DBP vs. GOAU
DBP (Invesco DB Precious Metals Fund) and GOAU (US Global GO GOLD and Precious Metal Miners ETF) are both exchange-traded funds - DBP is a Precious Metals fund tracking the DBIQ Optimum Yield Precious Metals Index Excess Return, while GOAU is a Materials fund tracking the U.S. Global GO GOLD and Precious Metal Miners Index. Both are passively managed. Over the past 5 years, DBP returned 17.43%/yr vs 15.20%/yr for GOAU. A 0.78 correlation means they provide meaningful diversification when combined. DBP charges 0.78%/yr vs 0.60%/yr for GOAU.
Performance
DBP vs. GOAU - Performance Comparison
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Returns By Period
In the year-to-date period, DBP achieves a 2.13% return, which is significantly higher than GOAU's -3.45% 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%
GOAU
- 1D
- -3.50%
- 1M
- 0.38%
- YTD
- -3.45%
- 6M
- 0.67%
- 1Y
- 36.70%
- 3Y*
- 33.46%
- 5Y*
- 15.20%
- 10Y*
- —
DBP vs. GOAU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DBP Invesco DB Precious Metals Fund | 2.13% | 73.43% | 26.71% | 8.68% | -1.51% | -7.10% | 26.79% | 15.89% | -4.31% | 2.99% |
GOAU US Global GO GOLD and Precious Metal Miners ETF | -3.45% | 126.68% | 13.78% | 10.67% | -11.66% | -9.23% | 14.13% | 54.17% | -11.88% | 7.92% |
Correlation
The correlation between DBP and GOAU 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 | 0.79 |
Correlation (All Time) Calculated using the full available price history since Jun 29, 2017 | 0.78 |
The correlation between DBP and GOAU has been stable across timeframes, ranging from 0.78 to 0.81 - a consistent structural relationship.
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Return for Risk
DBP vs. GOAU — Risk / Return Rank
DBP
GOAU
DBP vs. GOAU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB Precious Metals Fund (DBP) and US Global GO GOLD and Precious Metal Miners ETF (GOAU). 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.
| DBP | GOAU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.51 | ||
| Sortino ratioReturn per unit of downside risk | +0.42 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.17 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 1.68 | 1.18 | +0.50 |
| Martin ratioReturn relative to average drawdown | 4.01 | 2.92 | +1.09 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| DBP | GOAU | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.32 | 0.81 | +0.51 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.84 | 0.42 | +0.42 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.66 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.43 | 0.45 | -0.01 |
Drawdowns
DBP vs. GOAU - Drawdown Comparison
The maximum DBP drawdown since its inception was -53.89%, roughly equal to the maximum GOAU drawdown of -55.41%. Use the drawdown chart below to compare losses from any high point for DBP and GOAU.
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Drawdown Indicators
| DBP | GOAU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.89% | -55.41% | +1.52% |
Max Drawdown (1Y)Largest decline over 1 year | -25.48% | -31.15% | +5.67% |
Max Drawdown (3Y)Largest decline over 3 years | -25.48% | -31.15% | +5.67% |
Max Drawdown (5Y)Largest decline over 5 years | -25.48% | -48.52% | +23.04% |
Max Drawdown (10Y)Largest decline over 10 years | -28.36% | — | — |
Current DrawdownCurrent decline from peak | -23.04% | -26.91% | +3.87% |
Average DrawdownAverage peak-to-trough decline | -25.42% | -18.81% | -6.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.67% | 12.60% | -1.93% |
Volatility
DBP vs. GOAU - Volatility Comparison
The current volatility for Invesco DB Precious Metals Fund (DBP) is 7.57%, while US Global GO GOLD and Precious Metal Miners ETF (GOAU) has a volatility of 14.42%. This indicates that DBP experiences smaller price fluctuations and is considered to be less risky than GOAU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DBP | GOAU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.57% | 14.42% | -6.85% |
Volatility (6M)Calculated over the trailing 6-month period | 29.87% | 37.32% | -7.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 32.57% | 45.69% | -13.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.91% | 36.44% | -15.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.72% | 35.51% | -16.79% |
DBP vs. GOAU - Expense Ratio Comparison
DBP has a 0.78% expense ratio, which is higher than GOAU's 0.60% expense ratio.
Dividends
DBP vs. GOAU - Dividend Comparison
DBP's dividend yield for the trailing twelve months is around 2.38%, more than GOAU's 0.97% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
GOAU US Global GO GOLD and Precious Metal Miners ETF | 0.97% | 0.94% | 2.11% | 0.99% | 1.55% | 1.28% | 0.74% | 0.16% | 0.47% | 0.27% |
Frequently Asked Questions
DBP and GOAU 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.
GOAU has higher volatility (14.42%) compared to DBP (7.57%). In terms of maximum drawdown, DBP dropped -53.89% vs GOAU's -55.41%.
On 5-year performance, DBP leads with 17.43% vs 15.20% for GOAU. On fees, GOAU is cheaper at 0.60% per year. On volatility, DBP has been the lower-risk option at 7.57%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, DBP has performed better with a 17.43% return vs 15.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GOAU is cheaper with a 0.60% expense ratio, compared with 0.78% for DBP.
DBP has the higher dividend yield at 2.38%, compared with 0.97% for GOAU.
DBP is categorized as Precious Metals, while GOAU is Materials. DBP tracks DBIQ Optimum Yield Precious Metals Index Excess Return, while GOAU tracks U.S. Global GO GOLD and Precious Metal Miners Index. They also come from different issuers: Invesco and US Global. Their fees differ too: 0.78% for DBP and 0.60% for GOAU.
DBP currently has the higher Sharpe Ratio (1.32 vs 0.81), 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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