DBP vs. RING
DBP (Invesco DB Precious Metals Fund) and RING (iShares MSCI Global Gold Miners ETF) are both exchange-traded funds - DBP is a Precious Metals fund tracking the DBIQ Optimum Yield Precious Metals Index Excess Return, while RING is a Gold fund tracking the MSCI ACWI Select Gold Miners Investable Market Index. Both are passively managed. Over the past 10 years, DBP returned 10.50%/yr vs 12.92%/yr for RING. A 0.78 correlation means they provide meaningful diversification when combined. DBP charges 0.78%/yr vs 0.39%/yr for RING.
Performance
DBP vs. RING - Performance Comparison
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Returns By Period
In the year-to-date period, DBP achieves a -7.35% return, which is significantly higher than RING's -8.53% return. Over the past 10 years, DBP has underperformed RING with an annualized return of 10.50%, while RING has yielded a comparatively higher 12.92% annualized return.
DBP
- 1D
- -2.46%
- 1M
- -11.00%
- YTD
- -7.35%
- 6M
- -11.28%
- 1Y
- 27.61%
- 3Y*
- 29.27%
- 5Y*
- 16.74%
- 10Y*
- 10.50%
RING
- 1D
- -4.54%
- 1M
- -9.24%
- YTD
- -8.53%
- 6M
- -13.08%
- 1Y
- 52.30%
- 3Y*
- 44.79%
- 5Y*
- 20.81%
- 10Y*
- 12.92%
DBP vs. RING - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DBP Invesco DB Precious Metals Fund | -7.35% | 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 | -8.53% | 164.72% | 15.98% | 12.29% | -15.40% | -7.46% | 24.98% | 49.92% | -13.14% | 10.24% |
Correlation
The correlation between DBP and RING is 0.83, 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 | 0.83 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.81 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.81 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.79 |
Correlation (All Time) Calculated using the full available price history since Feb 2, 2012 | 0.78 |
The correlation between DBP and RING has been stable across timeframes, ranging from 0.78 to 0.83 - a consistent structural relationship.
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Return for Risk
DBP vs. RING — Risk / Return Rank
DBP
RING
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.
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 | RING | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.27 | ||
| Sortino ratioReturn per unit of downside risk | -0.36 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.21 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 0.92 | 1.47 | -0.55 |
| Martin ratioReturn relative to average drawdown | 2.25 | 3.91 | -1.66 |
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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.
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Drawdown Indicators
| DBP | RING | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.89% | -79.47% | +25.58% |
Max Drawdown (1Y)Largest decline over 1 year | -30.18% | -35.72% | +5.54% |
Max Drawdown (3Y)Largest decline over 3 years | -30.18% | -35.72% | +5.54% |
Max Drawdown (5Y)Largest decline over 5 years | -30.18% | -47.94% | +17.76% |
Max Drawdown (10Y)Largest decline over 10 years | -30.18% | -52.04% | +21.86% |
Current DrawdownCurrent decline from peak | -30.18% | -32.25% | +2.07% |
Average DrawdownAverage peak-to-trough decline | -25.42% | -47.33% | +21.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.30% | 13.40% | -1.10% |
Volatility
DBP vs. RING - Volatility Comparison
The current volatility for Invesco DB Precious Metals Fund (DBP) is 8.93%, while iShares MSCI Global Gold Miners ETF (RING) has a volatility of 17.22%. 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.
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Volatility by Period
| DBP | RING | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.93% | 17.22% | -8.29% |
Volatility (6M)Calculated over the trailing 6-month period | 30.96% | 39.95% | -8.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 33.62% | 48.04% | -14.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.18% | 36.94% | -15.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.83% | 36.73% | -17.90% |
DBP vs. RING - Expense Ratio Comparison
DBP has a 0.78% expense ratio, which is higher than RING's 0.39% expense ratio.
Dividends
DBP vs. RING - Dividend Comparison
DBP's dividend yield for the trailing twelve months is around 2.63%, more than RING's 1.35% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DBP Invesco DB Precious Metals Fund | 2.63% | 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 | 1.35% | 0.84% | 1.43% | 2.01% | 2.29% | 2.38% | 0.83% | 0.83% | 0.70% | 0.42% | 1.41% | 0.96% |
Frequently Asked Questions
DBP and RING have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
RING has higher volatility (17.22%) compared to DBP (8.93%). In terms of maximum drawdown, DBP dropped -53.89% vs RING's -79.47%.
On 10-year performance, RING leads with 12.92% vs 10.50% for DBP. On fees, RING is cheaper at 0.39% per year. On volatility, DBP has been the lower-risk option at 8.93%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, RING has performed better with a 12.92% return vs 10.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
RING is cheaper with a 0.39% expense ratio, compared with 0.78% for DBP.
DBP has the higher dividend yield at 2.63%, compared with 1.35% for RING.
DBP is categorized as Precious Metals, while RING is Gold. DBP tracks DBIQ Optimum Yield Precious Metals Index Excess Return, while RING tracks MSCI ACWI Select Gold Miners Investable Market Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.78% for DBP and 0.39% for RING.
RING currently has the higher Sharpe Ratio (1.09 vs 0.82), 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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