GNMA vs. PDBC
GNMA (iShares GNMA Bond ETF) and PDBC (Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF) are both exchange-traded funds - GNMA is a Mortgage Backed Securities fund tracking the Barclays Capital GNMA Index, while PDBC is a Commodities fund actively managed by Invesco. GNMA is passively managed, while PDBC is actively managed. Over the past 10 years, GNMA returned 1.19%/yr vs 7.69%/yr for PDBC. At a correlation of -0.08, they often move in opposite directions. GNMA charges 0.15%/yr vs 0.58%/yr for PDBC.
Performance
GNMA vs. PDBC - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, GNMA achieves a 0.60% return, which is significantly lower than PDBC's 24.08% return. Over the past 10 years, GNMA has underperformed PDBC with an annualized return of 1.19%, while PDBC has yielded a comparatively higher 7.69% annualized return.
GNMA
- 1D
- -0.06%
- 1M
- 0.08%
- 6M
- 0.14%
- YTD
- 0.60%
- 1Y
- 5.55%
- 3Y*
- 4.70%
- 5Y*
- 0.55%
- 10Y*
- 1.19%
PDBC
- 1D
- 0.12%
- 1M
- -3.63%
- 6M
- 21.24%
- YTD
- 24.08%
- 1Y
- 27.16%
- 3Y*
- 9.96%
- 5Y*
- 10.22%
- 10Y*
- 7.69%
GNMA vs. PDBC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GNMA iShares GNMA Bond ETF | 0.60% | 8.25% | 1.07% | 5.34% | -10.83% | -1.86% | 3.51% | 5.85% | 0.85% | 1.74% |
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 24.08% | 5.96% | 2.09% | -6.25% | 19.23% | 41.72% | -7.84% | 11.44% | -12.78% | 5.06% |
Correlation
The correlation between GNMA and PDBC is -0.31, 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 | -0.31 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.16 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.08 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.07 |
Correlation (All Time) Calculated using the full available price history since Nov 7, 2014 | -0.08 |
Over the past year, the inverse relationship between GNMA and PDBC has strengthened: their correlation has moved from -0.08 to -0.31, meaning they now move in opposite directions more often than their long-term average.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
GNMA vs. PDBC — Risk / Return Rank
GNMA
PDBC
GNMA vs. PDBC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares GNMA Bond ETF (GNMA) 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.
| GNMA | PDBC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.37 | ||
| Sortino ratioReturn per unit of downside risk | -0.34 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.27 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 1.91 | 1.75 | +0.16 |
| Martin ratioReturn relative to average drawdown | 5.72 | 6.25 | -0.53 |
Loading charts...
Drawdowns
GNMA vs. PDBC - Drawdown Comparison
The maximum GNMA drawdown since its inception was -17.09%, smaller than the maximum PDBC drawdown of -49.52%. Use the drawdown chart below to compare losses from any high point for GNMA and PDBC.
Loading charts...
Drawdown Indicators
| GNMA | PDBC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.09% | -49.52% | +32.43% |
Max Drawdown (1Y)Largest decline over 1 year | -2.61% | -16.55% | +13.94% |
Max Drawdown (3Y)Largest decline over 3 years | -7.00% | -16.55% | +9.55% |
Max Drawdown (5Y)Largest decline over 5 years | -15.83% | -27.63% | +11.80% |
Max Drawdown (10Y)Largest decline over 10 years | -17.09% | -40.73% | +23.64% |
Current DrawdownCurrent decline from peak | -1.37% | -13.06% | +11.69% |
Average DrawdownAverage peak-to-trough decline | -3.65% | -23.11% | +19.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.88% | 4.64% | -3.76% |
Volatility
GNMA vs. PDBC - Volatility Comparison
The current volatility for iShares GNMA Bond ETF (GNMA) is 1.35%, while Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) has a volatility of 5.48%. This indicates that GNMA 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.
Loading charts...
Volatility by Period
| GNMA | PDBC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.35% | 5.48% | -4.13% |
Volatility (6M)Calculated over the trailing 6-month period | 3.30% | 16.59% | -13.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.24% | 18.72% | -14.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.63% | 19.19% | -12.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.14% | 17.75% | -12.61% |
GNMA vs. PDBC - Expense Ratio Comparison
GNMA has a 0.15% expense ratio, which is lower than PDBC's 0.58% expense ratio.
Dividends
GNMA vs. PDBC - Dividend Comparison
GNMA's dividend yield for the trailing twelve months is around 4.26%, more than PDBC's 3.09% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GNMA iShares GNMA Bond ETF | 4.26% | 4.19% | 4.15% | 3.43% | 2.01% | 0.64% | 1.89% | 2.61% | 2.41% | 2.15% | 1.89% | 1.50% |
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 3.09% | 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
GNMA and PDBC have a correlation of -0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PDBC has higher volatility (5.48%) compared to GNMA (1.35%). In terms of maximum drawdown, GNMA dropped -17.09% vs PDBC's -49.52%.
On 10-year performance, PDBC leads with 7.69% vs 1.19% for GNMA. On fees, GNMA is cheaper at 0.15% per year. On volatility, GNMA has been the lower-risk option at 1.35%. 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 7.69% return vs 1.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GNMA is cheaper with a 0.15% expense ratio, compared with 0.58% for PDBC.
GNMA has the higher dividend yield at 4.26%, compared with 3.09% for PDBC.
GNMA is categorized as Mortgage Backed Securities, while PDBC is Commodities. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.15% for GNMA and 0.58% for PDBC.
PDBC currently has the higher Sharpe Ratio (1.55 vs 1.18), 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.
Find the right allocation for GNMA and PDBC
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer