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DBC vs. TIP
Performance
Return for Risk
Drawdowns
Volatility
Dividends

DBC vs. TIP

Last updated Jun 4, 2026

DBC (Invesco DB Commodity Index Tracking Fund) and TIP (iShares TIPS Bond ETF) are both exchange-traded funds - DBC is a Commodities fund tracking the DBIQ Optimum Yield Diversified Commodity Index Excess Return, while TIP is a Inflation-Protected Bonds fund tracking the Barclays Capital U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L). Both are passively managed. Over the past 10 years, DBC returned 9.10%/yr vs 2.57%/yr for TIP. At a 0.05 correlation, their price movements are largely independent. DBC charges 0.85%/yr vs 0.19%/yr for TIP.

Performance

DBC vs. TIP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DB Commodity Index Tracking Fund (DBC) and iShares TIPS Bond ETF (TIP). 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 35.47% return, which is significantly higher than TIP's 1.54% return. Over the past 10 years, DBC has outperformed TIP with an annualized return of 9.10%, while TIP has yielded a comparatively lower 2.57% annualized 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%

TIP

1D
-0.18%
1M
-0.09%
YTD
1.54%
6M
1.06%
1Y
4.96%
3Y*
3.88%
5Y*
0.97%
10Y*
2.57%
*Multi-year figures are annualized to reflect compound growth (CAGR)

DBC vs. TIP - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
DBC
Invesco DB Commodity Index Tracking Fund		35.47%8.10%2.18%-6.19%19.34%41.36%-7.84%11.84%-11.63%4.86%
TIP
iShares TIPS Bond ETF		1.54%6.77%1.65%3.80%-12.26%5.68%10.84%8.35%-1.42%2.92%

Correlation

The correlation between DBC and TIP is -0.11, 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

-0.11

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

-0.01

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

0.08

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

0.08

Correlation (All Time)
Calculated using the full available price history since Feb 7, 2006

0.05

The correlation between DBC and TIP shifts across timeframes, from -0.11 (1 year) to 0.08 (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 TIPS Bond ETF

Often compared with DBC:
DBC vs. PDBCDBC vs. GSGDBC vs. DBADBC vs. BCIDBC vs. DJPDBC vs. XLEDBC vs. BCD
Often compared with TIP:
TIP vs. SCHPTIP vs. VTIPTIP vs. SGOVTIP vs. STIPTIP vs. FIPDXTIP vs. BNDTIP vs. IEF

Return for Risk

DBC vs. TIP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
DBC
DBC Risk / Return Rank: 7575
Overall Rank
DBC Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
DBC Sortino Ratio Rank: 6767
Sortino Ratio Rank
DBC Omega Ratio Rank: 7070
Omega Ratio Rank
DBC Calmar Ratio Rank: 9292
Calmar Ratio Rank
DBC Martin Ratio Rank: 7272
Martin Ratio Rank
TIP
TIP Risk / Return Rank: 4444
Overall Rank
TIP Sharpe Ratio Rank: 4040
Sharpe Ratio Rank
TIP Sortino Ratio Rank: 4444
Sortino Ratio Rank
TIP Omega Ratio Rank: 3939
Omega Ratio Rank
TIP Calmar Ratio Rank: 5050
Calmar Ratio Rank
TIP Martin Ratio Rank: 4545
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. TIP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DB Commodity Index Tracking Fund (DBC) and iShares TIPS Bond ETF (TIP). 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.

DBCTIPDifference

Sharpe ratio

Return per unit of total volatility

2.47

1.46

+1.01

Sortino ratio

Return per unit of downside risk

3.16

2.24

+0.92

Omega ratio

Gain probability vs. loss probability

1.43

1.26

+0.17

Calmar ratio

Return relative to maximum drawdown

6.54

2.52

+4.02

Martin ratio

Return relative to average drawdown

13.91

7.57

+6.34

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. TIP - Sharpe Ratio Comparison

The current DBC Sharpe Ratio is 2.47, which is higher than the TIP Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of DBC and TIP, 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

DBCTIPDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.47

1.46

+1.01

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.67

0.16

+0.51

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.51

0.45

+0.06

Sharpe Ratio (All Time)

Calculated using the full available price history

0.12

0.57

-0.45

Drawdowns

DBC vs. TIP - Drawdown Comparison

The maximum DBC drawdown since its inception was -76.36%, which is greater than TIP's maximum drawdown of -14.57%. Use the drawdown chart below to compare losses from any high point for DBC and TIP.

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Drawdown Indicators

DBCTIPDifference

Max Drawdown

Largest peak-to-trough decline

-76.36%

-14.57%

-61.79%

Max Drawdown (1Y)

Largest decline over 1 year

-7.05%

-1.98%

-5.07%

Max Drawdown (3Y)

Largest decline over 3 years

-13.82%

-4.54%

-9.28%

Max Drawdown (5Y)

Largest decline over 5 years

-27.34%

-14.51%

-12.83%

Max Drawdown (10Y)

Largest decline over 10 years

-41.71%

-14.51%

-27.20%

Current Drawdown

Current decline from peak

-21.64%

-0.32%

-21.32%

Average Drawdown

Average peak-to-trough decline

-46.22%

-3.43%

-42.79%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.31%

0.66%

+2.65%

Volatility

DBC vs. TIP - Volatility Comparison

Invesco DB Commodity Index Tracking Fund (DBC) has a higher volatility of 6.45% compared to iShares TIPS Bond ETF (TIP) at 0.89%. This indicates that DBC's price experiences larger fluctuations and is considered to be riskier than TIP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

DBCTIPDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.45%

0.89%

+5.56%

Volatility (6M)

Calculated over the trailing 6-month period

15.75%

2.29%

+13.46%

Volatility (1Y)

Calculated over the trailing 1-year period

18.68%

3.41%

+15.27%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.18%

6.21%

+12.97%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.81%

5.74%

+12.07%

DBC vs. TIP - Expense Ratio Comparison

DBC has a 0.85% expense ratio, which is higher than TIP's 0.19% expense ratio.

Dividends

DBC vs. TIP - Dividend Comparison

DBC's dividend yield for the trailing twelve months is around 2.46%, less than TIP's 3.76% yield.

PositionTTM20252024202320222021202020192018201720162015
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%0.00%0.00%0.00%
TIP
iShares TIPS Bond ETF		3.76%3.46%2.52%2.73%6.96%4.28%1.17%1.75%2.71%2.07%1.48%0.34%

Frequently Asked Questions

DBC and TIP have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

DBC has higher volatility (6.45%) compared to TIP (0.89%). In terms of maximum drawdown, DBC dropped -76.36% vs TIP's -14.57%.

On 10-year performance, DBC leads with 9.10% vs 2.57% for TIP. On fees, TIP is cheaper at 0.19% per year. On volatility, TIP has been the lower-risk option at 0.89%. 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 9.10% return vs 2.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

TIP is cheaper with a 0.19% expense ratio, compared with 0.85% for DBC.

TIP has the higher dividend yield at 3.76%, compared with 2.46% for DBC.

DBC is categorized as Commodities, while TIP is Inflation-Protected Bonds. DBC tracks DBIQ Optimum Yield Diversified Commodity Index Excess Return, while TIP tracks Barclays Capital U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L). They also come from different issuers: Invesco and iShares. Their fees differ too: 0.85% for DBC and 0.19% for TIP.

DBC currently has the higher Sharpe Ratio (2.47 vs 1.46), 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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