PAX vs. PDBC
PAX (Patria Investments Limited) 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, PAX returned -1.74%/yr vs 10.81%/yr for PDBC. At a 0.12 correlation, their price movements are largely independent.
Performance
PAX vs. PDBC - Performance Comparison
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Returns By Period
In the year-to-date period, PAX achieves a -29.59% return, which is significantly lower than PDBC's 27.55% return.
PAX
- 1D
- -1.27%
- 1M
- -5.54%
- 6M
- -35.07%
- YTD
- -29.59%
- 1Y
- -16.35%
- 3Y*
- -5.63%
- 5Y*
- -1.74%
- 10Y*
- —
PDBC
- 1D
- 2.80%
- 1M
- -0.94%
- 6M
- 22.82%
- YTD
- 27.55%
- 1Y
- 30.72%
- 3Y*
- 10.42%
- 5Y*
- 10.81%
- 10Y*
- 8.14%
PAX vs. PDBC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
PAX Patria Investments Limited | -29.59% | 43.06% | -20.01% | 18.86% | -9.94% | -21.34% |
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 27.55% | 5.96% | 2.09% | -6.25% | 19.23% | 35.76% |
Correlation
The correlation between PAX and PDBC is -0.08, 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 | -0.08 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.07 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.12 |
Correlation (All Time) Calculated using the full available price history since Jan 22, 2021 | 0.12 |
The correlation between PAX and PDBC shifts across timeframes, from -0.08 (1 year) to 0.12 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PAX vs. PDBC — Risk / Return Rank
PAX
PDBC
PAX vs. PDBC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Patria Investments Limited (PAX) 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.
| PAX | PDBC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.20 | ||
| Sortino ratioReturn per unit of downside risk | -2.85 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.28 | -0.36 |
| Calmar ratioReturn relative to maximum drawdown | -0.44 | 1.86 | -2.30 |
| Martin ratioReturn relative to average drawdown | -0.80 | 6.57 | -7.38 |
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Drawdowns
PAX vs. PDBC - Drawdown Comparison
The maximum PAX drawdown since its inception was -46.17%, smaller than the maximum PDBC drawdown of -49.52%. Use the drawdown chart below to compare losses from any high point for PAX and PDBC.
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Drawdown Indicators
| PAX | PDBC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.17% | -49.52% | +3.35% |
Max Drawdown (1Y)Largest decline over 1 year | -37.33% | -16.55% | -20.78% |
Max Drawdown (3Y)Largest decline over 3 years | -37.33% | -16.55% | -20.78% |
Max Drawdown (5Y)Largest decline over 5 years | -38.88% | -27.63% | -11.25% |
Max Drawdown (10Y)Largest decline over 10 years | — | -40.73% | — |
Current DrawdownCurrent decline from peak | -36.39% | -10.63% | -25.76% |
Average DrawdownAverage peak-to-trough decline | -27.27% | -23.11% | -4.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.36% | 4.69% | +15.67% |
Volatility
PAX vs. PDBC - Volatility Comparison
Patria Investments Limited (PAX) and Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) have volatilities of 6.08% and 6.25%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PAX | PDBC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.08% | 6.25% | -0.17% |
Volatility (6M)Calculated over the trailing 6-month period | 23.60% | 16.77% | +6.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.42% | 18.90% | +10.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.22% | 19.24% | +11.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.64% | 17.76% | +14.88% |
Dividends
PAX vs. PDBC - Dividend Comparison
PAX's dividend yield for the trailing twelve months is around 5.61%, more than PDBC's 3.01% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
PAX Patria Investments Limited | 5.61% | 3.78% | 7.52% | 6.34% | 5.04% | 4.38% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 3.01% | 3.84% | 4.42% | 4.21% | 13.05% | 50.83% | 0.01% | 1.40% | 1.00% | 3.83% | 6.51% |
Frequently Asked Questions
PAX and PDBC have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PDBC has higher volatility (6.25%) compared to PAX (6.08%). In terms of maximum drawdown, PAX dropped -46.17% vs PDBC's -49.52%.
PDBC currently has the higher Sharpe Ratio (1.64 vs -0.56), 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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