OBDC vs. PDBC

Last updated Jun 5, 2026

OBDC (Blue Owl Capital Corporation) is a stock, while PDBC (Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF) is Commodities fund actively managed by Invesco. Over the past 5 years, OBDC returned 5.99%/yr vs 12.14%/yr for PDBC. At a 0.18 correlation, their price movements are largely independent.

Performance

OBDC vs. PDBC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Blue Owl Capital Corporation (OBDC) and Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, OBDC achieves a -5.89% return, which is significantly lower than PDBC's 34.72% return.

OBDC

• 1D: 3.20%
• 1M: -5.12%
• YTD: -5.89%
• 6M: -10.43%
• 1Y: -12.59%
• 3Y*: 5.57%
• 5Y*: 5.99%
• 10Y*: —

PDBC

• 1D: -1.11%
• 1M: -3.98%
• YTD: 34.72%
• 6M: 34.37%
• 1Y: 44.52%
• 3Y*: 14.06%
• 5Y*: 12.14%
• 10Y*: 8.55%

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

OBDC vs. PDBC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
OBDC Blue Owl Capital Corporation	-5.89%	-7.87%	14.69%	43.51%	-9.48%	21.99%	-19.52%	20.08%
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF	34.72%	5.96%	2.09%	-6.25%	19.23%	41.72%	-7.84%	4.37%

Correlation

The correlation between OBDC and PDBC is -0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.09
Correlation (3Y) Calculated over the trailing 3-year period	0.08
Correlation (5Y) Calculated over the trailing 5-year period	0.17
Correlation (All Time) Calculated using the full available price history since Jul 19, 2019	0.18

The correlation between OBDC and PDBC shifts across timeframes, from -0.09 (1 year) to 0.18 (all time), reflecting how their relationship changes across market environments.

Return for Risk

OBDC vs. PDBC — Risk / Return Rank

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

OBDC

OBDC Risk / Return Rank: 20
OBDC Sharpe Ratio Rank: 18
OBDC Sortino Ratio Rank: 17
OBDC Omega Ratio Rank: 18
OBDC Calmar Ratio Rank: 23
OBDC Martin Ratio Rank: 24

PDBC

PDBC Risk / Return Rank: 76
PDBC Sharpe Ratio Rank: 75
PDBC Sortino Ratio Rank: 69
PDBC Omega Ratio Rank: 71
PDBC Calmar Ratio Rank: 92
PDBC Martin Ratio Rank: 71

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.

OBDC vs. PDBC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Blue Owl Capital Corporation (OBDC) 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.

	OBDC	PDBC	Difference
Sharpe ratio: Return per unit of total volatility	-0.55	2.40	-2.95
Sortino ratio: Return per unit of downside risk	-0.66	3.08	-3.74
Omega ratio: Gain probability vs. loss probability	0.92	1.42	-0.50
Calmar ratio: Return relative to maximum drawdown	-0.53	6.22	-6.75
Martin ratio: Return relative to average drawdown	-0.91	13.04	-13.95
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

OBDC vs. PDBC - Sharpe Ratio Comparison

The current OBDC Sharpe Ratio is -0.55, which is lower than the PDBC Sharpe Ratio of 2.40. The chart below compares the historical Sharpe Ratios of OBDC and PDBC, 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

	OBDC	PDBC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.55	2.40	-2.95
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.29	0.64	-0.35
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.48	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	0.23	+0.01

Drawdowns

OBDC vs. PDBC - Drawdown Comparison

The maximum OBDC drawdown since its inception was -56.07%, which is greater than PDBC's maximum drawdown of -49.52%. Use the drawdown chart below to compare losses from any high point for OBDC and PDBC.

Drawdown Indicators

	OBDC	PDBC	Difference
Max Drawdown Largest peak-to-trough decline	-56.07%	-49.52%	-6.55%
Max Drawdown (1Y) Largest decline over 1 year	-23.90%	-7.19%	-16.71%
Max Drawdown (3Y) Largest decline over 3 years	-23.90%	-13.95%	-9.95%
Max Drawdown (5Y) Largest decline over 5 years	-28.26%	-27.63%	-0.63%
Max Drawdown (10Y) Largest decline over 10 years	—	-40.73%	—
Current Drawdown Current decline from peak	-17.81%	-5.61%	-12.20%
Average Drawdown Average peak-to-trough decline	-10.64%	-23.20%	+12.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.89%	3.42%	+10.47%

Volatility

OBDC vs. PDBC - Volatility Comparison

Blue Owl Capital Corporation (OBDC) has a higher volatility of 7.01% compared to Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) at 6.27%. This indicates that OBDC's price experiences larger fluctuations and is considered to be riskier than PDBC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OBDC	PDBC	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.01%	6.27%	+0.74%
Volatility (6M) Calculated over the trailing 6-month period	18.73%	15.82%	+2.91%
Volatility (1Y) Calculated over the trailing 1-year period	22.98%	18.64%	+4.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.74%	19.12%	+1.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.09%	17.78%	+9.31%

Dividends

OBDC vs. PDBC - Dividend Comparison

OBDC's dividend yield for the trailing twelve months is around 13.27%, more than PDBC's 2.85% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
OBDC Blue Owl Capital Corporation	13.27%	12.55%	11.38%	10.77%	11.17%	8.76%	12.32%	3.80%	0.00%	0.00%	0.00%
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF	2.85%	3.84%	4.42%	4.21%	13.05%	50.83%	0.01%	1.40%	1.00%	3.83%	6.51%

Frequently Asked Questions

Can I hold both OBDC and PDBC in my portfolio?

OBDC and PDBC have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OBDC or PDBC?

OBDC has higher volatility (7.01%) compared to PDBC (6.27%). In terms of maximum drawdown, OBDC dropped -56.07% vs PDBC's -49.52%.

Which has better risk-adjusted returns?

PDBC currently has the higher Sharpe Ratio (2.40 vs -0.55), 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.