HWSM vs. PDBC
HWSM (Hotchkis & Wiley SMID Cap Diversified Value ETF) and PDBC (Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF) are both exchange-traded funds - HWSM is a Mid Cap Value Equities fund actively managed by Hotchkis & Wiley, while PDBC is a Commodities fund actively managed by Invesco. Both are actively managed. Over the past year, HWSM returned 28.95% vs 33.81% for PDBC. Their -0.07 correlation means they have often moved in opposite directions in the past. HWSM charges 0.55%/yr vs 0.58%/yr for PDBC.
Performance
HWSM vs. PDBC - Performance Comparison
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Returns By Period
In the year-to-date period, HWSM achieves a 18.43% return, which is significantly lower than PDBC's 27.55% return.
HWSM
- 1D
- 1.11%
- 1M
- 4.42%
- 6M
- 12.88%
- YTD
- 18.43%
- 1Y
- 28.95%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 24.14%
PDBC
- 1D
- -2.03%
- 1M
- 6.49%
- 6M
- 17.93%
- YTD
- 27.55%
- 1Y
- 33.81%
- 3Y*
- 9.24%
- 5Y*
- 10.79%
- 10Y*
- 8.56%
- ALL TIME*
- 3.55%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.34K | $812.75 | $2.50K | |
| $116.56M | $150.03M | $123.54M |
HWSM vs. PDBC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
HWSM Hotchkis & Wiley SMID Cap Diversified Value ETF | 18.43% | 12.92% |
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 27.55% | 2.26% |
Correlation
The correlation between HWSM 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 (All Time) Calculated using the full available price history since Mar 31, 2025 | -0.07 |
The correlation between HWSM 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
HWSM vs. PDBC — Risk / Return Rank
HWSM
PDBC
HWSM vs. PDBC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Hotchkis & Wiley SMID Cap Diversified Value ETF (HWSM) 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.
| HWSM | PDBC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.22 | ||
| Sortino ratioReturn per unit of downside risk | +0.57 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.29 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.84 | 2.05 | +0.79 |
| Martin ratioReturn relative to average drawdown | 9.78 | 6.77 | +3.01 |
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Drawdowns
HWSM vs. PDBC - Drawdown Comparison
The maximum HWSM drawdown since its inception was -15.67%, smaller than the maximum PDBC drawdown of -49.52%. Use the drawdown chart below to compare losses from any high point for HWSM and PDBC.
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Drawdown Indicators
| HWSM | PDBC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.67% | -49.52% | +33.85% |
Max Drawdown (1Y)Largest decline over 1 year | -10.23% | -16.55% | +6.32% |
Max Drawdown (3Y)Largest decline over 3 years | — | -16.55% | — |
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% | -10.63% | +10.63% |
Average DrawdownAverage peak-to-trough decline | -2.49% | -23.02% | +20.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.97% | 5.01% | -2.04% |
Volatility
HWSM vs. PDBC - Volatility Comparison
The current volatility for Hotchkis & Wiley SMID Cap Diversified Value ETF (HWSM) is 3.83%, while Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) has a volatility of 7.66%. This indicates that HWSM 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
| HWSM | PDBC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.83% | 7.66% | -3.83% |
Volatility (6M)Calculated over the trailing 6-month period | 10.02% | 16.82% | -6.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.01% | 19.73% | -4.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.73% | 19.29% | +0.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.73% | 17.85% | +1.88% |
HWSM vs. PDBC - Expense Ratio Comparison
HWSM has a 0.55% expense ratio, which is lower than PDBC's 0.58% expense ratio.
Dividends
HWSM vs. PDBC - Dividend Comparison
HWSM's dividend yield for the trailing twelve months is around 1.12%, less than PDBC's 3.01% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
HWSM Hotchkis & Wiley SMID Cap Diversified Value ETF | 1.12% | 1.33% | 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 | 3.01% | 3.84% | 4.42% | 4.21% | 13.05% | 50.83% | 0.01% | 1.40% | 1.00% | 3.83% | 6.51% |
Frequently Asked Questions
HWSM 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 (7.66%) compared to HWSM (3.83%). In terms of maximum drawdown, HWSM dropped -15.67% vs PDBC's -49.52%.
On 1-year performance, PDBC leads with 33.81% vs 28.95% for HWSM. On fees, HWSM is cheaper at 0.55% per year. On volatility, HWSM has been the lower-risk option at 3.83%. 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 33.81% return vs 28.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HWSM is cheaper with a 0.55% expense ratio, compared with 0.58% for PDBC.
PDBC has the higher dividend yield at 3.01%, compared with 1.12% for HWSM.
HWSM is categorized as Mid Cap Value Equities, while PDBC is Commodities. They also come from different issuers: Hotchkis & Wiley and Invesco. Their fees differ too: 0.55% for HWSM and 0.58% for PDBC.
HWSM currently has the higher Sharpe Ratio (1.94 vs 1.72), 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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