DBC vs. HSY
DBC (Invesco DB Commodity Index Tracking Fund) is Commodities fund tracking the DBIQ Optimum Yield Diversified Commodity Index Excess Return, while HSY (The Hershey Company) is a stock. Over the past 10 years, DBC returned 8.27%/yr vs 9.11%/yr for HSY. At a 0.08 correlation, their price movements are largely independent.
Performance
DBC vs. HSY - Performance Comparison
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Returns By Period
In the year-to-date period, DBC achieves a 27.68% return, which is significantly higher than HSY's 1.25% return. Over the past 10 years, DBC has underperformed HSY with an annualized return of 8.27%, while HSY has yielded a comparatively higher 9.11% annualized return.
DBC
- 1D
- -1.04%
- 1M
- -8.35%
- YTD
- 27.68%
- 6M
- 28.76%
- 1Y
- 30.29%
- 3Y*
- 12.92%
- 5Y*
- 11.29%
- 10Y*
- 8.27%
HSY
- 1D
- 0.45%
- 1M
- -3.82%
- YTD
- 1.25%
- 6M
- 1.34%
- 1Y
- 10.63%
- 3Y*
- -8.39%
- 5Y*
- 3.29%
- 10Y*
- 9.11%
DBC vs. HSY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DBC Invesco DB Commodity Index Tracking Fund | 27.68% | 8.10% | 2.18% | -6.19% | 19.34% | 41.36% | -7.84% | 11.84% | -11.63% | 4.86% |
HSY The Hershey Company | 1.25% | 10.98% | -6.51% | -17.88% | 21.86% | 29.58% | 5.90% | 40.20% | -2.92% | 12.33% |
Correlation
The correlation between DBC and HSY is -0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.08 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.02 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.01 |
Correlation (All Time) Calculated using the full available price history since Feb 6, 2006 | 0.08 |
The correlation between DBC and HSY shifts across timeframes, from -0.08 (1 year) to 0.08 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
DBC vs. HSY — Risk / Return Rank
DBC
HSY
DBC vs. HSY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB Commodity Index Tracking Fund (DBC) and The Hershey Company (HSY). 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 | HSY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.50 | ||
| Sortino ratioReturn per unit of downside risk | +1.76 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.08 | +0.24 |
| Calmar ratioReturn relative to maximum drawdown | 3.48 | 0.35 | +3.13 |
| Martin ratioReturn relative to average drawdown | 9.64 | 0.87 | +8.77 |
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Drawdowns
DBC vs. HSY - Drawdown Comparison
The maximum DBC drawdown since its inception was -76.36%, which is greater than HSY's maximum drawdown of -49.15%. Use the drawdown chart below to compare losses from any high point for DBC and HSY.
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Drawdown Indicators
| DBC | HSY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.36% | -49.15% | -27.21% |
Max Drawdown (1Y)Largest decline over 1 year | -9.91% | -25.01% | +15.10% |
Max Drawdown (3Y)Largest decline over 3 years | -13.82% | -42.23% | +28.41% |
Max Drawdown (5Y)Largest decline over 5 years | -27.34% | -45.25% | +17.91% |
Max Drawdown (10Y)Largest decline over 10 years | -41.71% | -45.25% | +3.54% |
Current DrawdownCurrent decline from peak | -26.14% | -28.02% | +1.88% |
Average DrawdownAverage peak-to-trough decline | -46.19% | -13.10% | -33.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.57% | 10.00% | -6.43% |
Volatility
DBC vs. HSY - Volatility Comparison
The current volatility for Invesco DB Commodity Index Tracking Fund (DBC) is 5.20%, while The Hershey Company (HSY) has a volatility of 9.48%. This indicates that DBC experiences smaller price fluctuations and is considered to be less risky than HSY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DBC | HSY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.20% | 9.48% | -4.28% |
Volatility (6M)Calculated over the trailing 6-month period | 16.11% | 20.08% | -3.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.94% | 27.49% | -8.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.22% | 22.77% | -3.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.82% | 23.44% | -5.62% |
Dividends
DBC vs. HSY - Dividend Comparison
DBC's dividend yield for the trailing twelve months is around 2.61%, less than HSY's 3.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DBC Invesco DB Commodity Index Tracking Fund | 2.61% | 3.33% | 5.22% | 4.94% | 0.59% | 0.00% | 0.00% | 1.59% | 1.30% | 0.00% | 0.00% | 0.00% |
HSY The Hershey Company | 3.11% | 3.01% | 3.24% | 2.39% | 1.67% | 1.76% | 2.07% | 2.03% | 2.57% | 2.24% | 2.32% | 2.50% |
Frequently Asked Questions
DBC and HSY have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HSY has higher volatility (9.48%) compared to DBC (5.20%). In terms of maximum drawdown, DBC dropped -76.36% vs HSY's -49.15%.
DBC currently has the higher Sharpe Ratio (1.82 vs 0.32), 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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