DBC vs. IGLN.L

Last updated Jun 9, 2026

DBC (Invesco DB Commodity Index Tracking Fund) and IGLN.L (iShares Physical Gold ETC) are both exchange-traded funds - DBC is a Commodities fund tracking the DBIQ Optimum Yield Diversified Commodity Index Excess Return, while IGLN.L is a Gold fund tracking the LBMA Gold Price. Both are passively managed. Over the past 10 years, DBC returned 8.54%/yr vs 12.87%/yr for IGLN.L. At a 0.23 correlation, their price movements are largely independent. DBC charges 0.85%/yr vs 0.12%/yr for IGLN.L.

Performance

DBC vs. IGLN.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DB Commodity Index Tracking Fund (DBC) and iShares Physical Gold ETC (IGLN.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DBC achieves a 31.80% return, which is significantly higher than IGLN.L's 0.50% return. Over the past 10 years, DBC has underperformed IGLN.L with an annualized return of 8.54%, while IGLN.L has yielded a comparatively higher 12.87% 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%

IGLN.L

• 1D: -0.32%
• 1M: -8.04%
• YTD: 0.50%
• 6M: 3.23%
• 1Y: 29.84%
• 3Y*: 30.05%
• 5Y*: 17.89%
• 10Y*: 12.87%

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

DBC vs. IGLN.L - 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%
IGLN.L iShares Physical Gold ETC	0.50%	64.93%	26.14%	13.44%	-0.09%	-4.03%	24.16%	18.30%	-1.33%	11.69%

Correlation

The correlation between DBC and IGLN.L is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.19
Correlation (3Y) Calculated over the trailing 3-year period	0.25
Correlation (5Y) Calculated over the trailing 5-year period	0.24
Correlation (10Y) Calculated over the trailing 10-year period	0.19
Correlation (All Time) Calculated using the full available price history since Apr 8, 2011	0.23

Return for Risk

DBC vs. IGLN.L — Risk / Return Rank

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

DBC

DBC Risk / Return Rank: 75
DBC Sharpe Ratio Rank: 74
DBC Sortino Ratio Rank: 68
DBC Omega Ratio Rank: 70
DBC Calmar Ratio Rank: 91
DBC Martin Ratio Rank: 71

IGLN.L

IGLN.L Risk / Return Rank: 35
IGLN.L Sharpe Ratio Rank: 36
IGLN.L Sortino Ratio Rank: 33
IGLN.L Omega Ratio Rank: 39
IGLN.L Calmar Ratio Rank: 36
IGLN.L Martin Ratio Rank: 31

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. IGLN.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DB Commodity Index Tracking Fund (DBC) and iShares Physical Gold ETC (IGLN.L). 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	IGLN.L	Difference
Sharpe ratio: Return per unit of total volatility	2.17	1.19	+0.98
Sortino ratio: Return per unit of downside risk	2.81	1.61	+1.20
Omega ratio: Gain probability vs. loss probability	1.38	1.23	+0.15
Calmar ratio: Return relative to maximum drawdown	5.27	1.63	+3.64
Martin ratio: Return relative to average drawdown	12.03	4.30	+7.73
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DBC vs. IGLN.L - Sharpe Ratio Comparison

The current DBC Sharpe Ratio is 2.17, which is higher than the IGLN.L Sharpe Ratio of 1.19. The chart below compares the historical Sharpe Ratios of DBC and IGLN.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	DBC	IGLN.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.17	1.19	+0.98
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.63	1.03	-0.40
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.48	0.83	-0.35
Sharpe Ratio (All Time) Calculated using the full available price history	0.11	0.44	-0.33

Drawdowns

DBC vs. IGLN.L - Drawdown Comparison

The maximum DBC drawdown since its inception was -76.36%, which is greater than IGLN.L's maximum drawdown of -45.25%. Use the drawdown chart below to compare losses from any high point for DBC and IGLN.L.

Drawdown Indicators

	DBC	IGLN.L	Difference
Max Drawdown Largest peak-to-trough decline	-76.36%	-45.25%	-31.11%
Max Drawdown (1Y) Largest decline over 1 year	-7.76%	-18.26%	+10.50%
Max Drawdown (3Y) Largest decline over 3 years	-13.82%	-18.26%	+4.44%
Max Drawdown (5Y) Largest decline over 5 years	-27.34%	-21.15%	-6.19%
Max Drawdown (10Y) Largest decline over 10 years	-41.71%	-21.15%	-20.56%
Current Drawdown Current decline from peak	-23.76%	-18.26%	-5.50%
Average Drawdown Average peak-to-trough decline	-46.21%	-19.72%	-26.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.39%	6.93%	-3.54%

Volatility

DBC vs. IGLN.L - Volatility Comparison

Invesco DB Commodity Index Tracking Fund (DBC) and iShares Physical Gold ETC (IGLN.L) have volatilities of 6.20% and 6.10%, 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.

Volatility by Period

	DBC	IGLN.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.20%	6.10%	+0.10%
Volatility (6M) Calculated over the trailing 6-month period	16.02%	21.87%	-5.85%
Volatility (1Y) Calculated over the trailing 1-year period	18.91%	24.98%	-6.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.20%	17.41%	+1.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.82%	15.56%	+2.26%

DBC vs. IGLN.L - Expense Ratio Comparison

DBC has a 0.85% expense ratio, which is higher than IGLN.L's 0.12% expense ratio.

Dividends

DBC vs. IGLN.L - Dividend Comparison

DBC's dividend yield for the trailing twelve months is around 2.53%, while IGLN.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
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%
IGLN.L iShares Physical Gold ETC	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DBC and IGLN.L in my portfolio?

DBC and IGLN.L have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DBC or IGLN.L?

On fees, IGLN.L is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DBC or IGLN.L?

IGLN.L is cheaper with a 0.12% expense ratio, compared with 0.85% for DBC.

What is the main difference between DBC and IGLN.L?

DBC is categorized as Commodities, while IGLN.L is Gold. DBC tracks DBIQ Optimum Yield Diversified Commodity Index Excess Return, while IGLN.L tracks LBMA Gold Price. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.85% for DBC and 0.12% for IGLN.L.