DJP vs. DCMT

Last updated Jun 4, 2026

DJP (iPath Bloomberg Commodity Index Total Return ETN) and DCMT (DoubleLine Commodity Strategy ETF) are both Commodities funds. DJP is passively managed, while DCMT is actively managed. Over the past year, DJP returned 44.52% vs 42.19% for DCMT. Their correlation of 0.87 suggests significant overlap in exposure. DJP charges 0.70%/yr vs 0.66%/yr for DCMT.

Performance

DJP vs. DCMT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iPath Bloomberg Commodity Index Total Return ETN (DJP) and DoubleLine Commodity Strategy ETF (DCMT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DJP achieves a 30.63% return, which is significantly lower than DCMT's 34.49% return.

DJP

• 1D: 0.02%
• 1M: -3.31%
• YTD: 30.63%
• 6M: 29.34%
• 1Y: 44.52%
• 3Y*: 17.94%
• 5Y*: 12.46%
• 10Y*: 7.36%

DCMT

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

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

DJP vs. DCMT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DJP iPath Bloomberg Commodity Index Total Return ETN	30.63%	17.20%	6.51%
DCMT DoubleLine Commodity Strategy ETF	34.49%	6.04%	4.96%

Correlation

The correlation between DJP and DCMT is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.89
Correlation (All Time) Calculated using the full available price history since Feb 2, 2024	0.87

The correlation between DJP and DCMT has been stable across timeframes, ranging from 0.87 to 0.89 - a consistent structural relationship.

Return for Risk

DJP vs. DCMT — Risk / Return Rank

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

DJP

DJP Risk / Return Rank: 72
DJP Sharpe Ratio Rank: 71
DJP Sortino Ratio Rank: 62
DJP Omega Ratio Rank: 69
DJP Calmar Ratio Rank: 88
DJP Martin Ratio Rank: 71

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

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.

DJP vs. DCMT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iPath Bloomberg Commodity Index Total Return ETN (DJP) and DoubleLine Commodity Strategy ETF (DCMT). 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.

	DJP	DCMT	Difference
Sharpe ratio Return per unit of total volatility	2.36	2.32	+0.04
Sortino ratio Return per unit of downside risk	2.95	3.01	-0.07
Omega ratio Gain probability vs. loss probability	1.42	1.41	+0.01
Calmar ratio Return relative to maximum drawdown	5.20	6.83	-1.63
Martin ratio Return relative to average drawdown	13.30	16.31	-3.01
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DJP vs. DCMT - Sharpe Ratio Comparison

The current DJP Sharpe Ratio is 2.36, which is comparable to the DCMT Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of DJP and DCMT, 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

	DJP	DCMT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.36	2.32	+0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.66	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.43	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.00	1.20	-1.20

Drawdowns

DJP vs. DCMT - Drawdown Comparison

The maximum DJP drawdown since its inception was -78.35%, which is greater than DCMT's maximum drawdown of -11.95%. Use the drawdown chart below to compare losses from any high point for DJP and DCMT.

Drawdown Indicators

	DJP	DCMT	Difference
Max Drawdown Largest peak-to-trough decline	-78.35%	-11.95%	-66.40%
Max Drawdown (1Y) Largest decline over 1 year	-8.61%	-6.21%	-2.40%
Max Drawdown (3Y) Largest decline over 3 years	-13.41%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-28.98%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-38.36%	—	—
Current Drawdown Current decline from peak	-32.82%	-3.46%	-29.36%
Average Drawdown Average peak-to-trough decline	-50.86%	-3.13%	-47.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.36%	2.59%	+0.77%

Volatility

DJP vs. DCMT - Volatility Comparison

The current volatility for iPath Bloomberg Commodity Index Total Return ETN (DJP) is 5.85%, while DoubleLine Commodity Strategy ETF (DCMT) has a volatility of 6.71%. This indicates that DJP experiences smaller price fluctuations and is considered to be less risky than DCMT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DJP	DCMT	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.85%	6.71%	-0.86%
Volatility (6M) Calculated over the trailing 6-month period	16.64%	15.87%	+0.77%
Volatility (1Y) Calculated over the trailing 1-year period	18.92%	18.27%	+0.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.96%	15.77%	+3.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.06%	15.77%	+1.29%

DJP vs. DCMT - Expense Ratio Comparison

DJP has a 0.70% expense ratio, which is higher than DCMT's 0.66% expense ratio.

Dividends

DJP vs. DCMT - Dividend Comparison

DJP has not paid dividends to shareholders, while DCMT's dividend yield for the trailing twelve months is around 2.73%.

Position	TTM	2025	2024
DCMT DoubleLine Commodity Strategy ETF	2.73%	3.67%	1.59%
DJP iPath Bloomberg Commodity Index Total Return ETN	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DJP and DCMT in my portfolio?

DJP and DCMT have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DJP or DCMT?

DCMT has higher volatility (6.71%) compared to DJP (5.85%). In terms of maximum drawdown, DJP dropped -78.35% vs DCMT's -11.95%.

Which ETF is better, DJP or DCMT?

On 1-year performance, DJP leads with 44.52% vs 42.19% for DCMT. On fees, DCMT is cheaper at 0.66% per year. On volatility, DJP has been the lower-risk option at 5.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DJP or DCMT?

Over the 1-year period, DJP has performed better with a 44.52% return vs 42.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DJP or DCMT?

DCMT is cheaper with a 0.66% expense ratio, compared with 0.70% for DJP.

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

DCMT has the higher dividend yield at 2.73%, compared with 0.00% for DJP.

What is the main difference between DJP and DCMT?

They also come from different issuers: Barclays Capital and DoubleLine. Their fees differ too: 0.70% for DJP and 0.66% for DCMT.

Which has better risk-adjusted returns?

DJP currently has the higher Sharpe Ratio (2.36 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.