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DBC vs. SHY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

DBC vs. SHY

Last updated Jun 10, 2026

DBC (Invesco DB Commodity Index Tracking Fund) and SHY (iShares 1-3 Year Treasury Bond ETF) are both exchange-traded funds - DBC is a Commodities fund tracking the DBIQ Optimum Yield Diversified Commodity Index Excess Return, while SHY is a Government Bonds fund tracking the ICE US Treasury 1-3 Year Index. Both are passively managed. Over the past 10 years, DBC returned 8.39%/yr vs 1.64%/yr for SHY. At a correlation of -0.10, they often move in opposite directions. DBC charges 0.85%/yr vs 0.15%/yr for SHY.

Performance

DBC vs. SHY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DB Commodity Index Tracking Fund (DBC) and iShares 1-3 Year Treasury Bond ETF (SHY). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, DBC achieves a 30.01% return, which is significantly higher than SHY's 0.39% return. Over the past 10 years, DBC has outperformed SHY with an annualized return of 8.39%, while SHY has yielded a comparatively lower 1.64% annualized return.

DBC

1D
-1.36%
1M
-4.06%
YTD
30.01%
6M
30.70%
1Y
38.66%
3Y*
13.59%
5Y*
11.62%
10Y*
8.39%

SHY

1D
0.05%
1M
-0.14%
YTD
0.39%
6M
0.84%
1Y
3.30%
3Y*
4.06%
5Y*
1.70%
10Y*
1.64%
*Multi-year figures are annualized to reflect compound growth (CAGR)

DBC vs. SHY - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
DBC
Invesco DB Commodity Index Tracking Fund		30.01%8.10%2.18%-6.19%19.34%41.36%-7.84%11.84%-11.63%4.86%
SHY
iShares 1-3 Year Treasury Bond ETF		0.39%4.95%3.92%4.16%-3.88%-0.71%3.03%3.38%1.46%0.26%

Correlation

The correlation between DBC and SHY is -0.30, 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

-0.30

Correlation (3Y)
Calculated over the trailing 3-year period

-0.15

Correlation (5Y)
Calculated over the trailing 5-year period

-0.07

Correlation (10Y)
Calculated over the trailing 10-year period

-0.09

Correlation (All Time)
Calculated using the full available price history since Feb 6, 2006

-0.10

The correlation between DBC and SHY shifts across timeframes, from -0.30 (1 year) to -0.07 (5 years), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Invesco DB Commodity Index Tracking Fund

iShares 1-3 Year Treasury Bond ETF

Often compared with DBC:
DBC vs. PDBCDBC vs. GSGDBC vs. DBADBC vs. BCIDBC vs. DJPDBC vs. XLEDBC vs. USCI
Often compared with SHY:
SHY vs. SGOVSHY vs. VGSHSHY vs. SHVSHY vs. TLTSHY vs. IEFSHY vs. BILSHY vs. BSV

Return for Risk

DBC vs. SHY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
DBC
DBC Risk / Return Rank: 7373
Overall Rank
DBC Sharpe Ratio Rank: 7171
Sharpe Ratio Rank
DBC Sortino Ratio Rank: 6666
Sortino Ratio Rank
DBC Omega Ratio Rank: 6868
Omega Ratio Rank
DBC Calmar Ratio Rank: 8989
Calmar Ratio Rank
DBC Martin Ratio Rank: 6969
Martin Ratio Rank
SHY
SHY Risk / Return Rank: 8686
Overall Rank
SHY Sharpe Ratio Rank: 8686
Sharpe Ratio Rank
SHY Sortino Ratio Rank: 9292
Sortino Ratio Rank
SHY Omega Ratio Rank: 8989
Omega Ratio Rank
SHY Calmar Ratio Rank: 8181
Calmar Ratio Rank
SHY Martin Ratio Rank: 8383
Martin Ratio Rank
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. SHY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DB Commodity Index Tracking Fund (DBC) and iShares 1-3 Year Treasury Bond ETF (SHY). 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.

