DBP vs. PHYS

Last updated Jun 4, 2026

DBP (Invesco DB Precious Metals Fund) is Precious Metals fund tracking the DBIQ Optimum Yield Precious Metals Index Excess Return, while PHYS (Sprott Physical Gold Trust) is a stock. Over the past 10 years, DBP returned 12.31%/yr vs 12.40%/yr for PHYS. Their correlation of 0.91 suggests significant overlap in exposure.

Performance

DBP vs. PHYS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DB Precious Metals Fund (DBP) and Sprott Physical Gold Trust (PHYS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DBP achieves a 2.13% return, which is significantly higher than PHYS's 1.64% return. Both investments have delivered pretty close results over the past 10 years, with DBP having a 12.31% annualized return and PHYS not far ahead at 12.40%.

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%

PHYS

• 1D: -1.09%
• 1M: -1.73%
• YTD: 1.64%
• 6M: 4.32%
• 1Y: 31.14%
• 3Y*: 29.99%
• 5Y*: 17.41%
• 10Y*: 12.40%

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

DBP vs. PHYS - 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%	10.58%
PHYS Sprott Physical Gold Trust	1.64%	63.95%	26.43%	12.98%	-1.81%	-4.84%	23.89%	18.14%	-2.64%	12.78%

Correlation

The correlation between DBP and PHYS is 0.95, 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	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.92
Correlation (All Time) Calculated using the full available price history since Mar 1, 2010	0.91

The correlation between DBP and PHYS has been stable across timeframes, ranging from 0.91 to 0.95 - a consistent structural relationship.

Return for Risk

DBP vs. PHYS — Risk / Return Rank

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

DBP

DBP Risk / Return Rank: 34
DBP Sharpe Ratio Rank: 36
DBP Sortino Ratio Rank: 30
DBP Omega Ratio Rank: 40
DBP Calmar Ratio Rank: 34
DBP Martin Ratio Rank: 28

PHYS

PHYS Risk / Return Rank: 70
PHYS Sharpe Ratio Rank: 74
PHYS Sortino Ratio Rank: 65
PHYS Omega Ratio Rank: 70
PHYS Calmar Ratio Rank: 70
PHYS Martin Ratio Rank: 71

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. 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 ratio: Return per unit of total volatility	1.32	1.14	+0.18
Sortino ratio: Return per unit of downside risk	1.65	1.51	+0.15
Omega ratio: Gain probability vs. loss probability	1.26	1.23	+0.03
Calmar ratio: Return relative to maximum drawdown	1.68	1.62	+0.06
Martin ratio: Return relative to average drawdown	4.01	3.99	+0.02
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DBP vs. PHYS - Sharpe Ratio Comparison

The current DBP Sharpe Ratio is 1.32, which is comparable to the PHYS Sharpe Ratio of 1.14. The chart below compares the historical Sharpe Ratios of DBP and PHYS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	DBP	PHYS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.32	1.14	+0.18
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.84	0.96	-0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.66	0.76	-0.10
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	0.45	-0.02

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.

Drawdown Indicators

	DBP	PHYS	Difference
Max Drawdown Largest 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 (3Y) Largest decline over 3 years	-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 Drawdown Current decline from peak	-23.04%	-18.01%	-5.03%
Average Drawdown Average peak-to-trough decline	-25.42%	-21.00%	-4.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.67%	7.82%	+2.85%

Volatility

DBP vs. PHYS - Volatility Comparison

Invesco DB Precious Metals Fund (DBP) has a higher volatility of 7.57% compared to Sprott Physical Gold Trust (PHYS) at 5.66%. 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.

Volatility by Period

	DBP	PHYS	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.57%	5.66%	+1.91%
Volatility (6M) Calculated over the trailing 6-month period	29.87%	23.87%	+6.00%
Volatility (1Y) Calculated over the trailing 1-year period	32.57%	27.43%	+5.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.91%	18.31%	+2.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.72%	16.30%	+2.42%

Dividends

DBP vs. PHYS - Dividend Comparison

DBP's dividend yield for the trailing twelve months is around 2.38%, while PHYS has not paid dividends to shareholders.

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%
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%

Frequently Asked Questions

Can I hold both DBP and PHYS in my portfolio?

With a correlation of 0.95, DBP and PHYS 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.

Which is riskier, DBP or PHYS?

DBP has higher volatility (7.57%) compared to PHYS (5.66%). In terms of maximum drawdown, DBP dropped -53.89% vs PHYS's -48.16%.

Which has better risk-adjusted returns?

DBP currently has the higher Sharpe Ratio (1.32 vs 1.14), 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.