DBC vs. XLG
DBC (Invesco DB Commodity Index Tracking Fund) and XLG (Invesco S&P 500 Top 50 ETF) are both exchange-traded funds - DBC is a Commodities fund tracking the DBIQ Optimum Yield Diversified Commodity Index Excess Return, while XLG is a S&P 500 fund tracking the S&P 500 Top 50 Index. Both are passively managed. Over the past 10 years, DBC returned 7.62%/yr vs 16.88%/yr for XLG. At a 0.28 correlation, their price movements are largely independent. DBC charges 0.85%/yr vs 0.20%/yr for XLG.
Performance
DBC vs. XLG - Performance Comparison
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Returns By Period
In the year-to-date period, DBC achieves a 18.29% return, which is significantly higher than XLG's 1.11% return. Over the past 10 years, DBC has underperformed XLG with an annualized return of 7.62%, while XLG has yielded a comparatively higher 16.88% annualized return.
DBC
- 1D
- -2.47%
- 1M
- -13.39%
- YTD
- 18.29%
- 6M
- 16.88%
- 1Y
- 25.07%
- 3Y*
- 9.67%
- 5Y*
- 9.87%
- 10Y*
- 7.62%
XLG
- 1D
- -0.48%
- 1M
- -5.86%
- YTD
- 1.11%
- 6M
- -0.07%
- 1Y
- 17.97%
- 3Y*
- 21.15%
- 5Y*
- 14.13%
- 10Y*
- 16.88%
DBC vs. XLG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DBC Invesco DB Commodity Index Tracking Fund | 18.29% | 8.10% | 2.18% | -6.19% | 19.34% | 41.36% | -7.84% | 11.84% | -11.63% | 4.86% |
XLG Invesco S&P 500 Top 50 ETF | 1.11% | 19.51% | 33.49% | 38.16% | -24.29% | 30.77% | 24.15% | 32.04% | -3.59% | 23.04% |
Correlation
The correlation between DBC and XLG is -0.09, 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 | -0.09 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.13 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.21 |
Correlation (All Time) Calculated using the full available price history since Feb 6, 2006 | 0.28 |
The correlation between DBC and XLG shifts across timeframes, from -0.09 (1 year) to 0.28 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
DBC vs. XLG — Risk / Return Rank
DBC
XLG
DBC vs. XLG - 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 Top 50 ETF (XLG). 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 | XLG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.07 | ||
| Sortino ratioReturn per unit of downside risk | +0.11 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.23 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.52 | 1.45 | +0.07 |
| Martin ratioReturn relative to average drawdown | 7.24 | 5.15 | +2.09 |
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Drawdowns
DBC vs. XLG - Drawdown Comparison
The maximum DBC drawdown since its inception was -76.36%, which is greater than XLG's maximum drawdown of -52.39%. Use the drawdown chart below to compare losses from any high point for DBC and XLG.
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Drawdown Indicators
| DBC | XLG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.36% | -52.39% | -23.97% |
Max Drawdown (1Y)Largest decline over 1 year | -16.54% | -12.41% | -4.13% |
Max Drawdown (3Y)Largest decline over 3 years | -16.54% | -20.70% | +4.16% |
Max Drawdown (5Y)Largest decline over 5 years | -27.34% | -28.02% | +0.68% |
Max Drawdown (10Y)Largest decline over 10 years | -41.71% | -30.46% | -11.25% |
Current DrawdownCurrent decline from peak | -31.57% | -7.36% | -24.21% |
Average DrawdownAverage peak-to-trough decline | -46.17% | -7.63% | -38.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.47% | 3.50% | -0.03% |
Volatility
DBC vs. XLG - Volatility Comparison
Invesco DB Commodity Index Tracking Fund (DBC) and Invesco S&P 500 Top 50 ETF (XLG) have volatilities of 5.01% and 5.03%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DBC | XLG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.01% | 5.03% | -0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 16.39% | 10.69% | +5.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.54% | 13.95% | +4.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.24% | 18.79% | +0.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.81% | 18.87% | -1.06% |
DBC vs. XLG - Expense Ratio Comparison
DBC has a 0.85% expense ratio, which is higher than XLG's 0.20% expense ratio.
Dividends
DBC vs. XLG - Dividend Comparison
DBC's dividend yield for the trailing twelve months is around 2.81%, more than XLG's 0.66% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DBC Invesco DB Commodity Index Tracking Fund | 2.81% | 3.33% | 5.22% | 4.94% | 0.59% | 0.00% | 0.00% | 1.59% | 1.30% | 0.00% | 0.00% | 0.00% |
XLG Invesco S&P 500 Top 50 ETF | 0.66% | 0.64% | 0.72% | 0.97% | 1.34% | 0.94% | 1.25% | 1.58% | 2.00% | 1.85% | 2.00% | 2.09% |
Frequently Asked Questions
DBC and XLG have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
XLG has higher volatility (5.03%) compared to DBC (5.01%). In terms of maximum drawdown, DBC dropped -76.36% vs XLG's -52.39%.
On 10-year performance, XLG leads with 16.88% vs 7.62% for DBC. On fees, XLG is cheaper at 0.20% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, XLG has performed better with a 16.88% return vs 7.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XLG is cheaper with a 0.20% expense ratio, compared with 0.85% for DBC.
DBC has the higher dividend yield at 2.81%, compared with 0.66% for XLG.
DBC is categorized as Commodities, while XLG is S&P 500. DBC tracks DBIQ Optimum Yield Diversified Commodity Index Excess Return, while XLG tracks S&P 500 Top 50 Index. Their fees differ too: 0.85% for DBC and 0.20% for XLG.
DBC currently has the higher Sharpe Ratio (1.37 vs 1.30), 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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