OACP vs. DBC

Last updated Jun 4, 2026

OACP (OneAscent Core Plus Bond ETF) and DBC (Invesco DB Commodity Index Tracking Fund) are both exchange-traded funds - OACP is a Intermediate Core-Plus Bond fund actively managed by Oneascent, while DBC is a Commodities fund tracking the DBIQ Optimum Yield Diversified Commodity Index Excess Return. OACP is actively managed, while DBC is passively managed. Over the past 3 years, OACP returned 4.37%/yr vs 15.09%/yr for DBC. At a correlation of -0.08, they often move in opposite directions. OACP charges 0.77%/yr vs 0.85%/yr for DBC.

Performance

OACP vs. DBC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in OneAscent Core Plus Bond ETF (OACP) 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, OACP achieves a 0.04% return, which is significantly lower than DBC's 35.47% return.

OACP

• 1D: -0.18%
• 1M: 0.34%
• YTD: 0.04%
• 6M: 0.07%
• 1Y: 5.47%
• 3Y*: 4.37%
• 5Y*: —
• 10Y*: —

DBC

• 1D: 0.56%
• 1M: -3.32%
• YTD: 35.47%
• 6M: 35.36%
• 1Y: 45.90%
• 3Y*: 15.09%
• 5Y*: 12.78%
• 10Y*: 9.10%

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

OACP vs. DBC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
OACP OneAscent Core Plus Bond ETF	0.04%	7.17%	2.37%	6.04%	-7.80%
DBC Invesco DB Commodity Index Tracking Fund	35.47%	8.10%	2.18%	-6.19%	-4.84%

Correlation

The correlation between OACP and DBC is -0.33, 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	-0.33
Correlation (3Y) Calculated over the trailing 3-year period	-0.13
Correlation (All Time) Calculated using the full available price history since Apr 1, 2022	-0.08

Over the past year, the inverse relationship between OACP and DBC has strengthened: their correlation has moved from -0.08 to -0.33, meaning they now move in opposite directions more often than their long-term average.

OACP vs. DBC - Sectors Allocation Comparison

Sectors	OACP	DBC
Financial Services	1.1%	91.5%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

OACP vs. DBC — Risk / Return Rank

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

OACP

OACP Risk / Return Rank: 44
OACP Sharpe Ratio Rank: 44
OACP Sortino Ratio Rank: 46
OACP Omega Ratio Rank: 44
OACP Calmar Ratio Rank: 43
OACP Martin Ratio Rank: 39

DBC

DBC Risk / Return Rank: 75
DBC Sharpe Ratio Rank: 74
DBC Sortino Ratio Rank: 67
DBC Omega Ratio Rank: 70
DBC Calmar Ratio Rank: 92
DBC Martin Ratio Rank: 72

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.

OACP vs. DBC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for OneAscent Core Plus Bond ETF (OACP) 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.

	OACP	DBC	Difference
Sharpe ratio: Return per unit of total volatility	1.55	2.47	-0.92
Sortino ratio: Return per unit of downside risk	2.29	3.16	-0.87
Omega ratio: Gain probability vs. loss probability	1.28	1.43	-0.15
Calmar ratio: Return relative to maximum drawdown	2.12	6.54	-4.42
Martin ratio: Return relative to average drawdown	6.18	13.91	-7.73
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

OACP vs. DBC - Sharpe Ratio Comparison

The current OACP Sharpe Ratio is 1.55, which is lower than the DBC Sharpe Ratio of 2.47. The chart below compares the historical Sharpe Ratios of OACP 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.

Sharpe Ratios by Period

	OACP	DBC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.55	2.47	-0.92
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.67	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.51	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.30	0.12	+0.18

Drawdowns

OACP vs. DBC - Drawdown Comparison

The maximum OACP drawdown since its inception was -11.81%, smaller than the maximum DBC drawdown of -76.36%. Use the drawdown chart below to compare losses from any high point for OACP and DBC.

Drawdown Indicators

	OACP	DBC	Difference
Max Drawdown Largest peak-to-trough decline	-11.81%	-76.36%	+64.55%
Max Drawdown (1Y) Largest decline over 1 year	-2.60%	-7.05%	+4.45%
Max Drawdown (3Y) Largest decline over 3 years	-5.89%	-13.82%	+7.93%
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	-1.49%	-21.64%	+20.15%
Average Drawdown Average peak-to-trough decline	-3.60%	-46.22%	+42.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.89%	3.31%	-2.42%

Volatility

OACP vs. DBC - Volatility Comparison

The current volatility for OneAscent Core Plus Bond ETF (OACP) is 1.26%, while Invesco DB Commodity Index Tracking Fund (DBC) has a volatility of 6.45%. This indicates that OACP 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

	OACP	DBC	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.26%	6.45%	-5.19%
Volatility (6M) Calculated over the trailing 6-month period	2.57%	15.75%	-13.18%
Volatility (1Y) Calculated over the trailing 1-year period	3.54%	18.68%	-15.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.81%	19.18%	-13.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.81%	17.81%	-12.00%

OACP vs. DBC - Expense Ratio Comparison

OACP has a 0.77% expense ratio, which is lower than DBC's 0.85% expense ratio.

Dividends

OACP vs. DBC - Dividend Comparison

OACP's dividend yield for the trailing twelve months is around 4.38%, more than DBC's 2.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBC Invesco DB Commodity Index Tracking Fund	2.46%	3.33%	5.22%	4.94%	0.59%	0.00%	0.00%	1.59%	1.30%
OACP OneAscent Core Plus Bond ETF	4.38%	4.46%	4.51%	3.87%	2.34%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both OACP and DBC in my portfolio?

OACP and DBC have a correlation of -0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OACP or DBC?

DBC has higher volatility (6.45%) compared to OACP (1.26%). In terms of maximum drawdown, OACP dropped -11.81% vs DBC's -76.36%.

Which ETF is better, OACP or DBC?

On 3-year performance, DBC leads with 15.09% vs 4.37% for OACP. On fees, OACP is cheaper at 0.77% per year. On volatility, OACP has been the lower-risk option at 1.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OACP or DBC?

Over the 3-year period, DBC has performed better with a 15.09% return vs 4.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OACP or DBC?

OACP is cheaper with a 0.77% expense ratio, compared with 0.85% for DBC.

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

OACP has the higher dividend yield at 4.38%, compared with 2.46% for DBC.

What is the main difference between OACP and DBC?

OACP is categorized as Intermediate Core-Plus Bond, while DBC is Commodities. They also come from different issuers: Oneascent and Invesco. Their fees differ too: 0.77% for OACP and 0.85% for DBC.

Which has better risk-adjusted returns?

DBC currently has the higher Sharpe Ratio (2.47 vs 1.55), 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.