DBC vs. VVSM.DE

Last updated Jun 10, 2026

DBC (Invesco DB Commodity Index Tracking Fund) and VVSM.DE (VanEck Semiconductor UCITS ETF) are both exchange-traded funds - DBC is a Commodities fund tracking the DBIQ Optimum Yield Diversified Commodity Index Excess Return, while VVSM.DE is a Semiconductors fund tracking the MVIS US Listed Semiconductor 10% Capped ESG Index. Both are passively managed. Over the past 5 years, DBC returned 11.62%/yr vs 35.05%/yr for VVSM.DE. At a 0.13 correlation, their price movements are largely independent. DBC charges 0.85%/yr vs 0.35%/yr for VVSM.DE.

Performance

DBC vs. VVSM.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DB Commodity Index Tracking Fund (DBC) and VanEck Semiconductor UCITS ETF (VVSM.DE). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

DBC is traded in USD, while VVSM.DE is traded in EUR. To make them comparable, the VVSM.DE values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, DBC achieves a 30.01% return, which is significantly lower than VVSM.DE's 71.32% 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%

VVSM.DE

• 1D: -3.42%
• 1M: 5.13%
• YTD: 71.32%
• 6M: 69.76%
• 1Y: 145.93%
• 3Y*: 56.71%
• 5Y*: 35.05%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

DBC vs. VVSM.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
DBC Invesco DB Commodity Index Tracking Fund	30.01%	8.10%	2.18%	-6.19%	19.34%	41.36%	5.45%
VVSM.DE VanEck Semiconductor UCITS ETF	71.32%	50.40%	23.95%	75.57%	-36.50%	45.89%	-14.19%

Correlation

The correlation between DBC and VVSM.DE is 0.01, 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	0.01
Correlation (3Y) Calculated over the trailing 3-year period	0.11
Correlation (5Y) Calculated over the trailing 5-year period	0.13
Correlation (All Time) Calculated using the full available price history since Dec 1, 2020	0.13

The correlation between DBC and VVSM.DE shifts across timeframes, from 0.01 (1 year) to 0.13 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

DBC vs. VVSM.DE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DBC

DBC Risk / Return Rank: 73
DBC Sharpe Ratio Rank: 71
DBC Sortino Ratio Rank: 66
DBC Omega Ratio Rank: 68
DBC Calmar Ratio Rank: 89
DBC Martin Ratio Rank: 69

VVSM.DE

VVSM.DE Risk / Return Rank: 96
VVSM.DE Sharpe Ratio Rank: 97
VVSM.DE Sortino Ratio Rank: 95
VVSM.DE Omega Ratio Rank: 93
VVSM.DE Calmar Ratio Rank: 98
VVSM.DE Martin Ratio Rank: 97

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. VVSM.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DB Commodity Index Tracking Fund (DBC) and VanEck Semiconductor UCITS ETF (VVSM.DE). 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.

	DBC	VVSM.DE	Difference
Sharpe ratio: Return per unit of total volatility	2.05	4.38	-2.33
Sortino ratio: Return per unit of downside risk	2.69	4.61	-1.92
Omega ratio: Gain probability vs. loss probability	1.36	1.59	-0.23
Calmar ratio: Return relative to maximum drawdown	4.70	10.36	-5.66
Martin ratio: Return relative to average drawdown	11.30	37.27	-25.98
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. VVSM.DE - Sharpe Ratio Comparison

The current DBC Sharpe Ratio is 2.05, which is lower than the VVSM.DE Sharpe Ratio of 4.38. The chart below compares the historical Sharpe Ratios of DBC and VVSM.DE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	DBC	VVSM.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.05	4.38	-2.33
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.61	1.07	-0.46
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.47	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.10	0.93	-0.83

Drawdowns

DBC vs. VVSM.DE - Drawdown Comparison

The maximum DBC drawdown since its inception was -76.36%, which is greater than VVSM.DE's maximum drawdown of -45.83%. Use the drawdown chart below to compare losses from any high point for DBC and VVSM.DE.

Drawdown Indicators

	DBC	VVSM.DE	Difference
Max Drawdown Largest peak-to-trough decline	-76.36%	-45.83%	-30.53%
Max Drawdown (1Y) Largest decline over 1 year	-8.27%	-14.00%	+5.73%
Max Drawdown (3Y) Largest decline over 3 years	-13.82%	-36.86%	+23.04%
Max Drawdown (5Y) Largest decline over 5 years	-27.34%	-45.83%	+18.49%
Max Drawdown (10Y) Largest decline over 10 years	-41.71%	—	—
Current Drawdown Current decline from peak	-24.79%	-9.30%	-15.49%
Average Drawdown Average peak-to-trough decline	-46.20%	-11.72%	-34.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.43%	3.90%	-0.47%

Volatility

DBC vs. VVSM.DE - Volatility Comparison

The current volatility for Invesco DB Commodity Index Tracking Fund (DBC) is 6.31%, while VanEck Semiconductor UCITS ETF (VVSM.DE) has a volatility of 13.95%. This indicates that DBC experiences smaller price fluctuations and is considered to be less risky than VVSM.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DBC	VVSM.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.31%	13.95%	-7.64%
Volatility (6M) Calculated over the trailing 6-month period	16.09%	26.36%	-10.27%
Volatility (1Y) Calculated over the trailing 1-year period	18.93%	33.14%	-14.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.21%	32.47%	-13.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.82%	32.93%	-15.11%

DBC vs. VVSM.DE - Expense Ratio Comparison

DBC has a 0.85% expense ratio, which is higher than VVSM.DE's 0.35% expense ratio.

Dividends

DBC vs. VVSM.DE - Dividend Comparison

DBC's dividend yield for the trailing twelve months is around 2.56%, while VVSM.DE has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
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%
VVSM.DE VanEck Semiconductor UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DBC and VVSM.DE in my portfolio?

DBC and VVSM.DE have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DBC or VVSM.DE?

On fees, VVSM.DE is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DBC or VVSM.DE?

VVSM.DE is cheaper with a 0.35% expense ratio, compared with 0.85% for DBC.

What is the main difference between DBC and VVSM.DE?

DBC is categorized as Commodities, while VVSM.DE is Semiconductors. DBC tracks DBIQ Optimum Yield Diversified Commodity Index Excess Return, while VVSM.DE tracks MVIS US Listed Semiconductor 10% Capped ESG Index. They also come from different issuers: Invesco and VanEck. Their fees differ too: 0.85% for DBC and 0.35% for VVSM.DE.