KKR vs. DBC

Last updated Jun 4, 2026

KKR (KKR & Co. Inc.) is a stock, while DBC (Invesco DB Commodity Index Tracking Fund) is Commodities fund tracking the DBIQ Optimum Yield Diversified Commodity Index Excess Return. Over the past 10 years, KKR returned 22.99%/yr vs 9.10%/yr for DBC. At a 0.24 correlation, their price movements are largely independent.

Performance

KKR vs. DBC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KKR & Co. Inc. (KKR) and Invesco DB Commodity Index Tracking Fund (DBC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KKR achieves a -28.72% return, which is significantly lower than DBC's 35.47% return. Over the past 10 years, KKR has outperformed DBC with an annualized return of 22.99%, while DBC has yielded a comparatively lower 9.10% annualized return.

KKR

• 1D: -4.15%
• 1M: -12.22%
• YTD: -28.72%
• 6M: -28.15%
• 1Y: -24.36%
• 3Y*: 19.90%
• 5Y*: 11.26%
• 10Y*: 22.99%

DBC

• 1D: 0.56%
• 1M: -3.32%
• YTD: 35.47%
• 6M: 35.36%
• 1Y: 45.90%
• 3Y*: 15.09%
• 5Y*: 12.78%
• 10Y*: 9.10%

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

KKR vs. DBC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
KKR KKR & Co. Inc.	-28.72%	-13.32%	79.65%	80.48%	-36.98%	85.76%	41.13%	51.57%	-4.28%	41.78%
DBC Invesco DB Commodity Index Tracking Fund	35.47%	8.10%	2.18%	-6.19%	19.34%	41.36%	-7.84%	11.84%	-11.63%	4.86%

Correlation

The correlation between KKR and DBC is -0.07, 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	-0.07
Correlation (3Y) Calculated over the trailing 3-year period	0.05
Correlation (5Y) Calculated over the trailing 5-year period	0.14
Correlation (10Y) Calculated over the trailing 10-year period	0.20
Correlation (All Time) Calculated using the full available price history since Jul 16, 2010	0.24

The correlation between KKR and DBC shifts across timeframes, from -0.07 (1 year) to 0.24 (all time), reflecting how their relationship changes across market environments.

Return for Risk

KKR vs. DBC — Risk / Return Rank

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

KKR

KKR Risk / Return Rank: 17
KKR Sharpe Ratio Rank: 13
KKR Sortino Ratio Rank: 14
KKR Omega Ratio Rank: 15
KKR Calmar Ratio Rank: 21
KKR Martin Ratio Rank: 20

DBC

DBC Risk / Return Rank: 75
DBC Sharpe Ratio Rank: 74
DBC Sortino Ratio Rank: 67
DBC Omega Ratio Rank: 70
DBC Calmar Ratio Rank: 92
DBC Martin Ratio Rank: 72

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.

KKR vs. DBC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KKR & Co. Inc. (KKR) 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.

	KKR	DBC	Difference
Sharpe ratio: Return per unit of total volatility	-0.66	2.47	-3.13
Sortino ratio: Return per unit of downside risk	-0.76	3.16	-3.92
Omega ratio: Gain probability vs. loss probability	0.91	1.43	-0.52
Calmar ratio: Return relative to maximum drawdown	-0.55	6.54	-7.09
Martin ratio: Return relative to average drawdown	-1.02	13.91	-14.93
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KKR vs. DBC - Sharpe Ratio Comparison

The current KKR Sharpe Ratio is -0.66, which is lower than the DBC Sharpe Ratio of 2.47. The chart below compares the historical Sharpe Ratios of KKR and DBC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	KKR	DBC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.66	2.47	-3.13
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.29	0.67	-0.38
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.63	0.51	+0.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	0.12	+0.41

Drawdowns

KKR vs. DBC - Drawdown Comparison

The maximum KKR drawdown since its inception was -53.10%, smaller than the maximum DBC drawdown of -76.36%. Use the drawdown chart below to compare losses from any high point for KKR and DBC.

Drawdown Indicators

	KKR	DBC	Difference
Max Drawdown Largest peak-to-trough decline	-53.10%	-76.36%	+23.26%
Max Drawdown (1Y) Largest decline over 1 year	-44.62%	-7.05%	-37.57%
Max Drawdown (3Y) Largest decline over 3 years	-49.42%	-13.82%	-35.60%
Max Drawdown (5Y) Largest decline over 5 years	-49.42%	-27.34%	-22.08%
Max Drawdown (10Y) Largest decline over 10 years	-49.42%	-41.71%	-7.71%
Current Drawdown Current decline from peak	-45.30%	-21.64%	-23.66%
Average Drawdown Average peak-to-trough decline	-16.16%	-46.22%	+30.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	23.86%	3.31%	+20.55%

Volatility

KKR vs. DBC - Volatility Comparison

KKR & Co. Inc. (KKR) has a higher volatility of 8.20% compared to Invesco DB Commodity Index Tracking Fund (DBC) at 6.45%. This indicates that KKR'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.

Volatility by Period

	KKR	DBC	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.20%	6.45%	+1.75%
Volatility (6M) Calculated over the trailing 6-month period	29.43%	15.75%	+13.68%
Volatility (1Y) Calculated over the trailing 1-year period	36.84%	18.68%	+18.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.16%	19.18%	+19.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.61%	17.81%	+18.80%

Dividends

KKR vs. DBC - Dividend Comparison

KKR's dividend yield for the trailing twelve months is around 0.83%, less than DBC's 2.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DBC Invesco DB Commodity Index Tracking Fund	2.46%	3.33%	5.22%	4.94%	0.59%	0.00%	0.00%	1.59%	1.30%	0.00%	0.00%	0.00%
KKR KKR & Co. Inc.	0.83%	0.57%	0.47%	0.78%	1.31%	0.77%	1.31%	1.71%	3.23%	3.18%	4.16%	10.13%

Frequently Asked Questions

Can I hold both KKR and DBC in my portfolio?

KKR and DBC have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KKR or DBC?

KKR has higher volatility (8.20%) compared to DBC (6.45%). In terms of maximum drawdown, KKR dropped -53.10% vs DBC's -76.36%.

Which has better risk-adjusted returns?

DBC currently has the higher Sharpe Ratio (2.47 vs -0.66), 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.