IBTM.L vs. DBC
IBTM.L (iShares USD Treasury Bond 7-10yr UCITS ETF (Dist)) and DBC (Invesco DB Commodity Index Tracking Fund) are both exchange-traded funds - IBTM.L is a Government Bonds fund tracking the ICE U.S. Treasury 7-10 Year Bond Index, while DBC is a Commodities fund tracking the DBIQ Optimum Yield Diversified Commodity Index Excess Return. Both are passively managed. Over the past 10 years, IBTM.L returned 1.38%/yr vs 9.26%/yr for DBC. At a 0.05 correlation, their price movements are largely independent. IBTM.L charges 0.07%/yr vs 0.85%/yr for DBC.
Performance
IBTM.L vs. DBC - Performance Comparison
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Different Trading Currencies
IBTM.L is traded in GBP, while DBC is traded in USD. To make them comparable, the DBC values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, IBTM.L achieves a -0.45% return, which is significantly lower than DBC's 33.08% return. Over the past 10 years, IBTM.L has underperformed DBC with an annualized return of 1.38%, while DBC has yielded a comparatively higher 9.26% annualized return.
IBTM.L
- 1D
- 0.18%
- 1M
- 1.03%
- YTD
- -0.45%
- 6M
- -0.81%
- 1Y
- 5.41%
- 3Y*
- 0.62%
- 5Y*
- -0.02%
- 10Y*
- 1.38%
DBC
- 1D
- 0.79%
- 1M
- -0.63%
- YTD
- 33.08%
- 6M
- 32.00%
- 1Y
- 42.63%
- 3Y*
- 11.87%
- 5Y*
- 13.27%
- 10Y*
- 9.26%
IBTM.L vs. DBC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IBTM.L iShares USD Treasury Bond 7-10yr UCITS ETF (Dist) | -0.45% | 0.89% | 1.46% | -2.26% | -4.74% | -1.77% | 6.02% | 5.50% | 6.50% | -6.47% |
DBC Invesco DB Commodity Index Tracking Fund | 33.08% | 0.40% | 3.97% | -10.88% | 33.53% | 42.70% | -10.54% | 7.58% | -6.39% | -4.21% |
Correlation
The correlation between IBTM.L and DBC is 0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.04 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.01 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.11 |
Correlation (All Time) Calculated using the full available price history since Jul 5, 2007 | 0.05 |
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Return for Risk
IBTM.L vs. DBC — Risk / Return Rank
IBTM.L
DBC
IBTM.L vs. DBC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares USD Treasury Bond 7-10yr UCITS ETF (Dist) (IBTM.L) 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.
| IBTM.L | DBC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.21 | ||
| Sortino ratioReturn per unit of downside risk | -1.40 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.36 | -0.21 |
| Calmar ratioReturn relative to maximum drawdown | 0.97 | 5.26 | -4.29 |
| Martin ratioReturn relative to average drawdown | 2.30 | 11.92 | -9.62 |
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
| IBTM.L | DBC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.86 | 2.07 | -1.21 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.00 | 0.69 | -0.69 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.13 | 0.50 | -0.37 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.03 | 0.21 | -0.18 |
Drawdowns
IBTM.L vs. DBC - Drawdown Comparison
The maximum IBTM.L drawdown since its inception was -52.39%, smaller than the maximum DBC drawdown of -63.65%. Use the drawdown chart below to compare losses from any high point for IBTM.L and DBC.
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Drawdown Indicators
| IBTM.L | DBC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.39% | -63.65% | +11.26% |
Max Drawdown (1Y)Largest decline over 1 year | -5.57% | -8.15% | +2.58% |
Max Drawdown (3Y)Largest decline over 3 years | -7.57% | -19.12% | +11.55% |
Max Drawdown (5Y)Largest decline over 5 years | -16.29% | -31.15% | +14.86% |
Max Drawdown (10Y)Largest decline over 10 years | -26.54% | -39.27% | +12.73% |
Current DrawdownCurrent decline from peak | -21.39% | -6.37% | -15.02% |
Average DrawdownAverage peak-to-trough decline | -20.63% | -32.83% | +12.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.35% | 3.59% | -1.24% |
Volatility
IBTM.L vs. DBC - Volatility Comparison
The current volatility for iShares USD Treasury Bond 7-10yr UCITS ETF (Dist) (IBTM.L) is 1.59%, while Invesco DB Commodity Index Tracking Fund (DBC) has a volatility of 6.43%. This indicates that IBTM.L 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
| IBTM.L | DBC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.59% | 6.43% | -4.84% |
Volatility (6M)Calculated over the trailing 6-month period | 4.47% | 16.99% | -12.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.26% | 20.70% | -14.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.47% | 19.41% | -9.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.59% | 18.52% | -7.93% |
IBTM.L vs. DBC - Expense Ratio Comparison
IBTM.L has a 0.07% expense ratio, which is lower than DBC's 0.85% expense ratio.
Dividends
IBTM.L vs. DBC - Dividend Comparison
IBTM.L's dividend yield for the trailing twelve months is around 4.36%, more than DBC's 2.53% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DBC Invesco DB Commodity Index Tracking Fund | 2.53% | 3.33% | 5.22% | 4.94% | 0.59% | 0.00% | 0.00% | 1.59% | 1.30% | 0.00% | 0.00% | 0.00% |
IBTM.L iShares USD Treasury Bond 7-10yr UCITS ETF (Dist) | 4.36% | 4.19% | 3.94% | 3.16% | 1.96% | 1.14% | 1.69% | 2.53% | 2.34% | 2.02% | 1.79% | 1.97% |
Frequently Asked Questions
IBTM.L and DBC have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IBTM.L is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IBTM.L is cheaper with a 0.07% expense ratio, compared with 0.85% for DBC.
IBTM.L is categorized as Government Bonds, while DBC is Commodities. IBTM.L tracks ICE U.S. Treasury 7-10 Year Bond 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: 0.07% for IBTM.L and 0.85% for DBC.
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