GDEC vs. DBC

Last updated Jun 21, 2026

GDEC (FT Cboe Vest U.S. Equity Moderate Buffer ETF - December) and DBC (Invesco DB Commodity Index Tracking Fund) are both exchange-traded funds - GDEC is a Options Trading fund actively managed by FT Vest, while DBC is a Commodities fund tracking the DBIQ Optimum Yield Diversified Commodity Index Excess Return. GDEC is actively managed, while DBC is passively managed. Over the past year, GDEC returned 15.90% vs 22.79% for DBC. At a 0.02 correlation, their price movements are largely independent. Both charge a 0.85% expense ratio.

Performance

GDEC vs. DBC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Cboe Vest U.S. Equity Moderate Buffer ETF - December (GDEC) and Invesco DB Commodity Index Tracking Fund (DBC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GDEC achieves a 5.24% return, which is significantly lower than DBC's 23.57% return.

GDEC

• 1D: 0.54%
• 1M: 0.79%
• YTD: 5.24%
• 6M: 5.46%
• 1Y: 15.90%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DBC

• 1D: -0.29%
• 1M: -10.00%
• YTD: 23.57%
• 6M: 24.99%
• 1Y: 22.79%
• 3Y*: 10.38%
• 5Y*: 11.27%
• 10Y*: 7.81%

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

GDEC vs. DBC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
GDEC FT Cboe Vest U.S. Equity Moderate Buffer ETF - December	5.24%	12.14%	11.45%	0.50%
DBC Invesco DB Commodity Index Tracking Fund	23.57%	8.10%	2.18%	-0.54%

Correlation

The correlation between GDEC and DBC 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 (All Time) Calculated using the full available price history since Dec 18, 2023	0.02

The correlation between GDEC and DBC shifts across timeframes, from -0.16 (1 year) to 0.02 (all time), reflecting how their relationship changes across market environments.

Return for Risk

GDEC vs. DBC — Risk / Return Rank

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

GDEC

GDEC Risk / Return Rank: 84
GDEC Sharpe Ratio Rank: 86
GDEC Sortino Ratio Rank: 89
GDEC Omega Ratio Rank: 89
GDEC Calmar Ratio Rank: 68
GDEC Martin Ratio Rank: 86

DBC

DBC Risk / Return Rank: 37
DBC Sharpe Ratio Rank: 37
DBC Sortino Ratio Rank: 34
DBC Omega Ratio Rank: 35
DBC Calmar Ratio Rank: 38
DBC Martin Ratio Rank: 40

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.

GDEC vs. DBC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Cboe Vest U.S. Equity Moderate Buffer ETF - December (GDEC) and Invesco DB Commodity Index Tracking Fund (DBC). 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.

	GDEC	DBC	Difference
Sharpe ratio: Return per unit of total volatility	2.64	1.26	+1.39
Sortino ratio: Return per unit of downside risk	3.90	1.75	+2.16
Omega ratio: Gain probability vs. loss probability	1.54	1.23	+0.31
Calmar ratio: Return relative to maximum drawdown	3.31	1.84	+1.47
Martin ratio: Return relative to average drawdown	17.24	6.05	+11.19

GDEC vs. DBC - Sharpe Ratio Comparison

The current GDEC Sharpe Ratio is 2.64, which is higher than the DBC Sharpe Ratio of 1.26. The chart below compares the historical Sharpe Ratios of GDEC and DBC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

GDEC vs. DBC - Drawdown Comparison

The maximum GDEC drawdown since its inception was -10.61%, smaller than the maximum DBC drawdown of -76.36%. Use the drawdown chart below to compare losses from any high point for GDEC and DBC.

Drawdown Indicators

	GDEC	DBC	Difference
Max Drawdown Largest peak-to-trough decline	-10.61%	-76.36%	+65.75%
Max Drawdown (1Y) Largest decline over 1 year	-4.79%	-12.81%	+8.02%
Max Drawdown (3Y) Largest decline over 3 years	—	-13.82%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-27.34%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-41.71%	—
Current Drawdown Current decline from peak	-0.10%	-28.52%	+28.42%
Average Drawdown Average peak-to-trough decline	-0.76%	-46.18%	+45.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.92%	3.88%	-2.96%

Volatility

GDEC vs. DBC - Volatility Comparison

The current volatility for FT Cboe Vest U.S. Equity Moderate Buffer ETF - December (GDEC) is 1.81%, while Invesco DB Commodity Index Tracking Fund (DBC) has a volatility of 4.93%. This indicates that GDEC experiences smaller price fluctuations and is considered to be less risky than DBC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GDEC	DBC	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.81%	4.93%	-3.12%
Volatility (6M) Calculated over the trailing 6-month period	4.93%	16.16%	-11.23%
Volatility (1Y) Calculated over the trailing 1-year period	5.99%	18.70%	-12.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.95%	19.20%	-11.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.95%	17.80%	-9.85%

GDEC vs. DBC - Expense Ratio Comparison

Both GDEC and DBC have an expense ratio of 0.85%.

Dividends

GDEC vs. DBC - Dividend Comparison

GDEC has not paid dividends to shareholders, while DBC's dividend yield for the trailing twelve months is around 2.69%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBC Invesco DB Commodity Index Tracking Fund	2.69%	3.33%	5.22%	4.94%	0.59%	0.00%	0.00%	1.59%	1.30%
GDEC FT Cboe Vest U.S. Equity Moderate Buffer ETF - December	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GDEC and DBC in my portfolio?

GDEC and DBC 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.

Which is riskier, GDEC or DBC?

DBC has higher volatility (4.93%) compared to GDEC (1.81%). In terms of maximum drawdown, GDEC dropped -10.61% vs DBC's -76.36%.

Which ETF is better, GDEC or DBC?

On 1-year performance, DBC leads with 22.79% vs 15.90% for GDEC. Both ETFs have the same 0.85% expense ratio. On volatility, GDEC has been the lower-risk option at 1.81%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GDEC or DBC?

Over the 1-year period, DBC has performed better with a 22.79% return vs 15.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GDEC or DBC?

GDEC and DBC have the same expense ratio: 0.85% per year.

Which ETF pays a higher dividend yield, GDEC or DBC?

DBC has the higher dividend yield at 2.69%, compared with 0.00% for GDEC.

What is the main difference between GDEC and DBC?

GDEC is categorized as Options Trading, while DBC is Commodities. They also come from different issuers: FT Vest and Invesco.

Which has better risk-adjusted returns?

GDEC currently has the higher Sharpe Ratio (2.64 vs 1.26), 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.