DBC vs. SPHD
DBC (Invesco DB Commodity Index Tracking Fund) and SPHD (Invesco S&P 500® High Dividend Low Volatility ETF) are both exchange-traded funds - DBC is a Commodities fund tracking the DBIQ Optimum Yield Diversified Commodity Index Excess Return, while SPHD is a Dividend fund tracking the S&P 500 Low Volatility High Dividend Index. Both are passively managed. Over the past 10 years, DBC returned 9.05%/yr vs 7.28%/yr for SPHD. Their 0.25 correlation means their historical movements had little consistent relationship. DBC charges 0.85%/yr vs 0.30%/yr for SPHD.
Performance
DBC vs. SPHD - Performance Comparison
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Returns By Period
In the year-to-date period, DBC achieves a 29.16% return, which is significantly higher than SPHD's 12.76% return. Over the past 10 years, DBC has outperformed SPHD with an annualized return of 9.05%, while SPHD has yielded a comparatively lower 7.28% annualized return.
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%
SPHD
- 1D
- 0.42%
- 1M
- 1.31%
- 6M
- 7.84%
- YTD
- 12.76%
- 1Y
- 15.99%
- 3Y*
- 12.75%
- 5Y*
- 8.21%
- 10Y*
- 7.28%
- ALL TIME*
- 9.85%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $29.57M | $30.05M | $33.92M | |
| $46.06M | $45.99M | $42.71M |
DBC vs. SPHD - 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% |
SPHD Invesco S&P 500® High Dividend Low Volatility ETF | 12.76% | 3.41% | 18.08% | 1.32% | 0.58% | 24.98% | -9.98% | 20.26% | -6.17% | 11.90% |
Correlation
The correlation between DBC and SPHD is -0.10, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.10 |
Correlation (3Y) Balances recent behavior with more history. | 0.00 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.17 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.23 |
Correlation (All Time) Calculated using the full available price history since Oct 26, 2012 | 0.25 |
The correlation between DBC and SPHD shifts across timeframes, from -0.10 (1 year) to 0.25 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
DBC vs. SPHD — Risk / Return Rank
DBC
SPHD
DBC vs. SPHD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB Commodity Index Tracking Fund (DBC) and Invesco S&P 500® High Dividend Low Volatility ETF (SPHD). 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 | SPHD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.44 | ||
| Sortino ratioReturn per unit of downside risk | +0.35 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.23 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.13 | 2.19 | -0.06 |
| Martin ratioReturn relative to average drawdown | 7.07 | 5.46 | +1.61 |
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Drawdowns
DBC vs. SPHD - Drawdown Comparison
The maximum DBC drawdown since its inception was -76.36%, which is greater than SPHD's maximum drawdown of -41.39%. Use the drawdown chart below to compare losses from any high point for DBC and SPHD.
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Drawdown Indicators
| DBC | SPHD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.36% | -41.39% | -34.97% |
Max Drawdown (1Y)Largest decline over 1 year | -16.54% | -7.33% | -9.21% |
Max Drawdown (3Y)Largest decline over 3 years | -16.54% | -13.29% | -3.25% |
Max Drawdown (5Y)Largest decline over 5 years | -27.34% | -19.50% | -7.84% |
Max Drawdown (10Y)Largest decline over 10 years | -41.71% | -41.39% | -0.32% |
Current DrawdownCurrent decline from peak | -25.28% | -1.83% | -23.45% |
Average DrawdownAverage peak-to-trough decline | -46.07% | -4.66% | -41.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.99% | 2.94% | +2.05% |
Volatility
DBC vs. SPHD - Volatility Comparison
Invesco DB Commodity Index Tracking Fund (DBC) has a higher volatility of 7.43% compared to Invesco S&P 500® High Dividend Low Volatility ETF (SPHD) at 4.36%. This indicates that DBC's price experiences larger fluctuations and is considered to be riskier than SPHD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DBC | SPHD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.43% | 4.36% | +3.07% |
Volatility (6M)Calculated over the trailing 6-month period | 17.09% | 9.03% | +8.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.63% | 11.80% | +7.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.33% | 14.24% | +5.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.88% | 17.67% | +0.21% |
DBC vs. SPHD - Expense Ratio Comparison
DBC has a 0.85% expense ratio, which is higher than SPHD's 0.30% expense ratio.
Dividends
DBC vs. SPHD - Dividend Comparison
DBC's dividend yield for the trailing twelve months is around 2.58%, less than SPHD's 4.54% 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% |
SPHD Invesco S&P 500® High Dividend Low Volatility ETF | 4.54% | 4.02% | 3.41% | 4.48% | 3.89% | 3.45% | 4.89% | 4.07% | 4.40% | 3.14% | 3.83% | 3.49% |
Frequently Asked Questions
DBC and SPHD have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBC has higher volatility (7.43%) compared to SPHD (4.36%). In terms of maximum drawdown, DBC dropped -76.36% vs SPHD's -41.39%.
On 10-year performance, DBC leads with 9.05% vs 7.28% for SPHD. On fees, SPHD is cheaper at 0.30% per year. On volatility, SPHD has been the lower-risk option at 4.36%. 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 7.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPHD is cheaper with a 0.30% expense ratio, compared with 0.85% for DBC.
SPHD has the higher dividend yield at 4.54%, compared with 2.58% for DBC.
DBC is categorized as Commodities, while SPHD is Dividend. DBC tracks DBIQ Optimum Yield Diversified Commodity Index Excess Return, while SPHD tracks S&P 500 Low Volatility High Dividend Index. Their fees differ too: 0.85% for DBC and 0.30% for SPHD.
DBC currently has the higher Sharpe Ratio (1.80 vs 1.36), 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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