DBP vs. GLD
DBP (Invesco DB Precious Metals Fund) and GLD (SPDR Gold Shares) are both exchange-traded funds - DBP is a Precious Metals fund tracking the DBIQ Optimum Yield Precious Metals Index Excess Return, while GLD is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 10 years, DBP returned 10.50%/yr vs 11.59%/yr for GLD. With a 0.96 correlation, they move nearly in lockstep. DBP charges 0.78%/yr vs 0.40%/yr for GLD.
Performance
DBP vs. GLD - 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 GLD's -4.79% return. Over the past 10 years, DBP has underperformed GLD with an annualized return of 10.50%, while GLD has yielded a comparatively higher 11.59% 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%
GLD
- 1D
- -1.89%
- 1M
- -8.82%
- YTD
- -4.79%
- 6M
- -8.78%
- 1Y
- 21.29%
- 3Y*
- 28.41%
- 5Y*
- 17.84%
- 10Y*
- 11.59%
DBP vs. GLD - 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% |
GLD SPDR Gold Shares | -4.79% | 63.68% | 26.66% | 12.69% | -0.77% | -4.15% | 24.81% | 17.86% | -1.94% | 12.81% |
Correlation
The correlation between DBP and GLD 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 (10Y) Calculated over the trailing 10-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since Jan 5, 2007 | 0.96 |
The correlation between DBP and GLD has been stable across timeframes, ranging from 0.96 to 0.96 - a consistent structural relationship.
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Return for Risk
DBP vs. GLD — Risk / Return Rank
DBP
GLD
DBP vs. GLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB Precious Metals Fund (DBP) and SPDR Gold Shares (GLD). 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 | GLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.05 | ||
| Sortino ratioReturn per unit of downside risk | +0.04 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.17 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 0.92 | 0.87 | +0.04 |
| Martin ratioReturn relative to average drawdown | 2.25 | 2.35 | -0.10 |
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Drawdowns
DBP vs. GLD - Drawdown Comparison
The maximum DBP drawdown since its inception was -53.89%, which is greater than GLD's maximum drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for DBP and GLD.
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Drawdown Indicators
| DBP | GLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.89% | -45.56% | -8.33% |
Max Drawdown (1Y)Largest decline over 1 year | -30.18% | -24.46% | -5.72% |
Max Drawdown (3Y)Largest decline over 3 years | -30.18% | -24.46% | -5.72% |
Max Drawdown (5Y)Largest decline over 5 years | -30.18% | -24.46% | -5.72% |
Max Drawdown (10Y)Largest decline over 10 years | -30.18% | -24.46% | -5.72% |
Current DrawdownCurrent decline from peak | -30.18% | -23.91% | -6.27% |
Average DrawdownAverage peak-to-trough decline | -25.42% | -16.17% | -9.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.30% | 9.10% | +3.20% |
Volatility
DBP vs. GLD - Volatility Comparison
Invesco DB Precious Metals Fund (DBP) has a higher volatility of 8.93% compared to SPDR Gold Shares (GLD) at 8.18%. This indicates that DBP's price experiences larger fluctuations and is considered to be riskier than GLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DBP | GLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.93% | 8.18% | +0.75% |
Volatility (6M)Calculated over the trailing 6-month period | 30.96% | 24.38% | +6.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 33.62% | 27.57% | +6.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.18% | 18.24% | +2.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.83% | 16.04% | +2.79% |
DBP vs. GLD - Expense Ratio Comparison
DBP has a 0.78% expense ratio, which is higher than GLD's 0.40% expense ratio.
Dividends
DBP vs. GLD - Dividend Comparison
DBP's dividend yield for the trailing twelve months is around 2.63%, while GLD 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% |
GLD SPDR Gold Shares | 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 0.96, DBP and GLD 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 GLD (8.18%). In terms of maximum drawdown, DBP dropped -53.89% vs GLD's -45.56%.
On 10-year performance, GLD leads with 11.59% vs 10.50% for DBP. On fees, GLD is cheaper at 0.40% per year. On volatility, GLD has been the lower-risk option at 8.18%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GLD has performed better with a 11.59% return vs 10.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GLD is cheaper with a 0.40% expense ratio, compared with 0.78% for DBP.
DBP has the higher dividend yield at 2.63%, compared with 0.00% for GLD.
DBP is categorized as Precious Metals, while GLD is Gold. DBP tracks DBIQ Optimum Yield Precious Metals Index Excess Return, while GLD tracks LBMA Gold Price PM. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.78% for DBP and 0.40% for GLD.
DBP currently has the higher Sharpe Ratio (0.82 vs 0.78), 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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