DBC vs. PIT

Last updated Jun 4, 2026

DBC (Invesco DB Commodity Index Tracking Fund) and PIT (VanEck Commodity Strategy ETF) are both Commodities funds. DBC is passively managed, while PIT is actively managed. Over the past 3 years, DBC returned 15.09%/yr vs 24.30%/yr for PIT. Their correlation of 0.95 suggests significant overlap in exposure. DBC charges 0.85%/yr vs 0.55%/yr for PIT.

Performance

DBC vs. PIT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DB Commodity Index Tracking Fund (DBC) and VanEck Commodity Strategy ETF (PIT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DBC achieves a 35.47% return, which is significantly lower than PIT's 41.36% return.

DBC

• 1D: 0.56%
• 1M: -3.32%
• YTD: 35.47%
• 6M: 35.36%
• 1Y: 45.90%
• 3Y*: 15.09%
• 5Y*: 12.78%
• 10Y*: 9.10%

PIT

• 1D: 0.58%
• 1M: -2.84%
• YTD: 41.36%
• 6M: 42.58%
• 1Y: 62.93%
• 3Y*: 24.30%
• 5Y*: —
• 10Y*: —

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

DBC vs. PIT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
DBC Invesco DB Commodity Index Tracking Fund	35.47%	8.10%	2.18%	-6.19%	2.37%
PIT VanEck Commodity Strategy ETF	41.36%	21.63%	6.77%	-4.54%	2.74%

Correlation

The correlation between DBC and PIT is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (All Time) Calculated using the full available price history since Dec 23, 2022	0.95

The correlation between DBC and PIT has been stable across timeframes, ranging from 0.94 to 0.95 - a consistent structural relationship.

Return for Risk

DBC vs. PIT — 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: 67
DBC Omega Ratio Rank: 70
DBC Calmar Ratio Rank: 92
DBC Martin Ratio Rank: 72

PIT

PIT Risk / Return Rank: 87
PIT Sharpe Ratio Rank: 88
PIT Sortino Ratio Rank: 77
PIT Omega Ratio Rank: 84
PIT Calmar Ratio Rank: 93
PIT Martin Ratio Rank: 92

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. PIT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DB Commodity Index Tracking Fund (DBC) and VanEck Commodity Strategy ETF (PIT). 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	PIT	Difference
Sharpe ratio Return per unit of total volatility	2.47	2.97	-0.50
Sortino ratio Return per unit of downside risk	3.16	3.53	-0.37
Omega ratio Gain probability vs. loss probability	1.43	1.52	-0.09
Calmar ratio Return relative to maximum drawdown	6.54	6.83	-0.28
Martin ratio Return relative to average drawdown	13.91	23.27	-9.36
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. PIT - Sharpe Ratio Comparison

The current DBC Sharpe Ratio is 2.47, which is comparable to the PIT Sharpe Ratio of 2.97. The chart below compares the historical Sharpe Ratios of DBC and PIT, 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	PIT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.47	2.97	-0.50
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.67	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.51	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.12	1.07	-0.96

Drawdowns

DBC vs. PIT - Drawdown Comparison

The maximum DBC drawdown since its inception was -76.36%, which is greater than PIT's maximum drawdown of -12.27%. Use the drawdown chart below to compare losses from any high point for DBC and PIT.

Drawdown Indicators

	DBC	PIT	Difference
Max Drawdown Largest peak-to-trough decline	-76.36%	-12.27%	-64.09%
Max Drawdown (1Y) Largest decline over 1 year	-7.05%	-9.27%	+2.22%
Max Drawdown (3Y) Largest decline over 3 years	-13.82%	-12.27%	-1.55%
Max Drawdown (5Y) Largest decline over 5 years	-27.34%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-41.71%	—	—
Current Drawdown Current decline from peak	-21.64%	-4.56%	-17.08%
Average Drawdown Average peak-to-trough decline	-46.22%	-3.99%	-42.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.31%	2.71%	+0.60%

Volatility

DBC vs. PIT - Volatility Comparison

Invesco DB Commodity Index Tracking Fund (DBC) has a higher volatility of 6.45% compared to VanEck Commodity Strategy ETF (PIT) at 6.08%. This indicates that DBC's price experiences larger fluctuations and is considered to be riskier than PIT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DBC	PIT	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.45%	6.08%	+0.37%
Volatility (6M) Calculated over the trailing 6-month period	15.75%	19.02%	-3.27%
Volatility (1Y) Calculated over the trailing 1-year period	18.68%	21.30%	-2.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.18%	17.47%	+1.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.81%	17.47%	+0.34%

DBC vs. PIT - Expense Ratio Comparison

DBC has a 0.85% expense ratio, which is higher than PIT's 0.55% expense ratio.

Dividends

DBC vs. PIT - Dividend Comparison

DBC's dividend yield for the trailing twelve months is around 2.46%, less than PIT's 6.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBC Invesco DB Commodity Index Tracking Fund	2.46%	3.33%	5.22%	4.94%	0.59%	0.00%	0.00%	1.59%	1.30%
PIT VanEck Commodity Strategy ETF	6.31%	8.92%	3.59%	6.44%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DBC and PIT in my portfolio?

With a correlation of 0.94, DBC and PIT 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.

Which is riskier, DBC or PIT?

DBC has higher volatility (6.45%) compared to PIT (6.08%). In terms of maximum drawdown, DBC dropped -76.36% vs PIT's -12.27%.

Which ETF is better, DBC or PIT?

On 3-year performance, PIT leads with 24.30% vs 15.09% for DBC. On fees, PIT is cheaper at 0.55% per year. On volatility, PIT has been the lower-risk option at 6.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DBC or PIT?

Over the 3-year period, PIT has performed better with a 24.30% return vs 15.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DBC or PIT?

PIT is cheaper with a 0.55% expense ratio, compared with 0.85% for DBC.

Which ETF pays a higher dividend yield, DBC or PIT?

PIT has the higher dividend yield at 6.31%, compared with 2.46% for DBC.

What is the main difference between DBC and PIT?

They also come from different issuers: Invesco and VanEck. Their fees differ too: 0.85% for DBC and 0.55% for PIT.

Which has better risk-adjusted returns?

PIT currently has the higher Sharpe Ratio (2.97 vs 2.47), 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.