GSST vs. PDBC
GSST (Goldman Sachs Ultra Short Bond ETF) and PDBC (Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF) are both exchange-traded funds - GSST is a Ultrashort Bond fund actively managed by Goldman Sachs, while PDBC is a Commodities fund actively managed by Invesco. Both are actively managed. Over the past 5 years, GSST returned 3.87%/yr vs 11.22%/yr for PDBC. Their -0.07 correlation means they have often moved in opposite directions in the past. GSST charges 0.16%/yr vs 0.58%/yr for PDBC.
Performance
GSST vs. PDBC - Performance Comparison
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Returns By Period
In the year-to-date period, GSST achieves a 2.20% return, which is significantly lower than PDBC's 32.53% return.
GSST
- 1D
- 0.00%
- 1M
- 0.29%
- 6M
- 1.83%
- YTD
- 2.20%
- 1Y
- 4.20%
- 3Y*
- 5.42%
- 5Y*
- 3.87%
- 10Y*
- —
- ALL TIME*
- 3.28%
PDBC
- 1D
- 0.34%
- 1M
- 10.65%
- 6M
- 20.94%
- YTD
- 32.53%
- 1Y
- 38.61%
- 3Y*
- 10.51%
- 5Y*
- 11.22%
- 10Y*
- 9.21%
- ALL TIME*
- 3.89%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $9.41M | $9.90M | $12.31M | |
| $92.97M | $139.65M | $120.69M |
GSST vs. PDBC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
GSST Goldman Sachs Ultra Short Bond ETF | 2.20% | 5.20% | 6.01% | 6.08% | 0.13% | 0.05% | 1.74% | 2.64% |
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 32.53% | 5.96% | 2.09% | -6.25% | 19.23% | 41.72% | -7.84% | -0.86% |
Correlation
The correlation between GSST and PDBC is -0.19, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.19 |
Correlation (3Y) Balances recent behavior with more history. | -0.11 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.10 |
Correlation (All Time) Calculated using the full available price history since Apr 17, 2019 | -0.07 |
The correlation between GSST and PDBC shifts across timeframes, from -0.19 (1 year) to -0.07 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
GSST vs. PDBC — Risk / Return Rank
GSST
PDBC
GSST vs. PDBC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Ultra Short Bond ETF (GSST) 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.
| GSST | PDBC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +5.72 | ||
| Sortino ratioReturn per unit of downside risk | +13.24 | ||
| Omega ratioGain probability vs. loss probability | 3.70 | 1.32 | +2.38 |
| Calmar ratioReturn relative to maximum drawdown | 28.66 | 2.21 | +26.45 |
| Martin ratioReturn relative to average drawdown | 175.98 | 7.40 | +168.59 |
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Drawdowns
GSST vs. PDBC - Drawdown Comparison
The maximum GSST drawdown since its inception was -3.51%, smaller than the maximum PDBC drawdown of -49.52%. Use the drawdown chart below to compare losses from any high point for GSST and PDBC.
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Drawdown Indicators
| GSST | PDBC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.51% | -49.52% | +46.01% |
Max Drawdown (1Y)Largest decline over 1 year | -0.15% | -16.55% | +16.40% |
Max Drawdown (3Y)Largest decline over 3 years | -0.25% | -16.55% | +16.30% |
Max Drawdown (5Y)Largest decline over 5 years | -1.19% | -27.63% | +26.44% |
Max Drawdown (10Y)Largest decline over 10 years | — | -40.73% | — |
Current DrawdownCurrent decline from peak | 0.00% | -7.14% | +7.14% |
Average DrawdownAverage peak-to-trough decline | -0.16% | -23.03% | +22.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.03% | 4.98% | -4.95% |
Volatility
GSST vs. PDBC - Volatility Comparison
The current volatility for Goldman Sachs Ultra Short Bond ETF (GSST) is 0.12%, while Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) has a volatility of 7.00%. This indicates that GSST 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.
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Volatility by Period
| GSST | PDBC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.12% | 7.00% | -6.88% |
Volatility (6M)Calculated over the trailing 6-month period | 0.41% | 17.41% | -17.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.58% | 19.62% | -19.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.63% | 19.27% | -18.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.86% | 17.83% | -16.97% |
GSST vs. PDBC - Expense Ratio Comparison
GSST has a 0.16% expense ratio, which is lower than PDBC's 0.58% expense ratio.
Dividends
GSST vs. PDBC - Dividend Comparison
GSST's dividend yield for the trailing twelve months is around 4.29%, more than PDBC's 2.90% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
GSST Goldman Sachs Ultra Short Bond ETF | 3.91% | 4.56% | 5.45% | 4.98% | 1.97% | 0.71% | 1.12% | 1.66% | 0.00% | 0.00% | 0.00% |
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 2.90% | 3.84% | 4.42% | 4.21% | 13.05% | 50.83% | 0.01% | 1.40% | 1.00% | 3.83% | 6.51% |
Frequently Asked Questions
GSST and PDBC have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PDBC has higher volatility (7.00%) compared to GSST (0.12%). In terms of maximum drawdown, GSST dropped -3.51% vs PDBC's -49.52%.
On 5-year performance, PDBC leads with 11.22% vs 3.87% for GSST. On fees, GSST is cheaper at 0.16% per year. On volatility, GSST has been the lower-risk option at 0.12%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, PDBC has performed better with a 11.22% return vs 3.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GSST is cheaper with a 0.16% expense ratio, compared with 0.58% for PDBC.
GSST has the higher dividend yield at 3.91%, compared with 2.90% for PDBC.
GSST is categorized as Ultrashort Bond, while PDBC is Commodities. They also come from different issuers: Goldman Sachs and Invesco. Their fees differ too: 0.16% for GSST and 0.58% for PDBC.
GSST currently has the higher Sharpe Ratio (7.59 vs 1.87), 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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