DBP vs. BGLD
DBP (Invesco DB Precious Metals Fund) and BGLD (FT Vest Gold Strategy Quarterly Buffer ETF) are both exchange-traded funds - DBP is a Precious Metals fund tracking the DBIQ Optimum Yield Precious Metals Index Excess Return, while BGLD is a Defined Outcome fund actively managed by FT Vest. DBP is passively managed, while BGLD is actively managed. Over the past 5 years, DBP returned 16.74%/yr vs 10.99%/yr for BGLD. A 0.80 correlation means they provide meaningful diversification when combined. DBP charges 0.78%/yr vs 0.91%/yr for BGLD.
Performance
DBP vs. BGLD - Performance Comparison
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Returns By Period
In the year-to-date period, DBP achieves a -7.35% return, which is significantly lower than BGLD's -3.71% return.
DBP
- 1D
- -2.46%
- 1M
- -11.00%
- YTD
- -7.35%
- 6M
- -11.28%
- 1Y
- 27.61%
- 3Y*
- 29.27%
- 5Y*
- 16.74%
- 10Y*
- 10.50%
BGLD
- 1D
- -0.57%
- 1M
- -4.77%
- YTD
- -3.71%
- 6M
- -6.89%
- 1Y
- 7.94%
- 3Y*
- 18.31%
- 5Y*
- 10.99%
- 10Y*
- —
DBP vs. BGLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
DBP Invesco DB Precious Metals Fund | -7.35% | 73.43% | 26.71% | 8.68% | -1.51% | -5.00% |
BGLD FT Vest Gold Strategy Quarterly Buffer ETF | -3.71% | 33.03% | 21.80% | 13.24% | -2.42% | -5.53% |
Correlation
The correlation between DBP and BGLD is 0.71, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.71 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.74 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.79 |
Correlation (All Time) Calculated using the full available price history since Jan 21, 2021 | 0.80 |
The correlation between DBP and BGLD has been stable across timeframes, ranging from 0.71 to 0.80 - a consistent structural relationship.
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Return for Risk
DBP vs. BGLD — Risk / Return Rank
DBP
BGLD
DBP vs. BGLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB Precious Metals Fund (DBP) and FT Vest Gold Strategy Quarterly Buffer ETF (BGLD). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| DBP | BGLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.19 | ||
| Sortino ratioReturn per unit of downside risk | +0.25 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.13 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 0.92 | 0.70 | +0.22 |
| Martin ratioReturn relative to average drawdown | 2.25 | 1.96 | +0.29 |
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Drawdowns
DBP vs. BGLD - Drawdown Comparison
The maximum DBP drawdown since its inception was -53.89%, which is greater than BGLD's maximum drawdown of -16.19%. Use the drawdown chart below to compare losses from any high point for DBP and BGLD.
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Drawdown Indicators
| DBP | BGLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.89% | -16.19% | -37.70% |
Max Drawdown (1Y)Largest decline over 1 year | -30.18% | -11.42% | -18.76% |
Max Drawdown (3Y)Largest decline over 3 years | -30.18% | -11.42% | -18.76% |
Max Drawdown (5Y)Largest decline over 5 years | -30.18% | -15.42% | -14.76% |
Max Drawdown (10Y)Largest decline over 10 years | -30.18% | — | — |
Current DrawdownCurrent decline from peak | -30.18% | -10.95% | -19.23% |
Average DrawdownAverage peak-to-trough decline | -25.42% | -3.69% | -21.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.30% | 4.07% | +8.23% |
Volatility
DBP vs. BGLD - Volatility Comparison
Invesco DB Precious Metals Fund (DBP) has a higher volatility of 8.93% compared to FT Vest Gold Strategy Quarterly Buffer ETF (BGLD) at 4.56%. This indicates that DBP's price experiences larger fluctuations and is considered to be riskier than BGLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DBP | BGLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.93% | 4.56% | +4.37% |
Volatility (6M)Calculated over the trailing 6-month period | 30.96% | 10.79% | +20.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 33.62% | 12.55% | +21.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.18% | 10.13% | +11.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.83% | 10.02% | +8.81% |
DBP vs. BGLD - Expense Ratio Comparison
DBP has a 0.78% expense ratio, which is lower than BGLD's 0.91% expense ratio.
Dividends
DBP vs. BGLD - Dividend Comparison
DBP's dividend yield for the trailing twelve months is around 2.63%, less than BGLD's 46.03% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
BGLD FT Vest Gold Strategy Quarterly Buffer ETF | 46.03% | 44.32% | 25.04% | 10.49% | 0.40% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
DBP Invesco DB Precious Metals Fund | 2.63% | 2.44% | 4.21% | 4.47% | 0.45% | 0.00% | 0.00% | 1.26% | 1.24% | 0.12% |
Frequently Asked Questions
DBP and BGLD have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBP has higher volatility (8.93%) compared to BGLD (4.56%). In terms of maximum drawdown, DBP dropped -53.89% vs BGLD's -16.19%.
On 5-year performance, DBP leads with 16.74% vs 10.99% for BGLD. On fees, DBP is cheaper at 0.78% per year. On volatility, BGLD has been the lower-risk option at 4.56%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, DBP has performed better with a 16.74% return vs 10.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DBP is cheaper with a 0.78% expense ratio, compared with 0.91% for BGLD.
BGLD has the higher dividend yield at 46.03%, compared with 2.63% for DBP.
DBP is categorized as Precious Metals, while BGLD is Defined Outcome. They also come from different issuers: Invesco and FT Vest. Their fees differ too: 0.78% for DBP and 0.91% for BGLD.
DBP currently has the higher Sharpe Ratio (0.82 vs 0.64), 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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