IRVH vs. DBC
IRVH (Global X Interest Rate Volatility & Inflation Hedge ETF) and DBC (Invesco DB Commodity Index Tracking Fund) are both exchange-traded funds - IRVH is a Inflation-Protected Bonds fund actively managed by Global X, while DBC is a Commodities fund tracking the DBIQ Optimum Yield Diversified Commodity Index Excess Return. IRVH is actively managed, while DBC is passively managed. Over the past 3 years, IRVH returned 0.36%/yr vs 10.50%/yr for DBC. At a correlation of -0.01, they often move in opposite directions. IRVH charges 0.50%/yr vs 0.85%/yr for DBC.
Performance
IRVH vs. DBC - Performance Comparison
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Returns By Period
In the year-to-date period, IRVH achieves a -4.22% return, which is significantly lower than DBC's 23.08% return.
IRVH
- 1D
- 0.08%
- 1M
- -0.62%
- 6M
- -3.96%
- YTD
- -4.22%
- 1Y
- -2.61%
- 3Y*
- 0.36%
- 5Y*
- —
- 10Y*
- —
DBC
- 1D
- -0.22%
- 1M
- -3.61%
- 6M
- 20.17%
- YTD
- 23.08%
- 1Y
- 26.37%
- 3Y*
- 10.50%
- 5Y*
- 10.59%
- 10Y*
- 7.98%
IRVH vs. DBC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
IRVH Global X Interest Rate Volatility & Inflation Hedge ETF | -4.22% | 7.71% | -5.49% | 0.83% | -6.69% |
DBC Invesco DB Commodity Index Tracking Fund | 23.08% | 8.10% | 2.18% | -6.19% | -0.69% |
Correlation
The correlation between IRVH and DBC is -0.08, 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 | -0.08 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.06 |
Correlation (All Time) Calculated using the full available price history since Jul 6, 2022 | -0.01 |
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Return for Risk
IRVH vs. DBC — Risk / Return Rank
IRVH
DBC
IRVH vs. DBC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X Interest Rate Volatility & Inflation Hedge ETF (IRVH) 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.
| IRVH | DBC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.08 | ||
| Sortino ratioReturn per unit of downside risk | -2.84 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.26 | -0.35 |
| Calmar ratioReturn relative to maximum drawdown | -0.44 | 1.70 | -2.14 |
| Martin ratioReturn relative to average drawdown | -0.93 | 6.03 | -6.96 |
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Drawdowns
IRVH vs. DBC - Drawdown Comparison
The maximum IRVH drawdown since its inception was -14.98%, smaller than the maximum DBC drawdown of -76.36%. Use the drawdown chart below to compare losses from any high point for IRVH and DBC.
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Drawdown Indicators
| IRVH | DBC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.98% | -76.36% | +61.38% |
Max Drawdown (1Y)Largest decline over 1 year | -6.11% | -16.54% | +10.43% |
Max Drawdown (3Y)Largest decline over 3 years | -8.03% | -16.54% | +8.51% |
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 | -11.14% | -28.80% | +17.66% |
Average DrawdownAverage peak-to-trough decline | -9.74% | -46.13% | +36.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.90% | 4.66% | -1.76% |
Volatility
IRVH vs. DBC - Volatility Comparison
The current volatility for Global X Interest Rate Volatility & Inflation Hedge ETF (IRVH) is 1.17%, while Invesco DB Commodity Index Tracking Fund (DBC) has a volatility of 5.21%. This indicates that IRVH 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
| IRVH | DBC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.17% | 5.21% | -4.04% |
Volatility (6M)Calculated over the trailing 6-month period | 3.38% | 16.48% | -13.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.77% | 18.63% | -13.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.76% | 19.23% | -10.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.76% | 17.78% | -9.02% |
IRVH vs. DBC - Expense Ratio Comparison
IRVH has a 0.50% expense ratio, which is lower than DBC's 0.85% expense ratio.
Dividends
IRVH vs. DBC - Dividend Comparison
IRVH's dividend yield for the trailing twelve months is around 5.65%, more than DBC's 2.70% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBC Invesco DB Commodity Index Tracking Fund | 2.70% | 3.33% | 5.22% | 4.94% | 0.59% | 0.00% | 0.00% | 1.59% | 1.30% |
IRVH Global X Interest Rate Volatility & Inflation Hedge ETF | 5.65% | 4.89% | 3.34% | 3.69% | 2.73% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
IRVH and DBC have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBC has higher volatility (5.21%) compared to IRVH (1.17%). In terms of maximum drawdown, IRVH dropped -14.98% vs DBC's -76.36%.
On 3-year performance, DBC leads with 10.50% vs 0.36% for IRVH. On fees, IRVH is cheaper at 0.50% per year. On volatility, IRVH has been the lower-risk option at 1.17%. 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 10.50% return vs 0.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IRVH is cheaper with a 0.50% expense ratio, compared with 0.85% for DBC.
IRVH has the higher dividend yield at 5.65%, compared with 2.70% for DBC.
IRVH is categorized as Inflation-Protected Bonds, while DBC is Commodities. They also come from different issuers: Global X and Invesco. Their fees differ too: 0.50% for IRVH and 0.85% for DBC.
DBC currently has the higher Sharpe Ratio (1.51 vs -0.56), 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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