MINO vs. DBC
MINO (PIMCO Municipal Income Opportunities Active Exchange-Traded Fund) and DBC (Invesco DB Commodity Index Tracking Fund) are both exchange-traded funds - MINO is a Municipal Bonds fund actively managed by PIMCO, while DBC is a Commodities fund tracking the DBIQ Optimum Yield Diversified Commodity Index Excess Return. MINO is actively managed, while DBC is passively managed. Over the past 3 years, MINO returned 4.48%/yr vs 10.50%/yr for DBC. Their -0.06 correlation means they have often moved in opposite directions in the past. MINO charges 0.39%/yr vs 0.85%/yr for DBC.
Performance
MINO vs. DBC - Performance Comparison
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Returns By Period
In the year-to-date period, MINO achieves a 1.03% return, which is significantly lower than DBC's 29.16% return.
MINO
- 1D
- 0.16%
- 1M
- -1.69%
- 6M
- 0.22%
- YTD
- 1.03%
- 1Y
- 5.80%
- 3Y*
- 4.48%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 1.19%
DBC
- 1D
- -1.94%
- 1M
- 8.69%
- 6M
- 22.68%
- YTD
- 29.16%
- 1Y
- 35.14%
- 3Y*
- 10.50%
- 5Y*
- 11.93%
- 10Y*
- 9.05%
- ALL TIME*
- 1.95%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $29.57M | $30.05M | $33.92M | |
| $5.03M | $4.69M | $4.88M |
MINO vs. DBC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
MINO PIMCO Municipal Income Opportunities Active Exchange-Traded Fund | 1.03% | 4.42% | 3.13% | 8.46% | -10.43% | 0.26% |
DBC Invesco DB Commodity Index Tracking Fund | 29.16% | 8.10% | 2.18% | -6.19% | 19.34% | 7.95% |
Correlation
The correlation between MINO and DBC is -0.27, 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. | -0.27 |
Correlation (3Y) Balances recent behavior with more history. | -0.11 |
Correlation (All Time) Calculated using the full available price history since Sep 9, 2021 | -0.06 |
Over the past year, the inverse relationship between MINO and DBC has strengthened: their correlation has moved from -0.06 to -0.27, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
MINO vs. DBC — Risk / Return Rank
MINO
DBC
MINO vs. DBC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO Municipal Income Opportunities Active Exchange-Traded Fund (MINO) 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.
| MINO | DBC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.38 | ||
| Sortino ratioReturn per unit of downside risk | +0.78 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 1.30 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 2.41 | 2.13 | +0.28 |
| Martin ratioReturn relative to average drawdown | 8.16 | 7.07 | +1.09 |
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Drawdowns
MINO vs. DBC - Drawdown Comparison
The maximum MINO drawdown since its inception was -15.24%, smaller than the maximum DBC drawdown of -76.36%. Use the drawdown chart below to compare losses from any high point for MINO and DBC.
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Drawdown Indicators
| MINO | DBC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.24% | -76.36% | +61.12% |
Max Drawdown (1Y)Largest decline over 1 year | -2.41% | -16.54% | +14.13% |
Max Drawdown (3Y)Largest decline over 3 years | -4.71% | -16.54% | +11.83% |
Max Drawdown (5Y)Largest decline over 5 years | — | -27.34% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -41.71% | — |
Current DrawdownCurrent decline from peak | -1.69% | -25.28% | +23.59% |
Average DrawdownAverage peak-to-trough decline | -4.13% | -46.07% | +41.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.71% | 4.99% | -4.28% |
Volatility
MINO vs. DBC - Volatility Comparison
The current volatility for PIMCO Municipal Income Opportunities Active Exchange-Traded Fund (MINO) is 0.90%, while Invesco DB Commodity Index Tracking Fund (DBC) has a volatility of 7.43%. This indicates that MINO experiences smaller price fluctuations and is considered to be less risky than DBC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MINO | DBC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.90% | 7.43% | -6.53% |
Volatility (6M)Calculated over the trailing 6-month period | 2.08% | 17.09% | -15.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.67% | 19.63% | -16.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.49% | 19.33% | -14.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.49% | 17.88% | -13.39% |
MINO vs. DBC - Expense Ratio Comparison
MINO has a 0.39% expense ratio, which is lower than DBC's 0.85% expense ratio.
Dividends
MINO vs. DBC - Dividend Comparison
MINO's dividend yield for the trailing twelve months is around 3.96%, more than DBC's 2.58% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBC Invesco DB Commodity Index Tracking Fund | 2.58% | 3.33% | 5.22% | 4.94% | 0.59% | 0.00% | 0.00% | 1.59% | 1.30% |
MINO PIMCO Municipal Income Opportunities Active Exchange-Traded Fund | 3.96% | 3.71% | 3.91% | 3.78% | 2.87% | 0.29% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
MINO and DBC have a correlation of -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBC has higher volatility (7.43%) compared to MINO (0.90%). In terms of maximum drawdown, MINO dropped -15.24% vs DBC's -76.36%.
On 3-year performance, DBC leads with 10.50% vs 4.48% for MINO. On fees, MINO is cheaper at 0.39% per year. On volatility, MINO has been the lower-risk option at 0.90%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, DBC has performed better with a 10.50% return vs 4.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MINO is cheaper with a 0.39% expense ratio, compared with 0.85% for DBC.
MINO has the higher dividend yield at 3.96%, compared with 2.58% for DBC.
MINO is categorized as Municipal Bonds, while DBC is Commodities. They also come from different issuers: PIMCO and Invesco. Their fees differ too: 0.39% for MINO and 0.85% for DBC.
MINO currently has the higher Sharpe Ratio (2.18 vs 1.80), 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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