DBC vs. QAI

Last updated Jun 12, 2026

DBC (Invesco DB Commodity Index Tracking Fund) and QAI (IQ Hedge Multi-Strategy Tracker ETF) are both exchange-traded funds - DBC is a Commodities fund tracking the DBIQ Optimum Yield Diversified Commodity Index Excess Return, while QAI is a Long-Short fund tracking the IQ Hedge Multi-Strategy Index. Both are passively managed. Over the past 10 years, DBC returned 8.31%/yr vs 3.84%/yr for QAI. At a 0.33 correlation, their price movements are largely independent. DBC charges 0.85%/yr vs 0.79%/yr for QAI.

Performance

DBC vs. QAI - Performance Comparison

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

Returns By Period

In the year-to-date period, DBC achieves a 29.03% return, which is significantly higher than QAI's 8.18% return. Over the past 10 years, DBC has outperformed QAI with an annualized return of 8.31%, while QAI has yielded a comparatively lower 3.84% annualized return.

DBC

• 1D: -1.10%
• 1M: -8.96%
• YTD: 29.03%
• 6M: 29.04%
• 1Y: 35.74%
• 3Y*: 13.82%
• 5Y*: 11.52%
• 10Y*: 8.31%

QAI

• 1D: 1.23%
• 1M: 0.42%
• YTD: 8.18%
• 6M: 7.84%
• 1Y: 14.62%
• 3Y*: 9.79%
• 5Y*: 4.38%
• 10Y*: 3.84%

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

DBC vs. QAI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DBC Invesco DB Commodity Index Tracking Fund	29.03%	8.10%	2.18%	-6.19%	19.34%	41.36%	-7.84%	11.84%	-11.63%	4.86%
QAI IQ Hedge Multi-Strategy Tracker ETF	8.18%	8.29%	6.67%	10.07%	-8.68%	-0.16%	5.73%	8.68%	-3.32%	6.17%

Correlation

The correlation between DBC and QAI is -0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.05
Correlation (3Y) Calculated over the trailing 3-year period	0.16
Correlation (5Y) Calculated over the trailing 5-year period	0.22
Correlation (10Y) Calculated over the trailing 10-year period	0.27
Correlation (All Time) Calculated using the full available price history since Mar 25, 2009	0.33

The correlation between DBC and QAI shifts across timeframes, from -0.05 (1 year) to 0.33 (all time), reflecting how their relationship changes across market environments.

DBC vs. QAI - Sectors Allocation Comparison

Sectors	DBC	QAI
Financial Services	91.5%	19.5%
Basic Materials	-	5.3%
Communication Services	-	11.2%
Consumer Cyclical	-	7.3%
Consumer Defensive	-	3.7%
Energy	-	3.7%
Healthcare	-	7.1%
Industrials	-	13.6%
Real Estate	-	2.9%
Technology	-	21.9%
Utilities	-	3.8%

Return for Risk

DBC vs. QAI — Risk / Return Rank

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

DBC

DBC Risk / Return Rank: 72
DBC Sharpe Ratio Rank: 71
DBC Sortino Ratio Rank: 66
DBC Omega Ratio Rank: 68
DBC Calmar Ratio Rank: 86
DBC Martin Ratio Rank: 68

QAI

QAI Risk / Return Rank: 86
QAI Sharpe Ratio Rank: 85
QAI Sortino Ratio Rank: 85
QAI Omega Ratio Rank: 87
QAI Calmar Ratio Rank: 85
QAI Martin Ratio Rank: 87

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. QAI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DB Commodity Index Tracking Fund (DBC) and IQ Hedge Multi-Strategy Tracker ETF (QAI). 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	QAI	Difference
Sharpe ratio: Return per unit of total volatility	1.90	2.30	-0.40
Sortino ratio: Return per unit of downside risk	2.51	3.21	-0.70
Omega ratio: Gain probability vs. loss probability	1.33	1.45	-0.12
Calmar ratio: Return relative to maximum drawdown	4.01	3.95	+0.05
Martin ratio: Return relative to average drawdown	10.20	15.66	-5.47

