ITM vs. PDBC
ITM (VanEck Intermediate Muni ETF) and PDBC (Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF) are both exchange-traded funds - ITM is a Municipal Bonds fund tracking the Bloomberg AMT-Free Intermediate Continuous, while PDBC is a Commodities fund actively managed by Invesco. ITM is passively managed, while PDBC is actively managed. Over the past 10 years, ITM returned 1.77%/yr vs 7.69%/yr for PDBC. At a correlation of -0.07, they often move in opposite directions. ITM charges 0.24%/yr vs 0.58%/yr for PDBC.
Performance
ITM vs. PDBC - Performance Comparison
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Returns By Period
In the year-to-date period, ITM achieves a 0.52% return, which is significantly lower than PDBC's 24.08% return. Over the past 10 years, ITM has underperformed PDBC with an annualized return of 1.77%, while PDBC has yielded a comparatively higher 7.69% annualized return.
ITM
- 1D
- 0.02%
- 1M
- 0.09%
- 6M
- 0.10%
- YTD
- 0.52%
- 1Y
- 5.96%
- 3Y*
- 3.49%
- 5Y*
- 0.30%
- 10Y*
- 1.77%
PDBC
- 1D
- 0.12%
- 1M
- -3.63%
- 6M
- 21.24%
- YTD
- 24.08%
- 1Y
- 27.16%
- 3Y*
- 9.96%
- 5Y*
- 10.22%
- 10Y*
- 7.69%
ITM vs. PDBC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ITM VanEck Intermediate Muni ETF | 0.52% | 5.34% | 0.73% | 5.69% | -9.33% | 0.21% | 5.87% | 8.46% | 0.96% | 6.13% |
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 24.08% | 5.96% | 2.09% | -6.25% | 19.23% | 41.72% | -7.84% | 11.44% | -12.78% | 5.06% |
Correlation
The correlation between ITM and PDBC is -0.25, 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 | -0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.11 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.04 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.04 |
Correlation (All Time) Calculated using the full available price history since Nov 7, 2014 | -0.07 |
The correlation between ITM and PDBC shifts across timeframes, from -0.25 (1 year) to -0.04 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
ITM vs. PDBC — Risk / Return Rank
ITM
PDBC
ITM vs. PDBC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Intermediate Muni ETF (ITM) and Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC). 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.
| ITM | PDBC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.48 | ||
| Sortino ratioReturn per unit of downside risk | +0.79 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 1.27 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 1.68 | 1.75 | -0.07 |
| Martin ratioReturn relative to average drawdown | 5.06 | 6.25 | -1.18 |
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Drawdowns
ITM vs. PDBC - Drawdown Comparison
The maximum ITM drawdown since its inception was -24.75%, smaller than the maximum PDBC drawdown of -49.52%. Use the drawdown chart below to compare losses from any high point for ITM and PDBC.
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Drawdown Indicators
| ITM | PDBC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.75% | -49.52% | +24.77% |
Max Drawdown (1Y)Largest decline over 1 year | -3.43% | -16.55% | +13.12% |
Max Drawdown (3Y)Largest decline over 3 years | -5.68% | -16.55% | +10.87% |
Max Drawdown (5Y)Largest decline over 5 years | -15.11% | -27.63% | +12.52% |
Max Drawdown (10Y)Largest decline over 10 years | -24.75% | -40.73% | +15.98% |
Current DrawdownCurrent decline from peak | -1.41% | -13.06% | +11.65% |
Average DrawdownAverage peak-to-trough decline | -2.97% | -23.11% | +20.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.14% | 4.64% | -3.50% |
Volatility
ITM vs. PDBC - Volatility Comparison
The current volatility for VanEck Intermediate Muni ETF (ITM) is 0.62%, while Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) has a volatility of 5.48%. This indicates that ITM experiences smaller price fluctuations and is considered to be less risky than PDBC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ITM | PDBC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.62% | 5.48% | -4.86% |
Volatility (6M)Calculated over the trailing 6-month period | 2.22% | 16.59% | -14.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.84% | 18.72% | -15.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.30% | 19.19% | -14.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.09% | 17.75% | -10.66% |
ITM vs. PDBC - Expense Ratio Comparison
ITM has a 0.24% expense ratio, which is lower than PDBC's 0.58% expense ratio.
Dividends
ITM vs. PDBC - Dividend Comparison
ITM's dividend yield for the trailing twelve months is around 2.97%, less than PDBC's 3.09% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ITM VanEck Intermediate Muni ETF | 2.97% | 2.86% | 2.73% | 2.40% | 1.92% | 1.70% | 2.13% | 2.44% | 2.33% | 2.21% | 2.29% | 2.28% |
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 3.09% | 3.84% | 4.42% | 4.21% | 13.05% | 50.83% | 0.01% | 1.40% | 1.00% | 3.83% | 6.51% | 0.00% |
Frequently Asked Questions
ITM and PDBC have a correlation of -0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PDBC has higher volatility (5.48%) compared to ITM (0.62%). In terms of maximum drawdown, ITM dropped -24.75% vs PDBC's -49.52%.
On 10-year performance, PDBC leads with 7.69% vs 1.77% for ITM. On fees, ITM is cheaper at 0.24% per year. On volatility, ITM has been the lower-risk option at 0.62%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PDBC has performed better with a 7.69% return vs 1.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ITM is cheaper with a 0.24% expense ratio, compared with 0.58% for PDBC.
PDBC has the higher dividend yield at 3.09%, compared with 2.97% for ITM.
ITM is categorized as Municipal Bonds, while PDBC is Commodities. They also come from different issuers: VanEck and Invesco. Their fees differ too: 0.24% for ITM and 0.58% for PDBC.
ITM currently has the higher Sharpe Ratio (2.03 vs 1.55), 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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