DBO vs. PDBC

Last updated Jun 4, 2026

DBO (Invesco DB Oil Fund) and PDBC (Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF) are both exchange-traded funds - DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return, while PDBC is a Commodities fund actively managed by Invesco. DBO is passively managed, while PDBC is actively managed. Over the past 10 years, DBO returned 11.37%/yr vs 8.79%/yr for PDBC. Their correlation of 0.87 suggests significant overlap in exposure. DBO charges 0.78%/yr vs 0.58%/yr for PDBC.

Performance

DBO vs. PDBC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DB Oil Fund (DBO) 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, DBO achieves a 84.75% return, which is significantly higher than PDBC's 36.23% return. Over the past 10 years, DBO has outperformed PDBC with an annualized return of 11.37%, while PDBC has yielded a comparatively lower 8.79% annualized return.

DBO

• 1D: 2.27%
• 1M: -2.34%
• YTD: 84.75%
• 6M: 81.10%
• 1Y: 80.26%
• 3Y*: 21.86%
• 5Y*: 15.98%
• 10Y*: 11.37%

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%

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

DBO vs. PDBC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DBO Invesco DB Oil Fund	84.75%	-11.71%	7.85%	-4.44%	13.04%	60.74%	-20.99%	28.05%	-15.22%	4.86%
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 DBO and PDBC is 0.86, 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	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since Nov 10, 2014	0.87

The correlation between DBO and PDBC has been stable across timeframes, ranging from 0.86 to 0.90 - a consistent structural relationship.

Return for Risk

DBO vs. PDBC — Risk / Return Rank

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

DBO

DBO Risk / Return Rank: 65
DBO Sharpe Ratio Rank: 70
DBO Sortino Ratio Rank: 62
DBO Omega Ratio Rank: 60
DBO Calmar Ratio Rank: 83
DBO Martin Ratio Rank: 52

PDBC

PDBC Risk / Return Rank: 74
PDBC Sharpe Ratio Rank: 73
PDBC Sortino Ratio Rank: 67
PDBC Omega Ratio Rank: 70
PDBC Calmar Ratio Rank: 92
PDBC Martin Ratio Rank: 70

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.

DBO vs. PDBC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DB Oil Fund (DBO) 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.

	DBO	PDBC	Difference
Sharpe ratio: Return per unit of total volatility	2.34	2.46	-0.11
Sortino ratio: Return per unit of downside risk	2.94	3.14	-0.20
Omega ratio: Gain probability vs. loss probability	1.38	1.43	-0.05
Calmar ratio: Return relative to maximum drawdown	4.44	6.35	-1.91
Martin ratio: Return relative to average drawdown	9.02	13.39	-4.36
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DBO vs. PDBC - Sharpe Ratio Comparison

The current DBO Sharpe Ratio is 2.34, which is comparable to the PDBC Sharpe Ratio of 2.46. The chart below compares the historical Sharpe Ratios of DBO 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.

Sharpe Ratios by Period

	DBO	PDBC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.34	2.46	-0.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.50	0.65	-0.15
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.36	0.50	-0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.02	0.23	-0.21

Drawdowns

DBO vs. PDBC - Drawdown Comparison

The maximum DBO drawdown since its inception was -90.18%, which is greater than PDBC's maximum drawdown of -49.52%. Use the drawdown chart below to compare losses from any high point for DBO and PDBC.

Drawdown Indicators

	DBO	PDBC	Difference
Max Drawdown Largest peak-to-trough decline	-90.18%	-49.52%	-40.66%
Max Drawdown (1Y) Largest decline over 1 year	-18.19%	-7.19%	-11.00%
Max Drawdown (3Y) Largest decline over 3 years	-28.20%	-13.95%	-14.25%
Max Drawdown (5Y) Largest decline over 5 years	-37.68%	-27.63%	-10.05%
Max Drawdown (10Y) Largest decline over 10 years	-61.69%	-40.73%	-20.96%
Current Drawdown Current decline from peak	-51.38%	-4.55%	-46.83%
Average Drawdown Average peak-to-trough decline	-62.25%	-23.21%	-39.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.92%	3.41%	+5.51%

Volatility

DBO vs. PDBC - Volatility Comparison

Invesco DB Oil Fund (DBO) has a higher volatility of 12.61% compared to Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) at 6.20%. This indicates that DBO'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.

Volatility by Period

	DBO	PDBC	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.61%	6.20%	+6.41%
Volatility (6M) Calculated over the trailing 6-month period	28.20%	15.78%	+12.42%
Volatility (1Y) Calculated over the trailing 1-year period	34.46%	18.61%	+15.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.29%	19.12%	+13.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.78%	17.78%	+14.00%

DBO vs. PDBC - Expense Ratio Comparison

DBO has a 0.78% expense ratio, which is higher than PDBC's 0.58% expense ratio.

Dividends

DBO vs. PDBC - Dividend Comparison

DBO's dividend yield for the trailing twelve months is around 1.90%, less than PDBC's 2.82% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DBO Invesco DB Oil Fund	1.90%	3.51%	4.68%	4.59%	0.66%	0.00%	0.00%	1.63%	1.58%	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

Can I hold both DBO and PDBC in my portfolio?

DBO and PDBC have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DBO or PDBC?

DBO has higher volatility (12.61%) compared to PDBC (6.20%). In terms of maximum drawdown, DBO dropped -90.18% vs PDBC's -49.52%.

Which ETF is better, DBO or PDBC?

On 10-year performance, DBO leads with 11.37% 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.

Which ETF has performed better, DBO or PDBC?

Over the 10-year period, DBO has performed better with a 11.37% return vs 8.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DBO or PDBC?

PDBC is cheaper with a 0.58% expense ratio, compared with 0.78% for DBO.

Which ETF pays a higher dividend yield, DBO or PDBC?

PDBC has the higher dividend yield at 2.82%, compared with 1.90% for DBO.

What is the main difference between DBO and PDBC?

DBO is categorized as Oil & Gas, while PDBC is Commodities. Their fees differ too: 0.78% for DBO and 0.58% for PDBC.

Which has better risk-adjusted returns?

PDBC currently has the higher Sharpe Ratio (2.46 vs 2.34), 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.