DBP vs. XMMO
DBP (Invesco DB Precious Metals Fund) and XMMO (Invesco S&P MidCap Momentum ETF) are both exchange-traded funds - DBP is a Precious Metals fund tracking the DBIQ Optimum Yield Precious Metals Index Excess Return, while XMMO is a Momentum fund tracking the S&P MidCap 400 Momentum Index. Both are passively managed. Over the past 10 years, DBP returned 10.50%/yr vs 20.13%/yr for XMMO. At a 0.12 correlation, their price movements are largely independent. DBP charges 0.78%/yr vs 0.35%/yr for XMMO.
Performance
DBP vs. XMMO - 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 XMMO's 22.90% return. Over the past 10 years, DBP has underperformed XMMO with an annualized return of 10.50%, while XMMO has yielded a comparatively higher 20.13% 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%
XMMO
- 1D
- -2.42%
- 1M
- 3.07%
- YTD
- 22.90%
- 6M
- 20.25%
- 1Y
- 35.75%
- 3Y*
- 31.04%
- 5Y*
- 15.91%
- 10Y*
- 20.13%
DBP vs. XMMO - 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% |
XMMO Invesco S&P MidCap Momentum ETF | 22.90% | 13.04% | 38.03% | 20.39% | -16.02% | 16.69% | 29.17% | 36.78% | 6.12% | 37.18% |
Correlation
The correlation between DBP and XMMO is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.18 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.15 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.10 |
Correlation (All Time) Calculated using the full available price history since Jan 5, 2007 | 0.12 |
The correlation between DBP and XMMO shifts across timeframes, from 0.10 (10 years) to 0.24 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
DBP vs. XMMO — Risk / Return Rank
DBP
XMMO
DBP vs. XMMO - 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 MidCap Momentum ETF (XMMO). 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 | XMMO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.98 | ||
| Sortino ratioReturn per unit of downside risk | -1.33 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.32 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 0.92 | 4.31 | -3.39 |
| Martin ratioReturn relative to average drawdown | 2.25 | 17.07 | -14.82 |
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Drawdowns
DBP vs. XMMO - Drawdown Comparison
The maximum DBP drawdown since its inception was -53.89%, roughly equal to the maximum XMMO drawdown of -55.37%. Use the drawdown chart below to compare losses from any high point for DBP and XMMO.
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Drawdown Indicators
| DBP | XMMO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.89% | -55.37% | +1.48% |
Max Drawdown (1Y)Largest decline over 1 year | -30.18% | -8.34% | -21.84% |
Max Drawdown (3Y)Largest decline over 3 years | -30.18% | -24.93% | -5.25% |
Max Drawdown (5Y)Largest decline over 5 years | -30.18% | -27.91% | -2.27% |
Max Drawdown (10Y)Largest decline over 10 years | -30.18% | -36.74% | +6.56% |
Current DrawdownCurrent decline from peak | -30.18% | -2.42% | -27.76% |
Average DrawdownAverage peak-to-trough decline | -25.42% | -9.43% | -15.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.30% | 2.10% | +10.20% |
Volatility
DBP vs. XMMO - Volatility Comparison
Invesco DB Precious Metals Fund (DBP) has a higher volatility of 8.93% compared to Invesco S&P MidCap Momentum ETF (XMMO) at 8.50%. This indicates that DBP's price experiences larger fluctuations and is considered to be riskier than XMMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DBP | XMMO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.93% | 8.50% | +0.43% |
Volatility (6M)Calculated over the trailing 6-month period | 30.96% | 16.79% | +14.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 33.62% | 19.94% | +13.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.18% | 21.65% | -0.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.83% | 22.33% | -3.50% |
DBP vs. XMMO - Expense Ratio Comparison
DBP has a 0.78% expense ratio, which is higher than XMMO's 0.35% expense ratio.
Dividends
DBP vs. XMMO - Dividend Comparison
DBP's dividend yield for the trailing twelve months is around 2.63%, more than XMMO's 0.57% 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% |
XMMO Invesco S&P MidCap Momentum ETF | 0.57% | 0.78% | 0.34% | 0.80% | 1.43% | 0.41% | 0.61% | 0.60% | 0.19% | 0.21% | 0.22% | 0.64% |
Frequently Asked Questions
DBP and XMMO have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBP has higher volatility (8.93%) compared to XMMO (8.50%). In terms of maximum drawdown, DBP dropped -53.89% vs XMMO's -55.37%.
On 10-year performance, XMMO leads with 20.13% vs 10.50% for DBP. On fees, XMMO is cheaper at 0.35% per year. On volatility, XMMO has been the lower-risk option at 8.50%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, XMMO has performed better with a 20.13% return vs 10.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XMMO 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 0.57% for XMMO.
DBP is categorized as Precious Metals, while XMMO is Momentum. DBP tracks DBIQ Optimum Yield Precious Metals Index Excess Return, while XMMO tracks S&P MidCap 400 Momentum Index. Their fees differ too: 0.78% for DBP and 0.35% for XMMO.
XMMO currently has the higher Sharpe Ratio (1.80 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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