DJP vs. PDBC

Last updated Apr 1, 2026

Compare and contrast key facts about iPath Bloomberg Commodity Index Total Return ETN (DJP) and Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC).

DJP and PDBC are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. DJP is a passively managed fund by Barclays Capital that tracks the performance of the Bloomberg Commodity Index. It was launched on Jun 6, 2006. PDBC is an actively managed fund by Invesco. It was launched on Nov 7, 2014.

Performance

DJP vs. PDBC - Performance Comparison

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

DJP vs. PDBC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DJP iPath Bloomberg Commodity Index Total Return ETN	28.00%	17.20%	5.59%	-9.85%	17.46%	31.05%	-4.12%	7.63%	-13.07%	0.74%
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF	30.72%	5.96%	2.09%	-6.25%	19.23%	41.72%	-7.84%	11.44%	-12.78%	5.06%

Returns By Period

In the year-to-date period, DJP achieves a 28.00% return, which is significantly lower than PDBC's 30.72% return. Over the past 10 years, DJP has underperformed PDBC with an annualized return of 8.53%, while PDBC has yielded a comparatively higher 9.86% annualized return.

DJP

• 1D: 0.08%
• 1M: 12.77%
• YTD: 28.00%
• 6M: 35.84%
• 1Y: 36.34%
• 3Y*: 15.08%
• 5Y*: 15.17%
• 10Y*: 8.53%

PDBC

• 1D: -1.03%
• 1M: 16.09%
• YTD: 30.72%
• 6M: 33.97%
• 1Y: 32.00%
• 3Y*: 11.28%
• 5Y*: 14.29%
• 10Y*: 9.86%

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

DJP vs. PDBC - Expense Ratio Comparison

DJP has a 0.70% expense ratio, which is higher than PDBC's 0.58% expense ratio.

DJP

iPath Bloomberg Commodity Index Total Return ETN

PDBC

Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF

Return for Risk

DJP vs. PDBC — Risk / Return Rank

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

DJP

DJP Risk / Return Rank: 89
DJP Sharpe Ratio Rank: 89
DJP Sortino Ratio Rank: 89
DJP Omega Ratio Rank: 87
DJP Calmar Ratio Rank: 93
DJP Martin Ratio Rank: 86

PDBC

PDBC Risk / Return Rank: 85
PDBC Sharpe Ratio Rank: 87
PDBC Sortino Ratio Rank: 87
PDBC Omega Ratio Rank: 83
PDBC Calmar Ratio Rank: 91
PDBC Martin Ratio Rank: 76

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. PDBC - Risk-Adjusted Trends Comparison

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

	DJP	PDBC	Difference
Sharpe ratio Return per unit of total volatility	1.89	1.72	+0.17
Sortino ratio Return per unit of downside risk	2.46	2.31	+0.16
Omega ratio Gain probability vs. loss probability	1.35	1.31	+0.04
Calmar ratio Return relative to maximum drawdown	3.53	3.04	+0.48
Martin ratio Return relative to average drawdown	9.67	7.48	+2.19
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. PDBC - Sharpe Ratio Comparison

The current DJP Sharpe Ratio is 1.89, which is comparable to the PDBC Sharpe Ratio of 1.72. The chart below compares the historical Sharpe Ratios of DJP and PDBC, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	DJP	PDBC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.89	1.72	+0.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.81	0.76	+0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.50	0.56	-0.06
Sharpe Ratio (All Time) Calculated using the full available price history	-0.00	0.22	-0.22

Correlation

The correlation between DJP and PDBC is 0.86, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

DJP vs. PDBC - Dividend Comparison

DJP has not paid dividends to shareholders, while PDBC's dividend yield for the trailing twelve months is around 2.94%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DJP iPath Bloomberg Commodity Index Total Return ETN	0.00%	0.00%	0.00%	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	2.94%	3.84%	4.42%	4.21%	13.05%	50.83%	0.01%	1.40%	1.00%	3.83%	6.51%

Drawdowns

DJP vs. PDBC - Drawdown Comparison

The maximum DJP drawdown since its inception was -78.35%, which is greater than PDBC's maximum drawdown of -49.52%. Use the drawdown chart below to compare losses from any high point for DJP and PDBC.

Drawdown Indicators

	DJP	PDBC	Difference
Max Drawdown Largest peak-to-trough decline	-78.35%	-49.52%	-28.83%
Max Drawdown (1Y) Largest decline over 1 year	-10.64%	-11.07%	+0.43%
Max Drawdown (5Y) Largest decline over 5 years	-28.98%	-27.63%	-1.35%
Max Drawdown (10Y) Largest decline over 10 years	-38.36%	-40.73%	+2.37%
Current Drawdown Current decline from peak	-34.17%	-1.03%	-33.14%
Average Drawdown Average peak-to-trough decline	-51.02%	-23.53%	-27.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.88%	4.50%	-0.62%

Volatility

DJP vs. PDBC - Volatility Comparison

iPath Bloomberg Commodity Index Total Return ETN (DJP) and Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) have volatilities of 8.13% and 8.15%, 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.

Volatility by Period

	DJP	PDBC	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.13%	8.15%	-0.02%
Volatility (6M) Calculated over the trailing 6-month period	15.22%	13.88%	+1.34%
Volatility (1Y) Calculated over the trailing 1-year period	19.33%	18.72%	+0.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.78%	18.92%	-0.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.00%	17.69%	-0.69%