DBP vs. SGOL
DBP (Invesco DB Precious Metals Fund) and SGOL (abrdn Physical Gold Shares ETF) are both Precious Metals funds - DBP tracks the DBIQ Optimum Yield Precious Metals Index Excess Return while SGOL tracks the LBMA Gold Price PM ($/ozt). Both are passively managed. Over the past 10 years, DBP returned 12.31%/yr vs 13.32%/yr for SGOL. With a 0.96 correlation, they move nearly in lockstep. DBP charges 0.78%/yr vs 0.17%/yr for SGOL.
Performance
DBP vs. SGOL - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, DBP achieves a 2.13% return, which is significantly lower than SGOL's 2.97% return. Over the past 10 years, DBP has underperformed SGOL with an annualized return of 12.31%, while SGOL has yielded a comparatively higher 13.32% annualized return.
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%
SGOL
- 1D
- -0.98%
- 1M
- -1.67%
- YTD
- 2.97%
- 6M
- 5.51%
- 1Y
- 32.27%
- 3Y*
- 31.36%
- 5Y*
- 18.40%
- 10Y*
- 13.32%
DBP vs. SGOL - 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% |
SGOL abrdn Physical Gold Shares ETF | 2.97% | 63.99% | 26.90% | 12.99% | -0.51% | -3.94% | 25.03% | 18.21% | -1.94% | 12.86% |
Correlation
The correlation between DBP and SGOL is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.96 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.96 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.95 |
Correlation (All Time) Calculated using the full available price history since Sep 10, 2009 | 0.96 |
The correlation between DBP and SGOL has been stable across timeframes, ranging from 0.95 to 0.96 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
DBP vs. SGOL — Risk / Return Rank
DBP
SGOL
DBP vs. SGOL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB Precious Metals Fund (DBP) and abrdn Physical Gold Shares ETF (SGOL). 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 | SGOL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.08 | ||
| Sortino ratioReturn per unit of downside risk | +0.02 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.25 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.68 | 1.69 | -0.01 |
| Martin ratioReturn relative to average drawdown | 4.01 | 4.20 | -0.19 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| DBP | SGOL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.32 | 1.23 | +0.08 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.84 | 1.03 | -0.20 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.66 | 0.84 | -0.18 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.43 | 0.55 | -0.12 |
Drawdowns
DBP vs. SGOL - Drawdown Comparison
The maximum DBP drawdown since its inception was -53.89%, which is greater than SGOL's maximum drawdown of -45.51%. Use the drawdown chart below to compare losses from any high point for DBP and SGOL.
Loading charts...
Drawdown Indicators
| DBP | SGOL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.89% | -45.51% | -8.38% |
Max Drawdown (1Y)Largest decline over 1 year | -25.48% | -19.14% | -6.34% |
Max Drawdown (3Y)Largest decline over 3 years | -25.48% | -19.14% | -6.34% |
Max Drawdown (5Y)Largest decline over 5 years | -25.48% | -20.92% | -4.56% |
Max Drawdown (10Y)Largest decline over 10 years | -28.36% | -21.56% | -6.80% |
Current DrawdownCurrent decline from peak | -23.04% | -17.72% | -5.32% |
Average DrawdownAverage peak-to-trough decline | -25.42% | -18.41% | -7.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.67% | 7.71% | +2.96% |
Volatility
DBP vs. SGOL - Volatility Comparison
Invesco DB Precious Metals Fund (DBP) has a higher volatility of 7.57% compared to abrdn Physical Gold Shares ETF (SGOL) at 5.46%. This indicates that DBP's price experiences larger fluctuations and is considered to be riskier than SGOL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| DBP | SGOL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.57% | 5.46% | +2.11% |
Volatility (6M)Calculated over the trailing 6-month period | 29.87% | 22.93% | +6.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 32.57% | 26.33% | +6.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.91% | 17.89% | +3.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.72% | 15.91% | +2.81% |
DBP vs. SGOL - Expense Ratio Comparison
DBP has a 0.78% expense ratio, which is higher than SGOL's 0.17% expense ratio.
Dividends
DBP vs. SGOL - Dividend Comparison
DBP's dividend yield for the trailing twelve months is around 2.38%, while SGOL 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% |
SGOL abrdn Physical Gold Shares ETF | 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 0.96, DBP and SGOL 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 (7.57%) compared to SGOL (5.46%). In terms of maximum drawdown, DBP dropped -53.89% vs SGOL's -45.51%.
On 10-year performance, SGOL leads with 13.32% vs 12.31% for DBP. On fees, SGOL is cheaper at 0.17% per year. On volatility, SGOL has been the lower-risk option at 5.46%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SGOL has performed better with a 13.32% return vs 12.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SGOL is cheaper with a 0.17% expense ratio, compared with 0.78% for DBP.
DBP has the higher dividend yield at 2.38%, compared with 0.00% for SGOL.
DBP tracks DBIQ Optimum Yield Precious Metals Index Excess Return, while SGOL tracks LBMA Gold Price PM ($/ozt). They also come from different issuers: Invesco and abrdn. Their fees differ too: 0.78% for DBP and 0.17% for SGOL.
DBP currently has the higher Sharpe Ratio (1.32 vs 1.23), 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.
Find the right allocation for DBP and SGOL
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer