KAT vs. PDBC

Last updated Jul 12, 2026

KAT (Scharf ETF) and PDBC (Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF) are both exchange-traded funds - KAT is a Large Cap Blend Equities fund actively managed by Scharf Investments, while PDBC is a Commodities fund actively managed by Invesco. Both are actively managed. At a correlation of -0.03, they often move in opposite directions. KAT charges 0.75%/yr vs 0.58%/yr for PDBC.

Performance

KAT vs. PDBC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Scharf ETF (KAT) and Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KAT achieves a 1.77% return, which is significantly lower than PDBC's 24.08% return.

KAT

• 1D: 0.53%
• 1M: 1.96%
• 6M: -0.75%
• YTD: 1.77%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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%

*Multi-year figures are annualized to reflect compound growth (CAGR)

KAT vs. PDBC - Yearly Performance Comparison

	2026 (YTD)	2025
KAT Scharf ETF	1.77%	0.85%
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF	24.08%	4.59%

Correlation

The correlation between KAT and PDBC is -0.03, 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 (All Time) Calculated using the full available price history since Aug 25, 2025	-0.03

Return for Risk

KAT vs. PDBC — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

KAT

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

PDBC

PDBC Risk / Return Rank: 51
PDBC Sharpe Ratio Rank: 57
PDBC Sortino Ratio Rank: 54
PDBC Omega Ratio Rank: 53
PDBC Calmar Ratio Rank: 43
PDBC Martin Ratio Rank: 47

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

KAT vs. PDBC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Scharf ETF (KAT) 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.

	KAT	PDBC	Difference
Sharpe ratio: Return per unit of total volatility	—	1.55	—
Sortino ratio: Return per unit of downside risk	—	2.13	—
Omega ratio: Gain probability vs. loss probability	—	1.27	—
Calmar ratio: Return relative to maximum drawdown	—	1.75	—
Martin ratio: Return relative to average drawdown	—	6.25	—

Drawdowns

KAT vs. PDBC - Drawdown Comparison

The maximum KAT drawdown since its inception was -9.25%, smaller than the maximum PDBC drawdown of -49.52%. Use the drawdown chart below to compare losses from any high point for KAT and PDBC.

Drawdown Indicators

	KAT	PDBC	Difference
Max Drawdown Largest peak-to-trough decline	-9.25%	-49.52%	+40.27%
Max Drawdown (1Y) Largest decline over 1 year	—	-16.55%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-16.55%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-27.63%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-40.73%	—
Current Drawdown Current decline from peak	-3.65%	-13.06%	+9.41%
Average Drawdown Average peak-to-trough decline	-3.46%	-23.11%	+19.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	4.64%	—

Volatility

Volatility by Period

	KAT	PDBC	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	5.48%	—
Volatility (6M) Calculated over the trailing 6-month period	—	16.59%	—
Volatility (1Y) Calculated over the trailing 1-year period	10.63%	18.72%	-8.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.63%	19.19%	-8.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.63%	17.75%	-7.12%

KAT vs. PDBC - Expense Ratio Comparison

KAT has a 0.75% expense ratio, which is higher than PDBC's 0.58% expense ratio.

Dividends

KAT vs. PDBC - Dividend Comparison

KAT's dividend yield for the trailing twelve months is around 0.08%, less than PDBC's 3.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
KAT Scharf ETF	0.08%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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%

Frequently Asked Questions

Can I hold both KAT and PDBC in my portfolio?

KAT and PDBC have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, KAT or PDBC?

On fees, PDBC is cheaper at 0.58% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, KAT or PDBC?

PDBC is cheaper with a 0.58% expense ratio, compared with 0.75% for KAT.

Which ETF pays a higher dividend yield, KAT or PDBC?

PDBC has the higher dividend yield at 3.09%, compared with 0.08% for KAT.

What is the main difference between KAT and PDBC?

KAT is categorized as Large Cap Blend Equities, while PDBC is Commodities. They also come from different issuers: Scharf Investments and Invesco. Their fees differ too: 0.75% for KAT and 0.58% for PDBC.