IBGB vs. PDBC
IBGB (iShares iBonds Dec 2045 Term Treasury ETF) and PDBC (Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF) are both exchange-traded funds - IBGB is a Government Bonds fund tracking the ICE 2045 Maturity US Treasury Index, while PDBC is a Commodities fund actively managed by Invesco. IBGB is passively managed, while PDBC is actively managed. Over the past year, IBGB returned -0.26% vs 33.81% for PDBC. Their -0.32 correlation means they have often moved in opposite directions in the past. IBGB charges 0.07%/yr vs 0.58%/yr for PDBC.
Performance
IBGB vs. PDBC - Performance Comparison
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Returns By Period
In the year-to-date period, IBGB achieves a -1.86% return, which is significantly lower than PDBC's 27.55% return.
IBGB
- 1D
- 0.77%
- 1M
- -2.11%
- 6M
- -1.81%
- YTD
- -1.86%
- 1Y
- -0.26%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 0.52%
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) |
|---|---|---|---|
| $32.56K | $33.15K | $77.72K | |
| $116.56M | $150.03M | $123.54M |
IBGB vs. PDBC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
IBGB iShares iBonds Dec 2045 Term Treasury ETF | -1.86% | 2.62% |
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 27.55% | 2.11% |
Correlation
The correlation between IBGB and PDBC is -0.38, 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. | -0.38 |
Correlation (All Time) Calculated using the full available price history since Mar 26, 2025 | -0.32 |
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Return for Risk
IBGB vs. PDBC — Risk / Return Rank
IBGB
PDBC
IBGB vs. PDBC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2045 Term Treasury ETF (IBGB) 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.
| IBGB | PDBC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.75 | ||
| Sortino ratioReturn per unit of downside risk | -2.30 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.29 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | -0.04 | 2.05 | -2.09 |
| Martin ratioReturn relative to average drawdown | -0.08 | 6.77 | -6.85 |
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Drawdowns
IBGB vs. PDBC - Drawdown Comparison
The maximum IBGB drawdown since its inception was -8.09%, smaller than the maximum PDBC drawdown of -49.52%. Use the drawdown chart below to compare losses from any high point for IBGB and PDBC.
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Drawdown Indicators
| IBGB | PDBC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.09% | -49.52% | +41.43% |
Max Drawdown (1Y)Largest decline over 1 year | -6.79% | -16.55% | +9.76% |
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 | -5.59% | -10.63% | +5.04% |
Average DrawdownAverage peak-to-trough decline | -3.31% | -23.02% | +19.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.07% | 5.01% | -1.94% |
Volatility
IBGB vs. PDBC - Volatility Comparison
The current volatility for iShares iBonds Dec 2045 Term Treasury ETF (IBGB) is 2.36%, while Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) has a volatility of 7.66%. This indicates that IBGB 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
| IBGB | PDBC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.36% | 7.66% | -5.30% |
Volatility (6M)Calculated over the trailing 6-month period | 6.21% | 16.82% | -10.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.02% | 19.73% | -11.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.37% | 19.29% | -9.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.37% | 17.85% | -8.48% |
IBGB vs. PDBC - Expense Ratio Comparison
IBGB has a 0.07% expense ratio, which is lower than PDBC's 0.58% expense ratio.
Dividends
IBGB vs. PDBC - Dividend Comparison
IBGB's dividend yield for the trailing twelve months is around 4.74%, more than PDBC's 3.01% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
IBGB iShares iBonds Dec 2045 Term Treasury ETF | 4.74% | 3.53% | 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
IBGB and PDBC have a correlation of -0.38, 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 IBGB (2.36%). In terms of maximum drawdown, IBGB dropped -8.09% vs PDBC's -49.52%.
On 1-year performance, PDBC leads with 33.81% vs -0.26% for IBGB. On fees, IBGB is cheaper at 0.07% per year. On volatility, IBGB has been the lower-risk option at 2.36%. 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 -0.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBGB is cheaper with a 0.07% expense ratio, compared with 0.58% for PDBC.
IBGB has the higher dividend yield at 4.74%, compared with 3.01% for PDBC.
IBGB is categorized as Government Bonds, while PDBC is Commodities. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.07% for IBGB and 0.58% for PDBC.
PDBC currently has the higher Sharpe Ratio (1.72 vs -0.03), 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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