DBP vs. XME
DBP (Invesco DB Precious Metals Fund) and XME (SPDR S&P Metals & Mining ETF) are both exchange-traded funds - DBP is a Precious Metals fund tracking the DBIQ Optimum Yield Precious Metals Index Excess Return, while XME is a Materials fund tracking the S&P Metals & Mining Select Industry Index. Both are passively managed. Over the past 10 years, DBP returned 10.50%/yr vs 18.52%/yr for XME. At a 0.37 correlation, their price movements are largely independent. DBP charges 0.78%/yr vs 0.35%/yr for XME.
Performance
DBP vs. XME - 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 XME's 7.18% return. Over the past 10 years, DBP has underperformed XME with an annualized return of 10.50%, while XME has yielded a comparatively higher 18.52% 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%
XME
- 1D
- -3.75%
- 1M
- -5.21%
- YTD
- 7.18%
- 6M
- 2.81%
- 1Y
- 68.16%
- 3Y*
- 32.34%
- 5Y*
- 21.39%
- 10Y*
- 18.52%
DBP vs. XME - 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% |
XME SPDR S&P Metals & Mining ETF | 7.18% | 83.47% | -4.54% | 21.51% | 13.13% | 34.92% | 15.95% | 14.69% | -26.78% | 21.17% |
Correlation
The correlation between DBP and XME is 0.56, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.56 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.48 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.43 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.34 |
Correlation (All Time) Calculated using the full available price history since Jan 5, 2007 | 0.37 |
The correlation between DBP and XME shifts across timeframes, from 0.34 (10 years) to 0.56 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
DBP vs. XME — Risk / Return Rank
DBP
XME
DBP vs. XME - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB Precious Metals Fund (DBP) and SPDR S&P Metals & Mining ETF (XME). 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 | XME | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.06 | ||
| Sortino ratioReturn per unit of downside risk | -1.23 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.31 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | 0.92 | 3.03 | -2.11 |
| Martin ratioReturn relative to average drawdown | 2.25 | 7.40 | -5.15 |
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Drawdowns
DBP vs. XME - Drawdown Comparison
The maximum DBP drawdown since its inception was -53.89%, smaller than the maximum XME drawdown of -85.89%. Use the drawdown chart below to compare losses from any high point for DBP and XME.
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Drawdown Indicators
| DBP | XME | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.89% | -85.89% | +32.00% |
Max Drawdown (1Y)Largest decline over 1 year | -30.18% | -22.60% | -7.58% |
Max Drawdown (3Y)Largest decline over 3 years | -30.18% | -30.47% | +0.29% |
Max Drawdown (5Y)Largest decline over 5 years | -30.18% | -37.27% | +7.09% |
Max Drawdown (10Y)Largest decline over 10 years | -30.18% | -61.69% | +31.51% |
Current DrawdownCurrent decline from peak | -30.18% | -16.45% | -13.73% |
Average DrawdownAverage peak-to-trough decline | -25.42% | -44.05% | +18.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.30% | 9.24% | +3.06% |
Volatility
DBP vs. XME - Volatility Comparison
The current volatility for Invesco DB Precious Metals Fund (DBP) is 8.93%, while SPDR S&P Metals & Mining ETF (XME) has a volatility of 14.26%. This indicates that DBP experiences smaller price fluctuations and is considered to be less risky than XME based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DBP | XME | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.93% | 14.26% | -5.33% |
Volatility (6M)Calculated over the trailing 6-month period | 30.96% | 28.34% | +2.62% |
Volatility (1Y)Calculated over the trailing 1-year period | 33.62% | 36.35% | -2.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.18% | 32.76% | -11.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.83% | 32.91% | -14.08% |
DBP vs. XME - Expense Ratio Comparison
DBP has a 0.78% expense ratio, which is higher than XME's 0.35% expense ratio.
Dividends
DBP vs. XME - Dividend Comparison
DBP's dividend yield for the trailing twelve months is around 2.63%, more than XME's 0.34% 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% |
XME SPDR S&P Metals & Mining ETF | 0.34% | 0.38% | 0.65% | 1.00% | 1.64% | 0.70% | 0.99% | 2.43% | 2.23% | 1.15% | 1.02% | 2.61% |
Frequently Asked Questions
DBP and XME have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
XME has higher volatility (14.26%) compared to DBP (8.93%). In terms of maximum drawdown, DBP dropped -53.89% vs XME's -85.89%.
On 10-year performance, XME leads with 18.52% vs 10.50% for DBP. On fees, XME is cheaper at 0.35% 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, XME has performed better with a 18.52% return vs 10.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XME is cheaper with a 0.35% expense ratio, compared with 0.78% for DBP.
DBP has the higher dividend yield at 2.63%, compared with 0.34% for XME.
DBP is categorized as Precious Metals, while XME is Materials. DBP tracks DBIQ Optimum Yield Precious Metals Index Excess Return, while XME tracks S&P Metals & Mining Select Industry Index. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.78% for DBP and 0.35% for XME.
XME currently has the higher Sharpe Ratio (1.89 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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