FTSL vs. PDBC
FTSL (First Trust Senior Loan Fund) and PDBC (Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF) are both exchange-traded funds - FTSL is a High Yield Bonds fund actively managed by First Trust, while PDBC is a Commodities fund actively managed by Invesco. Both are actively managed. Over the past 10 years, FTSL returned 4.44%/yr vs 7.99%/yr for PDBC. At a 0.15 correlation, their price movements are largely independent. FTSL charges 0.86%/yr vs 0.58%/yr for PDBC.
Performance
FTSL vs. PDBC - Performance Comparison
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Returns By Period
In the year-to-date period, FTSL achieves a 0.51% return, which is significantly lower than PDBC's 28.75% return. Over the past 10 years, FTSL has underperformed PDBC with an annualized return of 4.44%, while PDBC has yielded a comparatively higher 7.99% annualized return.
FTSL
- 1D
- -0.04%
- 1M
- -0.10%
- YTD
- 0.51%
- 6M
- 0.66%
- 1Y
- 4.27%
- 3Y*
- 7.06%
- 5Y*
- 4.95%
- 10Y*
- 4.44%
PDBC
- 1D
- -1.04%
- 1M
- -8.28%
- YTD
- 28.75%
- 6M
- 30.02%
- 1Y
- 30.88%
- 3Y*
- 12.43%
- 5Y*
- 10.98%
- 10Y*
- 7.99%
FTSL vs. PDBC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FTSL First Trust Senior Loan Fund | 0.51% | 5.98% | 8.27% | 11.58% | -2.50% | 3.94% | 2.99% | 10.11% | -1.30% | 2.59% |
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 28.75% | 5.96% | 2.09% | -6.25% | 19.23% | 41.72% | -7.84% | 11.44% | -12.78% | 5.06% |
Correlation
The correlation between FTSL and PDBC is -0.16, 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 | -0.16 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.11 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.14 |
Correlation (All Time) Calculated using the full available price history since Nov 7, 2014 | 0.15 |
The correlation between FTSL and PDBC shifts across timeframes, from -0.16 (1 year) to 0.15 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
FTSL vs. PDBC — Risk / Return Rank
FTSL
PDBC
FTSL vs. PDBC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Senior Loan Fund (FTSL) 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| FTSL | PDBC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.20 | ||
| Sortino ratioReturn per unit of downside risk | +0.73 | ||
| Omega ratioGain probability vs. loss probability | 1.47 | 1.32 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 1.85 | 3.55 | -1.70 |
| Martin ratioReturn relative to average drawdown | 6.88 | 9.49 | -2.61 |
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Drawdowns
FTSL vs. PDBC - Drawdown Comparison
The maximum FTSL drawdown since its inception was -22.67%, smaller than the maximum PDBC drawdown of -49.52%. Use the drawdown chart below to compare losses from any high point for FTSL and PDBC.
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Drawdown Indicators
| FTSL | PDBC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.67% | -49.52% | +26.85% |
Max Drawdown (1Y)Largest decline over 1 year | -2.33% | -9.78% | +7.45% |
Max Drawdown (3Y)Largest decline over 3 years | -2.66% | -13.95% | +11.29% |
Max Drawdown (5Y)Largest decline over 5 years | -6.96% | -27.63% | +20.67% |
Max Drawdown (10Y)Largest decline over 10 years | -22.67% | -40.73% | +18.06% |
Current DrawdownCurrent decline from peak | -0.14% | -9.78% | +9.64% |
Average DrawdownAverage peak-to-trough decline | -0.76% | -23.16% | +22.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.63% | 3.65% | -3.02% |
Volatility
FTSL vs. PDBC - Volatility Comparison
The current volatility for First Trust Senior Loan Fund (FTSL) is 0.36%, while Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) has a volatility of 4.91%. This indicates that FTSL 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
| FTSL | PDBC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.36% | 4.91% | -4.55% |
Volatility (6M)Calculated over the trailing 6-month period | 1.95% | 16.12% | -14.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.11% | 18.85% | -16.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.35% | 19.16% | -15.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.18% | 17.79% | -12.61% |
FTSL vs. PDBC - Expense Ratio Comparison
FTSL has a 0.86% expense ratio, which is higher than PDBC's 0.58% expense ratio.
Dividends
FTSL vs. PDBC - Dividend Comparison
FTSL's dividend yield for the trailing twelve months is around 6.47%, more than PDBC's 2.98% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FTSL First Trust Senior Loan Fund | 6.47% | 6.59% | 7.56% | 7.59% | 4.77% | 3.17% | 3.48% | 4.44% | 4.29% | 3.64% | 3.70% | 3.95% |
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 2.98% | 3.84% | 4.42% | 4.21% | 13.05% | 50.83% | 0.01% | 1.40% | 1.00% | 3.83% | 6.51% | 0.00% |
Frequently Asked Questions
FTSL and PDBC have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PDBC has higher volatility (4.91%) compared to FTSL (0.36%). In terms of maximum drawdown, FTSL dropped -22.67% vs PDBC's -49.52%.
On 10-year performance, PDBC leads with 7.99% vs 4.44% for FTSL. On fees, PDBC is cheaper at 0.58% per year. On volatility, FTSL has been the lower-risk option at 0.36%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PDBC has performed better with a 7.99% return vs 4.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PDBC is cheaper with a 0.58% expense ratio, compared with 0.86% for FTSL.
FTSL has the higher dividend yield at 6.47%, compared with 2.98% for PDBC.
FTSL is categorized as High Yield Bonds, while PDBC is Commodities. They also come from different issuers: First Trust and Invesco. Their fees differ too: 0.86% for FTSL and 0.58% for PDBC.
FTSL currently has the higher Sharpe Ratio (2.04 vs 1.84), 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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