DBP vs. VMFXX

Last updated Jun 13, 2026

DBP (Invesco DB Precious Metals Fund) and VMFXX (Vanguard Federal Money Market Fund) are both funds - DBP is a Precious Metals fund tracking the DBIQ Optimum Yield Precious Metals Index Excess Return, while VMFXX is a Money Market fund managed by Vanguard. Over the past 5 years, DBP returned 16.18%/yr vs 2.39%/yr for VMFXX. At a 0.02 correlation, their price movements are largely independent. DBP charges 0.78%/yr vs 0.11%/yr for VMFXX.

Performance

DBP vs. VMFXX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DB Precious Metals Fund (DBP) and Vanguard Federal Money Market Fund (VMFXX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DBP achieves a -3.82% return, which is significantly lower than VMFXX's 1.50% return.

DBP

• 1D: 0.09%
• 1M: -11.93%
• YTD: -3.82%
• 6M: -0.66%
• 1Y: 30.66%
• 3Y*: 29.99%
• 5Y*: 16.18%
• 10Y*: 11.21%

VMFXX

• 1D: 0.00%
• 1M: 0.30%
• YTD: 1.50%
• 6M: 1.82%
• 1Y: 3.95%
• 3Y*: 3.35%
• 5Y*: 2.39%
• 10Y*: —

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

DBP vs. VMFXX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
DBP Invesco DB Precious Metals Fund	-3.82%	73.43%	26.71%	8.68%	-1.51%	-6.74%
VMFXX Vanguard Federal Money Market Fund	1.50%	4.24%	1.64%	4.64%	0.00%	0.00%

Correlation

The correlation between DBP and VMFXX is 0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.08
Correlation (3Y) Calculated over the trailing 3-year period	-0.00
Correlation (5Y) Calculated over the trailing 5-year period	0.02
Correlation (All Time) Calculated using the full available price history since May 25, 2021	0.02

DBP vs. VMFXX - Sectors Allocation Comparison

Sectors	DBP	VMFXX
Financial Services	99.1%	17.5%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

DBP vs. VMFXX — Risk / Return Rank

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

DBP

DBP Risk / Return Rank: 28
DBP Sharpe Ratio Rank: 30
DBP Sortino Ratio Rank: 26
DBP Omega Ratio Rank: 34
DBP Calmar Ratio Rank: 25
DBP Martin Ratio Rank: 24

VMFXX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. VMFXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DB Precious Metals Fund (DBP) and Vanguard Federal Money Market Fund (VMFXX). 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	VMFXX	Difference
Sharpe ratio: Return per unit of total volatility	0.96	3.67	-2.71
Sortino ratio: Return per unit of downside risk	1.31	—	—
Omega ratio: Gain probability vs. loss probability	1.20	—	—
Calmar ratio: Return relative to maximum drawdown	1.07	—	—
Martin ratio: Return relative to average drawdown	2.77	—	—

DBP vs. VMFXX - Sharpe Ratio Comparison

The current DBP Sharpe Ratio is 0.96, which is lower than the VMFXX Sharpe Ratio of 3.67. The chart below compares the historical Sharpe Ratios of DBP and VMFXX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

DBP vs. VMFXX - Drawdown Comparison

The maximum DBP drawdown since its inception was -53.89%, which is greater than VMFXX's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for DBP and VMFXX.

Drawdown Indicators

	DBP	VMFXX	Difference
Max Drawdown Largest peak-to-trough decline	-53.89%	0.00%	-53.89%
Max Drawdown (1Y) Largest decline over 1 year	-30.03%	0.00%	-30.03%
Max Drawdown (3Y) Largest decline over 3 years	-30.03%	0.00%	-30.03%
Max Drawdown (5Y) Largest decline over 5 years	-30.03%	0.00%	-30.03%
Max Drawdown (10Y) Largest decline over 10 years	-30.03%	—	—
Current Drawdown Current decline from peak	-27.52%	0.00%	-27.52%
Average Drawdown Average peak-to-trough decline	-25.42%	0.00%	-25.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.56%	0.00%	+11.56%

Volatility

DBP vs. VMFXX - Volatility Comparison

Invesco DB Precious Metals Fund (DBP) has a higher volatility of 9.06% compared to Vanguard Federal Money Market Fund (VMFXX) at 0.30%. This indicates that DBP's price experiences larger fluctuations and is considered to be riskier than VMFXX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DBP	VMFXX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.06%	0.30%	+8.76%
Volatility (6M) Calculated over the trailing 6-month period	30.70%	0.79%	+29.91%
Volatility (1Y) Calculated over the trailing 1-year period	33.35%	1.12%	+32.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.14%	0.94%	+20.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.84%	0.94%	+17.90%

DBP vs. VMFXX - Expense Ratio Comparison

DBP has a 0.78% expense ratio, which is higher than VMFXX's 0.11% expense ratio.

Dividends

DBP vs. VMFXX - Dividend Comparison

DBP's dividend yield for the trailing twelve months is around 2.53%, less than VMFXX's 3.87% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
DBP Invesco DB Precious Metals Fund	2.53%	2.44%	4.21%	4.47%	0.45%	0.00%	0.00%	1.26%	1.24%	0.12%
VMFXX Vanguard Federal Money Market Fund	3.87%	4.14%	1.63%	4.53%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DBP and VMFXX in my portfolio?

DBP and VMFXX have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DBP or VMFXX?

DBP has higher volatility (9.06%) compared to VMFXX (0.30%). In terms of maximum drawdown, DBP dropped -53.89% vs VMFXX's 0.00%.

Which has better risk-adjusted returns?

VMFXX currently has the higher Sharpe Ratio (3.67 vs 0.96), 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.