DBP vs. IAUM
DBP (Invesco DB Precious Metals Fund) and IAUM (iShares Gold Trust Micro) are both exchange-traded funds - DBP is a Precious Metals fund tracking the DBIQ Optimum Yield Precious Metals Index Excess Return, while IAUM is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 5 years, DBP returned 15.89%/yr vs 17.35%/yr for IAUM. Their 0.96 correlation means they have historically moved very closely together. DBP charges 0.78%/yr vs 0.09%/yr for IAUM.
Performance
DBP vs. IAUM - Performance Comparison
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Returns By Period
In the year-to-date period, DBP achieves a -9.61% return, which is significantly lower than IAUM's -6.09% return.
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%
IAUM
- 1D
- -1.46%
- 1M
- -1.68%
- 6M
- -16.73%
- YTD
- -6.09%
- 1Y
- 20.58%
- 3Y*
- 27.63%
- 5Y*
- 17.35%
- 10Y*
- —
- ALL TIME*
- 17.70%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.17M | $2.70M | $1.86M | |
| $77.48M | $77.88M | $93.44M |
DBP vs. IAUM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
DBP Invesco DB Precious Metals Fund | -9.61% | 73.43% | 26.71% | 8.68% | -1.51% | -1.07% |
IAUM iShares Gold Trust Micro | -6.09% | 64.27% | 27.04% | 13.12% | -0.49% | 3.87% |
Correlation
The correlation between DBP and IAUM is 0.97 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.97 |
Correlation (3Y) Balances recent behavior with more history. | 0.96 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.96 |
Correlation (All Time) Calculated using the full available price history since Jun 29, 2021 | 0.96 |
The correlation between DBP and IAUM has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.
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Return for Risk
DBP vs. IAUM — Risk / Return Rank
DBP
IAUM
DBP vs. IAUM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB Precious Metals Fund (DBP) and iShares Gold Trust Micro (IAUM). 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 | IAUM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.04 | ||
| Sortino ratioReturn per unit of downside risk | -0.05 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.17 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 0.82 | 0.88 | -0.06 |
| Martin ratioReturn relative to average drawdown | 1.69 | 1.90 | -0.22 |
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Drawdowns
DBP vs. IAUM - Drawdown Comparison
The maximum DBP drawdown since its inception was -53.89%, which is greater than IAUM's maximum drawdown of -26.31%. Use the drawdown chart below to compare losses from any high point for DBP and IAUM.
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Drawdown Indicators
| DBP | IAUM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.89% | -26.31% | -27.58% |
Max Drawdown (1Y)Largest decline over 1 year | -33.30% | -26.31% | -6.99% |
Max Drawdown (3Y)Largest decline over 3 years | -33.30% | -26.31% | -6.99% |
Max Drawdown (5Y)Largest decline over 5 years | -33.30% | -26.31% | -6.99% |
Max Drawdown (10Y)Largest decline over 10 years | -33.30% | — | — |
Current DrawdownCurrent decline from peak | -31.89% | -24.95% | -6.94% |
Average DrawdownAverage peak-to-trough decline | -25.45% | -5.87% | -19.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.07% | 12.14% | +3.93% |
Volatility
DBP vs. IAUM - Volatility Comparison
Invesco DB Precious Metals Fund (DBP) has a higher volatility of 7.19% compared to iShares Gold Trust Micro (IAUM) at 6.29%. This indicates that DBP's price experiences larger fluctuations and is considered to be riskier than IAUM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DBP | IAUM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.19% | 6.29% | +0.90% |
Volatility (6M)Calculated over the trailing 6-month period | 29.20% | 23.21% | +5.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 34.26% | 27.81% | +6.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.45% | 18.33% | +3.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.94% | 18.19% | +0.75% |
DBP vs. IAUM - Expense Ratio Comparison
DBP has a 0.78% expense ratio, which is higher than IAUM's 0.09% expense ratio.
Dividends
DBP vs. IAUM - Dividend Comparison
DBP's dividend yield for the trailing twelve months is around 2.69%, while IAUM has not paid dividends to shareholders.
| 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% |
IAUM iShares Gold Trust Micro | 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 0.97, DBP and IAUM 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.
DBP has higher volatility (7.19%) compared to IAUM (6.29%). In terms of maximum drawdown, DBP dropped -53.89% vs IAUM's -26.31%.
On 5-year performance, IAUM leads with 17.35% vs 15.89% for DBP. On fees, IAUM is cheaper at 0.09% per year. On volatility, IAUM has been the lower-risk option at 6.29%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, IAUM has performed better with a 17.35% return vs 15.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IAUM is cheaper with a 0.09% expense ratio, compared with 0.78% for DBP.
DBP has the higher dividend yield at 2.69%, compared with 0.00% for IAUM.
DBP is categorized as Precious Metals, while IAUM is Gold. DBP tracks DBIQ Optimum Yield Precious Metals Index Excess Return, while IAUM tracks LBMA Gold Price PM. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.78% for DBP and 0.09% for IAUM.
IAUM currently has the higher Sharpe Ratio (0.83 vs 0.79), 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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