DBP vs. AAAU
Compare and contrast key facts about Invesco DB Precious Metals Fund (DBP) and Goldman Sachs Physical Gold ETF (AAAU).
DBP and AAAU are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. DBP is a passively managed fund by Invesco that tracks the performance of the DBIQ Optimum Yield Precious Metals Index Excess Return. It was launched on Jan 5, 2007. AAAU is a passively managed fund by Goldman Sachs that tracks the performance of the LBMA Gold PM Price. It was launched on Jul 26, 2018. Both DBP and AAAU are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
DBP vs. AAAU - Performance Comparison
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DBP vs. AAAU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
DBP Invesco DB Precious Metals Fund | 8.35% | 73.43% | 26.71% | 8.68% | -1.51% | -7.10% | 26.79% | 15.89% | 8.33% |
AAAU Goldman Sachs Physical Gold ETF | 10.48% | 64.06% | 26.91% | 12.96% | -0.50% | -4.01% | 25.02% | 18.17% | 9.20% |
Returns By Period
In the year-to-date period, DBP achieves a 8.35% return, which is significantly lower than AAAU's 10.48% return.
DBP
- 1D
- 1.23%
- 1M
- -12.21%
- YTD
- 8.35%
- 6M
- 27.71%
- 1Y
- 59.98%
- 3Y*
- 34.55%
- 5Y*
- 21.03%
- 10Y*
- 13.31%
AAAU
- 1D
- 1.78%
- 1M
- -10.64%
- YTD
- 10.48%
- 6M
- 23.10%
- 1Y
- 52.53%
- 3Y*
- 33.97%
- 5Y*
- 22.27%
- 10Y*
- —
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DBP vs. AAAU - Expense Ratio Comparison
DBP has a 0.78% expense ratio, which is higher than AAAU's 0.18% expense ratio.
Return for Risk
DBP vs. AAAU — Risk / Return Rank
DBP
AAAU
DBP vs. AAAU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB Precious Metals Fund (DBP) and Goldman Sachs Physical Gold ETF (AAAU). 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.
| DBP | AAAU | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.83 | 1.92 | -0.09 |
Sortino ratioReturn per unit of downside risk | 2.14 | 2.35 | -0.21 |
Omega ratioGain probability vs. loss probability | 1.34 | 1.35 | -0.01 |
Calmar ratioReturn relative to maximum drawdown | 2.34 | 2.73 | -0.39 |
Martin ratioReturn relative to average drawdown | 8.35 | 10.02 | -1.67 |
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
| DBP | AAAU | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.83 | 1.92 | -0.09 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.03 | 1.27 | -0.24 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.72 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.45 | 1.18 | -0.73 |
Correlation
The correlation between DBP and AAAU is 0.95, 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
DBP vs. AAAU - Dividend Comparison
DBP's dividend yield for the trailing twelve months is around 2.25%, while AAAU has not paid dividends to shareholders.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DBP Invesco DB Precious Metals Fund | 2.25% | 2.44% | 4.21% | 4.47% | 0.45% | 0.00% | 0.00% | 1.26% | 1.24% | 0.12% |
AAAU Goldman Sachs Physical Gold ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
DBP vs. AAAU - Drawdown Comparison
The maximum DBP drawdown since its inception was -53.89%, which is greater than AAAU's maximum drawdown of -21.63%. Use the drawdown chart below to compare losses from any high point for DBP and AAAU.
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Drawdown Indicators
| DBP | AAAU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.89% | -21.63% | -32.26% |
Max Drawdown (1Y)Largest decline over 1 year | -25.48% | -19.13% | -6.35% |
Max Drawdown (5Y)Largest decline over 5 years | -25.48% | -20.94% | -4.54% |
Max Drawdown (10Y)Largest decline over 10 years | -28.36% | — | — |
Current DrawdownCurrent decline from peak | -18.35% | -11.65% | -6.70% |
Average DrawdownAverage peak-to-trough decline | -25.47% | -6.01% | -19.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.15% | 5.21% | +1.94% |
Volatility
DBP vs. AAAU - Volatility Comparison
Invesco DB Precious Metals Fund (DBP) has a higher volatility of 11.16% compared to Goldman Sachs Physical Gold ETF (AAAU) at 10.43%. This indicates that DBP's price experiences larger fluctuations and is considered to be riskier than AAAU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DBP | AAAU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.16% | 10.43% | +0.73% |
Volatility (6M)Calculated over the trailing 6-month period | 30.56% | 24.06% | +6.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 32.94% | 27.50% | +5.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.56% | 17.58% | +2.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.57% | 16.92% | +1.65% |