IVE vs. PDBC
IVE (iShares S&P 500 Value ETF) and PDBC (Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF) are both exchange-traded funds - IVE is a Large Cap Value Equities fund tracking the S&P 500 Value Index, while PDBC is a Commodities fund actively managed by Invesco. IVE is passively managed, while PDBC is actively managed. Over the past 10 years, IVE returned 11.78%/yr vs 8.61%/yr for PDBC. Their 0.28 correlation means their historical movements had little consistent relationship. IVE charges 0.18%/yr vs 0.58%/yr for PDBC.
Performance
IVE vs. PDBC - Performance Comparison
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Returns By Period
In the year-to-date period, IVE achieves a 11.74% return, which is significantly lower than PDBC's 28.15% return. Over the past 10 years, IVE has outperformed PDBC with an annualized return of 11.78%, while PDBC has yielded a comparatively lower 8.61% annualized return.
IVE
- 1D
- -0.21%
- 1M
- 1.84%
- 6M
- 7.21%
- YTD
- 11.74%
- 1Y
- 21.94%
- 3Y*
- 14.96%
- 5Y*
- 11.50%
- 10Y*
- 11.78%
- ALL TIME*
- 7.69%
PDBC
- 1D
- 0.47%
- 1M
- 5.47%
- 6M
- 18.25%
- YTD
- 28.15%
- 1Y
- 35.58%
- 3Y*
- 9.41%
- 5Y*
- 11.02%
- 10Y*
- 8.61%
- ALL TIME*
- 3.59%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $172.72M | $150.35M | $232.16M | |
| $121.86M | $152.61M | $122.20M |
IVE vs. PDBC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IVE iShares S&P 500 Value ETF | 11.74% | 13.02% | 12.03% | 22.07% | -5.41% | 24.72% | 1.22% | 31.62% | -9.22% | 15.24% |
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 28.15% | 5.96% | 2.09% | -6.25% | 19.23% | 41.72% | -7.84% | 11.44% | -12.78% | 5.06% |
Correlation
The correlation between IVE and PDBC is -0.18, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.18 |
Correlation (3Y) Balances recent behavior with more history. | -0.00 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.16 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.26 |
Correlation (All Time) Calculated using the full available price history since Nov 7, 2014 | 0.28 |
The correlation between IVE and PDBC shifts across timeframes, from -0.18 (1 year) to 0.28 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
IVE vs. PDBC — Risk / Return Rank
IVE
PDBC
IVE vs. PDBC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares S&P 500 Value ETF (IVE) 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.
| IVE | PDBC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.43 | ||
| Sortino ratioReturn per unit of downside risk | +0.72 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 1.31 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 3.56 | 2.16 | +1.40 |
| Martin ratioReturn relative to average drawdown | 13.74 | 7.07 | +6.67 |
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Drawdowns
IVE vs. PDBC - Drawdown Comparison
The maximum IVE drawdown since its inception was -61.32%, which is greater than PDBC's maximum drawdown of -49.52%. Use the drawdown chart below to compare losses from any high point for IVE and PDBC.
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Drawdown Indicators
| IVE | PDBC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -61.32% | -49.52% | -11.80% |
Max Drawdown (1Y)Largest decline over 1 year | -6.19% | -16.55% | +10.36% |
Max Drawdown (3Y)Largest decline over 3 years | -17.58% | -16.55% | -1.03% |
Max Drawdown (5Y)Largest decline over 5 years | -18.04% | -27.63% | +9.59% |
Max Drawdown (10Y)Largest decline over 10 years | -37.04% | -40.73% | +3.69% |
Current DrawdownCurrent decline from peak | -0.21% | -10.21% | +10.00% |
Average DrawdownAverage peak-to-trough decline | -10.04% | -23.02% | +12.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.60% | 5.05% | -3.45% |
Volatility
IVE vs. PDBC - Volatility Comparison
The current volatility for iShares S&P 500 Value ETF (IVE) is 2.74%, while Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) has a volatility of 7.58%. This indicates that IVE 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
| IVE | PDBC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.74% | 7.58% | -4.84% |
Volatility (6M)Calculated over the trailing 6-month period | 7.19% | 16.65% | -9.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.83% | 19.73% | -9.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.31% | 19.28% | -4.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.89% | 17.85% | -0.96% |
IVE vs. PDBC - Expense Ratio Comparison
IVE has a 0.18% expense ratio, which is lower than PDBC's 0.58% expense ratio.
Dividends
IVE vs. PDBC - Dividend Comparison
IVE's dividend yield for the trailing twelve months is around 1.51%, less than PDBC's 3.00% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IVE iShares S&P 500 Value ETF | 1.51% | 1.61% | 2.04% | 1.65% | 2.10% | 1.81% | 2.37% | 2.11% | 2.74% | 2.12% | 2.26% | 2.44% |
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 3.00% | 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
IVE and PDBC have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PDBC has higher volatility (7.58%) compared to IVE (2.74%). In terms of maximum drawdown, IVE dropped -61.32% vs PDBC's -49.52%.
On 10-year performance, IVE leads with 11.78% vs 8.61% for PDBC. On fees, IVE is cheaper at 0.18% per year. On volatility, IVE has been the lower-risk option at 2.74%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IVE has performed better with a 11.78% return vs 8.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IVE is cheaper with a 0.18% expense ratio, compared with 0.58% for PDBC.
PDBC has the higher dividend yield at 3.00%, compared with 1.51% for IVE.
IVE is categorized as Large Cap Value Equities, while PDBC is Commodities. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.18% for IVE and 0.58% for PDBC.
IVE currently has the higher Sharpe Ratio (2.24 vs 1.81), 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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