.48% vs 0.86% for GOVT. On fees, GOVT is cheaper at 0.05% per year. On volatility, GOVT has been the lower-risk option at 1.06%. 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 8.48% return vs 0.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GOVT is cheaper with a 0.05% expense ratio, compared with 0.85% for DBC.
GOVT has the higher dividend yield at 3.59%, compared with 2.55% for DBC.
DBC is categorized as Commodities, while GOVT is Government Bonds. DBC tracks DBIQ Optimum Yield Diversified Commodity Index Excess Return, while GOVT tracks ICE U.S. Treasury Core Bond Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.85% for DBC and 0.05% for GOVT.
DBC currently has the higher Sharpe Ratio (2.17 vs 0.89), 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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