MEDX vs. DBC

Last updated Jul 17, 2026

MEDX (Horizon Kinetics Medical ETF) and DBC (Invesco DB Commodity Index Tracking Fund) are both exchange-traded funds - MEDX is a Health & Biotech Equities fund actively managed by Horizon, while DBC is a Commodities fund tracking the DBIQ Optimum Yield Diversified Commodity Index Excess Return. MEDX is actively managed, while DBC is passively managed. Over the past 3 years, MEDX returned 8.26%/yr vs 11.51%/yr for DBC. At a correlation of -0.05, they often move in opposite directions. Both charge a 0.85% expense ratio.

Performance

MEDX vs. DBC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon Kinetics Medical ETF (MEDX) 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, MEDX achieves a 6.55% return, which is significantly lower than DBC's 27.28% return.

MEDX

• 1D: 1.12%
• 1M: 3.47%
• 6M: 6.78%
• YTD: 6.55%
• 1Y: 28.56%
• 3Y*: 8.26%
• 5Y*: —
• 10Y*: —

DBC

• 1D: -1.15%
• 1M: 2.01%
• 6M: 22.67%
• YTD: 27.28%
• 1Y: 31.86%
• 3Y*: 11.51%
• 5Y*: 11.45%
• 10Y*: 8.52%

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

MEDX vs. DBC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
MEDX Horizon Kinetics Medical ETF	6.55%	28.62%	-4.68%	-5.77%
DBC Invesco DB Commodity Index Tracking Fund	27.28%	8.10%	2.18%	-5.43%

Correlation

The correlation between MEDX and DBC is -0.24, 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	-0.24
Correlation (3Y) Calculated over the trailing 3-year period	-0.10
Correlation (All Time) Calculated using the full available price history since Jan 31, 2023	-0.05

The correlation between MEDX and DBC shifts across timeframes, from -0.24 (1 year) to -0.05 (all time), reflecting how their relationship changes across market environments.

Return for Risk

MEDX vs. DBC — Risk / Return Rank

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

MEDX

MEDX Risk / Return Rank: 59
MEDX Sharpe Ratio Rank: 56
MEDX Sortino Ratio Rank: 65
MEDX Omega Ratio Rank: 51
MEDX Calmar Ratio Rank: 69
MEDX Martin Ratio Rank: 53

DBC

DBC Risk / Return Rank: 56
DBC Sharpe Ratio Rank: 64
DBC Sortino Ratio Rank: 61
DBC Omega Ratio Rank: 59
DBC Calmar Ratio Rank: 47
DBC Martin Ratio Rank: 49

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.

MEDX vs. DBC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Kinetics Medical ETF (MEDX) 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.

	MEDX	DBC	Difference
Sharpe ratio: Return per unit of total volatility	1.52	1.70	-0.18
Sortino ratio: Return per unit of downside risk	2.41	2.31	+0.10
Omega ratio: Gain probability vs. loss probability	1.26	1.29	-0.03
Calmar ratio: Return relative to maximum drawdown	2.72	1.94	+0.79
Martin ratio: Return relative to average drawdown	7.29	6.62	+0.67

MEDX vs. DBC - Sharpe Ratio Comparison

The current MEDX Sharpe Ratio is 1.52, which is comparable to the DBC Sharpe Ratio of 1.70. The chart below compares the historical Sharpe Ratios of MEDX 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.

Drawdowns

MEDX vs. DBC - Drawdown Comparison

The maximum MEDX drawdown since its inception was -23.10%, smaller than the maximum DBC drawdown of -76.36%. Use the drawdown chart below to compare losses from any high point for MEDX and DBC.

Drawdown Indicators

	MEDX	DBC	Difference
Max Drawdown Largest peak-to-trough decline	-23.10%	-76.36%	+53.26%
Max Drawdown (1Y) Largest decline over 1 year	-10.54%	-16.54%	+6.00%
Max Drawdown (3Y) Largest decline over 3 years	-23.10%	-16.54%	-6.56%
Max Drawdown (5Y) Largest decline over 5 years	—	-27.34%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-41.71%	—
Current Drawdown Current decline from peak	-6.14%	-26.37%	+20.23%
Average Drawdown Average peak-to-trough decline	-6.58%	-46.12%	+39.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.93%	4.82%	-0.89%

Volatility

MEDX vs. DBC - Volatility Comparison

Horizon Kinetics Medical ETF (MEDX) has a higher volatility of 7.07% compared to Invesco DB Commodity Index Tracking Fund (DBC) at 6.03%. This indicates that MEDX'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

	MEDX	DBC	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.07%	6.03%	+1.04%
Volatility (6M) Calculated over the trailing 6-month period	14.26%	16.71%	-2.45%
Volatility (1Y) Calculated over the trailing 1-year period	18.98%	18.85%	+0.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.21%	19.29%	-2.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.21%	17.80%	-0.59%

MEDX vs. DBC - Expense Ratio Comparison

Both MEDX and DBC have an expense ratio of 0.85%.

Dividends

MEDX vs. DBC - Dividend Comparison

MEDX's dividend yield for the trailing twelve months is around 1.16%, less than DBC's 2.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBC Invesco DB Commodity Index Tracking Fund	2.61%	3.33%	5.22%	4.94%	0.59%	0.00%	0.00%	1.59%	1.30%
MEDX Horizon Kinetics Medical ETF	1.16%	1.23%	1.92%	4.94%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MEDX and DBC in my portfolio?

MEDX and DBC have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MEDX or DBC?

MEDX has higher volatility (7.07%) compared to DBC (6.03%). In terms of maximum drawdown, MEDX dropped -23.10% vs DBC's -76.36%.

Which ETF is better, MEDX or DBC?

On 3-year performance, DBC leads with 11.51% vs 8.26% for MEDX. Both ETFs have the same 0.85% expense ratio. On volatility, DBC has been the lower-risk option at 6.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MEDX or DBC?

Over the 3-year period, DBC has performed better with a 11.51% return vs 8.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MEDX or DBC?

MEDX and DBC have the same expense ratio: 0.85% per year.

Which ETF pays a higher dividend yield, MEDX or DBC?

DBC has the higher dividend yield at 2.61%, compared with 1.16% for MEDX.

What is the main difference between MEDX and DBC?

MEDX is categorized as Health & Biotech Equities, while DBC is Commodities. They also come from different issuers: Horizon and Invesco.

Which has better risk-adjusted returns?

DBC currently has the higher Sharpe Ratio (1.70 vs 1.52), 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.