DBC vs. QAI - Sharpe Ratio Comparison

The current DBC Sharpe Ratio is 1.90, which is comparable to the QAI Sharpe Ratio of 2.30. The chart below compares the historical Sharpe Ratios of DBC and QAI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

DBC vs. QAI - Drawdown Comparison

The maximum DBC drawdown since its inception was -76.36%, which is greater than QAI's maximum drawdown of -14.95%. Use the drawdown chart below to compare losses from any high point for DBC and QAI.

Drawdown Indicators

	DBC	QAI	Difference
Max Drawdown Largest peak-to-trough decline	-76.36%	-14.95%	-61.41%
Max Drawdown (1Y) Largest decline over 1 year	-8.96%	-3.71%	-5.25%
Max Drawdown (3Y) Largest decline over 3 years	-13.82%	-7.78%	-6.04%
Max Drawdown (5Y) Largest decline over 5 years	-27.34%	-14.32%	-13.02%
Max Drawdown (10Y) Largest decline over 10 years	-41.71%	-14.95%	-26.76%
Current Drawdown Current decline from peak	-25.36%	-1.17%	-24.19%
Average Drawdown Average peak-to-trough decline	-46.20%	-2.57%	-43.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.51%	0.94%	+2.57%

Volatility

DBC vs. QAI - Volatility Comparison

Invesco DB Commodity Index Tracking Fund (DBC) has a higher volatility of 5.20% compared to IQ Hedge Multi-Strategy Tracker ETF (QAI) at 2.83%. This indicates that DBC's price experiences larger fluctuations and is considered to be riskier than QAI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DBC	QAI	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.20%	2.83%	+2.37%
Volatility (6M) Calculated over the trailing 6-month period	16.07%	5.41%	+10.66%
Volatility (1Y) Calculated over the trailing 1-year period	18.97%	6.39%	+12.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.22%	6.63%	+12.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.82%	6.21%	+11.61%

DBC vs. QAI - Expense Ratio Comparison

DBC has a 0.85% expense ratio, which is higher than QAI's 0.79% expense ratio.

Dividends

DBC vs. QAI - Dividend Comparison

DBC's dividend yield for the trailing twelve months is around 2.58%, more than QAI's 1.39% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%
QAI IQ Hedge Multi-Strategy Tracker ETF	1.39%	1.50%	2.22%	4.08%	2.00%	0.28%	1.98%	1.91%	1.90%	0.00%	0.00%	0.48%

Frequently Asked Questions

Can I hold both DBC and QAI in my portfolio?

DBC and QAI have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DBC or QAI?

DBC has higher volatility (5.20%) compared to QAI (2.83%). In terms of maximum drawdown, DBC dropped -76.36% vs QAI's -14.95%.

Which ETF is better, DBC or QAI?

On 10-year performance, DBC leads with 8.31% vs 3.84% for QAI. On fees, QAI is cheaper at 0.79% per year. On volatility, QAI has been the lower-risk option at 2.83%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DBC or QAI?

Over the 10-year period, DBC has performed better with a 8.31% return vs 3.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DBC or QAI?

QAI is cheaper with a 0.79% expense ratio, compared with 0.85% for DBC.

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

DBC has the higher dividend yield at 2.58%, compared with 1.39% for QAI.

What is the main difference between DBC and QAI?

DBC is categorized as Commodities, while QAI is Long-Short. DBC tracks DBIQ Optimum Yield Diversified Commodity Index Excess Return, while QAI tracks IQ Hedge Multi-Strategy Index. They also come from different issuers: Invesco and New York Life. Their fees differ too: 0.85% for DBC and 0.79% for QAI.

Which has better risk-adjusted returns?

QAI currently has the higher Sharpe Ratio (2.30 vs 1.90), 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.