DBCSHYDifference
Sharpe ratioReturn per unit of total volatility
2.05
2.50

-0.44

Sortino ratioReturn per unit of downside risk
2.69
4.08

-1.39

Omega ratioGain probability vs. loss probability

1.36

1.51

-0.15

Calmar ratioReturn relative to maximum drawdown

4.70

3.73

+0.96

Martin ratioReturn relative to average drawdown

11.30

14.94

-3.64

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. SHY - Sharpe Ratio Comparison

The current DBC Sharpe Ratio is 2.05, which is comparable to the SHY Sharpe Ratio of 2.50. The chart below compares the historical Sharpe Ratios of DBC and SHY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

DBCSHYDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.05

2.50

-0.44

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.61

0.86

-0.25

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.47

1.05

-0.57

Sharpe Ratio (All Time)

Calculated using the full available price history

0.10

1.28

-1.18

Drawdowns

DBC vs. SHY - Drawdown Comparison

The maximum DBC drawdown since its inception was -76.36%, which is greater than SHY's maximum drawdown of -5.71%. Use the drawdown chart below to compare losses from any high point for DBC and SHY.

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Drawdown Indicators

DBCSHYDifference

Max Drawdown

Largest peak-to-trough decline

-76.36%

-5.71%

-70.65%

Max Drawdown (1Y)

Largest decline over 1 year

-8.27%

-0.89%

-7.38%

Max Drawdown (3Y)

Largest decline over 3 years

-13.82%

-0.97%

-12.85%

Max Drawdown (5Y)

Largest decline over 5 years

-27.34%

-5.71%

-21.63%

Max Drawdown (10Y)

Largest decline over 10 years

-41.71%

-5.71%

-36.00%

Current Drawdown

Current decline from peak

-24.79%

-0.34%

-24.45%

Average Drawdown

Average peak-to-trough decline

-46.20%

-0.52%

-45.68%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.43%

0.22%

+3.21%

Volatility

DBC vs. SHY - Volatility Comparison

Invesco DB Commodity Index Tracking Fund (DBC) has a higher volatility of 6.31% compared to iShares 1-3 Year Treasury Bond ETF (SHY) at 0.37%. This indicates that DBC's price experiences larger fluctuations and is considered to be riskier than SHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

DBCSHYDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.31%

0.37%

+5.94%

Volatility (6M)

Calculated over the trailing 6-month period

16.09%

0.95%

+15.14%

Volatility (1Y)

Calculated over the trailing 1-year period

18.93%

1.33%

+17.60%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.21%

1.99%

+17.22%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.82%

1.57%

+16.25%

DBC vs. SHY - Expense Ratio Comparison

DBC has a 0.85% expense ratio, which is higher than SHY's 0.15% expense ratio.

Dividends

DBC vs. SHY - Dividend Comparison

DBC's dividend yield for the trailing twelve months is around 2.56%, less than SHY's 3.69% yield.

PositionTTM20252024202320222021202020192018201720162015
DBC
Invesco DB Commodity Index Tracking Fund		2.56%3.33%5.22%4.94%0.59%0.00%0.00%1.59%1.30%0.00%0.00%0.00%
SHY
iShares 1-3 Year Treasury Bond ETF		3.69%3.81%3.92%2.99%1.30%0.26%0.94%2.12%1.72%0.98%0.71%0.54%

Frequently Asked Questions

DBC and SHY have a correlation of -0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

DBC has higher volatility (6.31%) compared to SHY (0.37%). In terms of maximum drawdown, DBC dropped -76.36% vs SHY's -5.71%.

On 10-year performance, DBC leads with 8.39% vs 1.64% for SHY. On fees, SHY is cheaper at 0.15% per year. On volatility, SHY has been the lower-risk option at 0.37%. 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 8.39% return vs 1.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SHY is cheaper with a 0.15% expense ratio, compared with 0.85% for DBC.

SHY has the higher dividend yield at 3.69%, compared with 2.56% for DBC.

DBC is categorized as Commodities, while SHY is Government Bonds. DBC tracks DBIQ Optimum Yield Diversified Commodity Index Excess Return, while SHY tracks ICE US Treasury 1-3 Year Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.85% for DBC and 0.15% for SHY.

SHY currently has the higher Sharpe Ratio (2.50 vs 2.05), 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.

Portfolio Optimizer

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