NBCM vs. DBC

Last updated Jul 12, 2026

NBCM (Neuberger Berman Commodity Strategy ETF) and DBC (Invesco DB Commodity Index Tracking Fund) are both Commodities funds. NBCM is actively managed, while DBC is passively managed. Over the past 3 years, NBCM returned 14.74%/yr vs 10.50%/yr for DBC. Their correlation of 0.91 suggests significant overlap in exposure. NBCM charges 0.66%/yr vs 0.85%/yr for DBC.

Performance

NBCM vs. DBC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Neuberger Berman Commodity Strategy ETF (NBCM) 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, NBCM achieves a 21.59% return, which is significantly lower than DBC's 23.08% return.

NBCM

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

DBC

• 1D: -0.22%
• 1M: -4.61%
• 6M: 20.17%
• YTD: 23.08%
• 1Y: 26.37%
• 3Y*: 10.50%
• 5Y*: 10.59%
• 10Y*: 7.98%

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

NBCM vs. DBC - 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%
DBC Invesco DB Commodity Index Tracking Fund	23.08%	8.10%	2.18%	-6.19%	-0.33%

Correlation

The correlation between NBCM and DBC is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (All Time) Calculated using the full available price history since Oct 24, 2022	0.91

The correlation between NBCM and DBC has been stable across timeframes, ranging from 0.90 to 0.91 - a consistent structural relationship.

Return for Risk

NBCM vs. DBC — 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

DBC

DBC Risk / Return Rank: 49
DBC Sharpe Ratio Rank: 55
DBC Sortino Ratio Rank: 53
DBC Omega Ratio Rank: 50
DBC Calmar Ratio Rank: 42
DBC Martin Ratio Rank: 45

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. DBC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Neuberger Berman Commodity Strategy ETF (NBCM) 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.

	NBCM	DBC	Difference
Sharpe ratio: Return per unit of total volatility	1.82	1.51	+0.31
Sortino ratio: Return per unit of downside risk	2.37	2.08	+0.29
Omega ratio: Gain probability vs. loss probability	1.32	1.26	+0.06
Calmar ratio: Return relative to maximum drawdown	2.20	1.70	+0.50
Martin ratio: Return relative to average drawdown	7.47	6.03	+1.44

NBCM vs. DBC - Sharpe Ratio Comparison

The current NBCM Sharpe Ratio is 1.82, which is comparable to the DBC Sharpe Ratio of 1.51. The chart below compares the historical Sharpe Ratios of NBCM 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

NBCM vs. DBC - Drawdown Comparison

The maximum NBCM drawdown since its inception was -14.78%, smaller than the maximum DBC drawdown of -76.36%. Use the drawdown chart below to compare losses from any high point for NBCM and DBC.

Drawdown Indicators

	NBCM	DBC	Difference
Max Drawdown Largest peak-to-trough decline	-14.78%	-76.36%	+61.58%
Max Drawdown (1Y) Largest decline over 1 year	-14.78%	-16.54%	+1.76%
Max Drawdown (3Y) Largest decline over 3 years	-14.78%	-16.54%	+1.76%
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	-10.56%	-28.80%	+18.24%
Average Drawdown Average peak-to-trough decline	-4.35%	-46.13%	+41.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.35%	4.66%	-0.31%

Volatility

NBCM vs. DBC - Volatility Comparison

The current volatility for Neuberger Berman Commodity Strategy ETF (NBCM) is 4.62%, while Invesco DB Commodity Index Tracking Fund (DBC) has a volatility of 5.21%. This indicates that NBCM 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.

Volatility by Period

	NBCM	DBC	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.62%	5.21%	-0.59%
Volatility (6M) Calculated over the trailing 6-month period	15.35%	16.48%	-1.13%
Volatility (1Y) Calculated over the trailing 1-year period	17.89%	18.63%	-0.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.99%	19.23%	-4.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.99%	17.78%	-2.79%

NBCM vs. DBC - Expense Ratio Comparison

NBCM has a 0.66% expense ratio, which is lower than DBC's 0.85% expense ratio.

Dividends

NBCM vs. DBC - Dividend Comparison

NBCM's dividend yield for the trailing twelve months is around 6.95%, more than DBC's 2.70% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBC Invesco DB Commodity Index Tracking Fund	2.70%	3.33%	5.22%	4.94%	0.59%	0.00%	0.00%	1.59%	1.30%
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 DBC in my portfolio?

With a correlation of 0.91, NBCM and DBC move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, NBCM or DBC?

DBC has higher volatility (5.21%) compared to NBCM (4.62%). In terms of maximum drawdown, NBCM dropped -14.78% vs DBC's -76.36%.

Which ETF is better, NBCM or DBC?

On 3-year performance, NBCM leads with 14.74% vs 10.50% for DBC. On fees, NBCM is cheaper at 0.66% per year. On volatility, NBCM has been the lower-risk option at 4.62%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NBCM or DBC?

Over the 3-year period, NBCM has performed better with a 14.74% return vs 10.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NBCM or DBC?

NBCM is cheaper with a 0.66% expense ratio, compared with 0.85% for DBC.

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

NBCM has the higher dividend yield at 6.95%, compared with 2.70% for DBC.

What is the main difference between NBCM and DBC?

They also come from different issuers: Neuberger Berman and Invesco. Their fees differ too: 0.66% for NBCM and 0.85% for DBC.

Which has better risk-adjusted returns?

NBCM currently has the higher Sharpe Ratio (1.82 vs 1.51), 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.