GLDN vs. DBP

Last updated Jun 6, 2026

GLDN (Nicholas Gold Income ETF) and DBP (Invesco DB Precious Metals Fund) are both exchange-traded funds - GLDN is a Gold fund actively managed by Nicholas, while DBP is a Precious Metals fund tracking the DBIQ Optimum Yield Precious Metals Index Excess Return. GLDN is actively managed, while DBP is passively managed. Their correlation of 0.91 suggests significant overlap in exposure. GLDN charges 1.07%/yr vs 0.78%/yr for DBP.

Performance

GLDN vs. DBP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nicholas Gold Income ETF (GLDN) and Invesco DB Precious Metals Fund (DBP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

GLDN

• 1D: -6.72%
• 1M: -12.29%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

DBP

• 1D: -4.55%
• 1M: -9.29%
• YTD: -1.70%
• 6M: 4.68%
• 1Y: 36.41%
• 3Y*: 30.58%
• 5Y*: 16.53%
• 10Y*: 11.88%

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

GLDN vs. DBP - Yearly Performance Comparison

	2026 (YTD)
GLDN Nicholas Gold Income ETF	-21.20%
DBP Invesco DB Precious Metals Fund	-13.09%

Correlation

The correlation between GLDN and DBP 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 (All Time) Calculated using the full available price history since Feb 19, 2026	0.91

Return for Risk

GLDN vs. DBP — Risk / Return Rank

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

DBP

DBP Risk / Return Rank: 30
DBP Sharpe Ratio Rank: 32
DBP Sortino Ratio Rank: 27
DBP Omega Ratio Rank: 36
DBP Calmar Ratio Rank: 30
DBP Martin Ratio Rank: 26

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.

GLDN vs. DBP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nicholas Gold Income ETF (GLDN) and Invesco DB Precious Metals Fund (DBP). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	GLDN	DBP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.11	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.79	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.63	—
Sharpe Ratio (All Time) Calculated using the full available price history	-1.33	0.42	-1.74

Drawdowns

GLDN vs. DBP - Drawdown Comparison

The maximum GLDN drawdown since its inception was -28.04%, smaller than the maximum DBP drawdown of -53.89%. Use the drawdown chart below to compare losses from any high point for GLDN and DBP.

Drawdown Indicators

	GLDN	DBP	Difference
Max Drawdown Largest peak-to-trough decline	-28.04%	-53.89%	+25.85%
Max Drawdown (1Y) Largest decline over 1 year	—	-25.92%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-25.92%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-25.92%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-28.36%	—
Current Drawdown Current decline from peak	-28.04%	-25.92%	-2.12%
Average Drawdown Average peak-to-trough decline	-15.70%	-25.42%	+9.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	10.88%	—

Volatility

Volatility by Period

	GLDN	DBP	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	7.78%	—
Volatility (6M) Calculated over the trailing 6-month period	—	30.25%	—
Volatility (1Y) Calculated over the trailing 1-year period	41.85%	32.90%	+8.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	41.85%	21.00%	+20.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	41.85%	18.77%	+23.08%

GLDN vs. DBP - Expense Ratio Comparison

GLDN has a 1.07% expense ratio, which is higher than DBP's 0.78% expense ratio.

Dividends

GLDN vs. DBP - Dividend Comparison

GLDN's dividend yield for the trailing twelve months is around 4.42%, more than DBP's 2.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
DBP Invesco DB Precious Metals Fund	2.48%	2.44%	4.21%	4.47%	0.45%	0.00%	0.00%	1.26%	1.24%	0.12%
GLDN Nicholas Gold Income ETF	4.42%	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 GLDN and DBP in my portfolio?

With a correlation of 0.91, GLDN and DBP 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 ETF is better, GLDN or DBP?

On fees, DBP is cheaper at 0.78% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GLDN or DBP?

DBP is cheaper with a 0.78% expense ratio, compared with 1.07% for GLDN.

Which ETF pays a higher dividend yield, GLDN or DBP?

GLDN has the higher dividend yield at 4.42%, compared with 2.48% for DBP.

What is the main difference between GLDN and DBP?

GLDN is categorized as Gold, while DBP is Precious Metals. They also come from different issuers: Nicholas and Invesco. Their fees differ too: 1.07% for GLDN and 0.78% for DBP.