DBP vs. SPMO
DBP (Invesco DB Precious Metals Fund) and SPMO (Invesco S&P 500 Momentum ETF) are both exchange-traded funds - DBP is a Precious Metals fund tracking the DBIQ Optimum Yield Precious Metals Index Excess Return, while SPMO is a Momentum fund tracking the S&P 500 Momentum Index. Both are passively managed. Over the past 10 years, DBP returned 10.50%/yr vs 21.03%/yr for SPMO. At a 0.10 correlation, their price movements are largely independent. DBP charges 0.78%/yr vs 0.13%/yr for SPMO.
Performance
DBP vs. SPMO - Performance Comparison
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Returns By Period
In the year-to-date period, DBP achieves a -7.35% return, which is significantly lower than SPMO's 29.91% return. Over the past 10 years, DBP has underperformed SPMO with an annualized return of 10.50%, while SPMO has yielded a comparatively higher 21.03% 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%
SPMO
- 1D
- -4.53%
- 1M
- 6.65%
- YTD
- 29.91%
- 6M
- 28.13%
- 1Y
- 43.55%
- 3Y*
- 42.47%
- 5Y*
- 22.89%
- 10Y*
- 21.03%
DBP vs. SPMO - 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% |
SPMO Invesco S&P 500 Momentum ETF | 29.91% | 26.58% | 45.82% | 17.56% | -10.45% | 22.64% | 28.25% | 25.93% | -0.92% | 27.76% |
Correlation
The correlation between DBP and SPMO is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.12 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.13 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.11 |
Correlation (All Time) Calculated using the full available price history since Oct 12, 2015 | 0.10 |
The correlation between DBP and SPMO shifts across timeframes, from 0.10 (all time) to 0.22 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
DBP vs. SPMO — Risk / Return Rank
DBP
SPMO
DBP vs. SPMO - 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 Momentum ETF (SPMO). 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 | SPMO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.31 | ||
| Sortino ratioReturn per unit of downside risk | -1.64 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.39 | -0.21 |
| Calmar ratioReturn relative to maximum drawdown | 0.92 | 3.45 | -2.53 |
| Martin ratioReturn relative to average drawdown | 2.25 | 12.97 | -10.72 |
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Drawdowns
DBP vs. SPMO - Drawdown Comparison
The maximum DBP drawdown since its inception was -53.89%, which is greater than SPMO's maximum drawdown of -30.95%. Use the drawdown chart below to compare losses from any high point for DBP and SPMO.
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Drawdown Indicators
| DBP | SPMO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.89% | -30.95% | -22.94% |
Max Drawdown (1Y)Largest decline over 1 year | -30.18% | -12.70% | -17.48% |
Max Drawdown (3Y)Largest decline over 3 years | -30.18% | -20.13% | -10.05% |
Max Drawdown (5Y)Largest decline over 5 years | -30.18% | -22.74% | -7.44% |
Max Drawdown (10Y)Largest decline over 10 years | -30.18% | -30.95% | +0.77% |
Current DrawdownCurrent decline from peak | -30.18% | -4.53% | -25.65% |
Average DrawdownAverage peak-to-trough decline | -25.42% | -4.59% | -20.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.30% | 3.37% | +8.93% |
Volatility
DBP vs. SPMO - Volatility Comparison
The current volatility for Invesco DB Precious Metals Fund (DBP) is 8.93%, while Invesco S&P 500 Momentum ETF (SPMO) has a volatility of 11.75%. This indicates that DBP experiences smaller price fluctuations and is considered to be less risky than SPMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DBP | SPMO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.93% | 11.75% | -2.82% |
Volatility (6M)Calculated over the trailing 6-month period | 30.96% | 17.78% | +13.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 33.62% | 20.55% | +13.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.18% | 19.88% | +1.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.83% | 20.60% | -1.77% |
DBP vs. SPMO - Expense Ratio Comparison
DBP has a 0.78% expense ratio, which is higher than SPMO's 0.13% expense ratio.
Dividends
DBP vs. SPMO - Dividend Comparison
DBP's dividend yield for the trailing twelve months is around 2.63%, more than SPMO's 0.68% 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% |
SPMO Invesco S&P 500 Momentum ETF | 0.68% | 0.73% | 0.48% | 1.63% | 1.66% | 0.52% | 1.27% | 1.39% | 1.05% | 0.77% | 1.94% | 0.36% |
Frequently Asked Questions
DBP and SPMO have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPMO has higher volatility (11.75%) compared to DBP (8.93%). In terms of maximum drawdown, DBP dropped -53.89% vs SPMO's -30.95%.
On 10-year performance, SPMO leads with 21.03% vs 10.50% for DBP. On fees, SPMO is cheaper at 0.13% 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, SPMO has performed better with a 21.03% return vs 10.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPMO is cheaper with a 0.13% expense ratio, compared with 0.78% for DBP.
DBP has the higher dividend yield at 2.63%, compared with 0.68% for SPMO.
DBP is categorized as Precious Metals, while SPMO is Momentum. DBP tracks DBIQ Optimum Yield Precious Metals Index Excess Return, while SPMO tracks S&P 500 Momentum Index. Their fees differ too: 0.78% for DBP and 0.13% for SPMO.
SPMO currently has the higher Sharpe Ratio (2.13 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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