DBP vs. BAR
DBP (Invesco DB Precious Metals Fund) and BAR (GraniteShares Gold Trust) are both exchange-traded funds - DBP is a Precious Metals fund tracking the DBIQ Optimum Yield Precious Metals Index Excess Return, while BAR is a Gold fund tracking the LBMA Gold Price PM ($/ozt). Both are passively managed. Over the past 5 years, DBP returned 17.43%/yr vs 18.41%/yr for BAR. Their correlation of 0.95 suggests significant overlap in exposure. DBP charges 0.78%/yr vs 0.17%/yr for BAR.
Performance
DBP vs. BAR - Performance Comparison
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Returns By Period
In the year-to-date period, DBP achieves a 2.13% return, which is significantly lower than BAR's 2.94% return.
DBP
- 1D
- -1.42%
- 1M
- -1.48%
- YTD
- 2.13%
- 6M
- 8.68%
- 1Y
- 42.65%
- 3Y*
- 32.54%
- 5Y*
- 17.43%
- 10Y*
- 12.31%
BAR
- 1D
- -1.02%
- 1M
- -1.62%
- YTD
- 2.94%
- 6M
- 5.50%
- 1Y
- 32.26%
- 3Y*
- 31.38%
- 5Y*
- 18.41%
- 10Y*
- —
DBP vs. BAR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DBP Invesco DB Precious Metals Fund | 2.13% | 73.43% | 26.71% | 8.68% | -1.51% | -7.10% | 26.79% | 15.89% | -4.31% | -2.17% |
BAR GraniteShares Gold Trust | 2.94% | 64.12% | 26.97% | 12.96% | -0.55% | -3.92% | 25.02% | 18.16% | -1.87% | -1.15% |
Correlation
The correlation between DBP and BAR is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.96 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since Sep 1, 2017 | 0.95 |
The correlation between DBP and BAR has been stable across timeframes, ranging from 0.95 to 0.96 - a consistent structural relationship.
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Return for Risk
DBP vs. BAR — Risk / Return Rank
DBP
BAR
DBP vs. BAR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB Precious Metals Fund (DBP) and GraniteShares Gold Trust (BAR). 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 | BAR | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.32 | 1.23 | +0.09 |
Sortino ratioReturn per unit of downside risk | 1.65 | 1.62 | +0.03 |
Omega ratioGain probability vs. loss probability | 1.26 | 1.25 | +0.02 |
Calmar ratioReturn relative to maximum drawdown | 1.68 | 1.69 | -0.01 |
Martin ratioReturn relative to average drawdown | 4.01 | 4.19 | -0.18 |
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 | BAR | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.32 | 1.23 | +0.09 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.84 | 1.03 | -0.20 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.66 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.43 | 0.90 | -0.47 |
Drawdowns
DBP vs. BAR - Drawdown Comparison
The maximum DBP drawdown since its inception was -53.89%, which is greater than BAR's maximum drawdown of -21.53%. Use the drawdown chart below to compare losses from any high point for DBP and BAR.
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Drawdown Indicators
| DBP | BAR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.89% | -21.53% | -32.36% |
Max Drawdown (1Y)Largest decline over 1 year | -25.48% | -19.19% | -6.29% |
Max Drawdown (3Y)Largest decline over 3 years | -25.48% | -19.19% | -6.29% |
Max Drawdown (5Y)Largest decline over 5 years | -25.48% | -20.91% | -4.57% |
Max Drawdown (10Y)Largest decline over 10 years | -28.36% | — | — |
Current DrawdownCurrent decline from peak | -23.04% | -17.72% | -5.32% |
Average DrawdownAverage peak-to-trough decline | -25.42% | -6.45% | -18.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.67% | 7.72% | +2.95% |
Volatility
DBP vs. BAR - Volatility Comparison
Invesco DB Precious Metals Fund (DBP) has a higher volatility of 7.57% compared to GraniteShares Gold Trust (BAR) at 5.46%. This indicates that DBP's price experiences larger fluctuations and is considered to be riskier than BAR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DBP | BAR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.57% | 5.46% | +2.11% |
Volatility (6M)Calculated over the trailing 6-month period | 29.87% | 23.03% | +6.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 32.57% | 26.43% | +6.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.91% | 17.90% | +3.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.72% | 16.38% | +2.34% |
DBP vs. BAR - Expense Ratio Comparison
DBP has a 0.78% expense ratio, which is higher than BAR's 0.17% expense ratio.
Dividends
DBP vs. BAR - Dividend Comparison
DBP's dividend yield for the trailing twelve months is around 2.38%, while BAR has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
BAR GraniteShares Gold Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
DBP Invesco DB Precious Metals Fund | 2.38% | 2.44% | 4.21% | 4.47% | 0.45% | 0.00% | 0.00% | 1.26% | 1.24% | 0.12% |
Frequently Asked Questions
With a correlation of 0.96, DBP and BAR move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
DBP has higher volatility (7.57%) compared to BAR (5.46%). In terms of maximum drawdown, DBP dropped -53.89% vs BAR's -21.53%.
On 5-year performance, BAR leads with 18.41% vs 17.43% for DBP. On fees, BAR is cheaper at 0.17% per year. On volatility, BAR has been the lower-risk option at 5.46%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, BAR has performed better with a 18.41% return vs 17.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BAR is cheaper with a 0.17% expense ratio, compared with 0.78% for DBP.
DBP has the higher dividend yield at 2.38%, compared with 0.00% for BAR.
DBP is categorized as Precious Metals, while BAR is Gold. DBP tracks DBIQ Optimum Yield Precious Metals Index Excess Return, while BAR tracks LBMA Gold Price PM ($/ozt). They also come from different issuers: Invesco and GraniteShares. Their fees differ too: 0.78% for DBP and 0.17% for BAR.
DBP currently has the higher Sharpe Ratio (1.32 vs 1.23), 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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