HTAX vs. PDBC
HTAX (Nomura National High-Yield Municipal Bond ETF) and PDBC (Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF) are both exchange-traded funds - HTAX is a High Yield Muni fund actively managed by Nomura, while PDBC is a Commodities fund actively managed by Invesco. Both are actively managed. Over the past year, HTAX returned 9.34% vs 45.46% for PDBC. At a correlation of -0.23, they often move in opposite directions. HTAX charges 0.49%/yr vs 0.58%/yr for PDBC.
Performance
HTAX vs. PDBC - Performance Comparison
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Returns By Period
In the year-to-date period, HTAX achieves a 3.60% return, which is significantly lower than PDBC's 36.23% return.
HTAX
- 1D
- 0.06%
- 1M
- 1.34%
- YTD
- 3.60%
- 6M
- 3.91%
- 1Y
- 9.34%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PDBC
- 1D
- 0.39%
- 1M
- -3.37%
- YTD
- 36.23%
- 6M
- 36.27%
- 1Y
- 45.46%
- 3Y*
- 14.42%
- 5Y*
- 12.39%
- 10Y*
- 8.79%
HTAX vs. PDBC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
HTAX Nomura National High-Yield Municipal Bond ETF | 3.60% | 1.45% |
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 36.23% | 4.11% |
Correlation
The correlation between HTAX and PDBC is -0.26, 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 | -0.26 |
Correlation (All Time) Calculated using the full available price history since Mar 7, 2025 | -0.23 |
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Return for Risk
HTAX vs. PDBC — Risk / Return Rank
HTAX
PDBC
HTAX vs. PDBC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nomura National High-Yield Municipal Bond ETF (HTAX) 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.
| HTAX | PDBC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.46 | ||
| Sortino ratioReturn per unit of downside risk | -0.19 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.43 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.99 | 6.35 | -3.36 |
| Martin ratioReturn relative to average drawdown | 9.11 | 13.39 | -4.27 |
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
| HTAX | PDBC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.99 | 2.46 | -0.46 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.65 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.50 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.63 | 0.23 | +0.40 |
Drawdowns
HTAX vs. PDBC - Drawdown Comparison
The maximum HTAX drawdown since its inception was -6.10%, smaller than the maximum PDBC drawdown of -49.52%. Use the drawdown chart below to compare losses from any high point for HTAX and PDBC.
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Drawdown Indicators
| HTAX | PDBC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.10% | -49.52% | +43.42% |
Max Drawdown (1Y)Largest decline over 1 year | -3.14% | -7.19% | +4.05% |
Max Drawdown (3Y)Largest decline over 3 years | — | -13.95% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -27.63% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -40.73% | — |
Current DrawdownCurrent decline from peak | 0.00% | -4.55% | +4.55% |
Average DrawdownAverage peak-to-trough decline | -1.77% | -23.21% | +21.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.03% | 3.41% | -2.38% |
Volatility
HTAX vs. PDBC - Volatility Comparison
The current volatility for Nomura National High-Yield Municipal Bond ETF (HTAX) is 1.41%, while Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) has a volatility of 6.20%. This indicates that HTAX 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
| HTAX | PDBC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.41% | 6.20% | -4.79% |
Volatility (6M)Calculated over the trailing 6-month period | 3.41% | 15.78% | -12.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.70% | 18.61% | -13.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.47% | 19.12% | -12.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.47% | 17.78% | -11.31% |
HTAX vs. PDBC - Expense Ratio Comparison
HTAX has a 0.49% expense ratio, which is lower than PDBC's 0.58% expense ratio.
Dividends
HTAX vs. PDBC - Dividend Comparison
HTAX's dividend yield for the trailing twelve months is around 4.47%, more than PDBC's 2.82% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
HTAX Nomura National High-Yield Municipal Bond ETF | 4.47% | 3.67% | 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 | 2.82% | 3.84% | 4.42% | 4.21% | 13.05% | 50.83% | 0.01% | 1.40% | 1.00% | 3.83% | 6.51% |
Frequently Asked Questions
HTAX and PDBC have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PDBC has higher volatility (6.20%) compared to HTAX (1.41%). In terms of maximum drawdown, HTAX dropped -6.10% vs PDBC's -49.52%.
On 1-year performance, PDBC leads with 45.46% vs 9.34% for HTAX. On fees, HTAX is cheaper at 0.49% per year. On volatility, HTAX has been the lower-risk option at 1.41%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, PDBC has performed better with a 45.46% return vs 9.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HTAX is cheaper with a 0.49% expense ratio, compared with 0.58% for PDBC.
HTAX has the higher dividend yield at 4.47%, compared with 2.82% for PDBC.
HTAX is categorized as High Yield Muni, while PDBC is Commodities. They also come from different issuers: Nomura and Invesco. Their fees differ too: 0.49% for HTAX and 0.58% for PDBC.
PDBC currently has the higher Sharpe Ratio (2.46 vs 1.99), 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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