NBCM vs. PDBC
NBCM (Neuberger Berman Commodity Strategy ETF) and PDBC (Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF) are both Commodities funds. Both are actively managed. Over the past 3 years, NBCM returned 14.54%/yr vs 10.51%/yr for PDBC. Their correlation of 0.91 means they have usually moved in the same direction. NBCM charges 0.66%/yr vs 0.58%/yr for PDBC.
Performance
NBCM vs. PDBC - Performance Comparison
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Returns By Period
In the year-to-date period, NBCM achieves a 26.45% return, which is significantly lower than PDBC's 32.53% return.
NBCM
- 1D
- 0.07%
- 1M
- 7.80%
- 6M
- 15.69%
- YTD
- 26.45%
- 1Y
- 39.66%
- 3Y*
- 14.54%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 12.55%
PDBC
- 1D
- 0.34%
- 1M
- 10.65%
- 6M
- 20.94%
- YTD
- 32.53%
- 1Y
- 38.61%
- 3Y*
- 10.51%
- 5Y*
- 11.22%
- 10Y*
- 9.21%
- ALL TIME*
- 3.89%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.21M | $2.59M | $2.25M | |
| $92.97M | $139.65M | $120.69M |
NBCM vs. PDBC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
NBCM Neuberger Berman Commodity Strategy ETF | 26.45% | 17.45% | 6.55% | -6.41% | 5.39% |
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 32.53% | 5.96% | 2.09% | -6.25% | -0.39% |
Correlation
The correlation between NBCM and PDBC is 0.91, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.91 |
Correlation (3Y) Balances recent behavior with more history. | 0.90 |
Correlation (All Time) Calculated using the full available price history since Oct 24, 2022 | 0.91 |
The correlation between NBCM and PDBC has been stable across timeframes, ranging from 0.90 to 0.91 - a consistent structural relationship.
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Return for Risk
NBCM vs. PDBC — Risk / Return Rank
NBCM
PDBC
NBCM vs. PDBC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Neuberger Berman Commodity Strategy ETF (NBCM) and Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC). 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 | PDBC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.29 | ||
| Sortino ratioReturn per unit of downside risk | +0.25 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.32 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.64 | 2.21 | +0.43 |
| Martin ratioReturn relative to average drawdown | 8.37 | 7.40 | +0.97 |
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Drawdowns
NBCM vs. PDBC - Drawdown Comparison
The maximum NBCM drawdown since its inception was -14.78%, smaller than the maximum PDBC drawdown of -49.52%. Use the drawdown chart below to compare losses from any high point for NBCM and PDBC.
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Drawdown Indicators
| NBCM | PDBC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.78% | -49.52% | +34.74% |
Max Drawdown (1Y)Largest decline over 1 year | -14.78% | -16.55% | +1.77% |
Max Drawdown (3Y)Largest decline over 3 years | -14.78% | -16.55% | +1.77% |
Max Drawdown (5Y)Largest decline over 5 years | — | -27.63% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -40.73% | — |
Current DrawdownCurrent decline from peak | -6.98% | -7.14% | +0.16% |
Average DrawdownAverage peak-to-trough decline | -4.40% | -23.03% | +18.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.65% | 4.98% | -0.33% |
Volatility
NBCM vs. PDBC - Volatility Comparison
The current volatility for Neuberger Berman Commodity Strategy ETF (NBCM) is 4.62%, while Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) has a volatility of 7.00%. This indicates that NBCM experiences smaller price fluctuations and is considered to be less risky than PDBC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NBCM | PDBC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.62% | 7.00% | -2.38% |
Volatility (6M)Calculated over the trailing 6-month period | 15.33% | 17.41% | -2.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.09% | 19.62% | -1.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.00% | 19.27% | -4.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.00% | 17.83% | -2.83% |
NBCM vs. PDBC - Expense Ratio Comparison
NBCM has a 0.66% expense ratio, which is higher than PDBC's 0.58% expense ratio.
Dividends
NBCM vs. PDBC - Dividend Comparison
NBCM's dividend yield for the trailing twelve months is around 6.69%, more than PDBC's 2.90% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
NBCM Neuberger Berman Commodity Strategy ETF | 6.69% | 8.46% | 5.22% | 4.37% | 0.80% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 2.90% | 3.84% | 4.42% | 4.21% | 13.05% | 50.83% | 0.01% | 1.40% | 1.00% | 3.83% | 6.51% |
Frequently Asked Questions
With a correlation of 0.91, NBCM and PDBC 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.
PDBC has higher volatility (7.00%) compared to NBCM (4.62%). In terms of maximum drawdown, NBCM dropped -14.78% vs PDBC's -49.52%.
On 3-year performance, NBCM leads with 14.54% vs 10.51% for PDBC. On fees, PDBC is cheaper at 0.58% 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.
Over the 3-year period, NBCM has performed better with a 14.54% return vs 10.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PDBC is cheaper with a 0.58% expense ratio, compared with 0.66% for NBCM.
NBCM has the higher dividend yield at 6.69%, compared with 2.90% for PDBC.
They also come from different issuers: Neuberger Berman and Invesco. Their fees differ too: 0.66% for NBCM and 0.58% for PDBC.
NBCM currently has the higher Sharpe Ratio (2.16 vs 1.87), 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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