NBCM vs. DBA

Last updated Jul 12, 2026

NBCM (Neuberger Berman Commodity Strategy ETF) and DBA (Invesco DB Agriculture Fund) are both exchange-traded funds - NBCM is a Commodities fund actively managed by Neuberger Berman, while DBA is a Agricultural Commodities fund tracking the DBIQ Diversified Agriculture Index Excess Return. NBCM is actively managed, while DBA is passively managed. Over the past 3 years, NBCM returned 14.74%/yr vs 13.55%/yr for DBA. At a 0.42 correlation, their price movements are largely independent. NBCM charges 0.66%/yr vs 0.88%/yr for DBA.

Performance

NBCM vs. DBA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Neuberger Berman Commodity Strategy ETF (NBCM) and Invesco DB Agriculture Fund (DBA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NBCM achieves a 21.59% return, which is significantly higher than DBA's 8.82% return.

NBCM

• 1D: -0.29%
• 1M: -1.75%
• 6M: 18.42%
• YTD: 21.59%
• 1Y: 31.14%
• 3Y*: 14.74%
• 5Y*: —
• 10Y*: —

DBA

• 1D: 0.22%
• 1M: 5.59%
• 6M: 7.72%
• YTD: 8.82%
• 1Y: 11.65%
• 3Y*: 13.55%
• 5Y*: 12.19%
• 10Y*: 4.14%

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

NBCM vs. DBA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
NBCM Neuberger Berman Commodity Strategy ETF	21.59%	17.45%	6.55%	-6.41%	5.39%
DBA Invesco DB Agriculture Fund	8.82%	-0.56%	33.45%	7.64%	0.99%

Correlation

The correlation between NBCM and DBA is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.38
Correlation (All Time) Calculated using the full available price history since Oct 24, 2022	0.42

Return for Risk

NBCM vs. DBA — Risk / Return Rank

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

NBCM

NBCM Risk / Return Rank: 63
NBCM Sharpe Ratio Rank: 71
NBCM Sortino Ratio Rank: 64
NBCM Omega Ratio Rank: 68
NBCM Calmar Ratio Rank: 56
NBCM Martin Ratio Rank: 55

DBA

DBA Risk / Return Rank: 34
DBA Sharpe Ratio Rank: 37
DBA Sortino Ratio Rank: 38
DBA Omega Ratio Rank: 35
DBA Calmar Ratio Rank: 33
DBA Martin Ratio Rank: 26

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.

NBCM vs. DBA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Neuberger Berman Commodity Strategy ETF (NBCM) and Invesco DB Agriculture Fund (DBA). 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.

	NBCM	DBA	Difference
Sharpe ratio: Return per unit of total volatility	1.82	1.08	+0.74
Sortino ratio: Return per unit of downside risk	2.37	1.64	+0.73
Omega ratio: Gain probability vs. loss probability	1.32	1.19	+0.13
Calmar ratio: Return relative to maximum drawdown	2.20	1.35	+0.85
Martin ratio: Return relative to average drawdown	7.47	2.83	+4.64

NBCM vs. DBA - Sharpe Ratio Comparison

The current NBCM Sharpe Ratio is 1.82, which is higher than the DBA Sharpe Ratio of 1.08. The chart below compares the historical Sharpe Ratios of NBCM and DBA, 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

NBCM vs. DBA - Drawdown Comparison

The maximum NBCM drawdown since its inception was -14.78%, smaller than the maximum DBA drawdown of -67.97%. Use the drawdown chart below to compare losses from any high point for NBCM and DBA.

Drawdown Indicators

	NBCM	DBA	Difference
Max Drawdown Largest peak-to-trough decline	-14.78%	-67.97%	+53.19%
Max Drawdown (1Y) Largest decline over 1 year	-14.78%	-8.67%	-6.11%
Max Drawdown (3Y) Largest decline over 3 years	-14.78%	-12.36%	-2.42%
Max Drawdown (5Y) Largest decline over 5 years	—	-15.94%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-37.97%	—
Current Drawdown Current decline from peak	-10.56%	-23.39%	+12.83%
Average Drawdown Average peak-to-trough decline	-4.35%	-41.02%	+36.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.35%	4.12%	+0.23%

Volatility

NBCM vs. DBA - Volatility Comparison

Neuberger Berman Commodity Strategy ETF (NBCM) has a higher volatility of 4.62% compared to Invesco DB Agriculture Fund (DBA) at 3.88%. This indicates that NBCM's price experiences larger fluctuations and is considered to be riskier than DBA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NBCM	DBA	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.62%	3.88%	+0.74%
Volatility (6M) Calculated over the trailing 6-month period	15.35%	7.43%	+7.92%
Volatility (1Y) Calculated over the trailing 1-year period	17.89%	10.83%	+7.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.99%	13.86%	+1.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.99%	13.06%	+1.93%

NBCM vs. DBA - Expense Ratio Comparison

NBCM has a 0.66% expense ratio, which is lower than DBA's 0.88% expense ratio.

Dividends

NBCM vs. DBA - Dividend Comparison

NBCM's dividend yield for the trailing twelve months is around 6.95%, more than DBA's 3.29% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBA Invesco DB Agriculture Fund	3.29%	3.58%	4.08%	4.63%	0.48%	0.00%	0.00%	1.55%	1.06%
NBCM Neuberger Berman Commodity Strategy ETF	6.95%	8.46%	5.22%	4.37%	0.80%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NBCM and DBA in my portfolio?

NBCM and DBA have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NBCM or DBA?

NBCM has higher volatility (4.62%) compared to DBA (3.88%). In terms of maximum drawdown, NBCM dropped -14.78% vs DBA's -67.97%.

Which ETF is better, NBCM or DBA?

On 3-year performance, NBCM leads with 14.74% vs 13.55% for DBA. On fees, NBCM is cheaper at 0.66% per year. On volatility, DBA has been the lower-risk option at 3.88%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NBCM or DBA?

Over the 3-year period, NBCM has performed better with a 14.74% return vs 13.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NBCM or DBA?

NBCM is cheaper with a 0.66% expense ratio, compared with 0.88% for DBA.

Which ETF pays a higher dividend yield, NBCM or DBA?

NBCM has the higher dividend yield at 6.95%, compared with 3.29% for DBA.

What is the main difference between NBCM and DBA?

NBCM is categorized as Commodities, while DBA is Agricultural Commodities. They also come from different issuers: Neuberger Berman and Invesco. Their fees differ too: 0.66% for NBCM and 0.88% for DBA.

Which has better risk-adjusted returns?

NBCM currently has the higher Sharpe Ratio (1.82 vs 1.08), 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.