DBP vs. PHYS
Compare and contrast key facts about Invesco DB Precious Metals Fund (DBP) and Sprott Physical Gold Trust (PHYS).
DBP is a passively managed fund by Invesco that tracks the performance of the DBIQ Optimum Yield Precious Metals Index Excess Return. It was launched on Jan 5, 2007.
Performance
DBP vs. PHYS - Performance Comparison
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DBP vs. PHYS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DBP Invesco DB Precious Metals Fund | 7.03% | 73.43% | 26.71% | 8.68% | -1.51% | -7.10% | 26.79% | 15.89% | -4.31% | 10.58% |
PHYS Sprott Physical Gold Trust | 7.33% | 63.95% | 26.43% | 12.98% | -1.81% | -4.84% | 23.89% | 18.14% | -2.64% | 12.78% |
Returns By Period
The year-to-date returns for both investments are quite close, with DBP having a 7.03% return and PHYS slightly higher at 7.33%. Both investments have delivered pretty close results over the past 10 years, with DBP having a 13.17% annualized return and PHYS not far ahead at 13.41%.
DBP
- 1D
- 4.37%
- 1M
- -13.22%
- YTD
- 7.03%
- 6M
- 26.77%
- 1Y
- 57.78%
- 3Y*
- 34.01%
- 5Y*
- 20.74%
- 10Y*
- 13.17%
PHYS
- 1D
- 3.81%
- 1M
- -11.73%
- YTD
- 7.33%
- 6M
- 19.65%
- 1Y
- 47.30%
- 3Y*
- 31.85%
- 5Y*
- 21.17%
- 10Y*
- 13.41%
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Return for Risk
DBP vs. PHYS — Risk / Return Rank
DBP
PHYS
DBP vs. PHYS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB Precious Metals Fund (DBP) and Sprott Physical Gold Trust (PHYS). 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 | PHYS | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.76 | 1.67 | +0.10 |
Sortino ratioReturn per unit of downside risk | 2.08 | 2.05 | +0.03 |
Omega ratioGain probability vs. loss probability | 1.33 | 1.31 | +0.02 |
Calmar ratioReturn relative to maximum drawdown | 2.33 | 2.52 | -0.19 |
Martin ratioReturn relative to average drawdown | 8.43 | 9.16 | -0.74 |
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 | PHYS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.76 | 1.67 | +0.10 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.01 | 1.18 | -0.17 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.71 | 0.83 | -0.12 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.45 | 0.47 | -0.02 |
Correlation
The correlation between DBP and PHYS is 0.91, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
DBP vs. PHYS - Dividend Comparison
DBP's dividend yield for the trailing twelve months is around 2.28%, while PHYS has not paid dividends to shareholders.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DBP Invesco DB Precious Metals Fund | 2.28% | 2.44% | 4.21% | 4.47% | 0.45% | 0.00% | 0.00% | 1.26% | 1.24% | 0.12% |
PHYS Sprott Physical Gold Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
DBP vs. PHYS - Drawdown Comparison
The maximum DBP drawdown since its inception was -53.89%, which is greater than PHYS's maximum drawdown of -48.16%. Use the drawdown chart below to compare losses from any high point for DBP and PHYS.
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Drawdown Indicators
| DBP | PHYS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.89% | -48.16% | -5.73% |
Max Drawdown (1Y)Largest decline over 1 year | -25.48% | -19.35% | -6.13% |
Max Drawdown (5Y)Largest decline over 5 years | -25.48% | -21.80% | -3.68% |
Max Drawdown (10Y)Largest decline over 10 years | -28.36% | -23.75% | -4.61% |
Current DrawdownCurrent decline from peak | -19.34% | -13.41% | -5.93% |
Average DrawdownAverage peak-to-trough decline | -25.47% | -21.07% | -4.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.06% | 5.33% | +1.73% |
Volatility
DBP vs. PHYS - Volatility Comparison
Invesco DB Precious Metals Fund (DBP) has a higher volatility of 12.31% compared to Sprott Physical Gold Trust (PHYS) at 11.34%. This indicates that DBP's price experiences larger fluctuations and is considered to be riskier than PHYS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DBP | PHYS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.31% | 11.34% | +0.97% |
Volatility (6M)Calculated over the trailing 6-month period | 30.54% | 25.16% | +5.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 32.93% | 28.55% | +4.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.57% | 18.02% | +2.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.57% | 16.25% | +2.32% |