GLD vs. PDBC
GLD (SPDR Gold Shares) and PDBC (Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF) are both exchange-traded funds - GLD is a Gold fund tracking the LBMA Gold Price PM, while PDBC is a Commodities fund actively managed by Invesco. GLD is passively managed, while PDBC is actively managed. Over the past 10 years, GLD returned 12.80%/yr vs 8.22%/yr for PDBC. At a 0.22 correlation, their price movements are largely independent. GLD charges 0.40%/yr vs 0.58%/yr for PDBC.
Performance
GLD vs. PDBC - Performance Comparison
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Returns By Period
In the year-to-date period, GLD achieves a -0.02% return, which is significantly lower than PDBC's 31.77% return. Over the past 10 years, GLD has outperformed PDBC with an annualized return of 12.80%, while PDBC has yielded a comparatively lower 8.22% annualized return.
GLD
- 1D
- -3.65%
- 1M
- -8.65%
- YTD
- -0.02%
- 6M
- 2.54%
- 1Y
- 29.84%
- 3Y*
- 29.53%
- 5Y*
- 17.47%
- 10Y*
- 12.80%
PDBC
- 1D
- -2.18%
- 1M
- -3.38%
- YTD
- 31.77%
- 6M
- 30.58%
- 1Y
- 39.73%
- 3Y*
- 13.22%
- 5Y*
- 11.64%
- 10Y*
- 8.22%
GLD vs. PDBC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GLD SPDR Gold Shares | -0.02% | 63.68% | 26.66% | 12.69% | -0.77% | -4.15% | 24.81% | 17.86% | -1.94% | 12.81% |
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 31.77% | 5.96% | 2.09% | -6.25% | 19.23% | 41.72% | -7.84% | 11.44% | -12.78% | 5.06% |
Correlation
The correlation between GLD and PDBC is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.31 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.29 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.23 |
Correlation (All Time) Calculated using the full available price history since Nov 10, 2014 | 0.22 |
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Return for Risk
GLD vs. PDBC — Risk / Return Rank
GLD
PDBC
GLD vs. PDBC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Gold Shares (GLD) 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.
| GLD | PDBC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.13 | ||
| Sortino ratioReturn per unit of downside risk | -1.40 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.38 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | 1.40 | 5.33 | -3.93 |
| Martin ratioReturn relative to average drawdown | 3.56 | 11.81 | -8.24 |
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
| GLD | PDBC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.05 | 2.18 | -1.13 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.97 | 0.61 | +0.36 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.80 | 0.46 | +0.34 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.59 | 0.21 | +0.38 |
Drawdowns
GLD vs. PDBC - Drawdown Comparison
The maximum GLD drawdown since its inception was -45.56%, smaller than the maximum PDBC drawdown of -49.52%. Use the drawdown chart below to compare losses from any high point for GLD and PDBC.
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Drawdown Indicators
| GLD | PDBC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.56% | -49.52% | +3.96% |
Max Drawdown (1Y)Largest decline over 1 year | -20.10% | -7.67% | -12.43% |
Max Drawdown (3Y)Largest decline over 3 years | -20.10% | -13.95% | -6.15% |
Max Drawdown (5Y)Largest decline over 5 years | -21.03% | -27.63% | +6.60% |
Max Drawdown (10Y)Largest decline over 10 years | -22.00% | -40.73% | +18.73% |
Current DrawdownCurrent decline from peak | -20.10% | -7.67% | -12.43% |
Average DrawdownAverage peak-to-trough decline | -16.16% | -23.20% | +7.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.91% | 3.46% | +4.45% |
Volatility
GLD vs. PDBC - Volatility Comparison
SPDR Gold Shares (GLD) and Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) have volatilities of 5.66% and 5.91%, 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.
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Volatility by Period
| GLD | PDBC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.66% | 5.91% | -0.25% |
Volatility (6M)Calculated over the trailing 6-month period | 23.47% | 16.01% | +7.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.86% | 18.78% | +8.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.07% | 19.14% | -1.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.00% | 17.79% | -1.79% |
GLD vs. PDBC - Expense Ratio Comparison
GLD has a 0.40% expense ratio, which is lower than PDBC's 0.58% expense ratio.
Dividends
GLD vs. PDBC - Dividend Comparison
GLD has not paid dividends to shareholders, while PDBC's dividend yield for the trailing twelve months is around 2.91%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
GLD SPDR Gold Shares | 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 | 2.91% | 3.84% | 4.42% | 4.21% | 13.05% | 50.83% | 0.01% | 1.40% | 1.00% | 3.83% | 6.51% |
Frequently Asked Questions
GLD and PDBC have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PDBC has higher volatility (5.91%) compared to GLD (5.66%). In terms of maximum drawdown, GLD dropped -45.56% vs PDBC's -49.52%.
On 10-year performance, GLD leads with 12.80% vs 8.22% for PDBC. On fees, GLD is cheaper at 0.40% per year. On volatility, GLD has been the lower-risk option at 5.66%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GLD has performed better with a 12.80% return vs 8.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GLD is cheaper with a 0.40% expense ratio, compared with 0.58% for PDBC.
PDBC has the higher dividend yield at 2.91%, compared with 0.00% for GLD.
GLD is categorized as Gold, while PDBC is Commodities. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.40% for GLD and 0.58% for PDBC.
PDBC currently has the higher Sharpe Ratio (2.18 vs 1.05), 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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