DBCMX vs. PDBC

Last updated Jun 24, 2026

DBCMX (DoubleLine Strategic Commodity Fund) and PDBC (Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF) are both Commodities funds. Over the past 10 years, DBCMX returned 6.39%/yr vs 7.59%/yr for PDBC. A 0.78 correlation means they provide meaningful diversification when combined. DBCMX charges 1.02%/yr vs 0.58%/yr for PDBC.

Performance

DBCMX vs. PDBC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DoubleLine Strategic Commodity Fund (DBCMX) and Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DBCMX achieves a 20.78% return, which is significantly lower than PDBC's 22.11% return. Over the past 10 years, DBCMX has underperformed PDBC with an annualized return of 6.39%, while PDBC has yielded a comparatively higher 7.59% annualized return.

DBCMX

• 1D: -0.46%
• 1M: -7.14%
• YTD: 20.78%
• 6M: 21.71%
• 1Y: 25.98%
• 3Y*: 9.70%
• 5Y*: 8.55%
• 10Y*: 6.39%

PDBC

• 1D: -1.10%
• 1M: -11.10%
• YTD: 22.11%
• 6M: 20.75%
• 1Y: 25.24%
• 3Y*: 10.03%
• 5Y*: 9.92%
• 10Y*: 7.59%

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

DBCMX vs. PDBC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DBCMX DoubleLine Strategic Commodity Fund	20.78%	6.10%	0.45%	-3.96%	13.40%	31.24%	-6.07%	4.78%	-10.65%	9.17%
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF	22.11%	5.96%	2.09%	-6.25%	19.23%	41.72%	-7.84%	11.44%	-12.78%	5.06%

Correlation

The correlation between DBCMX and PDBC is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (10Y) Calculated over the trailing 10-year period	0.78
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	0.78

The correlation between DBCMX and PDBC has been stable across timeframes, ranging from 0.78 to 0.83 - a consistent structural relationship.

Return for Risk

DBCMX vs. PDBC — Risk / Return Rank

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

DBCMX

DBCMX Risk / Return Rank: 46
DBCMX Sharpe Ratio Rank: 42
DBCMX Sortino Ratio Rank: 39
DBCMX Omega Ratio Rank: 39
DBCMX Calmar Ratio Rank: 46
DBCMX Martin Ratio Rank: 60

PDBC

PDBC Risk / Return Rank: 40
PDBC Sharpe Ratio Rank: 40
PDBC Sortino Ratio Rank: 39
PDBC Omega Ratio Rank: 39
PDBC Calmar Ratio Rank: 37
PDBC Martin Ratio Rank: 47

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.

DBCMX vs. PDBC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DoubleLine Strategic Commodity Fund (DBCMX) and Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC). 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.

	DBCMX	PDBC	Difference
Sharpe ratio: Return per unit of total volatility	1.77	1.38	+0.39
Sortino ratio: Return per unit of downside risk	2.42	1.92	+0.50
Omega ratio: Gain probability vs. loss probability	1.31	1.24	+0.07
Calmar ratio: Return relative to maximum drawdown	2.49	1.76	+0.73
Martin ratio: Return relative to average drawdown	11.34	7.71	+3.63

DBCMX vs. PDBC - Sharpe Ratio Comparison

The current DBCMX Sharpe Ratio is 1.77, which is comparable to the PDBC Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of DBCMX and PDBC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

DBCMX vs. PDBC - Drawdown Comparison

The maximum DBCMX drawdown since its inception was -37.62%, smaller than the maximum PDBC drawdown of -49.52%. Use the drawdown chart below to compare losses from any high point for DBCMX and PDBC.

Drawdown Indicators

	DBCMX	PDBC	Difference
Max Drawdown Largest peak-to-trough decline	-37.62%	-49.52%	+11.90%
Max Drawdown (1Y) Largest decline over 1 year	-9.92%	-14.44%	+4.52%
Max Drawdown (3Y) Largest decline over 3 years	-14.75%	-14.44%	-0.31%
Max Drawdown (5Y) Largest decline over 5 years	-27.60%	-27.63%	+0.03%
Max Drawdown (10Y) Largest decline over 10 years	-37.62%	-40.73%	+3.11%
Current Drawdown Current decline from peak	-9.92%	-14.44%	+4.52%
Average Drawdown Average peak-to-trough decline	-13.23%	-23.14%	+9.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.20%	3.31%	-1.11%

Volatility

DBCMX vs. PDBC - Volatility Comparison

The current volatility for DoubleLine Strategic Commodity Fund (DBCMX) is 3.96%, while Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) has a volatility of 4.42%. This indicates that DBCMX experiences smaller price fluctuations and is considered to be less risky than PDBC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DBCMX	PDBC	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.96%	4.42%	-0.46%
Volatility (6M) Calculated over the trailing 6-month period	12.48%	16.20%	-3.72%
Volatility (1Y) Calculated over the trailing 1-year period	14.01%	18.73%	-4.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.28%	19.15%	-2.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.64%	17.77%	-3.13%

DBCMX vs. PDBC - Expense Ratio Comparison

DBCMX has a 1.02% expense ratio, which is higher than PDBC's 0.58% expense ratio.

Dividends

DBCMX vs. PDBC - Dividend Comparison

DBCMX's dividend yield for the trailing twelve months is around 2.51%, less than PDBC's 3.14% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DBCMX DoubleLine Strategic Commodity Fund	2.51%	3.04%	2.89%	3.30%	46.88%	13.53%	0.00%	1.04%	1.21%	5.23%	0.51%
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF	3.14%	3.84%	4.42%	4.21%	13.05%	50.83%	0.01%	1.40%	1.00%	3.83%	6.51%

Frequently Asked Questions

Can I hold both DBCMX and PDBC in my portfolio?

DBCMX and PDBC have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DBCMX or PDBC?

PDBC has higher volatility (4.42%) compared to DBCMX (3.96%). In terms of maximum drawdown, DBCMX dropped -37.62% vs PDBC's -49.52%.

Which has better risk-adjusted returns?

DBCMX currently has the higher Sharpe Ratio (1.77 vs 1.38), 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.