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DBP vs. GLDI
Performance
Return for Risk
Drawdowns
Volatility
Dividends

DBP vs. GLDI

Last updated Jun 4, 2026

DBP (Invesco DB Precious Metals Fund) and GLDI (Credit Suisse X-Links Gold Shares Covered Call ETN) are both Precious Metals funds - DBP tracks the DBIQ Optimum Yield Precious Metals Index Excess Return while GLDI tracks the Credit Suisse NASDAQ Gold FLOWS 103 Index. Both are passively managed. Over the past 10 years, DBP returned 12.31%/yr vs 8.99%/yr for GLDI. Their correlation of 0.83 suggests significant overlap in exposure. DBP charges 0.78%/yr vs 0.65%/yr for GLDI.

Performance

DBP vs. GLDI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DB Precious Metals Fund (DBP) and Credit Suisse X-Links Gold Shares Covered Call ETN (GLDI). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

The year-to-date returns for both stocks are quite close, with DBP having a 2.13% return and GLDI slightly lower at 2.06%. Over the past 10 years, DBP has outperformed GLDI with an annualized return of 12.31%, while GLDI has yielded a comparatively lower 8.99% annualized 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%

GLDI

1D
-0.81%
1M
0.90%
YTD
2.06%
6M
4.42%
1Y
21.23%
3Y*
19.54%
5Y*
11.15%
10Y*
8.99%
*Multi-year figures are annualized to reflect compound growth (CAGR)

DBP vs. GLDI - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
DBP
Invesco DB Precious Metals Fund		2.13%73.43%26.71%8.68%-1.51%-7.10%26.79%15.89%-4.31%10.58%
GLDI
Credit Suisse X-Links Gold Shares Covered Call ETN		2.06%34.25%17.76%8.93%-1.11%-3.42%23.50%14.40%-0.54%8.94%

Correlation

The correlation between DBP and GLDI is 0.81, 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

0.81

Correlation (3Y)
Calculated over the trailing 3-year period

0.81

Correlation (5Y)
Calculated over the trailing 5-year period

0.84

Correlation (10Y)
Calculated over the trailing 10-year period

0.80

Correlation (All Time)
Calculated using the full available price history since Jan 30, 2013

0.83

The correlation between DBP and GLDI has been stable across timeframes, ranging from 0.80 to 0.84 - a consistent structural relationship.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Invesco DB Precious Metals Fund

Credit Suisse X-Links Gold Shares Covered Call ETN

Often compared with DBP:
DBP vs. GLDDBP vs. RINGDBP vs. DBCDBP vs. VGPMXDBP vs. IAUMDBP vs. IAUDBP vs. QQQ
Often compared with GLDI:
GLDI vs. IGLDGLDI vs. GLDGLDI vs. SCHDGLDI vs. GLDYGLDI vs. GLDW.LGLDI vs. BGLDGLDI vs. JEPQ

Return for Risk

DBP vs. GLDI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
DBP
DBP Risk / Return Rank: 3434
Overall Rank
DBP Sharpe Ratio Rank: 3636
Sharpe Ratio Rank
DBP Sortino Ratio Rank: 3030
Sortino Ratio Rank
DBP Omega Ratio Rank: 4040
Omega Ratio Rank
DBP Calmar Ratio Rank: 3434
Calmar Ratio Rank
DBP Martin Ratio Rank: 2828
Martin Ratio Rank
GLDI
GLDI Risk / Return Rank: 3838
Overall Rank
GLDI Sharpe Ratio Rank: 4040
Sharpe Ratio Rank
GLDI Sortino Ratio Rank: 3535
Sortino Ratio Rank
GLDI Omega Ratio Rank: 4747
Omega Ratio Rank
GLDI Calmar Ratio Rank: 3131
Calmar Ratio Rank
GLDI Martin Ratio Rank: 3838
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

DBP vs. GLDI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DB Precious Metals Fund (DBP) and Credit Suisse X-Links Gold Shares Covered Call ETN (GLDI). 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.

