DBC vs. GPIX

Last updated Jun 16, 2026

DBC (Invesco DB Commodity Index Tracking Fund) and GPIX (Goldman Sachs S&P 500 Premium Income ETF) are both exchange-traded funds - DBC is a Commodities fund tracking the DBIQ Optimum Yield Diversified Commodity Index Excess Return, while GPIX is a Derivative Income fund actively managed by Goldman Sachs. DBC is passively managed, while GPIX is actively managed. Over the past year, DBC returned 28.79% vs 25.72% for GPIX. At a 0.03 correlation, their price movements are largely independent. DBC charges 0.85%/yr vs 0.29%/yr for GPIX.

Performance

DBC vs. GPIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DB Commodity Index Tracking Fund (DBC) and Goldman Sachs S&P 500 Premium Income ETF (GPIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DBC achieves a 26.21% return, which is significantly higher than GPIX's 10.28% 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%

GPIX

• 1D: 1.51%
• 1M: 2.08%
• YTD: 10.28%
• 6M: 10.95%
• 1Y: 25.72%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DBC vs. GPIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
DBC Invesco DB Commodity Index Tracking Fund	26.21%	8.10%	2.18%	-7.06%
GPIX Goldman Sachs S&P 500 Premium Income ETF	10.28%	16.25%	21.77%	13.04%

Correlation

The correlation between DBC and GPIX is -0.16, 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	-0.16
Correlation (All Time) Calculated using the full available price history since Oct 26, 2023	0.03

The correlation between DBC and GPIX shifts across timeframes, from -0.16 (1 year) to 0.03 (all time), reflecting how their relationship changes across market environments.

Return for Risk

DBC vs. GPIX — Risk / Return Rank

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

DBC

DBC Risk / Return Rank: 50
DBC Sharpe Ratio Rank: 49
DBC Sortino Ratio Rank: 46
DBC Omega Ratio Rank: 47
DBC Calmar Ratio Rank: 59
DBC Martin Ratio Rank: 51

GPIX

GPIX Risk / Return Rank: 83
GPIX Sharpe Ratio Rank: 84
GPIX Sortino Ratio Rank: 84
GPIX Omega Ratio Rank: 86
GPIX Calmar Ratio Rank: 73
GPIX Martin Ratio Rank: 86

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. GPIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DB Commodity Index Tracking Fund (DBC) and Goldman Sachs S&P 500 Premium Income ETF (GPIX). 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	GPIX	Difference
Sharpe ratio: Return per unit of total volatility	1.54	2.42	-0.88
Sortino ratio: Return per unit of downside risk	2.09	3.30	-1.21
Omega ratio: Gain probability vs. loss probability	1.27	1.46	-0.19
Calmar ratio: Return relative to maximum drawdown	2.64	3.35	-0.71
Martin ratio: Return relative to average drawdown	7.94	16.40	-8.46

DBC vs. GPIX - Sharpe Ratio Comparison

The current DBC Sharpe Ratio is 1.54, which is lower than the GPIX Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of DBC and GPIX, 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. GPIX - Drawdown Comparison

The maximum DBC drawdown since its inception was -76.36%, which is greater than GPIX's maximum drawdown of -17.50%. Use the drawdown chart below to compare losses from any high point for DBC and GPIX.

Drawdown Indicators

	DBC	GPIX	Difference
Max Drawdown Largest peak-to-trough decline	-76.36%	-17.50%	-58.86%
Max Drawdown (1Y) Largest decline over 1 year	-10.95%	-7.71%	-3.24%
Max Drawdown (3Y) Largest decline over 3 years	-13.82%	—	—
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	-26.99%	-0.14%	-26.85%
Average Drawdown Average peak-to-trough decline	-46.19%	-1.48%	-44.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.64%	1.57%	+2.07%

Volatility

DBC vs. GPIX - Volatility Comparison

Invesco DB Commodity Index Tracking Fund (DBC) has a higher volatility of 5.24% compared to Goldman Sachs S&P 500 Premium Income ETF (GPIX) at 4.00%. This indicates that DBC's price experiences larger fluctuations and is considered to be riskier than GPIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DBC	GPIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.24%	4.00%	+1.24%
Volatility (6M) Calculated over the trailing 6-month period	16.17%	8.63%	+7.54%
Volatility (1Y) Calculated over the trailing 1-year period	18.79%	10.69%	+8.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.23%	13.88%	+5.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.82%	13.88%	+3.94%

DBC vs. GPIX - Expense Ratio Comparison

DBC has a 0.85% expense ratio, which is higher than GPIX's 0.29% expense ratio.

Dividends

DBC vs. GPIX - Dividend Comparison

DBC's dividend yield for the trailing twelve months is around 2.64%, less than GPIX's 7.97% 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%
GPIX Goldman Sachs S&P 500 Premium Income ETF	7.97%	8.01%	7.45%	1.40%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DBC and GPIX in my portfolio?

DBC and GPIX have a correlation of -0.16, 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 GPIX?

DBC has higher volatility (5.24%) compared to GPIX (4.00%). In terms of maximum drawdown, DBC dropped -76.36% vs GPIX's -17.50%.

Which ETF is better, DBC or GPIX?

On 1-year performance, DBC leads with 28.79% vs 25.72% for GPIX. On fees, GPIX is cheaper at 0.29% per year. On volatility, GPIX has been the lower-risk option at 4.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DBC or GPIX?

Over the 1-year period, DBC has performed better with a 28.79% return vs 25.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DBC or GPIX?

GPIX is cheaper with a 0.29% expense ratio, compared with 0.85% for DBC.

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

GPIX has the higher dividend yield at 7.97%, compared with 2.64% for DBC.

What is the main difference between DBC and GPIX?

DBC is categorized as Commodities, while GPIX is Derivative Income. They also come from different issuers: Invesco and Goldman Sachs. Their fees differ too: 0.85% for DBC and 0.29% for GPIX.

Which has better risk-adjusted returns?

GPIX currently has the higher Sharpe Ratio (2.42 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.