DBP vs. GLDN

Last updated Aug 3, 2026

DBP (Invesco DB Precious Metals Fund) and GLDN (Nicholas Gold Income ETF) are both exchange-traded funds - DBP is a Precious Metals fund tracking the DBIQ Optimum Yield Precious Metals Index Excess Return, while GLDN is a Gold fund actively managed by Nicholas. DBP is passively managed, while GLDN is actively managed. Their correlation of 0.91 means they have usually moved in the same direction. DBP charges 0.73%/yr vs 1.07%/yr for GLDN.

Performance

DBP vs. GLDN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DB Precious Metals Fund (DBP) and Nicholas Gold Income ETF (GLDN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

DBP

• 1D: -1.56%
• 1M: -2.23%
• 6M: -19.86%
• YTD: -9.61%
• 1Y: 24.83%
• 3Y*: 27.17%
• 5Y*: 15.89%
• 10Y*: 9.64%
• ALL TIME*: 8.09%

GLDN

• 1D: -2.68%
• 1M: -5.27%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DBP Invesco DB Precious Metals Fund	$1.17M	$2.70M	$1.86M
GLDN Nicholas Gold Income ETF	$74.95K	$97.22K	$94.80K

DBP vs. GLDN - Yearly Performance Comparison

	2026 (YTD)
DBP Invesco DB Precious Metals Fund	-17.89%
GLDN Nicholas Gold Income ETF	-26.91%

Correlation

The correlation between DBP and GLDN is 0.91, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (All Time) Calculated using the full available price history since Feb 18, 2026	0.91

Return for Risk

DBP vs. GLDN — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

DBP

DBP Risk / Return Rank: 29
DBP Sharpe Ratio Rank: 32
DBP Sortino Ratio Rank: 30
DBP Omega Ratio Rank: 36
DBP Calmar Ratio Rank: 26
DBP Martin Ratio Rank: 23

GLDN

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

DBP vs. GLDN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DB Precious Metals Fund (DBP) and Nicholas Gold Income ETF (GLDN). 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	GLDN	Difference
Sharpe ratio: Return per unit of total volatility	0.79	—	—
Sortino ratio: Return per unit of downside risk	1.14	—	—
Omega ratio: Gain probability vs. loss probability	1.17	—	—
Calmar ratio: Return relative to maximum drawdown	0.82	—	—
Martin ratio: Return relative to average drawdown	1.69	—	—

Drawdowns

DBP vs. GLDN - Drawdown Comparison

The maximum DBP drawdown since its inception was -53.89%, which is greater than GLDN's maximum drawdown of -36.20%. Use the drawdown chart below to compare losses from any high point for DBP and GLDN.

Drawdown Indicators

	DBP	GLDN	Difference
Max Drawdown Largest peak-to-trough decline	-53.89%	-36.20%	-17.69%
Max Drawdown (1Y) Largest decline over 1 year	-33.30%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-33.30%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-33.30%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-33.30%	—	—
Current Drawdown Current decline from peak	-31.89%	-33.45%	+1.56%
Average Drawdown Average peak-to-trough decline	-25.45%	-20.80%	-4.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.07%	—	—

Volatility

Volatility by Period

	DBP	GLDN	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.19%	—	—
Volatility (6M) Calculated over the trailing 6-month period	29.20%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	34.26%	41.32%	-7.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.45%	41.32%	-19.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.94%	41.32%	-22.38%

DBP vs. GLDN - Expense Ratio Comparison

DBP has a 0.73% expense ratio, which is lower than GLDN's 1.07% expense ratio.

Dividends

DBP vs. GLDN - Dividend Comparison

DBP's dividend yield for the trailing twelve months is around 2.69%, less than GLDN's 7.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
DBP Invesco DB Precious Metals Fund	2.69%	2.44%	4.21%	4.47%	0.45%	0.00%	0.00%	1.26%	1.24%	0.12%
GLDN Nicholas Gold Income ETF	7.33%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DBP and GLDN in my portfolio?

With a correlation of 0.91, DBP and GLDN 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.

Which ETF is better, DBP or GLDN?

On fees, DBP is cheaper at 0.73% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DBP or GLDN?

DBP is cheaper with a 0.73% expense ratio, compared with 1.07% for GLDN.

Which ETF pays a higher dividend yield, DBP or GLDN?

GLDN has the higher dividend yield at 7.33%, compared with 2.69% for DBP.

What is the main difference between DBP and GLDN?

DBP is categorized as Precious Metals, while GLDN is Gold. They also come from different issuers: Invesco and Nicholas. Their fees differ too: 0.73% for DBP and 1.07% for GLDN.