OVS vs. DBC
OVS (Overlay Shares Small Cap Equity ETF) and DBC (Invesco DB Commodity Index Tracking Fund) are both exchange-traded funds - OVS is a Small Cap Blend Equities fund actively managed by Liquid Strategies, while DBC is a Commodities fund tracking the DBIQ Optimum Yield Diversified Commodity Index Excess Return. OVS is actively managed, while DBC is passively managed. Over the past 5 years, OVS returned 7.82%/yr vs 11.23%/yr for DBC. At a 0.24 correlation, their price movements are largely independent. OVS charges 0.83%/yr vs 0.85%/yr for DBC.
Performance
OVS vs. DBC - Performance Comparison
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Returns By Period
In the year-to-date period, OVS achieves a 23.01% return, which is significantly lower than DBC's 26.70% return.
OVS
- 1D
- -0.58%
- 1M
- 1.27%
- 6M
- 16.27%
- YTD
- 23.01%
- 1Y
- 33.48%
- 3Y*
- 15.82%
- 5Y*
- 7.82%
- 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%
OVS vs. DBC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
OVS Overlay Shares Small Cap Equity ETF | 23.01% | 6.15% | 11.07% | 17.20% | -19.99% | 30.15% | 12.16% | 9.35% |
DBC Invesco DB Commodity Index Tracking Fund | 26.70% | 8.10% | 2.18% | -6.19% | 19.34% | 41.36% | -7.84% | 7.75% |
Correlation
The correlation between OVS and DBC 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 | 0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.18 |
Correlation (All Time) Calculated using the full available price history since Oct 1, 2019 | 0.24 |
The correlation between OVS and DBC shifts across timeframes, from -0.15 (1 year) to 0.24 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
OVS vs. DBC — Risk / Return Rank
OVS
DBC
OVS vs. DBC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Overlay Shares Small Cap Equity ETF (OVS) 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.
| OVS | DBC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.14 | ||
| Sortino ratioReturn per unit of downside risk | +0.32 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.28 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 3.95 | 1.83 | +2.12 |
| Martin ratioReturn relative to average drawdown | 12.80 | 6.41 | +6.39 |
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Drawdowns
OVS vs. DBC - Drawdown Comparison
The maximum OVS drawdown since its inception was -45.09%, smaller than the maximum DBC drawdown of -76.36%. Use the drawdown chart below to compare losses from any high point for OVS and DBC.
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Drawdown Indicators
| OVS | DBC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.09% | -76.36% | +31.27% |
Max Drawdown (1Y)Largest decline over 1 year | -8.51% | -16.54% | +8.03% |
Max Drawdown (3Y)Largest decline over 3 years | -30.49% | -16.54% | -13.95% |
Max Drawdown (5Y)Largest decline over 5 years | -30.49% | -27.34% | -3.15% |
Max Drawdown (10Y)Largest decline over 10 years | — | -41.71% | — |
Current DrawdownCurrent decline from peak | -2.35% | -26.71% | +24.36% |
Average DrawdownAverage peak-to-trough decline | -11.20% | -46.13% | +34.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.62% | 4.71% | -2.09% |
Volatility
OVS vs. DBC - Volatility Comparison
The current volatility for Overlay Shares Small Cap Equity ETF (OVS) is 4.87%, while Invesco DB Commodity Index Tracking Fund (DBC) has a volatility of 6.07%. This indicates that OVS 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
| OVS | DBC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.87% | 6.07% | -1.20% |
Volatility (6M)Calculated over the trailing 6-month period | 13.34% | 16.67% | -3.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.33% | 18.84% | +0.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.19% | 19.28% | +3.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.35% | 17.80% | +9.55% |
OVS vs. DBC - Expense Ratio Comparison
OVS has a 0.83% expense ratio, which is lower than DBC's 0.85% expense ratio.
Dividends
OVS vs. DBC - Dividend Comparison
OVS's dividend yield for the trailing twelve months is around 6.76%, 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% |
OVS Overlay Shares Small Cap Equity ETF | 6.76% | 3.69% | 4.08% | 3.19% | 3.43% | 4.05% | 1.74% | 0.54% | 0.00% |
Frequently Asked Questions
OVS and DBC 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.
DBC has higher volatility (6.07%) compared to OVS (4.87%). In terms of maximum drawdown, OVS dropped -45.09% vs DBC's -76.36%.
On 5-year performance, DBC leads with 11.23% vs 7.82% for OVS. On fees, OVS is cheaper at 0.83% per year. On volatility, OVS has been the lower-risk option at 4.87%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, DBC has performed better with a 11.23% return vs 7.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
OVS is cheaper with a 0.83% expense ratio, compared with 0.85% for DBC.
OVS has the higher dividend yield at 6.76%, compared with 2.63% for DBC.
OVS is categorized as Small Cap Blend Equities, while DBC is Commodities. They also come from different issuers: Liquid Strategies and Invesco. Their fees differ too: 0.83% for OVS and 0.85% for DBC.
OVS currently has the higher Sharpe Ratio (1.74 vs 1.61), 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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