DJP vs. PDBC

Last updated Jun 4, 2026

DJP (iPath Bloomberg Commodity Index Total Return ETN) and PDBC (Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF) are both Commodities funds. DJP is passively managed, while PDBC is actively managed. Over the past 10 years, DJP returned 7.36%/yr vs 8.79%/yr for PDBC. Their correlation of 0.86 suggests significant overlap in exposure. DJP charges 0.70%/yr vs 0.58%/yr for PDBC.

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.

Returns By Period

In the year-to-date period, DJP achieves a 30.63% return, which is significantly lower than PDBC's 36.23% return. Over the past 10 years, DJP has underperformed PDBC with an annualized return of 7.36%, while PDBC has yielded a comparatively higher 8.79% annualized 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%

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)

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	30.63%	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	36.23%	5.96%	2.09%	-6.25%	19.23%	41.72%	-7.84%	11.44%	-12.78%	5.06%

Correlation

The correlation between DJP and PDBC is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (10Y) Calculated over the trailing 10-year period	0.88
Correlation (All Time) Calculated using the full available price history since Nov 10, 2014	0.86

The correlation between DJP and PDBC has been stable across timeframes, ranging from 0.86 to 0.91 - a consistent structural relationship.

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: 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

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.

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	2.36	2.46	-0.09
Sortino ratio Return per unit of downside risk	2.95	3.14	-0.19
Omega ratio Gain probability vs. loss probability	1.42	1.43	-0.01
Calmar ratio Return relative to maximum drawdown	5.20	6.35	-1.15
Martin ratio Return relative to average drawdown	13.30	13.39	-0.09
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 2.36, which is comparable to the PDBC Sharpe Ratio of 2.46. The chart below compares the historical Sharpe Ratios of DJP 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

	DJP	PDBC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.36	2.46	-0.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.66	0.65	+0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.43	0.50	-0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.00	0.23	-0.23

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	-8.61%	-7.19%	-1.42%
Max Drawdown (3Y) Largest decline over 3 years	-13.41%	-13.95%	+0.54%
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	-32.82%	-4.55%	-28.27%
Average Drawdown Average peak-to-trough decline	-50.86%	-23.21%	-27.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.36%	3.41%	-0.05%

Volatility

DJP vs. PDBC - Volatility Comparison

The current volatility for iPath Bloomberg Commodity Index Total Return ETN (DJP) is 5.85%, while Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) has a volatility of 6.20%. This indicates that DJP experiences smaller price fluctuations and is considered to be less risky than PDBC based on this measure. 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	5.85%	6.20%	-0.35%
Volatility (6M) Calculated over the trailing 6-month period	16.64%	15.78%	+0.86%
Volatility (1Y) Calculated over the trailing 1-year period	18.92%	18.61%	+0.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.96%	19.12%	-0.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.06%	17.78%	-0.72%

DJP vs. PDBC - Expense Ratio Comparison

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

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 2.82%.

Position	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	2.82%	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 DJP and PDBC in my portfolio?

With a correlation of 0.91, DJP 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, DJP or PDBC?

PDBC has higher volatility (6.20%) compared to DJP (5.85%). In terms of maximum drawdown, DJP dropped -78.35% vs PDBC's -49.52%.

Which ETF is better, DJP or PDBC?

On 10-year performance, PDBC leads with 8.79% vs 7.36% for DJP. On fees, PDBC is cheaper at 0.58% 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 PDBC?

Over the 10-year period, PDBC has performed better with a 8.79% return vs 7.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DJP or PDBC?

PDBC is cheaper with a 0.58% expense ratio, compared with 0.70% for DJP.

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

PDBC has the higher dividend yield at 2.82%, compared with 0.00% for DJP.

What is the main difference between DJP and PDBC?

They also come from different issuers: Barclays Capital and Invesco. Their fees differ too: 0.70% for DJP and 0.58% for PDBC.

Which has better risk-adjusted returns?

PDBC currently has the higher Sharpe Ratio (2.46 vs 2.36), 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.