DBP vs. GOLI

Last updated Jul 14, 2026

DBP (Invesco DB Precious Metals Fund) and GOLI (Defiance Gold Enhanced Options Income ETF) are both exchange-traded funds - DBP is a Precious Metals fund tracking the DBIQ Optimum Yield Precious Metals Index Excess Return, while GOLI is a Derivative Income fund actively managed by Defiance. DBP is passively managed, while GOLI is actively managed. Over the past year, DBP returned 21.71% vs 2.36% for GOLI. Their correlation of 0.83 suggests significant overlap in exposure. DBP charges 0.78%/yr vs 0.99%/yr for GOLI.

Performance

DBP vs. GOLI - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with DBP having a -10.64% return and GOLI slightly lower at -10.70%.

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%

GOLI

• 1D: -1.71%
• 1M: -3.41%
• 6M: -14.24%
• YTD: -10.70%
• 1Y: 2.36%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DBP vs. GOLI - Yearly Performance Comparison

	2026 (YTD)	2025
DBP Invesco DB Precious Metals Fund	-10.64%	47.66%
GOLI Defiance Gold Enhanced Options Income ETF	-10.70%	15.16%

Correlation

The correlation between DBP and GOLI is 0.84, 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	0.84
Correlation (All Time) Calculated using the full available price history since Apr 2, 2025	0.83

The correlation between DBP and GOLI has been stable across timeframes, ranging from 0.83 to 0.84 - a consistent structural relationship.

Return for Risk

DBP vs. GOLI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DBP

DBP Risk / Return Rank: 21
DBP Sharpe Ratio Rank: 23
DBP Sortino Ratio Rank: 21
DBP Omega Ratio Rank: 25
DBP Calmar Ratio Rank: 19
DBP Martin Ratio Rank: 18

GOLI

GOLI Risk / Return Rank: 11
GOLI Sharpe Ratio Rank: 11
GOLI Sortino Ratio Rank: 11
GOLI Omega Ratio Rank: 12
GOLI Calmar Ratio Rank: 10
GOLI Martin Ratio Rank: 11

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. GOLI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DB Precious Metals Fund (DBP) and Defiance Gold Enhanced Options Income ETF (GOLI). 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	GOLI	Difference
Sharpe ratio: Return per unit of total volatility	0.64	0.09	+0.55
Sortino ratio: Return per unit of downside risk	0.97	0.29	+0.69
Omega ratio: Gain probability vs. loss probability	1.15	1.05	+0.10
Calmar ratio: Return relative to maximum drawdown	0.66	0.09	+0.57
Martin ratio: Return relative to average drawdown	1.53	0.29	+1.24

DBP vs. GOLI - Sharpe Ratio Comparison

The current DBP Sharpe Ratio is 0.64, which is higher than the GOLI Sharpe Ratio of 0.09. The chart below compares the historical Sharpe Ratios of DBP and GOLI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

DBP vs. GOLI - Drawdown Comparison

The maximum DBP drawdown since its inception was -53.89%, which is greater than GOLI's maximum drawdown of -25.88%. Use the drawdown chart below to compare losses from any high point for DBP and GOLI.

Drawdown Indicators

	DBP	GOLI	Difference
Max Drawdown Largest peak-to-trough decline	-53.89%	-25.88%	-28.01%
Max Drawdown (1Y) Largest decline over 1 year	-32.96%	-25.88%	-7.08%
Max Drawdown (3Y) Largest decline over 3 years	-32.96%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-32.96%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-32.96%	—	—
Current Drawdown Current decline from peak	-32.66%	-20.59%	-12.07%
Average Drawdown Average peak-to-trough decline	-25.43%	-5.11%	-20.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.23%	8.28%	+5.95%

Volatility

DBP vs. GOLI - Volatility Comparison

The current volatility for Invesco DB Precious Metals Fund (DBP) is 8.82%, while Defiance Gold Enhanced Options Income ETF (GOLI) has a volatility of 14.48%. This indicates that DBP experiences smaller price fluctuations and is considered to be less risky than GOLI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DBP	GOLI	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.82%	14.48%	-5.66%
Volatility (6M) Calculated over the trailing 6-month period	30.16%	23.37%	+6.79%
Volatility (1Y) Calculated over the trailing 1-year period	34.12%	25.07%	+9.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.36%	23.26%	-1.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.90%	23.26%	-4.36%

DBP vs. GOLI - Expense Ratio Comparison

DBP has a 0.78% expense ratio, which is lower than GOLI's 0.99% expense ratio.

Dividends

DBP vs. GOLI - Dividend Comparison

DBP's dividend yield for the trailing twelve months is around 2.73%, less than GOLI's 51.67% yield.

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%
GOLI Defiance Gold Enhanced Options Income ETF	51.67%	37.38%	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 GOLI in my portfolio?

DBP and GOLI have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DBP or GOLI?

GOLI has higher volatility (14.48%) compared to DBP (8.82%). In terms of maximum drawdown, DBP dropped -53.89% vs GOLI's -25.88%.

Which ETF is better, DBP or GOLI?

On 1-year performance, DBP leads with 21.71% vs 2.36% for GOLI. On fees, DBP is cheaper at 0.78% 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.

Which ETF has performed better, DBP or GOLI?

Over the 1-year period, DBP has performed better with a 21.71% return vs 2.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DBP or GOLI?

DBP is cheaper with a 0.78% expense ratio, compared with 0.99% for GOLI.

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

GOLI has the higher dividend yield at 51.67%, compared with 2.73% for DBP.

What is the main difference between DBP and GOLI?

DBP is categorized as Precious Metals, while GOLI is Derivative Income. They also come from different issuers: Invesco and Defiance. Their fees differ too: 0.78% for DBP and 0.99% for GOLI.

Which has better risk-adjusted returns?

DBP currently has the higher Sharpe Ratio (0.64 vs 0.09), 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.