DBC vs. PULS
DBC (Invesco DB Commodity Index Tracking Fund) and PULS (PGIM Ultra Short Bond ETF) are both exchange-traded funds - DBC is a Commodities fund tracking the DBIQ Optimum Yield Diversified Commodity Index Excess Return, while PULS is a Ultrashort Bond fund actively managed by PGIM. DBC is passively managed, while PULS is actively managed. Over the past 5 years, DBC returned 11.29%/yr vs 4.14%/yr for PULS. At a correlation of -0.01, they often move in opposite directions. DBC charges 0.85%/yr vs 0.15%/yr for PULS.
Performance
DBC vs. PULS - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, DBC achieves a 27.68% return, which is significantly higher than PULS's 1.88% return.
DBC
- 1D
- -1.04%
- 1M
- -8.46%
- YTD
- 27.68%
- 6M
- 28.76%
- 1Y
- 30.29%
- 3Y*
- 12.92%
- 5Y*
- 11.29%
- 10Y*
- 8.27%
PULS
- 1D
- 0.04%
- 1M
- 0.38%
- YTD
- 1.88%
- 6M
- 2.10%
- 1Y
- 4.67%
- 3Y*
- 5.59%
- 5Y*
- 4.14%
- 10Y*
- —
DBC vs. PULS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
DBC Invesco DB Commodity Index Tracking Fund | 27.68% | 8.10% | 2.18% | -6.19% | 19.34% | 41.36% | -7.84% | 11.84% | -13.35% |
PULS PGIM Ultra Short Bond ETF | 1.88% | 4.97% | 6.12% | 6.26% | 1.52% | 0.48% | 1.47% | 2.97% | 1.71% |
Correlation
The correlation between DBC and PULS is -0.23, 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 | -0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.04 |
Correlation (All Time) Calculated using the full available price history since Apr 10, 2018 | -0.01 |
Over the past year, the inverse relationship between DBC and PULS has strengthened: their correlation has moved from -0.01 to -0.23, meaning they now move in opposite directions more often than their long-term average.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
DBC vs. PULS — Risk / Return Rank
DBC
PULS
DBC vs. PULS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB Commodity Index Tracking Fund (DBC) and PGIM Ultra Short Bond ETF (PULS). 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 | PULS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -9.59 | ||
| Sortino ratioReturn per unit of downside risk | -30.49 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 7.59 | -6.27 |
| Calmar ratioReturn relative to maximum drawdown | 3.48 | 52.47 | -48.99 |
| Martin ratioReturn relative to average drawdown | 9.64 | 317.38 | -307.74 |
Loading charts...
Drawdowns
DBC vs. PULS - Drawdown Comparison
The maximum DBC drawdown since its inception was -76.36%, which is greater than PULS's maximum drawdown of -5.85%. Use the drawdown chart below to compare losses from any high point for DBC and PULS.
Loading charts...
Drawdown Indicators
| DBC | PULS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.36% | -5.85% | -70.51% |
Max Drawdown (1Y)Largest decline over 1 year | -9.91% | -0.09% | -9.82% |
Max Drawdown (3Y)Largest decline over 3 years | -13.82% | -0.34% | -13.48% |
Max Drawdown (5Y)Largest decline over 5 years | -27.34% | -0.79% | -26.55% |
Max Drawdown (10Y)Largest decline over 10 years | -41.71% | — | — |
Current DrawdownCurrent decline from peak | -26.14% | 0.00% | -26.14% |
Average DrawdownAverage peak-to-trough decline | -46.19% | -0.09% | -46.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.57% | 0.01% | +3.56% |
Volatility
DBC vs. PULS - Volatility Comparison
Invesco DB Commodity Index Tracking Fund (DBC) has a higher volatility of 5.20% compared to PGIM Ultra Short Bond ETF (PULS) at 0.11%. This indicates that DBC's price experiences larger fluctuations and is considered to be riskier than PULS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| DBC | PULS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.20% | 0.11% | +5.09% |
Volatility (6M)Calculated over the trailing 6-month period | 16.11% | 0.30% | +15.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.94% | 0.41% | +18.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.22% | 0.70% | +18.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.82% | 1.33% | +16.49% |
DBC vs. PULS - Expense Ratio Comparison
DBC has a 0.85% expense ratio, which is higher than PULS's 0.15% expense ratio.
Dividends
DBC vs. PULS - Dividend Comparison
DBC's dividend yield for the trailing twelve months is around 2.61%, less than PULS's 4.57% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBC Invesco DB Commodity Index Tracking Fund | 2.61% | 3.33% | 5.22% | 4.94% | 0.59% | 0.00% | 0.00% | 1.59% | 1.30% |
PULS PGIM Ultra Short Bond ETF | 4.57% | 4.78% | 5.62% | 5.48% | 2.30% | 1.19% | 1.85% | 2.69% | 1.87% |
Frequently Asked Questions
DBC and PULS have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBC has higher volatility (5.20%) compared to PULS (0.11%). In terms of maximum drawdown, DBC dropped -76.36% vs PULS's -5.85%.
On 5-year performance, DBC leads with 11.29% vs 4.14% for PULS. On fees, PULS is cheaper at 0.15% per year. On volatility, PULS has been the lower-risk option at 0.11%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, DBC has performed better with a 11.29% return vs 4.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PULS is cheaper with a 0.15% expense ratio, compared with 0.85% for DBC.
PULS has the higher dividend yield at 4.57%, compared with 2.61% for DBC.
DBC is categorized as Commodities, while PULS is Ultrashort Bond. They also come from different issuers: Invesco and PGIM. Their fees differ too: 0.85% for DBC and 0.15% for PULS.
PULS currently has the higher Sharpe Ratio (11.41 vs 1.82), 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.
Find the right allocation for DBC and PULS
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer