ONEV vs. PDBC
ONEV (SPDR Russell 1000 Low Volatility Focus ETF) and PDBC (Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF) are both exchange-traded funds - ONEV is a Volatility Hedged Equity fund tracking the Russell 1000 Low Volatility Focused Factor (TR), while PDBC is a Commodities fund actively managed by Invesco. ONEV is passively managed, while PDBC is actively managed. Over the past 10 years, ONEV returned 11.28%/yr vs 7.69%/yr for PDBC. At a 0.20 correlation, their price movements are largely independent. ONEV charges 0.20%/yr vs 0.58%/yr for PDBC.
Performance
ONEV vs. PDBC - Performance Comparison
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Returns By Period
In the year-to-date period, ONEV achieves a 10.07% return, which is significantly lower than PDBC's 24.08% return. Over the past 10 years, ONEV has outperformed PDBC with an annualized return of 11.28%, while PDBC has yielded a comparatively lower 7.69% annualized return.
ONEV
- 1D
- 0.60%
- 1M
- 1.22%
- 6M
- 6.74%
- YTD
- 10.07%
- 1Y
- 13.75%
- 3Y*
- 11.77%
- 5Y*
- 8.60%
- 10Y*
- 11.28%
PDBC
- 1D
- 0.12%
- 1M
- -3.63%
- 6M
- 21.24%
- YTD
- 24.08%
- 1Y
- 27.16%
- 3Y*
- 9.96%
- 5Y*
- 10.22%
- 10Y*
- 7.69%
ONEV vs. PDBC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ONEV SPDR Russell 1000 Low Volatility Focus ETF | 10.07% | 8.14% | 11.76% | 13.28% | -8.15% | 29.19% | 6.66% | 30.66% | -5.30% | 18.11% |
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 24.08% | 5.96% | 2.09% | -6.25% | 19.23% | 41.72% | -7.84% | 11.44% | -12.78% | 5.06% |
Correlation
The correlation between ONEV and PDBC is -0.15, 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 | -0.15 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.00 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.13 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.19 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2015 | 0.20 |
The correlation between ONEV and PDBC shifts across timeframes, from -0.15 (1 year) to 0.20 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
ONEV vs. PDBC — Risk / Return Rank
ONEV
PDBC
ONEV vs. PDBC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Russell 1000 Low Volatility Focus ETF (ONEV) 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.
| ONEV | PDBC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.42 | ||
| Sortino ratioReturn per unit of downside risk | -0.40 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.27 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 1.65 | 1.75 | -0.10 |
| Martin ratioReturn relative to average drawdown | 5.64 | 6.25 | -0.61 |
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Drawdowns
ONEV vs. PDBC - Drawdown Comparison
The maximum ONEV drawdown since its inception was -39.72%, smaller than the maximum PDBC drawdown of -49.52%. Use the drawdown chart below to compare losses from any high point for ONEV and PDBC.
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Drawdown Indicators
| ONEV | PDBC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.72% | -49.52% | +9.80% |
Max Drawdown (1Y)Largest decline over 1 year | -7.75% | -16.55% | +8.80% |
Max Drawdown (3Y)Largest decline over 3 years | -14.81% | -16.55% | +1.74% |
Max Drawdown (5Y)Largest decline over 5 years | -18.52% | -27.63% | +9.11% |
Max Drawdown (10Y)Largest decline over 10 years | -39.72% | -40.73% | +1.01% |
Current DrawdownCurrent decline from peak | -0.66% | -13.06% | +12.40% |
Average DrawdownAverage peak-to-trough decline | -3.87% | -23.11% | +19.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.28% | 4.64% | -2.36% |
Volatility
ONEV vs. PDBC - Volatility Comparison
The current volatility for SPDR Russell 1000 Low Volatility Focus ETF (ONEV) is 3.51%, while Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) has a volatility of 5.48%. This indicates that ONEV 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
| ONEV | PDBC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.51% | 5.48% | -1.97% |
Volatility (6M)Calculated over the trailing 6-month period | 8.02% | 16.59% | -8.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.36% | 18.72% | -7.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.54% | 19.19% | -4.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.99% | 17.75% | -0.76% |
ONEV vs. PDBC - Expense Ratio Comparison
ONEV has a 0.20% expense ratio, which is lower than PDBC's 0.58% expense ratio.
Dividends
ONEV vs. PDBC - Dividend Comparison
ONEV's dividend yield for the trailing twelve months is around 1.83%, less than PDBC's 3.09% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ONEV SPDR Russell 1000 Low Volatility Focus ETF | 1.83% | 1.81% | 1.88% | 1.79% | 1.80% | 1.44% | 1.87% | 2.07% | 2.14% | 6.91% | 3.73% | 0.21% |
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 3.09% | 3.84% | 4.42% | 4.21% | 13.05% | 50.83% | 0.01% | 1.40% | 1.00% | 3.83% | 6.51% | 0.00% |
Frequently Asked Questions
ONEV and PDBC have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PDBC has higher volatility (5.48%) compared to ONEV (3.51%). In terms of maximum drawdown, ONEV dropped -39.72% vs PDBC's -49.52%.
On 10-year performance, ONEV leads with 11.28% vs 7.69% for PDBC. On fees, ONEV is cheaper at 0.20% per year. On volatility, ONEV has been the lower-risk option at 3.51%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, ONEV has performed better with a 11.28% return vs 7.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ONEV is cheaper with a 0.20% expense ratio, compared with 0.58% for PDBC.
PDBC has the higher dividend yield at 3.09%, compared with 1.83% for ONEV.
ONEV is categorized as Volatility Hedged Equity, while PDBC is Commodities. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.20% for ONEV and 0.58% for PDBC.
PDBC currently has the higher Sharpe Ratio (1.55 vs 1.13), 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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