GLOW vs. DBC

Last updated Jun 23, 2026

GLOW (VictoryShares WestEnd Global Equity ETF) and DBC (Invesco DB Commodity Index Tracking Fund) are both exchange-traded funds - GLOW is a Global Equities fund actively managed by VictoryShares, while DBC is a Commodities fund tracking the DBIQ Optimum Yield Diversified Commodity Index Excess Return. GLOW is actively managed, while DBC is passively managed. Over the past year, GLOW returned 28.17% vs 21.81% for DBC. At a correlation of -0.01, they often move in opposite directions. GLOW charges 0.72%/yr vs 0.85%/yr for DBC.

Performance

GLOW vs. DBC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VictoryShares WestEnd Global Equity ETF (GLOW) 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, GLOW achieves a 11.87% return, which is significantly lower than DBC's 22.58% return.

GLOW

• 1D: 0.05%
• 1M: 2.41%
• YTD: 11.87%
• 6M: 11.60%
• 1Y: 28.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DBC

• 1D: -0.80%
• 1M: -10.25%
• YTD: 22.58%
• 6M: 22.42%
• 1Y: 21.81%
• 3Y*: 10.98%
• 5Y*: 10.64%
• 10Y*: 8.01%

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

GLOW vs. DBC - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GLOW VictoryShares WestEnd Global Equity ETF	11.87%	21.29%	4.44%
DBC Invesco DB Commodity Index Tracking Fund	22.58%	8.10%	-3.71%

Correlation

The correlation between GLOW 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 Jun 21, 2024	-0.01

The correlation between GLOW and DBC shifts across timeframes, from -0.16 (1 year) to -0.01 (all time), reflecting how their relationship changes across market environments.

Return for Risk

GLOW vs. DBC — Risk / Return Rank

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

GLOW

GLOW Risk / Return Rank: 69
GLOW Sharpe Ratio Rank: 71
GLOW Sortino Ratio Rank: 70
GLOW Omega Ratio Rank: 69
GLOW Calmar Ratio Rank: 63
GLOW Martin Ratio Rank: 71

DBC

DBC Risk / Return Rank: 34
DBC Sharpe Ratio Rank: 33
DBC Sortino Ratio Rank: 31
DBC Omega Ratio Rank: 32
DBC Calmar Ratio Rank: 33
DBC Martin Ratio Rank: 43

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.

GLOW vs. DBC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VictoryShares WestEnd Global Equity ETF (GLOW) 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.

	GLOW	DBC	Difference
Sharpe ratio: Return per unit of total volatility	2.21	1.17	+1.04
Sortino ratio: Return per unit of downside risk	3.06	1.64	+1.42
Omega ratio: Gain probability vs. loss probability	1.40	1.21	+0.19
Calmar ratio: Return relative to maximum drawdown	3.03	1.62	+1.41
Martin ratio: Return relative to average drawdown	12.85	6.82	+6.03

GLOW vs. DBC - Sharpe Ratio Comparison

The current GLOW Sharpe Ratio is 2.21, which is higher than the DBC Sharpe Ratio of 1.17. The chart below compares the historical Sharpe Ratios of GLOW 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

GLOW vs. DBC - Drawdown Comparison

The maximum GLOW drawdown since its inception was -15.58%, smaller than the maximum DBC drawdown of -76.36%. Use the drawdown chart below to compare losses from any high point for GLOW and DBC.

Drawdown Indicators

	GLOW	DBC	Difference
Max Drawdown Largest peak-to-trough decline	-15.58%	-76.36%	+60.78%
Max Drawdown (1Y) Largest decline over 1 year	-9.33%	-13.51%	+4.18%
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	-0.32%	-29.09%	+28.77%
Average Drawdown Average peak-to-trough decline	-1.79%	-46.17%	+44.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.20%	3.97%	-1.77%

Volatility

GLOW vs. DBC - Volatility Comparison

VictoryShares WestEnd Global Equity ETF (GLOW) and Invesco DB Commodity Index Tracking Fund (DBC) have volatilities of 4.81% and 4.60%, 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.

Volatility by Period

	GLOW	DBC	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.81%	4.60%	+0.21%
Volatility (6M) Calculated over the trailing 6-month period	10.46%	16.16%	-5.70%
Volatility (1Y) Calculated over the trailing 1-year period	12.83%	18.75%	-5.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.29%	19.20%	-3.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.29%	17.81%	-2.52%

GLOW vs. DBC - Expense Ratio Comparison

GLOW has a 0.72% expense ratio, which is lower than DBC's 0.85% expense ratio.

Dividends

GLOW vs. DBC - Dividend Comparison

GLOW's dividend yield for the trailing twelve months is around 1.11%, less than DBC's 2.72% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBC Invesco DB Commodity Index Tracking Fund	2.72%	3.33%	5.22%	4.94%	0.59%	0.00%	0.00%	1.59%	1.30%
GLOW VictoryShares WestEnd Global Equity ETF	1.11%	1.33%	1.18%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GLOW and DBC in my portfolio?

GLOW 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, GLOW or DBC?

GLOW has higher volatility (4.81%) compared to DBC (4.60%). In terms of maximum drawdown, GLOW dropped -15.58% vs DBC's -76.36%.

Which ETF is better, GLOW or DBC?

On 1-year performance, GLOW leads with 28.17% vs 21.81% for DBC. On fees, GLOW is cheaper at 0.72% per year. On volatility, DBC has been the lower-risk option at 4.60%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GLOW or DBC?

Over the 1-year period, GLOW has performed better with a 28.17% return vs 21.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GLOW or DBC?

GLOW is cheaper with a 0.72% expense ratio, compared with 0.85% for DBC.

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

DBC has the higher dividend yield at 2.72%, compared with 1.11% for GLOW.

What is the main difference between GLOW and DBC?

GLOW is categorized as Global Equities, while DBC is Commodities. They also come from different issuers: VictoryShares and Invesco. Their fees differ too: 0.72% for GLOW and 0.85% for DBC.

Which has better risk-adjusted returns?

GLOW currently has the higher Sharpe Ratio (2.21 vs 1.17), 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.