HYLB vs. PDBC
HYLB (Xtrackers USD High Yield Corporate Bond ETF) and PDBC (Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF) are both exchange-traded funds - HYLB is a High Yield Bonds fund tracking the Solactive USD High Yield Corporates Total Market Index, while PDBC is a Commodities fund actively managed by Invesco. HYLB is passively managed, while PDBC is actively managed. Over the past 5 years, HYLB returned 3.87%/yr vs 10.22%/yr for PDBC. At a 0.21 correlation, their price movements are largely independent. HYLB charges 0.15%/yr vs 0.58%/yr for PDBC.
Performance
HYLB vs. PDBC - Performance Comparison
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Returns By Period
In the year-to-date period, HYLB achieves a 1.93% return, which is significantly lower than PDBC's 24.08% return.
HYLB
- 1D
- -0.11%
- 1M
- 0.14%
- 6M
- 1.44%
- YTD
- 1.93%
- 1Y
- 5.87%
- 3Y*
- 8.66%
- 5Y*
- 3.87%
- 10Y*
- —
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%
HYLB vs. PDBC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HYLB Xtrackers USD High Yield Corporate Bond ETF | 1.93% | 8.74% | 8.14% | 12.03% | -10.80% | 3.94% | 5.04% | 14.06% | -1.80% | 6.00% |
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 HYLB and PDBC is -0.23, 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 | -0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.00 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.11 |
Correlation (All Time) Calculated using the full available price history since Dec 7, 2016 | 0.21 |
The correlation between HYLB and PDBC shifts across timeframes, from -0.23 (1 year) to 0.21 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
HYLB vs. PDBC — Risk / Return Rank
HYLB
PDBC
HYLB vs. PDBC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Xtrackers USD High Yield Corporate Bond ETF (HYLB) 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.
| HYLB | PDBC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.01 | ||
| Sortino ratioReturn per unit of downside risk | +0.20 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.27 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.52 | 1.75 | +0.77 |
| Martin ratioReturn relative to average drawdown | 10.85 | 6.25 | +4.60 |
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Drawdowns
HYLB vs. PDBC - Drawdown Comparison
The maximum HYLB drawdown since its inception was -22.91%, smaller than the maximum PDBC drawdown of -49.52%. Use the drawdown chart below to compare losses from any high point for HYLB and PDBC.
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Drawdown Indicators
| HYLB | PDBC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.91% | -49.52% | +26.61% |
Max Drawdown (1Y)Largest decline over 1 year | -2.27% | -16.55% | +14.28% |
Max Drawdown (3Y)Largest decline over 3 years | -4.51% | -16.55% | +12.04% |
Max Drawdown (5Y)Largest decline over 5 years | -15.54% | -27.63% | +12.09% |
Max Drawdown (10Y)Largest decline over 10 years | — | -40.73% | — |
Current DrawdownCurrent decline from peak | -0.25% | -13.06% | +12.81% |
Average DrawdownAverage peak-to-trough decline | -2.41% | -23.11% | +20.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.53% | 4.64% | -4.11% |
Volatility
HYLB vs. PDBC - Volatility Comparison
The current volatility for Xtrackers USD High Yield Corporate Bond ETF (HYLB) is 0.89%, while Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) has a volatility of 5.48%. This indicates that HYLB 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
| HYLB | PDBC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.89% | 5.48% | -4.59% |
Volatility (6M)Calculated over the trailing 6-month period | 3.02% | 16.59% | -13.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.72% | 18.72% | -15.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.48% | 19.19% | -11.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.14% | 17.75% | -9.61% |
HYLB vs. PDBC - Expense Ratio Comparison
HYLB has a 0.15% expense ratio, which is lower than PDBC's 0.58% expense ratio.
Dividends
HYLB vs. PDBC - Dividend Comparison
HYLB's dividend yield for the trailing twelve months is around 6.51%, more than PDBC's 3.09% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
HYLB Xtrackers USD High Yield Corporate Bond ETF | 6.51% | 6.29% | 6.31% | 5.84% | 5.53% | 4.45% | 5.22% | 5.71% | 5.95% | 5.85% | 0.27% |
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% |
Frequently Asked Questions
HYLB and PDBC have a correlation of -0.23, 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 HYLB (0.89%). In terms of maximum drawdown, HYLB dropped -22.91% vs PDBC's -49.52%.
On 5-year performance, PDBC leads with 10.22% vs 3.87% for HYLB. On fees, HYLB is cheaper at 0.15% per year. On volatility, HYLB has been the lower-risk option at 0.89%. 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 10.22% return vs 3.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HYLB is cheaper with a 0.15% expense ratio, compared with 0.58% for PDBC.
HYLB has the higher dividend yield at 6.51%, compared with 3.09% for PDBC.
HYLB is categorized as High Yield Bonds, while PDBC is Commodities. They also come from different issuers: DWS and Invesco. Their fees differ too: 0.15% for HYLB and 0.58% for PDBC.
PDBC currently has the higher Sharpe Ratio (1.55 vs 1.54), 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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