OWL vs. DBC
OWL (Blue Owl Capital Inc.) is a stock, while DBC (Invesco DB Commodity Index Tracking Fund) is Commodities fund tracking the DBIQ Optimum Yield Diversified Commodity Index Excess Return. Over the past 5 years, OWL returned -1.37%/yr vs 11.58%/yr for DBC. At a 0.14 correlation, their price movements are largely independent.
Performance
OWL vs. DBC - Performance Comparison
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Returns By Period
In the year-to-date period, OWL achieves a -32.79% return, which is significantly lower than DBC's 28.04% return.
OWL
- 1D
- 3.55%
- 1M
- -0.62%
- 6M
- -34.37%
- YTD
- -32.79%
- 1Y
- -46.41%
- 3Y*
- -1.17%
- 5Y*
- -1.37%
- 10Y*
- —
DBC
- 1D
- 1.06%
- 1M
- 0.28%
- 6M
- 22.51%
- YTD
- 28.04%
- 1Y
- 32.59%
- 3Y*
- 11.43%
- 5Y*
- 11.58%
- 10Y*
- 8.53%
OWL vs. DBC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
OWL Blue Owl Capital Inc. | -32.79% | -32.83% | 61.76% | 47.40% | -26.29% | 32.18% | 5.86% |
DBC Invesco DB Commodity Index Tracking Fund | 28.04% | 8.10% | 2.18% | -6.19% | 19.34% | 41.36% | 3.23% |
Correlation
The correlation between OWL and DBC is -0.02, 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 | -0.02 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.08 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.15 |
Correlation (All Time) Calculated using the full available price history since Dec 14, 2020 | 0.14 |
The correlation between OWL and DBC shifts across timeframes, from -0.02 (1 year) to 0.15 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
OWL vs. DBC — Risk / Return Rank
OWL
DBC
OWL vs. DBC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Blue Owl Capital Inc. (OWL) 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.
| OWL | DBC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.77 | ||
| Sortino ratioReturn per unit of downside risk | -3.96 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.30 | -0.47 |
| Calmar ratioReturn relative to maximum drawdown | -0.79 | 1.98 | -2.77 |
| Martin ratioReturn relative to average drawdown | -1.27 | 6.89 | -8.16 |
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Drawdowns
OWL vs. DBC - Drawdown Comparison
The maximum OWL drawdown since its inception was -67.10%, smaller than the maximum DBC drawdown of -76.36%. Use the drawdown chart below to compare losses from any high point for OWL and DBC.
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Drawdown Indicators
| OWL | DBC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -67.10% | -76.36% | +9.26% |
Max Drawdown (1Y)Largest decline over 1 year | -58.59% | -16.54% | -42.05% |
Max Drawdown (3Y)Largest decline over 3 years | -67.10% | -16.54% | -50.56% |
Max Drawdown (5Y)Largest decline over 5 years | -67.10% | -27.34% | -39.76% |
Max Drawdown (10Y)Largest decline over 10 years | — | -41.71% | — |
Current DrawdownCurrent decline from peak | -60.64% | -25.93% | -34.71% |
Average DrawdownAverage peak-to-trough decline | -24.68% | -46.13% | +21.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 36.58% | 4.74% | +31.84% |
Volatility
OWL vs. DBC - Volatility Comparison
Blue Owl Capital Inc. (OWL) has a higher volatility of 12.10% compared to Invesco DB Commodity Index Tracking Fund (DBC) at 6.10%. This indicates that OWL's price experiences larger fluctuations and is considered to be riskier 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
| OWL | DBC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.10% | 6.10% | +6.00% |
Volatility (6M)Calculated over the trailing 6-month period | 35.47% | 16.70% | +18.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 45.06% | 18.83% | +26.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 42.06% | 19.28% | +22.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 42.76% | 17.80% | +24.96% |
Dividends
OWL vs. DBC - Dividend Comparison
OWL's dividend yield for the trailing twelve months is around 9.41%, more than DBC's 2.60% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBC Invesco DB Commodity Index Tracking Fund | 2.60% | 3.33% | 5.22% | 4.94% | 0.59% | 0.00% | 0.00% | 1.59% | 1.30% |
OWL Blue Owl Capital Inc. | 9.41% | 5.72% | 2.92% | 3.69% | 4.06% | 0.87% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
OWL and DBC have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
OWL has higher volatility (12.10%) compared to DBC (6.10%). In terms of maximum drawdown, OWL dropped -67.10% vs DBC's -76.36%.
DBC currently has the higher Sharpe Ratio (1.74 vs -1.03), 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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