DBC vs. IEF
DBC (Invesco DB Commodity Index Tracking Fund) and IEF (iShares 7-10 Year Treasury Bond ETF) are both exchange-traded funds - DBC is a Commodities fund tracking the DBIQ Optimum Yield Diversified Commodity Index Excess Return, while IEF is a Government Bonds fund tracking the ICE U.S. Treasury 7-10 Year Bond Index. Both are passively managed. Over the past 10 years, DBC returned 8.54%/yr vs 0.53%/yr for IEF. At a correlation of -0.18, they often move in opposite directions. DBC charges 0.85%/yr vs 0.15%/yr for IEF.
Performance
DBC vs. IEF - Performance Comparison
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Returns By Period
In the year-to-date period, DBC achieves a 31.80% return, which is significantly higher than IEF's -1.16% return. Over the past 10 years, DBC has outperformed IEF with an annualized return of 8.54%, while IEF has yielded a comparatively lower 0.53% annualized return.
DBC
- 1D
- 0.82%
- 1M
- -2.74%
- YTD
- 31.80%
- 6M
- 32.21%
- 1Y
- 40.70%
- 3Y*
- 14.11%
- 5Y*
- 12.01%
- 10Y*
- 8.54%
IEF
- 1D
- -0.11%
- 1M
- -1.19%
- YTD
- -1.16%
- 6M
- -0.96%
- 1Y
- 3.91%
- 3Y*
- 2.43%
- 5Y*
- -1.34%
- 10Y*
- 0.53%
DBC vs. IEF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DBC Invesco DB Commodity Index Tracking Fund | 31.80% | 8.10% | 2.18% | -6.19% | 19.34% | 41.36% | -7.84% | 11.84% | -11.63% | 4.86% |
IEF iShares 7-10 Year Treasury Bond ETF | -1.16% | 8.03% | -0.63% | 3.64% | -15.15% | -3.33% | 10.01% | 8.03% | 0.99% | 2.55% |
Correlation
The correlation between DBC and IEF is -0.32, 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 | -0.32 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.16 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.11 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.14 |
Correlation (All Time) Calculated using the full available price history since Feb 7, 2006 | -0.18 |
The correlation between DBC and IEF shifts across timeframes, from -0.32 (1 year) to -0.11 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
DBC vs. IEF — Risk / Return Rank
DBC
IEF
DBC vs. IEF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB Commodity Index Tracking Fund (DBC) and iShares 7-10 Year Treasury Bond ETF (IEF). 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 | IEF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.33 | ||
| Sortino ratioReturn per unit of downside risk | +1.55 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.14 | +0.24 |
| Calmar ratioReturn relative to maximum drawdown | 5.27 | 0.96 | +4.30 |
| Martin ratioReturn relative to average drawdown | 12.03 | 2.79 | +9.24 |
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 | IEF | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.17 | 0.84 | +1.33 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.63 | -0.17 | +0.80 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.48 | 0.08 | +0.40 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.11 | 0.50 | -0.39 |
Drawdowns
DBC vs. IEF - Drawdown Comparison
The maximum DBC drawdown since its inception was -76.36%, which is greater than IEF's maximum drawdown of -23.93%. Use the drawdown chart below to compare losses from any high point for DBC and IEF.
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Drawdown Indicators
| DBC | IEF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.36% | -23.93% | -52.43% |
Max Drawdown (1Y)Largest decline over 1 year | -7.76% | -4.07% | -3.69% |
Max Drawdown (3Y)Largest decline over 3 years | -13.82% | -7.74% | -6.08% |
Max Drawdown (5Y)Largest decline over 5 years | -27.34% | -21.40% | -5.94% |
Max Drawdown (10Y)Largest decline over 10 years | -41.71% | -23.93% | -17.78% |
Current DrawdownCurrent decline from peak | -23.76% | -11.80% | -11.96% |
Average DrawdownAverage peak-to-trough decline | -46.21% | -5.35% | -40.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.39% | 1.40% | +1.99% |
Volatility
DBC vs. IEF - Volatility Comparison
Invesco DB Commodity Index Tracking Fund (DBC) has a higher volatility of 6.20% compared to iShares 7-10 Year Treasury Bond ETF (IEF) at 1.51%. This indicates that DBC's price experiences larger fluctuations and is considered to be riskier than IEF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DBC | IEF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.20% | 1.51% | +4.69% |
Volatility (6M)Calculated over the trailing 6-month period | 16.02% | 3.36% | +12.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.91% | 4.69% | +14.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.20% | 7.71% | +11.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.82% | 6.63% | +11.19% |
DBC vs. IEF - Expense Ratio Comparison
DBC has a 0.85% expense ratio, which is higher than IEF's 0.15% expense ratio.
Dividends
DBC vs. IEF - Dividend Comparison
DBC's dividend yield for the trailing twelve months is around 2.53%, less than IEF's 3.92% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DBC Invesco DB Commodity Index Tracking Fund | 2.53% | 3.33% | 5.22% | 4.94% | 0.59% | 0.00% | 0.00% | 1.59% | 1.30% | 0.00% | 0.00% | 0.00% |
IEF iShares 7-10 Year Treasury Bond ETF | 3.92% | 3.77% | 3.62% | 2.91% | 1.96% | 0.83% | 1.08% | 2.08% | 2.24% | 1.82% | 1.81% | 1.90% |
Frequently Asked Questions
DBC and IEF have a correlation of -0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBC has higher volatility (6.20%) compared to IEF (1.51%). In terms of maximum drawdown, DBC dropped -76.36% vs IEF's -23.93%.
On 10-year performance, DBC leads with 8.54% vs 0.53% for IEF. On fees, IEF is cheaper at 0.15% per year. On volatility, IEF has been the lower-risk option at 1.51%. 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 8.54% return vs 0.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IEF is cheaper with a 0.15% expense ratio, compared with 0.85% for DBC.
IEF has the higher dividend yield at 3.92%, compared with 2.53% for DBC.
DBC is categorized as Commodities, while IEF is Government Bonds. DBC tracks DBIQ Optimum Yield Diversified Commodity Index Excess Return, while IEF tracks ICE U.S. Treasury 7-10 Year Bond Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.85% for DBC and 0.15% for IEF.
DBC currently has the higher Sharpe Ratio (2.17 vs 0.84), 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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