IBMR vs. DBC
IBMR (iShares iBonds Dec 2029 Term Muni Bond ETF) and DBC (Invesco DB Commodity Index Tracking Fund) are both exchange-traded funds - IBMR is a Municipal Bonds fund tracking the S&P AMT-Free Municipal Series Callable-Adjusted 2029 Index, while DBC is a Commodities fund tracking the DBIQ Optimum Yield Diversified Commodity Index Excess Return. Both are passively managed. Over the past 3 years, IBMR returned 3.48%/yr vs 14.87%/yr for DBC. At a correlation of -0.06, they often move in opposite directions. IBMR charges 0.18%/yr vs 0.85%/yr for DBC.
Performance
IBMR vs. DBC - Performance Comparison
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Returns By Period
In the year-to-date period, IBMR achieves a 0.71% return, which is significantly lower than DBC's 34.70% return.
IBMR
- 1D
- 0.10%
- 1M
- 0.27%
- YTD
- 0.71%
- 6M
- 1.17%
- 1Y
- 4.07%
- 3Y*
- 3.48%
- 5Y*
- —
- 10Y*
- —
DBC
- 1D
- 0.43%
- 1M
- -2.24%
- YTD
- 34.70%
- 6M
- 35.25%
- 1Y
- 46.03%
- 3Y*
- 14.87%
- 5Y*
- 12.90%
- 10Y*
- 9.04%
IBMR vs. DBC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
IBMR iShares iBonds Dec 2029 Term Muni Bond ETF | 0.71% | 4.45% | 0.06% | 3.46% |
DBC Invesco DB Commodity Index Tracking Fund | 34.70% | 8.10% | 2.18% | 1.20% |
Correlation
The correlation between IBMR and DBC is -0.18, 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 | -0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.06 |
Correlation (All Time) Calculated using the full available price history since May 12, 2023 | -0.06 |
The correlation between IBMR and DBC shifts across timeframes, from -0.18 (1 year) to -0.06 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
IBMR vs. DBC — Risk / Return Rank
IBMR
DBC
IBMR vs. DBC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2029 Term Muni Bond ETF (IBMR) and Invesco DB Commodity Index Tracking Fund (DBC). 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.
| IBMR | DBC | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.33 | 2.48 | -0.14 |
Sortino ratioReturn per unit of downside risk | 3.44 | 3.17 | +0.27 |
Omega ratioGain probability vs. loss probability | 1.51 | 1.43 | +0.08 |
Calmar ratioReturn relative to maximum drawdown | 2.63 | 6.97 | -4.34 |
Martin ratioReturn relative to average drawdown | 7.03 | 14.90 | -7.87 |
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
| IBMR | DBC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.33 | 2.48 | -0.14 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.68 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.51 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.93 | 0.12 | +0.81 |
Drawdowns
IBMR vs. DBC - Drawdown Comparison
The maximum IBMR drawdown since its inception was -4.83%, smaller than the maximum DBC drawdown of -76.36%. Use the drawdown chart below to compare losses from any high point for IBMR and DBC.
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Drawdown Indicators
| IBMR | DBC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.83% | -76.36% | +71.53% |
Max Drawdown (1Y)Largest decline over 1 year | -1.55% | -7.05% | +5.50% |
Max Drawdown (3Y)Largest decline over 3 years | -4.72% | -13.82% | +9.10% |
Max Drawdown (5Y)Largest decline over 5 years | — | -27.34% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -41.71% | — |
Current DrawdownCurrent decline from peak | -0.68% | -22.08% | +21.40% |
Average DrawdownAverage peak-to-trough decline | -1.02% | -46.22% | +45.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.58% | 3.30% | -2.72% |
Volatility
IBMR vs. DBC - Volatility Comparison
The current volatility for iShares iBonds Dec 2029 Term Muni Bond ETF (IBMR) is 0.44%, while Invesco DB Commodity Index Tracking Fund (DBC) has a volatility of 6.67%. This indicates that IBMR experiences smaller price fluctuations and is considered to be less risky than DBC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IBMR | DBC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.44% | 6.67% | -6.23% |
Volatility (6M)Calculated over the trailing 6-month period | 1.14% | 15.75% | -14.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.75% | 18.78% | -17.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.07% | 19.18% | -16.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.07% | 17.81% | -14.74% |
IBMR vs. DBC - Expense Ratio Comparison
IBMR has a 0.18% expense ratio, which is lower than DBC's 0.85% expense ratio.
Dividends
IBMR vs. DBC - Dividend Comparison
IBMR's dividend yield for the trailing twelve months is around 2.55%, more than DBC's 2.47% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBC Invesco DB Commodity Index Tracking Fund | 2.47% | 3.33% | 5.22% | 4.94% | 0.59% | 0.00% | 0.00% | 1.59% | 1.30% |
IBMR iShares iBonds Dec 2029 Term Muni Bond ETF | 2.55% | 2.55% | 2.53% | 1.27% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
IBMR and DBC have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBC has higher volatility (6.67%) compared to IBMR (0.44%). In terms of maximum drawdown, IBMR dropped -4.83% vs DBC's -76.36%.
On 3-year performance, DBC leads with 14.87% vs 3.48% for IBMR. On fees, IBMR is cheaper at 0.18% per year. On volatility, IBMR has been the lower-risk option at 0.44%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, DBC has performed better with a 14.87% return vs 3.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBMR is cheaper with a 0.18% expense ratio, compared with 0.85% for DBC.
IBMR has the higher dividend yield at 2.55%, compared with 2.47% for DBC.
IBMR is categorized as Municipal Bonds, while DBC is Commodities. IBMR tracks S&P AMT-Free Municipal Series Callable-Adjusted 2029 Index, while DBC tracks DBIQ Optimum Yield Diversified Commodity Index Excess Return. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.18% for IBMR and 0.85% for DBC.
DBC currently has the higher Sharpe Ratio (2.48 vs 2.33), 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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