DBPGLDIDifference

Sharpe ratio

Return per unit of total volatility

1.32

1.46

-0.15

Sortino ratio

Return per unit of downside risk

1.65

1.90

-0.25

Omega ratio

Gain probability vs. loss probability

1.26

1.30

-0.04

Calmar ratio

Return relative to maximum drawdown

1.68

1.55

+0.13

Martin ratio

Return relative to average drawdown

4.01

6.07

-2.07

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DBP vs. GLDI - Sharpe Ratio Comparison

The current DBP Sharpe Ratio is 1.32, which is comparable to the GLDI Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of DBP and GLDI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

DBPGLDIDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.32

1.46

-0.15

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.84

0.99

-0.15

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.66

0.79

-0.13

Sharpe Ratio (All Time)

Calculated using the full available price history

0.43

0.37

+0.06

Drawdowns

DBP vs. GLDI - Drawdown Comparison

The maximum DBP drawdown since its inception was -53.89%, which is greater than GLDI's maximum drawdown of -32.26%. Use the drawdown chart below to compare losses from any high point for DBP and GLDI.

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Drawdown Indicators

DBPGLDIDifference

Max Drawdown

Largest peak-to-trough decline

-53.89%

-32.26%

-21.63%

Max Drawdown (1Y)

Largest decline over 1 year

-25.48%

-13.73%

-11.75%

Max Drawdown (3Y)

Largest decline over 3 years

-25.48%

-13.73%

-11.75%

Max Drawdown (5Y)

Largest decline over 5 years

-25.48%

-14.07%

-11.41%

Max Drawdown (10Y)

Largest decline over 10 years

-28.36%

-14.94%

-13.42%

Current Drawdown

Current decline from peak

-23.04%

-7.37%

-15.67%

Average Drawdown

Average peak-to-trough decline

-25.42%

-14.00%

-11.42%

Ulcer Index

Depth and duration of drawdowns from previous peaks

10.67%

3.50%

+7.17%

Volatility

DBP vs. GLDI - Volatility Comparison

Invesco DB Precious Metals Fund (DBP) has a higher volatility of 7.57% compared to Credit Suisse X-Links Gold Shares Covered Call ETN (GLDI) at 3.88%. This indicates that DBP's price experiences larger fluctuations and is considered to be riskier than GLDI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

DBPGLDIDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.57%

3.88%

+3.69%

Volatility (6M)

Calculated over the trailing 6-month period

29.87%

12.87%

+17.00%

Volatility (1Y)

Calculated over the trailing 1-year period

32.57%

14.57%

+18.00%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.91%

11.31%

+9.60%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.72%

11.35%

+7.37%

DBP vs. GLDI - Expense Ratio Comparison

DBP has a 0.78% expense ratio, which is higher than GLDI's 0.65% expense ratio.

Dividends

DBP vs. GLDI - Dividend Comparison

DBP's dividend yield for the trailing twelve months is around 2.38%, less than GLDI's 22.37% yield.

PositionTTM20252024202320222021202020192018201720162015
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%0.00%0.00%
GLDI
Credit Suisse X-Links Gold Shares Covered Call ETN		22.37%16.15%10.45%10.02%13.73%10.65%14.25%7.25%5.33%7.77%17.26%10.07%

Frequently Asked Questions

DBP and GLDI have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

DBP has higher volatility (7.57%) compared to GLDI (3.88%). In terms of maximum drawdown, DBP dropped -53.89% vs GLDI's -32.26%.

On 10-year performance, DBP leads with 12.31% vs 8.99% for GLDI. On fees, GLDI is cheaper at 0.65% per year. On volatility, GLDI has been the lower-risk option at 3.88%. 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 12.31% return vs 8.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

GLDI is cheaper with a 0.65% expense ratio, compared with 0.78% for DBP.

GLDI has the higher dividend yield at 22.37%, compared with 2.38% for DBP.

DBP tracks DBIQ Optimum Yield Precious Metals Index Excess Return, while GLDI tracks Credit Suisse NASDAQ Gold FLOWS 103 Index. They also come from different issuers: Invesco and Credit Suisse. Their fees differ too: 0.78% for DBP and 0.65% for GLDI.

GLDI currently has the higher Sharpe Ratio (1.46 vs 1.32), 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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