DBC vs. VAW
DBC (Invesco DB Commodity Index Tracking Fund) and VAW (Vanguard Materials ETF) are both exchange-traded funds - DBC is a Commodities fund tracking the DBIQ Optimum Yield Diversified Commodity Index Excess Return, while VAW is a Materials fund tracking the MSCI US Investable Market Materials 25/50 Index. Both are passively managed. Over the past 10 years, DBC returned 8.53%/yr vs 9.56%/yr for VAW. At a 0.40 correlation, their price movements are largely independent. DBC charges 0.85%/yr vs 0.09%/yr for VAW.
Performance
DBC vs. VAW - Performance Comparison
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Returns By Period
In the year-to-date period, DBC achieves a 28.04% return, which is significantly higher than VAW's 9.54% return. Over the past 10 years, DBC has underperformed VAW with an annualized return of 8.53%, while VAW has yielded a comparatively higher 9.56% annualized return.
DBC
- 1D
- 1.06%
- 1M
- 0.28%
- 6M
- 22.51%
- YTD
- 28.04%
- 1Y
- 32.59%
- 3Y*
- 11.43%
- 5Y*
- 11.58%
- 10Y*
- 8.53%
VAW
- 1D
- 0.44%
- 1M
- -3.66%
- 6M
- 1.23%
- YTD
- 9.54%
- 1Y
- 13.73%
- 3Y*
- 8.89%
- 5Y*
- 6.45%
- 10Y*
- 9.56%
DBC vs. VAW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DBC Invesco DB Commodity Index Tracking Fund | 28.04% | 8.10% | 2.18% | -6.19% | 19.34% | 41.36% | -7.84% | 11.84% | -11.63% | 4.86% |
VAW Vanguard Materials ETF | 9.54% | 12.30% | 0.48% | 13.67% | -11.80% | 27.43% | 19.44% | 23.53% | -17.49% | 23.76% |
Correlation
The correlation between DBC and VAW 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 | 0.10 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.24 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.30 |
Correlation (All Time) Calculated using the full available price history since Feb 6, 2006 | 0.40 |
The correlation between DBC and VAW shifts across timeframes, from -0.05 (1 year) to 0.40 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
DBC vs. VAW — Risk / Return Rank
DBC
VAW
DBC vs. VAW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB Commodity Index Tracking Fund (DBC) and Vanguard Materials ETF (VAW). 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 | VAW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.00 | ||
| Sortino ratioReturn per unit of downside risk | +1.22 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.14 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 1.98 | 1.03 | +0.95 |
| Martin ratioReturn relative to average drawdown | 6.89 | 3.10 | +3.78 |
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Drawdowns
DBC vs. VAW - Drawdown Comparison
The maximum DBC drawdown since its inception was -76.36%, which is greater than VAW's maximum drawdown of -62.17%. Use the drawdown chart below to compare losses from any high point for DBC and VAW.
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Drawdown Indicators
| DBC | VAW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.36% | -62.17% | -14.19% |
Max Drawdown (1Y)Largest decline over 1 year | -16.54% | -13.42% | -3.12% |
Max Drawdown (3Y)Largest decline over 3 years | -16.54% | -23.21% | +6.67% |
Max Drawdown (5Y)Largest decline over 5 years | -27.34% | -25.50% | -1.84% |
Max Drawdown (10Y)Largest decline over 10 years | -41.71% | -41.13% | -0.58% |
Current DrawdownCurrent decline from peak | -25.93% | -6.87% | -19.06% |
Average DrawdownAverage peak-to-trough decline | -46.13% | -9.61% | -36.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.74% | 4.44% | +0.30% |
Volatility
DBC vs. VAW - Volatility Comparison
Invesco DB Commodity Index Tracking Fund (DBC) has a higher volatility of 6.10% compared to Vanguard Materials ETF (VAW) at 5.44%. This indicates that DBC's price experiences larger fluctuations and is considered to be riskier than VAW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DBC | VAW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.10% | 5.44% | +0.66% |
Volatility (6M)Calculated over the trailing 6-month period | 16.70% | 14.80% | +1.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.83% | 18.63% | +0.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.28% | 19.75% | -0.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.80% | 21.19% | -3.39% |
DBC vs. VAW - Expense Ratio Comparison
DBC has a 0.85% expense ratio, which is higher than VAW's 0.09% expense ratio.
Dividends
DBC vs. VAW - Dividend Comparison
DBC's dividend yield for the trailing twelve months is around 2.60%, more than VAW's 1.41% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DBC Invesco DB Commodity Index Tracking Fund | 2.60% | 3.33% | 5.22% | 4.94% | 0.59% | 0.00% | 0.00% | 1.59% | 1.30% | 0.00% | 0.00% | 0.00% |
VAW Vanguard Materials ETF | 1.41% | 1.55% | 1.70% | 1.72% | 1.98% | 1.44% | 1.67% | 1.94% | 2.03% | 1.63% | 1.67% | 2.30% |
Frequently Asked Questions
DBC and VAW 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.
DBC has higher volatility (6.10%) compared to VAW (5.44%). In terms of maximum drawdown, DBC dropped -76.36% vs VAW's -62.17%.
On 10-year performance, VAW leads with 9.56% vs 8.53% for DBC. On fees, VAW is cheaper at 0.09% per year. On volatility, VAW has been the lower-risk option at 5.44%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, VAW has performed better with a 9.56% return vs 8.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VAW is cheaper with a 0.09% expense ratio, compared with 0.85% for DBC.
DBC has the higher dividend yield at 2.60%, compared with 1.41% for VAW.
DBC is categorized as Commodities, while VAW is Materials. DBC tracks DBIQ Optimum Yield Diversified Commodity Index Excess Return, while VAW tracks MSCI US Investable Market Materials 25/50 Index. They also come from different issuers: Invesco and Vanguard. Their fees differ too: 0.85% for DBC and 0.09% for VAW.
DBC currently has the higher Sharpe Ratio (1.74 vs 0.74), 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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