DBP vs. XLG
DBP (Invesco DB Precious Metals Fund) and XLG (Invesco S&P 500 Top 50 ETF) are both exchange-traded funds - DBP is a Precious Metals fund tracking the DBIQ Optimum Yield Precious Metals Index Excess Return, while XLG is a S&P 500 fund tracking the S&P 500 Top 50 Index. Both are passively managed. Over the past 10 years, DBP returned 9.79%/yr vs 16.49%/yr for XLG. At a 0.09 correlation, their price movements are largely independent. DBP charges 0.78%/yr vs 0.20%/yr for XLG.
Performance
DBP vs. XLG - Performance Comparison
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Returns By Period
In the year-to-date period, DBP achieves a -10.64% return, which is significantly lower than XLG's 3.75% return. Over the past 10 years, DBP has underperformed XLG with an annualized return of 9.79%, while XLG has yielded a comparatively higher 16.49% annualized return.
DBP
- 1D
- -2.76%
- 1M
- -7.09%
- 6M
- -18.54%
- YTD
- -10.64%
- 1Y
- 21.71%
- 3Y*
- 26.26%
- 5Y*
- 15.32%
- 10Y*
- 9.79%
XLG
- 1D
- -1.13%
- 1M
- 0.12%
- 6M
- 2.98%
- YTD
- 3.75%
- 1Y
- 17.41%
- 3Y*
- 20.97%
- 5Y*
- 13.84%
- 10Y*
- 16.49%
DBP vs. XLG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DBP Invesco DB Precious Metals Fund | -10.64% | 73.43% | 26.71% | 8.68% | -1.51% | -7.10% | 26.79% | 15.89% | -4.31% | 10.58% |
XLG Invesco S&P 500 Top 50 ETF | 3.75% | 19.51% | 33.49% | 38.16% | -24.29% | 30.77% | 24.15% | 32.04% | -3.59% | 23.04% |
Correlation
The correlation between DBP and XLG is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.16 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.13 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.09 |
Correlation (All Time) Calculated using the full available price history since Jan 5, 2007 | 0.09 |
The correlation between DBP and XLG shifts across timeframes, from 0.09 (10 years) to 0.28 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
DBP vs. XLG — Risk / Return Rank
DBP
XLG
DBP vs. XLG - 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 Top 50 ETF (XLG). 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 | XLG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.60 | ||
| Sortino ratioReturn per unit of downside risk | -0.77 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.22 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 0.66 | 1.41 | -0.75 |
| Martin ratioReturn relative to average drawdown | 1.53 | 4.71 | -3.18 |
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Drawdowns
DBP vs. XLG - Drawdown Comparison
The maximum DBP drawdown since its inception was -53.89%, roughly equal to the maximum XLG drawdown of -52.39%. Use the drawdown chart below to compare losses from any high point for DBP and XLG.
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Drawdown Indicators
| DBP | XLG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.89% | -52.39% | -1.50% |
Max Drawdown (1Y)Largest decline over 1 year | -32.96% | -12.41% | -20.55% |
Max Drawdown (3Y)Largest decline over 3 years | -32.96% | -20.70% | -12.26% |
Max Drawdown (5Y)Largest decline over 5 years | -32.96% | -28.02% | -4.94% |
Max Drawdown (10Y)Largest decline over 10 years | -32.96% | -30.46% | -2.50% |
Current DrawdownCurrent decline from peak | -32.66% | -4.94% | -27.72% |
Average DrawdownAverage peak-to-trough decline | -25.43% | -7.63% | -17.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.23% | 3.71% | +10.52% |
Volatility
DBP vs. XLG - Volatility Comparison
Invesco DB Precious Metals Fund (DBP) has a higher volatility of 8.82% compared to Invesco S&P 500 Top 50 ETF (XLG) at 4.83%. This indicates that DBP's price experiences larger fluctuations and is considered to be riskier than XLG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DBP | XLG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.82% | 4.83% | +3.99% |
Volatility (6M)Calculated over the trailing 6-month period | 30.16% | 11.06% | +19.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 34.12% | 14.13% | +19.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.36% | 18.83% | +2.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.90% | 18.87% | +0.03% |
DBP vs. XLG - Expense Ratio Comparison
DBP has a 0.78% expense ratio, which is higher than XLG's 0.20% expense ratio.
Dividends
DBP vs. XLG - Dividend Comparison
DBP's dividend yield for the trailing twelve months is around 2.73%, more than XLG's 0.65% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DBP Invesco DB Precious Metals Fund | 2.73% | 2.44% | 4.21% | 4.47% | 0.45% | 0.00% | 0.00% | 1.26% | 1.24% | 0.12% | 0.00% | 0.00% |
XLG Invesco S&P 500 Top 50 ETF | 0.65% | 0.64% | 0.72% | 0.97% | 1.34% | 0.94% | 1.25% | 1.58% | 2.00% | 1.85% | 2.00% | 2.09% |
Frequently Asked Questions
DBP and XLG have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBP has higher volatility (8.82%) compared to XLG (4.83%). In terms of maximum drawdown, DBP dropped -53.89% vs XLG's -52.39%.
On 10-year performance, XLG leads with 16.49% vs 9.79% for DBP. On fees, XLG is cheaper at 0.20% per year. On volatility, XLG has been the lower-risk option at 4.83%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, XLG has performed better with a 16.49% return vs 9.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XLG is cheaper with a 0.20% expense ratio, compared with 0.78% for DBP.
DBP has the higher dividend yield at 2.73%, compared with 0.65% for XLG.
DBP is categorized as Precious Metals, while XLG is S&P 500. DBP tracks DBIQ Optimum Yield Precious Metals Index Excess Return, while XLG tracks S&P 500 Top 50 Index. Their fees differ too: 0.78% for DBP and 0.20% for XLG.
XLG currently has the higher Sharpe Ratio (1.24 vs 0.64), 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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