FMUB vs. PDBC
FMUB (Fidelity Municipal Bond Opportunities ETF) and PDBC (Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF) are both exchange-traded funds - FMUB is a Municipal Bonds fund actively managed by Fidelity, while PDBC is a Commodities fund actively managed by Invesco. Both are actively managed. Over the past year, FMUB returned 7.69% vs 45.46% for PDBC. At a correlation of -0.24, they often move in opposite directions. FMUB charges 0.30%/yr vs 0.58%/yr for PDBC.
Performance
FMUB vs. PDBC - Performance Comparison
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Returns By Period
In the year-to-date period, FMUB achieves a 1.89% return, which is significantly lower than PDBC's 36.23% return.
FMUB
- 1D
- -0.02%
- 1M
- 0.78%
- YTD
- 1.89%
- 6M
- 2.13%
- 1Y
- 7.69%
- 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%
FMUB vs. PDBC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
FMUB Fidelity Municipal Bond Opportunities ETF | 1.89% | 6.63% |
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 36.23% | 10.11% |
Correlation
The correlation between FMUB and PDBC is -0.29, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.29 |
Correlation (All Time) Calculated using the full available price history since Apr 8, 2025 | -0.24 |
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Return for Risk
FMUB vs. PDBC — Risk / Return Rank
FMUB
PDBC
FMUB vs. PDBC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Municipal Bond Opportunities ETF (FMUB) 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.
| FMUB | PDBC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.44 | ||
| Sortino ratioReturn per unit of downside risk | +1.12 | ||
| Omega ratioGain probability vs. loss probability | 1.63 | 1.43 | +0.20 |
| Calmar ratioReturn relative to maximum drawdown | 3.10 | 6.35 | -3.25 |
| Martin ratioReturn relative to average drawdown | 12.33 | 13.39 | -1.06 |
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
| FMUB | PDBC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.90 | 2.46 | +0.44 |
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 | 2.30 | 0.23 | +2.07 |
Drawdowns
FMUB vs. PDBC - Drawdown Comparison
The maximum FMUB drawdown since its inception was -2.49%, smaller than the maximum PDBC drawdown of -49.52%. Use the drawdown chart below to compare losses from any high point for FMUB and PDBC.
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Drawdown Indicators
| FMUB | PDBC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.49% | -49.52% | +47.03% |
Max Drawdown (1Y)Largest decline over 1 year | -2.49% | -7.19% | +4.70% |
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 DrawdownCurrent decline from peak | -0.10% | -4.55% | +4.45% |
Average DrawdownAverage peak-to-trough decline | -0.38% | -23.21% | +22.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.63% | 3.41% | -2.78% |
Volatility
FMUB vs. PDBC - Volatility Comparison
The current volatility for Fidelity Municipal Bond Opportunities ETF (FMUB) is 0.87%, while Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) has a volatility of 6.20%. This indicates that FMUB 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.
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Volatility by Period
| FMUB | PDBC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.87% | 6.20% | -5.33% |
Volatility (6M)Calculated over the trailing 6-month period | 1.99% | 15.78% | -13.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.67% | 18.61% | -15.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.25% | 19.12% | -15.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.25% | 17.78% | -14.53% |
FMUB vs. PDBC - Expense Ratio Comparison
FMUB has a 0.30% expense ratio, which is lower than PDBC's 0.58% expense ratio.
Dividends
FMUB vs. PDBC - Dividend Comparison
FMUB's dividend yield for the trailing twelve months is around 3.42%, more than PDBC's 2.82% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
FMUB Fidelity Municipal Bond Opportunities ETF | 3.42% | 2.63% | 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
FMUB and PDBC have a correlation of -0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PDBC has higher volatility (6.20%) compared to FMUB (0.87%). In terms of maximum drawdown, FMUB dropped -2.49% vs PDBC's -49.52%.
On 1-year performance, PDBC leads with 45.46% vs 7.69% for FMUB. On fees, FMUB is cheaper at 0.30% per year. On volatility, FMUB has been the lower-risk option at 0.87%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, PDBC has performed better with a 45.46% return vs 7.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FMUB is cheaper with a 0.30% expense ratio, compared with 0.58% for PDBC.
FMUB has the higher dividend yield at 3.42%, compared with 2.82% for PDBC.
FMUB is categorized as Municipal Bonds, while PDBC is Commodities. They also come from different issuers: Fidelity and Invesco. Their fees differ too: 0.30% for FMUB and 0.58% for PDBC.
FMUB currently has the higher Sharpe Ratio (2.90 vs 2.46), 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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