DBC vs. PDBC
DBC (Invesco DB Commodity Index Tracking Fund) and PDBC (Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF) are both Commodities funds from Invesco. DBC is passively managed, while PDBC is actively managed. Over the past 10 years, DBC returned 9.05%/yr vs 8.78%/yr for PDBC. Their 0.96 correlation means they have historically moved very closely together. DBC charges 0.85%/yr vs 0.58%/yr for PDBC.
Performance
DBC vs. PDBC - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with DBC having a 29.16% return and PDBC slightly higher at 30.19%. Both investments have delivered pretty close results over the past 10 years, with DBC having a 9.05% annualized return and PDBC not far behind at 8.78%.
DBC
- 1D
- -1.94%
- 1M
- 8.69%
- 6M
- 22.68%
- YTD
- 29.16%
- 1Y
- 35.14%
- 3Y*
- 10.50%
- 5Y*
- 11.93%
- 10Y*
- 9.05%
- ALL TIME*
- 1.95%
PDBC
- 1D
- -1.77%
- 1M
- 8.70%
- 6M
- 23.48%
- YTD
- 30.19%
- 1Y
- 36.16%
- 3Y*
- 9.99%
- 5Y*
- 11.53%
- 10Y*
- 8.78%
- ALL TIME*
- 3.73%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $29.57M | $30.05M | $33.92M | |
| $116.66M | $151.96M | $123.92M |
DBC vs. PDBC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DBC Invesco DB Commodity Index Tracking Fund | 29.16% | 8.10% | 2.18% | -6.19% | 19.34% | 41.36% | -7.84% | 11.84% | -11.63% | 4.86% |
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 30.19% | 5.96% | 2.09% | -6.25% | 19.23% | 41.72% | -7.84% | 11.44% | -12.78% | 5.06% |
Correlation
The correlation between DBC and PDBC is 0.99 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.99 |
Correlation (3Y) Balances recent behavior with more history. | 0.99 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.99 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.99 |
Correlation (All Time) Calculated using the full available price history since Nov 7, 2014 | 0.96 |
The correlation between DBC and PDBC has been stable across timeframes, ranging from 0.96 to 0.99 - a consistent structural relationship.
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Return for Risk
DBC vs. PDBC — Risk / Return Rank
DBC
PDBC
DBC vs. PDBC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB Commodity Index Tracking Fund (DBC) and Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC). 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 | PDBC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.05 | ||
| Sortino ratioReturn per unit of downside risk | -0.06 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.31 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.13 | 2.20 | -0.06 |
| Martin ratioReturn relative to average drawdown | 7.07 | 7.30 | -0.23 |
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Drawdowns
DBC vs. PDBC - Drawdown Comparison
The maximum DBC drawdown since its inception was -76.36%, which is greater than PDBC's maximum drawdown of -49.52%. Use the drawdown chart below to compare losses from any high point for DBC and PDBC.
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Drawdown Indicators
| DBC | PDBC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.36% | -49.52% | -26.84% |
Max Drawdown (1Y)Largest decline over 1 year | -16.54% | -16.55% | +0.01% |
Max Drawdown (3Y)Largest decline over 3 years | -16.54% | -16.55% | +0.01% |
Max Drawdown (5Y)Largest decline over 5 years | -27.34% | -27.63% | +0.29% |
Max Drawdown (10Y)Largest decline over 10 years | -41.71% | -40.73% | -0.98% |
Current DrawdownCurrent decline from peak | -25.28% | -8.78% | -16.50% |
Average DrawdownAverage peak-to-trough decline | -46.07% | -23.03% | -23.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.99% | 4.97% | +0.02% |
Volatility
DBC vs. PDBC - Volatility Comparison
Invesco DB Commodity Index Tracking Fund (DBC) and Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) have volatilities of 7.43% and 7.36%, 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.
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Volatility by Period
| DBC | PDBC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.43% | 7.36% | +0.07% |
Volatility (6M)Calculated over the trailing 6-month period | 17.09% | 17.16% | -0.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.63% | 19.65% | -0.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.33% | 19.28% | +0.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.88% | 17.84% | +0.04% |
DBC vs. PDBC - Expense Ratio Comparison
DBC has a 0.85% expense ratio, which is higher than PDBC's 0.58% expense ratio.
Dividends
DBC vs. PDBC - Dividend Comparison
DBC's dividend yield for the trailing twelve months is around 2.58%, less than PDBC's 2.95% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
DBC Invesco DB Commodity Index Tracking Fund | 2.58% | 3.33% | 5.22% | 4.94% | 0.59% | 0.00% | 0.00% | 1.59% | 1.30% | 0.00% | 0.00% |
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 2.95% | 3.84% | 4.42% | 4.21% | 13.05% | 50.83% | 0.01% | 1.40% | 1.00% | 3.83% | 6.51% |
Frequently Asked Questions
With a correlation of 0.99, DBC and PDBC 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 (7.43%) compared to PDBC (7.36%). In terms of maximum drawdown, DBC dropped -76.36% vs PDBC's -49.52%.
On 10-year performance, DBC leads with 9.05% vs 8.78% for PDBC. On fees, PDBC is cheaper at 0.58% per year. Their volatility is very similar. 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 9.05% return vs 8.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PDBC is cheaper with a 0.58% expense ratio, compared with 0.85% for DBC.
PDBC has the higher dividend yield at 2.95%, compared with 2.58% for DBC.
Their fees differ too: 0.85% for DBC and 0.58% for PDBC.
PDBC currently has the higher Sharpe Ratio (1.85 vs 1.80), 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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