IGOV vs. DBC
IGOV (iShares International Treasury Bond ETF) and DBC (Invesco DB Commodity Index Tracking Fund) are both exchange-traded funds - IGOV is a International Government Bonds fund tracking the FTSE World Government Bond Index - Developed Markets Capped Select 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, IGOV returned -1.49%/yr vs 7.89%/yr for DBC. At a 0.15 correlation, their price movements are largely independent. IGOV charges 0.35%/yr vs 0.85%/yr for DBC.
Performance
IGOV vs. DBC - Performance Comparison
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Returns By Period
In the year-to-date period, IGOV achieves a -1.80% return, which is significantly lower than DBC's 21.29% return. Over the past 10 years, IGOV has underperformed DBC with an annualized return of -1.49%, while DBC has yielded a comparatively higher 7.89% annualized return.
IGOV
- 1D
- -0.27%
- 1M
- -1.26%
- YTD
- -1.80%
- 6M
- -2.15%
- 1Y
- -2.13%
- 3Y*
- 1.73%
- 5Y*
- -4.43%
- 10Y*
- -1.49%
DBC
- 1D
- -1.06%
- 1M
- -11.20%
- YTD
- 21.29%
- 6M
- 19.79%
- 1Y
- 25.15%
- 3Y*
- 10.58%
- 5Y*
- 10.32%
- 10Y*
- 7.89%
IGOV vs. DBC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IGOV iShares International Treasury Bond ETF | -1.80% | 9.96% | -6.50% | 5.57% | -22.07% | -9.25% | 10.88% | 3.76% | -2.60% | 11.38% |
DBC Invesco DB Commodity Index Tracking Fund | 21.29% | 8.10% | 2.18% | -6.19% | 19.34% | 41.36% | -7.84% | 11.84% | -11.63% | 4.86% |
Correlation
The correlation between IGOV and DBC 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 | -0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.04 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.07 |
Correlation (All Time) Calculated using the full available price history since Jan 29, 2009 | 0.15 |
The correlation between IGOV and DBC shifts across timeframes, from -0.23 (1 year) to 0.15 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
IGOV vs. DBC — Risk / Return Rank
IGOV
DBC
IGOV vs. DBC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares International Treasury Bond ETF (IGOV) 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.
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.
| IGOV | DBC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.64 | ||
| Sortino ratioReturn per unit of downside risk | -2.24 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.24 | -0.28 |
| Calmar ratioReturn relative to maximum drawdown | -0.38 | 1.75 | -2.13 |
| Martin ratioReturn relative to average drawdown | -0.83 | 7.61 | -8.44 |
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Drawdowns
IGOV vs. DBC - Drawdown Comparison
The maximum IGOV drawdown since its inception was -35.88%, smaller than the maximum DBC drawdown of -76.36%. Use the drawdown chart below to compare losses from any high point for IGOV and DBC.
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Drawdown Indicators
| IGOV | DBC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.88% | -76.36% | +40.48% |
Max Drawdown (1Y)Largest decline over 1 year | -5.70% | -14.42% | +8.72% |
Max Drawdown (3Y)Largest decline over 3 years | -10.65% | -14.42% | +3.77% |
Max Drawdown (5Y)Largest decline over 5 years | -32.92% | -27.34% | -5.58% |
Max Drawdown (10Y)Largest decline over 10 years | -35.88% | -41.71% | +5.83% |
Current DrawdownCurrent decline from peak | -25.00% | -29.84% | +4.84% |
Average DrawdownAverage peak-to-trough decline | -11.05% | -46.17% | +35.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.58% | 3.33% | -0.75% |
Volatility
IGOV vs. DBC - Volatility Comparison
The current volatility for iShares International Treasury Bond ETF (IGOV) is 2.29%, while Invesco DB Commodity Index Tracking Fund (DBC) has a volatility of 4.63%. This indicates that IGOV 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
| IGOV | DBC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.29% | 4.63% | -2.34% |
Volatility (6M)Calculated over the trailing 6-month period | 6.37% | 16.19% | -9.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.13% | 18.75% | -10.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.97% | 19.21% | -9.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.60% | 17.80% | -9.20% |
IGOV vs. DBC - Expense Ratio Comparison
IGOV has a 0.35% expense ratio, which is lower than DBC's 0.85% expense ratio.
Dividends
IGOV vs. DBC - Dividend Comparison
IGOV's dividend yield for the trailing twelve months is around 1.43%, less than DBC's 2.74% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DBC Invesco DB Commodity Index Tracking Fund | 2.74% | 3.33% | 5.22% | 4.94% | 0.59% | 0.00% | 0.00% | 1.59% | 1.30% | 0.00% | 0.00% | 0.00% |
IGOV iShares International Treasury Bond ETF | 1.43% | 1.41% | 0.59% | 0.00% | 0.11% | 0.39% | 0.00% | 0.24% | 0.31% | 0.19% | 0.69% | 0.12% |
Frequently Asked Questions
IGOV and DBC 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.
DBC has higher volatility (4.63%) compared to IGOV (2.29%). In terms of maximum drawdown, IGOV dropped -35.88% vs DBC's -76.36%.
On 10-year performance, DBC leads with 7.89% vs -1.49% for IGOV. On fees, IGOV is cheaper at 0.35% per year. On volatility, IGOV has been the lower-risk option at 2.29%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DBC has performed better with a 7.89% return vs -1.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IGOV is cheaper with a 0.35% expense ratio, compared with 0.85% for DBC.
DBC has the higher dividend yield at 2.74%, compared with 1.43% for IGOV.
IGOV is categorized as International Government Bonds, while DBC is Commodities. IGOV tracks FTSE World Government Bond Index - Developed Markets Capped Select 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: 0.35% for IGOV and 0.85% for DBC.
DBC currently has the higher Sharpe Ratio (1.38 vs -0.26), 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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