DCMT vs. DBC
DCMT (DoubleLine Commodity Strategy ETF) and DBC (Invesco DB Commodity Index Tracking Fund) are both Commodities funds. DCMT is actively managed, while DBC is passively managed. Over the past year, DCMT returned 42.19% vs 45.90% for DBC. Their correlation of 0.94 suggests significant overlap in exposure. DCMT charges 0.66%/yr vs 0.85%/yr for DBC.
Performance
DCMT vs. DBC - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with DCMT having a 34.49% return and DBC slightly higher at 35.47%.
DCMT
- 1D
- 0.63%
- 1M
- -2.89%
- YTD
- 34.49%
- 6M
- 33.53%
- 1Y
- 42.19%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
DBC
- 1D
- 0.56%
- 1M
- -3.32%
- YTD
- 35.47%
- 6M
- 35.36%
- 1Y
- 45.90%
- 3Y*
- 15.09%
- 5Y*
- 12.78%
- 10Y*
- 9.10%
DCMT vs. DBC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
DCMT DoubleLine Commodity Strategy ETF | 34.49% | 6.04% | 4.96% |
DBC Invesco DB Commodity Index Tracking Fund | 35.47% | 8.10% | 2.09% |
Correlation
The correlation between DCMT and DBC is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.95 |
Correlation (All Time) Calculated using the full available price history since Feb 2, 2024 | 0.94 |
The correlation between DCMT and DBC has been stable across timeframes, ranging from 0.94 to 0.95 - a consistent structural relationship.
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Return for Risk
DCMT vs. DBC — Risk / Return Rank
DCMT
DBC
DCMT vs. DBC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for DoubleLine Commodity Strategy ETF (DCMT) and Invesco DB Commodity Index Tracking Fund (DBC). 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.
| DCMT | DBC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.15 | ||
| Sortino ratioReturn per unit of downside risk | -0.15 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 1.43 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 6.83 | 6.54 | +0.29 |
| Martin ratioReturn relative to average drawdown | 16.31 | 13.91 | +2.40 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| DCMT | DBC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.32 | 2.47 | -0.15 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.67 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.51 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.20 | 0.12 | +1.09 |
Drawdowns
DCMT vs. DBC - Drawdown Comparison
The maximum DCMT drawdown since its inception was -11.95%, smaller than the maximum DBC drawdown of -76.36%. Use the drawdown chart below to compare losses from any high point for DCMT and DBC.
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Drawdown Indicators
| DCMT | DBC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.95% | -76.36% | +64.41% |
Max Drawdown (1Y)Largest decline over 1 year | -6.21% | -7.05% | +0.84% |
Max Drawdown (3Y)Largest decline over 3 years | — | -13.82% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -27.34% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -41.71% | — |
Current DrawdownCurrent decline from peak | -3.46% | -21.64% | +18.18% |
Average DrawdownAverage peak-to-trough decline | -3.13% | -46.22% | +43.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.59% | 3.31% | -0.72% |
Volatility
DCMT vs. DBC - Volatility Comparison
DoubleLine Commodity Strategy ETF (DCMT) and Invesco DB Commodity Index Tracking Fund (DBC) have volatilities of 6.71% and 6.45%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DCMT | DBC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.71% | 6.45% | +0.26% |
Volatility (6M)Calculated over the trailing 6-month period | 15.87% | 15.75% | +0.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.27% | 18.68% | -0.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.77% | 19.18% | -3.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.77% | 17.81% | -2.04% |
DCMT vs. DBC - Expense Ratio Comparison
DCMT has a 0.66% expense ratio, which is lower than DBC's 0.85% expense ratio.
Dividends
DCMT vs. DBC - Dividend Comparison
DCMT's dividend yield for the trailing twelve months is around 2.73%, more than DBC's 2.46% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBC Invesco DB Commodity Index Tracking Fund | 2.46% | 3.33% | 5.22% | 4.94% | 0.59% | 0.00% | 0.00% | 1.59% | 1.30% |
DCMT DoubleLine Commodity Strategy ETF | 2.73% | 3.67% | 1.59% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.95, DCMT and DBC move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
DCMT has higher volatility (6.71%) compared to DBC (6.45%). In terms of maximum drawdown, DCMT dropped -11.95% vs DBC's -76.36%.
On 1-year performance, DBC leads with 45.90% vs 42.19% for DCMT. On fees, DCMT is cheaper at 0.66% per year. On volatility, DBC has been the lower-risk option at 6.45%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, DBC has performed better with a 45.90% return vs 42.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DCMT is cheaper with a 0.66% expense ratio, compared with 0.85% for DBC.
DCMT has the higher dividend yield at 2.73%, compared with 2.46% for DBC.
They also come from different issuers: DoubleLine and Invesco. Their fees differ too: 0.66% for DCMT and 0.85% for DBC.
DBC currently has the higher Sharpe Ratio (2.47 vs 2.32), 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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