DBE vs. PDBC
DBE (Invesco DB Energy Fund) and PDBC (Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF) are both exchange-traded funds - DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index, while PDBC is a Commodities fund actively managed by Invesco. DBE is passively managed, while PDBC is actively managed. Over the past 10 years, DBE returned 12.03%/yr vs 8.79%/yr for PDBC. Their correlation of 0.89 suggests significant overlap in exposure. DBE charges 0.78%/yr vs 0.58%/yr for PDBC.
Performance
DBE vs. PDBC - Performance Comparison
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Returns By Period
In the year-to-date period, DBE achieves a 83.68% return, which is significantly higher than PDBC's 36.23% return. Over the past 10 years, DBE has outperformed PDBC with an annualized return of 12.03%, while PDBC has yielded a comparatively lower 8.79% annualized return.
DBE
- 1D
- 2.33%
- 1M
- -5.45%
- YTD
- 83.68%
- 6M
- 74.95%
- 1Y
- 84.41%
- 3Y*
- 23.42%
- 5Y*
- 19.66%
- 10Y*
- 12.03%
PDBC
- 1D
- 0.39%
- 1M
- -3.37%
- YTD
- 36.23%
- 6M
- 36.27%
- 1Y
- 45.46%
- 3Y*
- 14.42%
- 5Y*
- 12.39%
- 10Y*
- 8.79%
DBE vs. PDBC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 83.68% | -2.17% | 2.96% | -12.14% | 33.77% | 57.56% | -25.91% | 19.72% | -12.95% | 5.21% |
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 36.23% | 5.96% | 2.09% | -6.25% | 19.23% | 41.72% | -7.84% | 11.44% | -12.78% | 5.06% |
Correlation
The correlation between DBE and PDBC is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.88 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.91 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.93 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.92 |
Correlation (All Time) Calculated using the full available price history since Nov 10, 2014 | 0.89 |
The correlation between DBE and PDBC has been stable across timeframes, ranging from 0.88 to 0.93 - a consistent structural relationship.
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Return for Risk
DBE vs. PDBC — Risk / Return Rank
DBE
PDBC
DBE vs. PDBC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB Energy Fund (DBE) 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.
| DBE | PDBC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.03 | ||
| Sortino ratioReturn per unit of downside risk | -0.18 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.43 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 5.89 | 6.35 | -0.46 |
| Martin ratioReturn relative to average drawdown | 11.53 | 13.39 | -1.86 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| DBE | PDBC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.43 | 2.46 | -0.03 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.67 | 0.65 | +0.02 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.43 | 0.50 | -0.07 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.09 | 0.23 | -0.14 |
Drawdowns
DBE vs. PDBC - Drawdown Comparison
The maximum DBE drawdown since its inception was -86.69%, which is greater than PDBC's maximum drawdown of -49.52%. Use the drawdown chart below to compare losses from any high point for DBE and PDBC.
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Drawdown Indicators
| DBE | PDBC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -86.69% | -49.52% | -37.17% |
Max Drawdown (1Y)Largest decline over 1 year | -14.41% | -7.19% | -7.22% |
Max Drawdown (3Y)Largest decline over 3 years | -23.89% | -13.95% | -9.94% |
Max Drawdown (5Y)Largest decline over 5 years | -38.74% | -27.63% | -11.11% |
Max Drawdown (10Y)Largest decline over 10 years | -60.84% | -40.73% | -20.11% |
Current DrawdownCurrent decline from peak | -30.27% | -4.55% | -25.72% |
Average DrawdownAverage peak-to-trough decline | -57.31% | -23.21% | -34.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.35% | 3.41% | +3.94% |
Volatility
DBE vs. PDBC - Volatility Comparison
Invesco DB Energy Fund (DBE) has a higher volatility of 12.95% compared to Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) at 6.20%. This indicates that DBE's price experiences larger fluctuations and is considered to be riskier than PDBC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DBE | PDBC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.95% | 6.20% | +6.75% |
Volatility (6M)Calculated over the trailing 6-month period | 30.86% | 15.78% | +15.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 34.97% | 18.61% | +16.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.39% | 19.12% | +10.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.33% | 17.78% | +10.55% |
DBE vs. PDBC - Expense Ratio Comparison
DBE has a 0.78% expense ratio, which is higher than PDBC's 0.58% expense ratio.
Dividends
DBE vs. PDBC - Dividend Comparison
DBE's dividend yield for the trailing twelve months is around 2.10%, less than PDBC's 2.82% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.10% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% | 0.00% | 0.00% |
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 2.82% | 3.84% | 4.42% | 4.21% | 13.05% | 50.83% | 0.01% | 1.40% | 1.00% | 3.83% | 6.51% |
Frequently Asked Questions
DBE and PDBC have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBE has higher volatility (12.95%) compared to PDBC (6.20%). In terms of maximum drawdown, DBE dropped -86.69% vs PDBC's -49.52%.
On 10-year performance, DBE leads with 12.03% vs 8.79% for PDBC. On fees, PDBC is cheaper at 0.58% per year. On volatility, PDBC has been the lower-risk option at 6.20%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DBE has performed better with a 12.03% return vs 8.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PDBC is cheaper with a 0.58% expense ratio, compared with 0.78% for DBE.
PDBC has the higher dividend yield at 2.82%, compared with 2.10% for DBE.
DBE is categorized as Oil & Gas, while PDBC is Commodities. Their fees differ too: 0.78% for DBE and 0.58% for PDBC.
PDBC currently has the higher Sharpe Ratio (2.46 vs 2.43), 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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