DBP vs. RING

Last updated Apr 1, 2026

Compare and contrast key facts about Invesco DB Precious Metals Fund (DBP) and iShares MSCI Global Gold Miners ETF (RING).

DBP and RING are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. 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. RING is a passively managed fund by iShares that tracks the performance of the MSCI ACWI Select Gold Miners Investable Market Index. It was launched on Jan 31, 2012. Both DBP and RING are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

DBP vs. RING - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DB Precious Metals Fund (DBP) and iShares MSCI Global Gold Miners ETF (RING). The values are adjusted to include any dividend payments, if applicable.

DBP vs. RING - 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%
RING iShares MSCI Global Gold Miners ETF	7.25%	164.72%	15.98%	12.29%	-15.40%	-7.46%	24.98%	49.92%	-13.14%	10.24%

Returns By Period

The year-to-date returns for both investments are quite close, with DBP having a 7.03% return and RING slightly higher at 7.25%. Over the past 10 years, DBP has underperformed RING with an annualized return of 13.17%, while RING has yielded a comparatively higher 17.97% annualized return.

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%

RING

• 1D: 6.67%
• 1M: -20.56%
• YTD: 7.25%
• 6M: 22.69%
• 1Y: 108.05%
• 3Y*: 48.58%
• 5Y*: 24.99%
• 10Y*: 17.97%

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

DBP vs. RING - Expense Ratio Comparison

DBP has a 0.78% expense ratio, which is higher than RING's 0.39% expense ratio.

DBP

Invesco DB Precious Metals Fund

RING

iShares MSCI Global Gold Miners ETF

Return for Risk

DBP vs. RING — Risk / Return Rank

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

DBP

DBP Risk / Return Rank: 83
DBP Sharpe Ratio Rank: 87
DBP Sortino Ratio Rank: 82
DBP Omega Ratio Rank: 85
DBP Calmar Ratio Rank: 83
DBP Martin Ratio Rank: 80

RING

RING Risk / Return Rank: 93
RING Sharpe Ratio Rank: 95
RING Sortino Ratio Rank: 91
RING Omega Ratio Rank: 91
RING Calmar Ratio Rank: 94
RING Martin Ratio Rank: 93

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. RING - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DB Precious Metals Fund (DBP) and iShares MSCI Global Gold Miners ETF (RING). 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	RING	Difference
Sharpe ratio Return per unit of total volatility	1.76	2.33	-0.57
Sortino ratio Return per unit of downside risk	2.08	2.52	-0.44
Omega ratio Gain probability vs. loss probability	1.33	1.37	-0.04
Calmar ratio Return relative to maximum drawdown	2.33	3.64	-1.30
Martin ratio Return relative to average drawdown	8.43	13.06	-4.64
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. RING - Sharpe Ratio Comparison

The current DBP Sharpe Ratio is 1.76, which is comparable to the RING Sharpe Ratio of 2.33. The chart below compares the historical Sharpe Ratios of DBP and RING, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	DBP	RING	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.76	2.33	-0.57
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.01	0.70	+0.31
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.71	0.49	+0.22
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	0.12	+0.33

Correlation

The correlation between DBP and RING is 0.78, 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. RING - Dividend Comparison

DBP's dividend yield for the trailing twelve months is around 2.28%, more than RING's 0.78% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%	0.00%
RING iShares MSCI Global Gold Miners ETF	0.78%	0.84%	1.43%	2.01%	2.29%	2.38%	0.83%	0.83%	0.70%	0.42%	1.41%	0.96%

Drawdowns

DBP vs. RING - Drawdown Comparison

The maximum DBP drawdown since its inception was -53.89%, smaller than the maximum RING drawdown of -79.47%. Use the drawdown chart below to compare losses from any high point for DBP and RING.

Drawdown Indicators

	DBP	RING	Difference
Max Drawdown Largest peak-to-trough decline	-53.89%	-79.47%	+25.58%
Max Drawdown (1Y) Largest decline over 1 year	-25.48%	-30.11%	+4.63%
Max Drawdown (5Y) Largest decline over 5 years	-25.48%	-47.94%	+22.46%
Max Drawdown (10Y) Largest decline over 10 years	-28.36%	-52.04%	+23.68%
Current Drawdown Current decline from peak	-19.34%	-20.56%	+1.22%
Average Drawdown Average peak-to-trough decline	-25.47%	-47.75%	+22.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.06%	8.38%	-1.32%

Volatility

DBP vs. RING - Volatility Comparison

The current volatility for Invesco DB Precious Metals Fund (DBP) is 12.31%, while iShares MSCI Global Gold Miners ETF (RING) has a volatility of 18.16%. This indicates that DBP experiences smaller price fluctuations and is considered to be less risky than RING based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DBP	RING	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.31%	18.16%	-5.85%
Volatility (6M) Calculated over the trailing 6-month period	30.54%	38.56%	-8.02%
Volatility (1Y) Calculated over the trailing 1-year period	32.93%	46.62%	-13.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.57%	35.85%	-15.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.57%	36.85%	-18.28%