DBP vs. FGDL
DBP (Invesco DB Precious Metals Fund) and FGDL (Franklin Responsibly Sourced Gold ETF) are both exchange-traded funds - DBP is a Precious Metals fund tracking the DBIQ Optimum Yield Precious Metals Index Excess Return, while FGDL is a Gold fund tracking the LBMA Gold Price PM ($/ozt). Both are passively managed. Over the past 3 years, DBP returned 29.27%/yr vs 28.79%/yr for FGDL. Their correlation of 0.95 suggests significant overlap in exposure. DBP charges 0.78%/yr vs 0.15%/yr for FGDL.
Performance
DBP vs. FGDL - 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 FGDL's -4.86% 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%
FGDL
- 1D
- -1.86%
- 1M
- -8.58%
- YTD
- -4.86%
- 6M
- -8.67%
- 1Y
- 21.26%
- 3Y*
- 28.79%
- 5Y*
- —
- 10Y*
- —
DBP vs. FGDL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
DBP Invesco DB Precious Metals Fund | -7.35% | 73.43% | 26.71% | 8.68% | 2.29% |
FGDL Franklin Responsibly Sourced Gold ETF | -4.86% | 64.15% | 27.31% | 12.92% | 0.72% |
Correlation
The correlation between DBP and FGDL is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.94 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.95 |
Correlation (All Time) Calculated using the full available price history since Jun 30, 2022 | 0.95 |
The correlation between DBP and FGDL has been stable across timeframes, ranging from 0.94 to 0.95 - a consistent structural relationship.
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Return for Risk
DBP vs. FGDL — Risk / Return Rank
DBP
FGDL
DBP vs. FGDL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB Precious Metals Fund (DBP) and Franklin Responsibly Sourced Gold ETF (FGDL). 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 | FGDL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.06 | ||
| Sortino ratioReturn per unit of downside risk | +0.05 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.16 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 0.92 | 0.86 | +0.06 |
| Martin ratioReturn relative to average drawdown | 2.25 | 2.31 | -0.06 |
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Drawdowns
DBP vs. FGDL - Drawdown Comparison
The maximum DBP drawdown since its inception was -53.89%, which is greater than FGDL's maximum drawdown of -24.73%. Use the drawdown chart below to compare losses from any high point for DBP and FGDL.
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Drawdown Indicators
| DBP | FGDL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.89% | -24.73% | -29.16% |
Max Drawdown (1Y)Largest decline over 1 year | -30.18% | -24.73% | -5.45% |
Max Drawdown (3Y)Largest decline over 3 years | -30.18% | -24.73% | -5.45% |
Max Drawdown (5Y)Largest decline over 5 years | -30.18% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -30.18% | — | — |
Current DrawdownCurrent decline from peak | -30.18% | -23.98% | -6.20% |
Average DrawdownAverage peak-to-trough decline | -25.42% | -4.07% | -21.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.30% | 9.24% | +3.06% |
Volatility
DBP vs. FGDL - Volatility Comparison
Invesco DB Precious Metals Fund (DBP) has a higher volatility of 8.93% compared to Franklin Responsibly Sourced Gold ETF (FGDL) at 8.47%. This indicates that DBP's price experiences larger fluctuations and is considered to be riskier than FGDL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DBP | FGDL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.93% | 8.47% | +0.46% |
Volatility (6M)Calculated over the trailing 6-month period | 30.96% | 24.48% | +6.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 33.62% | 27.83% | +5.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.18% | 19.33% | +1.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.83% | 19.33% | -0.50% |
DBP vs. FGDL - Expense Ratio Comparison
DBP has a 0.78% expense ratio, which is higher than FGDL's 0.15% expense ratio.
Dividends
DBP vs. FGDL - Dividend Comparison
DBP's dividend yield for the trailing twelve months is around 2.63%, while FGDL has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
FGDL Franklin Responsibly Sourced Gold ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.94, DBP and FGDL 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 (8.93%) compared to FGDL (8.47%). In terms of maximum drawdown, DBP dropped -53.89% vs FGDL's -24.73%.
On 3-year performance, DBP leads with 29.27% vs 28.79% for FGDL. On fees, FGDL is cheaper at 0.15% per year. On volatility, FGDL has been the lower-risk option at 8.47%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, DBP has performed better with a 29.27% return vs 28.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FGDL is cheaper with a 0.15% expense ratio, compared with 0.78% for DBP.
DBP has the higher dividend yield at 2.63%, compared with 0.00% for FGDL.
DBP is categorized as Precious Metals, while FGDL is Gold. DBP tracks DBIQ Optimum Yield Precious Metals Index Excess Return, while FGDL tracks LBMA Gold Price PM ($/ozt). They also come from different issuers: Invesco and Franklin Templeton. Their fees differ too: 0.78% for DBP and 0.15% for FGDL.
DBP currently has the higher Sharpe Ratio (0.82 vs 0.77), 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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