DBP vs. GLTR
DBP (Invesco DB Precious Metals Fund) and GLTR (abrdn Physical Precious Metals Basket Shares ETF) are both Precious Metals funds - DBP tracks the DBIQ Optimum Yield Precious Metals Index Excess Return while GLTR tracks the ETFS Physical Precious Metals Basket Index. Both are passively managed. Over the past 10 years, DBP returned 9.79%/yr vs 10.23%/yr for GLTR. With a 0.95 correlation, they move nearly in lockstep. DBP charges 0.78%/yr vs 0.60%/yr for GLTR.
Performance
DBP vs. GLTR - Performance Comparison
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Returns By Period
In the year-to-date period, DBP achieves a -10.64% return, which is significantly higher than GLTR's -12.60% return. Both investments have delivered pretty close results over the past 10 years, with DBP having a 9.79% annualized return and GLTR not far ahead at 10.23%.
DBP
- 1D
- -2.76%
- 1M
- -7.09%
- 6M
- -18.54%
- YTD
- -10.64%
- 1Y
- 21.71%
- 3Y*
- 26.26%
- 5Y*
- 15.32%
- 10Y*
- 9.79%
GLTR
- 1D
- -2.77%
- 1M
- -8.33%
- 6M
- -21.90%
- YTD
- -12.60%
- 1Y
- 25.79%
- 3Y*
- 25.77%
- 5Y*
- 12.74%
- 10Y*
- 10.23%
DBP vs. GLTR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DBP Invesco DB Precious Metals Fund | -10.64% | 73.43% | 26.71% | 8.68% | -1.51% | -7.10% | 26.79% | 15.89% | -4.31% | 10.58% |
GLTR abrdn Physical Precious Metals Basket Shares ETF | -12.60% | 87.25% | 20.63% | 2.01% | -0.25% | -9.60% | 29.52% | 20.96% | -2.85% | 12.94% |
Correlation
The correlation between DBP and GLTR is 0.98 - 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 | 0.98 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.96 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.94 |
Correlation (All Time) Calculated using the full available price history since Oct 22, 2010 | 0.95 |
The correlation between DBP and GLTR has been stable across timeframes, ranging from 0.94 to 0.98 - a consistent structural relationship.
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Return for Risk
DBP vs. GLTR — Risk / Return Rank
DBP
GLTR
DBP vs. GLTR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB Precious Metals Fund (DBP) and abrdn Physical Precious Metals Basket Shares ETF (GLTR). 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 | GLTR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.02 | ||
| Sortino ratioReturn per unit of downside risk | -0.04 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.16 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 0.66 | 0.69 | -0.03 |
| Martin ratioReturn relative to average drawdown | 1.53 | 1.54 | -0.01 |
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Drawdowns
DBP vs. GLTR - Drawdown Comparison
The maximum DBP drawdown since its inception was -53.89%, roughly equal to the maximum GLTR drawdown of -55.70%. Use the drawdown chart below to compare losses from any high point for DBP and GLTR.
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Drawdown Indicators
| DBP | GLTR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.89% | -55.70% | +1.81% |
Max Drawdown (1Y)Largest decline over 1 year | -32.96% | -37.52% | +4.56% |
Max Drawdown (3Y)Largest decline over 3 years | -32.96% | -37.52% | +4.56% |
Max Drawdown (5Y)Largest decline over 5 years | -32.96% | -37.52% | +4.56% |
Max Drawdown (10Y)Largest decline over 10 years | -32.96% | -37.52% | +4.56% |
Current DrawdownCurrent decline from peak | -32.66% | -37.00% | +4.34% |
Average DrawdownAverage peak-to-trough decline | -25.43% | -28.85% | +3.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.23% | 16.79% | -2.56% |
Volatility
DBP vs. GLTR - Volatility Comparison
The current volatility for Invesco DB Precious Metals Fund (DBP) is 8.82%, while abrdn Physical Precious Metals Basket Shares ETF (GLTR) has a volatility of 9.95%. This indicates that DBP experiences smaller price fluctuations and is considered to be less risky than GLTR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DBP | GLTR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.82% | 9.95% | -1.13% |
Volatility (6M)Calculated over the trailing 6-month period | 30.16% | 35.53% | -5.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 34.12% | 39.31% | -5.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.36% | 24.08% | -2.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.90% | 20.76% | -1.86% |
DBP vs. GLTR - Expense Ratio Comparison
DBP has a 0.78% expense ratio, which is higher than GLTR's 0.60% expense ratio.
Dividends
DBP vs. GLTR - Dividend Comparison
DBP's dividend yield for the trailing twelve months is around 2.73%, while GLTR has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DBP Invesco DB Precious Metals Fund | 2.73% | 2.44% | 4.21% | 4.47% | 0.45% | 0.00% | 0.00% | 1.26% | 1.24% | 0.12% |
GLTR abrdn Physical Precious Metals Basket Shares 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 0.98, DBP and GLTR 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.
GLTR has higher volatility (9.95%) compared to DBP (8.82%). In terms of maximum drawdown, DBP dropped -53.89% vs GLTR's -55.70%.
On 10-year performance, GLTR leads with 10.23% vs 9.79% for DBP. On fees, GLTR is cheaper at 0.60% per year. On volatility, DBP has been the lower-risk option at 8.82%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GLTR has performed better with a 10.23% return vs 9.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GLTR is cheaper with a 0.60% expense ratio, compared with 0.78% for DBP.
DBP has the higher dividend yield at 2.73%, compared with 0.00% for GLTR.
DBP tracks DBIQ Optimum Yield Precious Metals Index Excess Return, while GLTR tracks ETFS Physical Precious Metals Basket Index. They also come from different issuers: Invesco and abrdn. Their fees differ too: 0.78% for DBP and 0.60% for GLTR.
GLTR currently has the higher Sharpe Ratio (0.66 vs 0.64), 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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