DBP vs. DBB
DBP (Invesco DB Precious Metals Fund) and DBB (Invesco DB Base Metals Fund) are both exchange-traded funds - DBP is a Precious Metals fund tracking the DBIQ Optimum Yield Precious Metals Index Excess Return, while DBB is a Metals fund tracking the DBIQ Optimum Yield Industrial Metals Index Excess Return. Both are passively managed. Over the past 10 years, DBP returned 10.50%/yr vs 8.59%/yr for DBB. At a 0.34 correlation, their price movements are largely independent. DBP charges 0.78%/yr vs 0.80%/yr for DBB.
Performance
DBP vs. DBB - 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 DBB's 6.67% return. Over the past 10 years, DBP has outperformed DBB with an annualized return of 10.50%, while DBB has yielded a comparatively lower 8.59% annualized 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%
DBB
- 1D
- -3.05%
- 1M
- -5.52%
- YTD
- 6.67%
- 6M
- 9.49%
- 1Y
- 31.53%
- 3Y*
- 16.31%
- 5Y*
- 7.44%
- 10Y*
- 8.59%
DBP vs. DBB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DBP Invesco DB Precious Metals Fund | -7.35% | 73.43% | 26.71% | 8.68% | -1.51% | -7.10% | 26.79% | 15.89% | -4.31% | 10.58% |
DBB Invesco DB Base Metals Fund | 6.67% | 25.01% | 7.90% | 1.15% | -11.80% | 28.97% | 15.53% | -1.17% | -19.47% | 30.09% |
Correlation
The correlation between DBP and DBB is 0.51, 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 | 0.51 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.44 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.39 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.30 |
Correlation (All Time) Calculated using the full available price history since Jan 5, 2007 | 0.34 |
The correlation between DBP and DBB shifts across timeframes, from 0.30 (10 years) to 0.51 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
DBP vs. DBB — Risk / Return Rank
DBP
DBB
DBP vs. DBB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB Precious Metals Fund (DBP) and Invesco DB Base Metals Fund (DBB). 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 | DBB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.88 | ||
| Sortino ratioReturn per unit of downside risk | -1.13 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.29 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 0.92 | 2.88 | -1.96 |
| Martin ratioReturn relative to average drawdown | 2.25 | 10.30 | -8.05 |
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Drawdowns
DBP vs. DBB - Drawdown Comparison
The maximum DBP drawdown since its inception was -53.89%, smaller than the maximum DBB drawdown of -60.20%. Use the drawdown chart below to compare losses from any high point for DBP and DBB.
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Drawdown Indicators
| DBP | DBB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.89% | -60.20% | +6.31% |
Max Drawdown (1Y)Largest decline over 1 year | -30.18% | -11.00% | -19.18% |
Max Drawdown (3Y)Largest decline over 3 years | -30.18% | -16.59% | -13.59% |
Max Drawdown (5Y)Largest decline over 5 years | -30.18% | -35.00% | +4.82% |
Max Drawdown (10Y)Largest decline over 10 years | -30.18% | -37.98% | +7.80% |
Current DrawdownCurrent decline from peak | -30.18% | -8.11% | -22.07% |
Average DrawdownAverage peak-to-trough decline | -25.42% | -30.82% | +5.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.30% | 3.07% | +9.23% |
Volatility
DBP vs. DBB - Volatility Comparison
Invesco DB Precious Metals Fund (DBP) has a higher volatility of 8.93% compared to Invesco DB Base Metals Fund (DBB) at 5.98%. This indicates that DBP's price experiences larger fluctuations and is considered to be riskier than DBB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DBP | DBB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.93% | 5.98% | +2.95% |
Volatility (6M)Calculated over the trailing 6-month period | 30.96% | 16.24% | +14.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 33.62% | 18.63% | +14.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.18% | 20.26% | +0.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.83% | 18.51% | +0.32% |
DBP vs. DBB - Expense Ratio Comparison
DBP has a 0.78% expense ratio, which is lower than DBB's 0.80% expense ratio.
Dividends
DBP vs. DBB - Dividend Comparison
DBP's dividend yield for the trailing twelve months is around 2.63%, more than DBB's 2.45% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DBB Invesco DB Base Metals Fund | 2.45% | 2.61% | 4.75% | 7.21% | 0.94% | 0.00% | 0.00% | 1.83% | 1.59% | 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 DBB have a correlation of 0.51, 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 DBB (5.98%). In terms of maximum drawdown, DBP dropped -53.89% vs DBB's -60.20%.
On 10-year performance, DBP leads with 10.50% vs 8.59% for DBB. On fees, DBP is cheaper at 0.78% per year. On volatility, DBB has been the lower-risk option at 5.98%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DBP has performed better with a 10.50% return vs 8.59%. 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 0.80% for DBB.
DBP has the higher dividend yield at 2.63%, compared with 2.45% for DBB.
DBP is categorized as Precious Metals, while DBB is Metals. DBP tracks DBIQ Optimum Yield Precious Metals Index Excess Return, while DBB tracks DBIQ Optimum Yield Industrial Metals Index Excess Return. Their fees differ too: 0.78% for DBP and 0.80% for DBB.
DBB currently has the higher Sharpe Ratio (1.70 vs 0.82), 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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