DCMT vs. PDBC

Last updated Jun 4, 2026

DCMT (DoubleLine Commodity Strategy ETF) and PDBC (Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF) are both Commodities funds. Both are actively managed. Over the past year, DCMT returned 42.19% vs 45.46% for PDBC. Their correlation of 0.94 suggests significant overlap in exposure. DCMT charges 0.66%/yr vs 0.58%/yr for PDBC.

Performance

DCMT vs. PDBC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DoubleLine Commodity Strategy ETF (DCMT) and Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DCMT achieves a 34.49% return, which is significantly lower than PDBC's 36.23% return.

DCMT

• 1D: 0.63%
• 1M: -2.89%
• YTD: 34.49%
• 6M: 33.53%
• 1Y: 42.19%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PDBC

• 1D: 0.39%
• 1M: -3.37%
• YTD: 36.23%
• 6M: 36.27%
• 1Y: 45.46%
• 3Y*: 14.42%
• 5Y*: 12.39%
• 10Y*: 8.79%

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

DCMT vs. PDBC - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DCMT DoubleLine Commodity Strategy ETF	34.49%	6.04%	4.96%
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF	36.23%	5.96%	1.94%

Correlation

The correlation between DCMT and PDBC 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 PDBC has been stable across timeframes, ranging from 0.94 to 0.95 - a consistent structural relationship.

Return for Risk

DCMT vs. PDBC — Risk / Return Rank

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

DCMT

DCMT Risk / Return Rank: 76
DCMT Sharpe Ratio Rank: 71
DCMT Sortino Ratio Rank: 66
DCMT Omega Ratio Rank: 69
DCMT Calmar Ratio Rank: 93
DCMT Martin Ratio Rank: 82

PDBC

PDBC Risk / Return Rank: 74
PDBC Sharpe Ratio Rank: 73
PDBC Sortino Ratio Rank: 67
PDBC Omega Ratio Rank: 70
PDBC Calmar Ratio Rank: 92
PDBC Martin Ratio Rank: 70

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.

DCMT vs. PDBC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DoubleLine Commodity Strategy ETF (DCMT) and Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC). 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	PDBC	Difference
Sharpe ratio: Return per unit of total volatility	2.32	2.46	-0.14
Sortino ratio: Return per unit of downside risk	3.01	3.14	-0.13
Omega ratio: Gain probability vs. loss probability	1.41	1.43	-0.02
Calmar ratio: Return relative to maximum drawdown	6.83	6.35	+0.48
Martin ratio: Return relative to average drawdown	16.31	13.39	+2.92
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DCMT vs. PDBC - Sharpe Ratio Comparison

The current DCMT Sharpe Ratio is 2.32, which is comparable to the PDBC Sharpe Ratio of 2.46. The chart below compares the historical Sharpe Ratios of DCMT and PDBC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	DCMT	PDBC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.32	2.46	-0.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.65	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.50	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.20	0.23	+0.97

Drawdowns

DCMT vs. PDBC - Drawdown Comparison

The maximum DCMT drawdown since its inception was -11.95%, smaller than the maximum PDBC drawdown of -49.52%. Use the drawdown chart below to compare losses from any high point for DCMT and PDBC.

Drawdown Indicators

	DCMT	PDBC	Difference
Max Drawdown Largest peak-to-trough decline	-11.95%	-49.52%	+37.57%
Max Drawdown (1Y) Largest decline over 1 year	-6.21%	-7.19%	+0.98%
Max Drawdown (3Y) Largest decline over 3 years	—	-13.95%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-27.63%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-40.73%	—
Current Drawdown Current decline from peak	-3.46%	-4.55%	+1.09%
Average Drawdown Average peak-to-trough decline	-3.13%	-23.21%	+20.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.59%	3.41%	-0.82%

Volatility

DCMT vs. PDBC - Volatility Comparison

DoubleLine Commodity Strategy ETF (DCMT) has a higher volatility of 6.71% compared to Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) at 6.20%. This indicates that DCMT's price experiences larger fluctuations and is considered to be riskier than PDBC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DCMT	PDBC	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.71%	6.20%	+0.51%
Volatility (6M) Calculated over the trailing 6-month period	15.87%	15.78%	+0.09%
Volatility (1Y) Calculated over the trailing 1-year period	18.27%	18.61%	-0.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.77%	19.12%	-3.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.77%	17.78%	-2.01%

DCMT vs. PDBC - Expense Ratio Comparison

DCMT has a 0.66% expense ratio, which is higher than PDBC's 0.58% expense ratio.

Dividends

DCMT vs. PDBC - Dividend Comparison

DCMT's dividend yield for the trailing twelve months is around 2.73%, less than PDBC's 2.82% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DCMT DoubleLine Commodity Strategy ETF	2.73%	3.67%	1.59%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF	2.82%	3.84%	4.42%	4.21%	13.05%	50.83%	0.01%	1.40%	1.00%	3.83%	6.51%

Frequently Asked Questions

Can I hold both DCMT and PDBC in my portfolio?

With a correlation of 0.95, DCMT and PDBC 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.

Which is riskier, DCMT or PDBC?

DCMT has higher volatility (6.71%) compared to PDBC (6.20%). In terms of maximum drawdown, DCMT dropped -11.95% vs PDBC's -49.52%.

Which ETF is better, DCMT or PDBC?

On 1-year performance, PDBC leads with 45.46% vs 42.19% for DCMT. On fees, PDBC is cheaper at 0.58% per year. On volatility, PDBC has been the lower-risk option at 6.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DCMT or PDBC?

Over the 1-year period, PDBC has performed better with a 45.46% return vs 42.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DCMT or PDBC?

PDBC is cheaper with a 0.58% expense ratio, compared with 0.66% for DCMT.

Which ETF pays a higher dividend yield, DCMT or PDBC?

PDBC has the higher dividend yield at 2.82%, compared with 2.73% for DCMT.

What is the main difference between DCMT and PDBC?

They also come from different issuers: DoubleLine and Invesco. Their fees differ too: 0.66% for DCMT and 0.58% for PDBC.

Which has better risk-adjusted returns?

PDBC currently has the higher Sharpe Ratio (2.46 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.