DBC vs. UTES
DBC (Invesco DB Commodity Index Tracking Fund) and UTES (Virtus Reaves Utilities ETF) are both exchange-traded funds - DBC is a Commodities fund tracking the DBIQ Optimum Yield Diversified Commodity Index Excess Return, while UTES is a Utilities Equities fund actively managed by Virtus. DBC is passively managed, while UTES is actively managed. Over the past 10 years, DBC returned 9.54%/yr vs 11.78%/yr for UTES. Their 0.09 correlation means their historical movements had little consistent relationship. DBC charges 0.85%/yr vs 0.49%/yr for UTES.
Performance
DBC vs. UTES - Performance Comparison
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Returns By Period
In the year-to-date period, DBC achieves a 31.71% return, which is significantly higher than UTES's -1.07% return. Over the past 10 years, DBC has underperformed UTES with an annualized return of 9.54%, while UTES has yielded a comparatively higher 11.78% annualized return.
DBC
- 1D
- 0.44%
- 1M
- 11.34%
- 6M
- 20.55%
- YTD
- 31.71%
- 1Y
- 35.60%
- 3Y*
- 11.07%
- 5Y*
- 11.66%
- 10Y*
- 9.54%
- ALL TIME*
- 2.04%
UTES
- 1D
- -0.03%
- 1M
- -2.93%
- 6M
- 0.59%
- YTD
- -1.07%
- 1Y
- -4.33%
- 3Y*
- 21.10%
- 5Y*
- 14.97%
- 10Y*
- 11.78%
- ALL TIME*
- 13.50%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $27.92M | $29.19M | $34.33M | |
| $11.16M | $10.04M | $13.72M |
DBC vs. UTES - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DBC Invesco DB Commodity Index Tracking Fund | 31.71% | 8.10% | 2.18% | -6.19% | 19.34% | 41.36% | -7.84% | 11.84% | -11.63% | 4.86% |
UTES Virtus Reaves Utilities ETF | -1.07% | 25.71% | 45.35% | -2.46% | 0.80% | 20.74% | -0.30% | 25.48% | 5.14% | 14.21% |
Correlation
The correlation between DBC and UTES is -0.06, 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. | -0.06 |
Correlation (3Y) Balances recent behavior with more history. | 0.06 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.11 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.09 |
Correlation (All Time) Calculated using the full available price history since Sep 24, 2015 | 0.09 |
The correlation between DBC and UTES shifts across timeframes, from -0.06 (1 year) to 0.11 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
DBC vs. UTES — Risk / Return Rank
DBC
UTES
DBC vs. UTES - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB Commodity Index Tracking Fund (DBC) and Virtus Reaves Utilities ETF (UTES). 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 | UTES | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.03 | ||
| Sortino ratioReturn per unit of downside risk | +2.58 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 0.98 | +0.32 |
| Calmar ratioReturn relative to maximum drawdown | 2.16 | -0.31 | +2.48 |
| Martin ratioReturn relative to average drawdown | 7.20 | -0.65 | +7.84 |
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Drawdowns
DBC vs. UTES - Drawdown Comparison
The maximum DBC drawdown since its inception was -76.36%, which is greater than UTES's maximum drawdown of -35.39%. Use the drawdown chart below to compare losses from any high point for DBC and UTES.
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Drawdown Indicators
| DBC | UTES | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.36% | -35.39% | -40.97% |
Max Drawdown (1Y)Largest decline over 1 year | -16.54% | -13.88% | -2.66% |
Max Drawdown (3Y)Largest decline over 3 years | -16.54% | -17.62% | +1.08% |
Max Drawdown (5Y)Largest decline over 5 years | -27.34% | -20.40% | -6.94% |
Max Drawdown (10Y)Largest decline over 10 years | -41.71% | -35.39% | -6.32% |
Current DrawdownCurrent decline from peak | -23.81% | -10.30% | -13.51% |
Average DrawdownAverage peak-to-trough decline | -46.07% | -5.54% | -40.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.00% | 6.72% | -1.72% |
Volatility
DBC vs. UTES - Volatility Comparison
Invesco DB Commodity Index Tracking Fund (DBC) has a higher volatility of 7.01% compared to Virtus Reaves Utilities ETF (UTES) at 5.50%. This indicates that DBC's price experiences larger fluctuations and is considered to be riskier than UTES based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DBC | UTES | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.01% | 5.50% | +1.51% |
Volatility (6M)Calculated over the trailing 6-month period | 17.35% | 16.19% | +1.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.58% | 21.39% | -1.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.31% | 20.74% | -1.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.87% | 20.26% | -2.39% |
DBC vs. UTES - Expense Ratio Comparison
DBC has a 0.85% expense ratio, which is higher than UTES's 0.49% expense ratio.
Dividends
DBC vs. UTES - Dividend Comparison
DBC's dividend yield for the trailing twelve months is around 2.53%, more than UTES's 1.53% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DBC Invesco DB Commodity Index Tracking Fund | 2.53% | 3.33% | 5.22% | 4.94% | 0.59% | 0.00% | 0.00% | 1.59% | 1.30% | 0.00% | 0.00% | 0.00% |
UTES Virtus Reaves Utilities ETF | 1.53% | 1.42% | 1.51% | 2.44% | 2.13% | 1.94% | 2.09% | 1.84% | 2.09% | 3.44% | 3.53% | 0.61% |
Frequently Asked Questions
DBC and UTES have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBC has higher volatility (7.01%) compared to UTES (5.50%). In terms of maximum drawdown, DBC dropped -76.36% vs UTES's -35.39%.
On 10-year performance, UTES leads with 11.78% vs 9.54% for DBC. On fees, UTES is cheaper at 0.49% per year. On volatility, UTES has been the lower-risk option at 5.50%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UTES has performed better with a 11.78% return vs 9.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UTES is cheaper with a 0.49% expense ratio, compared with 0.85% for DBC.
DBC has the higher dividend yield at 2.53%, compared with 1.53% for UTES.
DBC is categorized as Commodities, while UTES is Utilities Equities. They also come from different issuers: Invesco and Virtus. Their fees differ too: 0.85% for DBC and 0.49% for UTES.
DBC currently has the higher Sharpe Ratio (1.83 vs -0.20), 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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