DBP vs. SPHD

Last updated Apr 1, 2026

Compare and contrast key facts about Invesco DB Precious Metals Fund (DBP) and Invesco S&P 500® High Dividend Low Volatility ETF (SPHD).

DBP and SPHD 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. SPHD is a passively managed fund by Invesco that tracks the performance of the S&P Low Volatility High Dividend index. It was launched on Oct 18, 2012. Both DBP and SPHD 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. SPHD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DB Precious Metals Fund (DBP) and Invesco S&P 500® High Dividend Low Volatility ETF (SPHD). The values are adjusted to include any dividend payments, if applicable.

DBP vs. SPHD - 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%
SPHD Invesco S&P 500® High Dividend Low Volatility ETF	4.64%	3.41%	18.08%	1.32%	0.58%	24.98%	-9.98%	20.26%	-6.17%	11.90%

Returns By Period

In the year-to-date period, DBP achieves a 7.03% return, which is significantly higher than SPHD's 4.64% return. Over the past 10 years, DBP has outperformed SPHD with an annualized return of 13.17%, while SPHD has yielded a comparatively lower 7.24% 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%

SPHD

• 1D: 0.55%
• 1M: -4.99%
• YTD: 4.64%
• 6M: 2.81%
• 1Y: 3.20%
• 3Y*: 9.99%
• 5Y*: 7.05%
• 10Y*: 7.24%

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

DBP vs. SPHD - Expense Ratio Comparison

DBP has a 0.78% expense ratio, which is higher than SPHD's 0.30% expense ratio.

DBP

Invesco DB Precious Metals Fund

SPHD

Invesco S&P 500® High Dividend Low Volatility ETF

Return for Risk

DBP vs. SPHD — 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

SPHD

SPHD Risk / Return Rank: 20
SPHD Sharpe Ratio Rank: 19
SPHD Sortino Ratio Rank: 18
SPHD Omega Ratio Rank: 18
SPHD Calmar Ratio Rank: 22
SPHD Martin Ratio Rank: 22

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. SPHD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DB Precious Metals Fund (DBP) and Invesco S&P 500® High Dividend Low Volatility ETF (SPHD). 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	SPHD	Difference
Sharpe ratio Return per unit of total volatility	1.76	0.22	+1.54
Sortino ratio Return per unit of downside risk	2.08	0.41	+1.67
Omega ratio Gain probability vs. loss probability	1.33	1.05	+0.28
Calmar ratio Return relative to maximum drawdown	2.33	0.38	+1.95
Martin ratio Return relative to average drawdown	8.43	1.22	+7.20
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. SPHD - Sharpe Ratio Comparison

The current DBP Sharpe Ratio is 1.76, which is higher than the SPHD Sharpe Ratio of 0.22. The chart below compares the historical Sharpe Ratios of DBP and SPHD, 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	SPHD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.76	0.22	+1.54
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.01	0.50	+0.51
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.71	0.41	+0.30
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	0.59	-0.14

Correlation

The correlation between DBP and SPHD is 0.08, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

DBP vs. SPHD - Dividend Comparison

DBP's dividend yield for the trailing twelve months is around 2.28%, less than SPHD's 4.31% 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%
SPHD Invesco S&P 500® High Dividend Low Volatility ETF	4.31%	4.02%	3.41%	4.48%	3.89%	3.45%	4.89%	4.07%	4.40%	3.14%	3.83%	3.49%

Drawdowns

DBP vs. SPHD - Drawdown Comparison

The maximum DBP drawdown since its inception was -53.89%, which is greater than SPHD's maximum drawdown of -41.39%. Use the drawdown chart below to compare losses from any high point for DBP and SPHD.

Drawdown Indicators

	DBP	SPHD	Difference
Max Drawdown Largest peak-to-trough decline	-53.89%	-41.39%	-12.50%
Max Drawdown (1Y) Largest decline over 1 year	-25.48%	-11.33%	-14.15%
Max Drawdown (5Y) Largest decline over 5 years	-25.48%	-19.50%	-5.98%
Max Drawdown (10Y) Largest decline over 10 years	-28.36%	-41.39%	+13.03%
Current Drawdown Current decline from peak	-19.34%	-5.14%	-14.20%
Average Drawdown Average peak-to-trough decline	-25.47%	-4.70%	-20.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.06%	3.67%	+3.39%

Volatility

DBP vs. SPHD - Volatility Comparison

Invesco DB Precious Metals Fund (DBP) has a higher volatility of 12.31% compared to Invesco S&P 500® High Dividend Low Volatility ETF (SPHD) at 3.21%. This indicates that DBP's price experiences larger fluctuations and is considered to be riskier than SPHD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DBP	SPHD	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.31%	3.21%	+9.10%
Volatility (6M) Calculated over the trailing 6-month period	30.54%	7.91%	+22.63%
Volatility (1Y) Calculated over the trailing 1-year period	32.93%	14.51%	+18.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.57%	14.20%	+6.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.57%	17.65%	+0.92%