IPAV vs. DBC
IPAV (Global X Infrastructure Development ex-U.S. ETF) and DBC (Invesco DB Commodity Index Tracking Fund) are both exchange-traded funds - IPAV is a Industrials Equities fund tracking the Global X Infrastructure Development ex-U.S. Index, while DBC is a Commodities fund tracking the DBIQ Optimum Yield Diversified Commodity Index Excess Return. Both are passively managed. Over the past year, IPAV returned 31.70% vs 21.81% for DBC. At a correlation of -0.01, they often move in opposite directions. IPAV charges 0.55%/yr vs 0.85%/yr for DBC.
Performance
IPAV vs. DBC - Performance Comparison
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Returns By Period
In the year-to-date period, IPAV achieves a 14.68% return, which is significantly lower than DBC's 22.58% return.
IPAV
- 1D
- 1.05%
- 1M
- 0.99%
- YTD
- 14.68%
- 6M
- 15.91%
- 1Y
- 31.70%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
DBC
- 1D
- -0.80%
- 1M
- -10.25%
- YTD
- 22.58%
- 6M
- 22.42%
- 1Y
- 21.81%
- 3Y*
- 10.98%
- 5Y*
- 10.64%
- 10Y*
- 8.01%
IPAV vs. DBC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
IPAV Global X Infrastructure Development ex-U.S. ETF | 14.68% | 29.77% | -6.87% |
DBC Invesco DB Commodity Index Tracking Fund | 22.58% | 8.10% | 0.63% |
Correlation
The correlation between IPAV and DBC is -0.16, 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 | -0.16 |
Correlation (All Time) Calculated using the full available price history since Aug 28, 2024 | -0.01 |
The correlation between IPAV and DBC shifts across timeframes, from -0.16 (1 year) to -0.01 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
IPAV vs. DBC — Risk / Return Rank
IPAV
DBC
IPAV vs. DBC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X Infrastructure Development ex-U.S. ETF (IPAV) 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.
| IPAV | DBC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.63 | ||
| Sortino ratioReturn per unit of downside risk | +0.94 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.21 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 2.18 | 1.62 | +0.56 |
| Martin ratioReturn relative to average drawdown | 7.58 | 6.82 | +0.77 |
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Drawdowns
IPAV vs. DBC - Drawdown Comparison
The maximum IPAV drawdown since its inception was -14.59%, smaller than the maximum DBC drawdown of -76.36%. Use the drawdown chart below to compare losses from any high point for IPAV and DBC.
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Drawdown Indicators
| IPAV | DBC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.59% | -76.36% | +61.77% |
Max Drawdown (1Y)Largest decline over 1 year | -14.59% | -13.51% | -1.08% |
Max Drawdown (3Y)Largest decline over 3 years | — | -13.82% | — |
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 | -4.30% | -29.09% | +24.79% |
Average DrawdownAverage peak-to-trough decline | -3.59% | -46.17% | +42.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.19% | 3.97% | +0.22% |
Volatility
IPAV vs. DBC - Volatility Comparison
Global X Infrastructure Development ex-U.S. ETF (IPAV) has a higher volatility of 6.26% compared to Invesco DB Commodity Index Tracking Fund (DBC) at 4.60%. This indicates that IPAV's price experiences larger fluctuations and is considered to be riskier 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
| IPAV | DBC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.26% | 4.60% | +1.66% |
Volatility (6M)Calculated over the trailing 6-month period | 15.51% | 16.16% | -0.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.75% | 18.75% | -1.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.92% | 19.20% | -1.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.92% | 17.81% | +0.11% |
IPAV vs. DBC - Expense Ratio Comparison
IPAV has a 0.55% expense ratio, which is lower than DBC's 0.85% expense ratio.
Dividends
IPAV vs. DBC - Dividend Comparison
IPAV's dividend yield for the trailing twelve months is around 1.12%, less than DBC's 2.72% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBC Invesco DB Commodity Index Tracking Fund | 2.72% | 3.33% | 5.22% | 4.94% | 0.59% | 0.00% | 0.00% | 1.59% | 1.30% |
IPAV Global X Infrastructure Development ex-U.S. ETF | 1.12% | 1.29% | 0.31% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
IPAV and DBC have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IPAV has higher volatility (6.26%) compared to DBC (4.60%). In terms of maximum drawdown, IPAV dropped -14.59% vs DBC's -76.36%.
On 1-year performance, IPAV leads with 31.70% vs 21.81% for DBC. On fees, IPAV is cheaper at 0.55% per year. On volatility, DBC has been the lower-risk option at 4.60%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, IPAV has performed better with a 31.70% return vs 21.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IPAV is cheaper with a 0.55% expense ratio, compared with 0.85% for DBC.
DBC has the higher dividend yield at 2.72%, compared with 1.12% for IPAV.
IPAV is categorized as Industrials Equities, while DBC is Commodities. IPAV tracks Global X Infrastructure Development ex-U.S. Index, while DBC tracks DBIQ Optimum Yield Diversified Commodity Index Excess Return. They also come from different issuers: Global X and Invesco. Their fees differ too: 0.55% for IPAV and 0.85% for DBC.
IPAV currently has the higher Sharpe Ratio (1.80 vs 1.17), 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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