DBO vs. PDBC

Last updated Apr 1, 2026

Compare and contrast key facts about Invesco DB Oil Fund (DBO) and Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC).

DBO and PDBC are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. DBO is a passively managed fund by Invesco that tracks the performance of the DBIQ Optimum Yield Crude Oil Index Excess Return. It was launched on Jan 5, 2007. PDBC is an actively managed fund by Invesco. It was launched on Nov 7, 2014.

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.

DBO vs. PDBC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DBO Invesco DB Oil Fund	61.23%	-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	30.72%	5.96%	2.09%	-6.25%	19.23%	41.72%	-7.84%	11.44%	-12.78%	5.06%

Returns By Period

In the year-to-date period, DBO achieves a 61.23% return, which is significantly higher than PDBC's 30.72% return. Over the past 10 years, DBO has outperformed PDBC with an annualized return of 11.99%, while PDBC has yielded a comparatively lower 9.86% annualized return.

DBO

• 1D: -5.52%
• 1M: 36.22%
• YTD: 61.23%
• 6M: 51.46%
• 1Y: 42.16%
• 3Y*: 15.27%
• 5Y*: 15.55%
• 10Y*: 11.99%

PDBC

• 1D: -1.03%
• 1M: 16.09%
• YTD: 30.72%
• 6M: 33.97%
• 1Y: 32.00%
• 3Y*: 11.28%
• 5Y*: 14.29%
• 10Y*: 9.86%

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

DBO vs. PDBC - Expense Ratio Comparison

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

DBO

Invesco DB Oil Fund

PDBC

Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF

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: 68
DBO Sharpe Ratio Rank: 69
DBO Sortino Ratio Rank: 73
DBO Omega Ratio Rank: 63
DBO Calmar Ratio Rank: 86
DBO Martin Ratio Rank: 50

PDBC

PDBC Risk / Return Rank: 85
PDBC Sharpe Ratio Rank: 87
PDBC Sortino Ratio Rank: 87
PDBC Omega Ratio Rank: 83
PDBC Calmar Ratio Rank: 91
PDBC Martin Ratio Rank: 76

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	1.18	1.72	-0.54
Sortino ratio Return per unit of downside risk	1.77	2.31	-0.53
Omega ratio Gain probability vs. loss probability	1.22	1.31	-0.09
Calmar ratio Return relative to maximum drawdown	2.52	3.04	-0.52
Martin ratio Return relative to average drawdown	4.52	7.48	-2.96
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 1.18, which is lower than the PDBC Sharpe Ratio of 1.72. The chart below compares the historical Sharpe Ratios of DBO and PDBC, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	DBO	PDBC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.18	1.72	-0.54
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.49	0.76	-0.27
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.38	0.56	-0.18
Sharpe Ratio (All Time) Calculated using the full available price history	-0.00	0.22	-0.22

Correlation

The correlation between DBO and PDBC is 0.87, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

DBO vs. PDBC - Dividend Comparison

DBO's dividend yield for the trailing twelve months is around 2.18%, less than PDBC's 2.94% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DBO Invesco DB Oil Fund	2.18%	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	2.94%	3.84%	4.42%	4.21%	13.05%	50.83%	0.01%	1.40%	1.00%	3.83%	6.51%

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%	-11.07%	-7.12%
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	-57.57%	-1.03%	-56.54%
Average Drawdown Average peak-to-trough decline	-62.32%	-23.53%	-38.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.15%	4.50%	+5.65%

Volatility

DBO vs. PDBC - Volatility Comparison

Invesco DB Oil Fund (DBO) has a higher volatility of 15.71% compared to Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) at 8.15%. 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	15.71%	8.15%	+7.56%
Volatility (6M) Calculated over the trailing 6-month period	25.15%	13.88%	+11.27%
Volatility (1Y) Calculated over the trailing 1-year period	35.96%	18.72%	+17.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.74%	18.92%	+12.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.52%	17.69%	+13.83%