DBC vs. NBCM
DBC (Invesco DB Commodity Index Tracking Fund) and NBCM (Neuberger Berman Commodity Strategy ETF) are both Commodities funds. DBC is passively managed, while NBCM is actively managed. Over the past 3 years, DBC returned 11.07%/yr vs 14.54%/yr for NBCM. Their correlation of 0.92 means they have usually moved in the same direction. DBC charges 0.85%/yr vs 0.66%/yr for NBCM.
Performance
DBC vs. NBCM - Performance Comparison
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Returns By Period
In the year-to-date period, DBC achieves a 31.71% return, which is significantly higher than NBCM's 26.45% return.
DBC
- 1D
- 0.44%
- 1M
- 11.34%
- 6M
- 20.55%
- YTD
- 31.71%
- 1Y
- 35.60%
- 3Y*
- 11.07%
- 5Y*
- 11.66%
- 10Y*
- 9.54%
- ALL TIME*
- 2.04%
NBCM
- 1D
- 0.07%
- 1M
- 8.17%
- 6M
- 15.69%
- YTD
- 26.45%
- 1Y
- 38.83%
- 3Y*
- 14.54%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 12.55%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $27.92M | $29.19M | $34.33M | |
| $2.21M | $2.59M | $2.25M |
DBC vs. NBCM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
DBC Invesco DB Commodity Index Tracking Fund | 31.71% | 8.10% | 2.18% | -6.19% | -0.33% |
NBCM Neuberger Berman Commodity Strategy ETF | 26.45% | 17.45% | 6.55% | -6.41% | 5.39% |
Correlation
The correlation between DBC and NBCM is 0.92, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.92 |
Correlation (3Y) Balances recent behavior with more history. | 0.91 |
Correlation (All Time) Calculated using the full available price history since Oct 24, 2022 | 0.92 |
The correlation between DBC and NBCM has been stable across timeframes, ranging from 0.91 to 0.92 - a consistent structural relationship.
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Return for Risk
DBC vs. NBCM — Risk / Return Rank
DBC
NBCM
DBC vs. NBCM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB Commodity Index Tracking Fund (DBC) and Neuberger Berman Commodity Strategy ETF (NBCM). 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 | NBCM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.33 | ||
| Sortino ratioReturn per unit of downside risk | -0.30 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.38 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.16 | 2.64 | -0.48 |
| Martin ratioReturn relative to average drawdown | 7.20 | 8.37 | -1.17 |
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Drawdowns
DBC vs. NBCM - Drawdown Comparison
The maximum DBC drawdown since its inception was -76.36%, which is greater than NBCM's maximum drawdown of -14.78%. Use the drawdown chart below to compare losses from any high point for DBC and NBCM.
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Drawdown Indicators
| DBC | NBCM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.36% | -14.78% | -61.58% |
Max Drawdown (1Y)Largest decline over 1 year | -16.54% | -14.78% | -1.76% |
Max Drawdown (3Y)Largest decline over 3 years | -16.54% | -14.78% | -1.76% |
Max Drawdown (5Y)Largest decline over 5 years | -27.34% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -41.71% | — | — |
Current DrawdownCurrent decline from peak | -23.81% | -6.98% | -16.83% |
Average DrawdownAverage peak-to-trough decline | -46.07% | -4.40% | -41.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.00% | 4.65% | +0.35% |
Volatility
DBC vs. NBCM - Volatility Comparison
Invesco DB Commodity Index Tracking Fund (DBC) has a higher volatility of 7.01% compared to Neuberger Berman Commodity Strategy ETF (NBCM) at 4.62%. This indicates that DBC's price experiences larger fluctuations and is considered to be riskier than NBCM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DBC | NBCM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.01% | 4.62% | +2.39% |
Volatility (6M)Calculated over the trailing 6-month period | 17.35% | 15.33% | +2.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.58% | 18.09% | +1.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.31% | 15.00% | +4.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.87% | 15.00% | +2.87% |
DBC vs. NBCM - Expense Ratio Comparison
DBC has a 0.85% expense ratio, which is higher than NBCM's 0.66% expense ratio.
Dividends
DBC vs. NBCM - Dividend Comparison
DBC's dividend yield for the trailing twelve months is around 2.53%, less than NBCM's 6.69% yield.
| 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% |
NBCM Neuberger Berman Commodity Strategy ETF | 6.69% | 8.46% | 5.22% | 4.37% | 0.80% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.92, DBC and NBCM move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
DBC has higher volatility (7.01%) compared to NBCM (4.62%). In terms of maximum drawdown, DBC dropped -76.36% vs NBCM's -14.78%.
On 3-year performance, NBCM leads with 14.54% vs 11.07% for DBC. On fees, NBCM is cheaper at 0.66% per year. On volatility, NBCM has been the lower-risk option at 4.62%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, NBCM has performed better with a 14.54% return vs 11.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
NBCM is cheaper with a 0.66% expense ratio, compared with 0.85% for DBC.
NBCM has the higher dividend yield at 6.69%, compared with 2.53% for DBC.
They also come from different issuers: Invesco and Neuberger Berman. Their fees differ too: 0.85% for DBC and 0.66% for NBCM.
NBCM currently has the higher Sharpe Ratio (2.16 vs 1.83), 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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