OBND vs. DBC
OBND (SPDR Loomis Sayles Opportunistic Bond ETF) and DBC (Invesco DB Commodity Index Tracking Fund) are both exchange-traded funds - OBND is a Nontraditional Bonds fund actively managed by State Street, while DBC is a Commodities fund tracking the DBIQ Optimum Yield Diversified Commodity Index Excess Return. OBND is actively managed, while DBC is passively managed. Over the past 3 years, OBND returned 6.39%/yr vs 11.04%/yr for DBC. At a correlation of -0.00, they often move in opposite directions. OBND charges 0.55%/yr vs 0.85%/yr for DBC.
Performance
OBND vs. DBC - Performance Comparison
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Returns By Period
In the year-to-date period, OBND achieves a 1.17% return, which is significantly lower than DBC's 26.70% return.
OBND
- 1D
- -0.32%
- 1M
- -0.25%
- 6M
- 0.72%
- YTD
- 1.17%
- 1Y
- 5.05%
- 3Y*
- 6.39%
- 5Y*
- —
- 10Y*
- —
DBC
- 1D
- 2.94%
- 1M
- -0.77%
- 6M
- 22.16%
- YTD
- 26.70%
- 1Y
- 30.09%
- 3Y*
- 11.04%
- 5Y*
- 11.23%
- 10Y*
- 8.42%
OBND vs. DBC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
OBND SPDR Loomis Sayles Opportunistic Bond ETF | 1.17% | 7.85% | 4.80% | 9.47% | -11.24% | 0.05% |
DBC Invesco DB Commodity Index Tracking Fund | 26.70% | 8.10% | 2.18% | -6.19% | 19.34% | 2.92% |
Correlation
The correlation between OBND and DBC is -0.29, 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 | -0.29 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.10 |
Correlation (All Time) Calculated using the full available price history since Sep 28, 2021 | -0.00 |
Over the past year, the inverse relationship between OBND and DBC has strengthened: their correlation has moved from -0.00 to -0.29, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
OBND vs. DBC — Risk / Return Rank
OBND
DBC
OBND vs. DBC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Loomis Sayles Opportunistic Bond ETF (OBND) 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.
| OBND | DBC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.15 | ||
| Sortino ratioReturn per unit of downside risk | -0.05 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.28 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.76 | 1.83 | -0.07 |
| Martin ratioReturn relative to average drawdown | 7.65 | 6.41 | +1.24 |
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Drawdowns
OBND vs. DBC - Drawdown Comparison
The maximum OBND drawdown since its inception was -15.86%, smaller than the maximum DBC drawdown of -76.36%. Use the drawdown chart below to compare losses from any high point for OBND and DBC.
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Drawdown Indicators
| OBND | DBC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.86% | -76.36% | +60.50% |
Max Drawdown (1Y)Largest decline over 1 year | -2.88% | -16.54% | +13.66% |
Max Drawdown (3Y)Largest decline over 3 years | -3.17% | -16.54% | +13.37% |
Max Drawdown (5Y)Largest decline over 5 years | — | -27.34% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -41.71% | — |
Current DrawdownCurrent decline from peak | -0.71% | -26.71% | +26.00% |
Average DrawdownAverage peak-to-trough decline | -4.31% | -46.13% | +41.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.66% | 4.71% | -4.05% |
Volatility
OBND vs. DBC - Volatility Comparison
The current volatility for SPDR Loomis Sayles Opportunistic Bond ETF (OBND) is 1.05%, while Invesco DB Commodity Index Tracking Fund (DBC) has a volatility of 6.07%. This indicates that OBND 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.
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Volatility by Period
| OBND | DBC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.05% | 6.07% | -5.02% |
Volatility (6M)Calculated over the trailing 6-month period | 2.83% | 16.67% | -13.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.48% | 18.84% | -15.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.64% | 19.28% | -14.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.64% | 17.80% | -13.16% |
OBND vs. DBC - Expense Ratio Comparison
OBND has a 0.55% expense ratio, which is lower than DBC's 0.85% expense ratio.
Dividends
OBND vs. DBC - Dividend Comparison
OBND's dividend yield for the trailing twelve months is around 6.38%, more than DBC's 2.63% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBC Invesco DB Commodity Index Tracking Fund | 2.63% | 3.33% | 5.22% | 4.94% | 0.59% | 0.00% | 0.00% | 1.59% | 1.30% |
OBND SPDR Loomis Sayles Opportunistic Bond ETF | 6.38% | 6.26% | 6.53% | 6.01% | 4.56% | 0.55% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
OBND and DBC have a correlation of -0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBC has higher volatility (6.07%) compared to OBND (1.05%). In terms of maximum drawdown, OBND dropped -15.86% vs DBC's -76.36%.
On 3-year performance, DBC leads with 11.04% vs 6.39% for OBND. On fees, OBND is cheaper at 0.55% per year. On volatility, OBND has been the lower-risk option at 1.05%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, DBC has performed better with a 11.04% return vs 6.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
OBND is cheaper with a 0.55% expense ratio, compared with 0.85% for DBC.
OBND has the higher dividend yield at 6.38%, compared with 2.63% for DBC.
OBND is categorized as Nontraditional Bonds, while DBC is Commodities. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.55% for OBND and 0.85% for DBC.
DBC currently has the higher Sharpe Ratio (1.61 vs 1.46), 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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