IBDX vs. PDBC
IBDX (iShares iBonds Dec 2032 Term Corporate ETF) and PDBC (Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF) are both exchange-traded funds - IBDX is a Corporate Bonds fund tracking the Bloomberg December 2032 Maturity Corporate Index, while PDBC is a Commodities fund actively managed by Invesco. IBDX is passively managed, while PDBC is actively managed. Over the past 3 years, IBDX returned 5.42%/yr vs 10.42%/yr for PDBC. At a correlation of -0.05, they often move in opposite directions. IBDX charges 0.10%/yr vs 0.58%/yr for PDBC.
Performance
IBDX vs. PDBC - Performance Comparison
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Returns By Period
In the year-to-date period, IBDX achieves a -0.28% return, which is significantly lower than PDBC's 27.55% return.
IBDX
- 1D
- -0.42%
- 1M
- -0.64%
- 6M
- -0.24%
- YTD
- -0.28%
- 1Y
- 4.11%
- 3Y*
- 5.42%
- 5Y*
- —
- 10Y*
- —
PDBC
- 1D
- 2.80%
- 1M
- -0.94%
- 6M
- 22.82%
- YTD
- 27.55%
- 1Y
- 30.72%
- 3Y*
- 10.42%
- 5Y*
- 10.81%
- 10Y*
- 8.14%
IBDX vs. PDBC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
IBDX iShares iBonds Dec 2032 Term Corporate ETF | -0.28% | 9.05% | 2.39% | 9.42% | -1.92% |
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 27.55% | 5.96% | 2.09% | -6.25% | -10.01% |
Correlation
The correlation between IBDX 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 | -0.13 |
Correlation (All Time) Calculated using the full available price history since Jun 30, 2022 | -0.05 |
Over the past year, the inverse relationship between IBDX and PDBC has strengthened: their correlation has moved from -0.05 to -0.31, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
IBDX vs. PDBC — Risk / Return Rank
IBDX
PDBC
IBDX vs. PDBC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2032 Term Corporate ETF (IBDX) 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.
| IBDX | PDBC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.56 | ||
| Sortino ratioReturn per unit of downside risk | -0.67 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.28 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 1.50 | 1.86 | -0.37 |
| Martin ratioReturn relative to average drawdown | 4.39 | 6.57 | -2.19 |
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Drawdowns
IBDX vs. PDBC - Drawdown Comparison
The maximum IBDX drawdown since its inception was -12.51%, smaller than the maximum PDBC drawdown of -49.52%. Use the drawdown chart below to compare losses from any high point for IBDX and PDBC.
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Drawdown Indicators
| IBDX | PDBC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.51% | -49.52% | +37.01% |
Max Drawdown (1Y)Largest decline over 1 year | -2.76% | -16.55% | +13.79% |
Max Drawdown (3Y)Largest decline over 3 years | -7.09% | -16.55% | +9.46% |
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 | -1.86% | -10.63% | +8.77% |
Average DrawdownAverage peak-to-trough decline | -2.36% | -23.11% | +20.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.94% | 4.69% | -3.75% |
Volatility
IBDX vs. PDBC - Volatility Comparison
The current volatility for iShares iBonds Dec 2032 Term Corporate ETF (IBDX) is 1.25%, while Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) has a volatility of 6.25%. This indicates that IBDX 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
| IBDX | PDBC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.25% | 6.25% | -5.00% |
Volatility (6M)Calculated over the trailing 6-month period | 2.99% | 16.77% | -13.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.84% | 18.90% | -15.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.39% | 19.24% | -11.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.39% | 17.76% | -10.37% |
IBDX vs. PDBC - Expense Ratio Comparison
IBDX has a 0.10% expense ratio, which is lower than PDBC's 0.58% expense ratio.
Dividends
IBDX vs. PDBC - Dividend Comparison
IBDX's dividend yield for the trailing twelve months is around 4.86%, more than PDBC's 3.01% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
IBDX iShares iBonds Dec 2032 Term Corporate ETF | 4.86% | 4.81% | 5.02% | 4.59% | 2.39% | 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
IBDX 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 (6.25%) compared to IBDX (1.25%). In terms of maximum drawdown, IBDX dropped -12.51% vs PDBC's -49.52%.
On 3-year performance, PDBC leads with 10.42% vs 5.42% for IBDX. On fees, IBDX is cheaper at 0.10% per year. On volatility, IBDX has been the lower-risk option at 1.25%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, PDBC has performed better with a 10.42% return vs 5.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBDX is cheaper with a 0.10% expense ratio, compared with 0.58% for PDBC.
IBDX has the higher dividend yield at 4.86%, compared with 3.01% for PDBC.
IBDX is categorized as Corporate Bonds, while PDBC is Commodities. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.10% for IBDX and 0.58% for PDBC.
PDBC currently has the higher Sharpe Ratio (1.64 vs 1.08), 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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