PCRPX vs. PDBC

Last updated Jun 23, 2026

PCRPX (PIMCO Commodity Real Return Strategy Fund) and PDBC (Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF) are both Commodities funds. Over the past 10 years, PCRPX returned 7.33%/yr vs 7.71%/yr for PDBC. Their correlation of 0.82 suggests significant overlap in exposure. PCRPX charges 0.92%/yr vs 0.58%/yr for PDBC.

Performance

PCRPX vs. PDBC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Commodity Real Return Strategy Fund (PCRPX) and Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PCRPX achieves a 16.87% return, which is significantly lower than PDBC's 23.47% return. Over the past 10 years, PCRPX has underperformed PDBC with an annualized return of 7.33%, while PDBC has yielded a comparatively higher 7.71% annualized return.

PCRPX

• 1D: -0.95%
• 1M: -8.01%
• YTD: 16.87%
• 6M: 14.64%
• 1Y: 22.99%
• 3Y*: 13.67%
• 5Y*: 11.48%
• 10Y*: 7.33%

PDBC

• 1D: -0.85%
• 1M: -10.11%
• YTD: 23.47%
• 6M: 23.29%
• 1Y: 22.26%
• 3Y*: 10.44%
• 5Y*: 10.25%
• 10Y*: 7.71%

*Multi-year figures are annualized to reflect compound growth (CAGR)

PCRPX vs. PDBC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PCRPX PIMCO Commodity Real Return Strategy Fund	16.87%	16.26%	10.79%	-6.20%	9.12%	33.01%	0.73%	12.24%	-13.90%	2.62%
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF	23.47%	5.96%	2.09%	-6.25%	19.23%	41.72%	-7.84%	11.44%	-12.78%	5.06%

Correlation

The correlation between PCRPX and PDBC is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (10Y) Calculated over the trailing 10-year period	0.83
Correlation (All Time) Calculated using the full available price history since Nov 7, 2014	0.82

The correlation between PCRPX and PDBC has been stable across timeframes, ranging from 0.82 to 0.83 - a consistent structural relationship.

Return for Risk

PCRPX vs. PDBC — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PCRPX

PCRPX Risk / Return Rank: 30
PCRPX Sharpe Ratio Rank: 27
PCRPX Sortino Ratio Rank: 23
PCRPX Omega Ratio Rank: 26
PCRPX Calmar Ratio Rank: 34
PCRPX Martin Ratio Rank: 39

PDBC

PDBC Risk / Return Rank: 35
PDBC Sharpe Ratio Rank: 34
PDBC Sortino Ratio Rank: 32
PDBC Omega Ratio Rank: 33
PDBC Calmar Ratio Rank: 34
PDBC Martin Ratio Rank: 44

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

PCRPX vs. PDBC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Commodity Real Return Strategy Fund (PCRPX) 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.

	PCRPX	PDBC	Difference
Sharpe ratio: Return per unit of total volatility	1.38	1.20	+0.19
Sortino ratio: Return per unit of downside risk	1.86	1.68	+0.18
Omega ratio: Gain probability vs. loss probability	1.25	1.21	+0.04
Calmar ratio: Return relative to maximum drawdown	2.05	1.66	+0.40
Martin ratio: Return relative to average drawdown	7.99	7.01	+0.98

PCRPX vs. PDBC - Sharpe Ratio Comparison

The current PCRPX Sharpe Ratio is 1.38, which is comparable to the PDBC Sharpe Ratio of 1.20. The chart below compares the historical Sharpe Ratios of PCRPX and PDBC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PCRPX vs. PDBC - Drawdown Comparison

The maximum PCRPX drawdown since its inception was -72.22%, which is greater than PDBC's maximum drawdown of -49.52%. Use the drawdown chart below to compare losses from any high point for PCRPX and PDBC.

Drawdown Indicators

	PCRPX	PDBC	Difference
Max Drawdown Largest peak-to-trough decline	-72.22%	-49.52%	-22.70%
Max Drawdown (1Y) Largest decline over 1 year	-11.08%	-13.48%	+2.40%
Max Drawdown (3Y) Largest decline over 3 years	-11.08%	-13.95%	+2.87%
Max Drawdown (5Y) Largest decline over 5 years	-34.54%	-27.63%	-6.91%
Max Drawdown (10Y) Largest decline over 10 years	-39.15%	-40.73%	+1.58%
Current Drawdown Current decline from peak	-11.71%	-13.48%	+1.77%
Average Drawdown Average peak-to-trough decline	-39.33%	-23.15%	-16.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.90%	4.04%	-1.14%

Volatility

PCRPX vs. PDBC - Volatility Comparison

The current volatility for PIMCO Commodity Real Return Strategy Fund (PCRPX) is 3.89%, while Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) has a volatility of 4.38%. This indicates that PCRPX 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.

Volatility by Period

	PCRPX	PDBC	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.89%	4.38%	-0.49%
Volatility (6M) Calculated over the trailing 6-month period	14.28%	16.17%	-1.89%
Volatility (1Y) Calculated over the trailing 1-year period	16.45%	18.73%	-2.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.65%	19.15%	+0.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.13%	17.78%	-0.65%

PCRPX vs. PDBC - Expense Ratio Comparison

PCRPX has a 0.92% expense ratio, which is higher than PDBC's 0.58% expense ratio.

Dividends

PCRPX vs. PDBC - Dividend Comparison

PCRPX's dividend yield for the trailing twelve months is around 10.44%, more than PDBC's 3.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PCRPX PIMCO Commodity Real Return Strategy Fund	10.44%	5.09%	8.47%	6.50%	46.40%	22.80%	1.51%	3.93%	5.85%	8.06%	0.83%	5.23%
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF	3.11%	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

Can I hold both PCRPX and PDBC in my portfolio?

PCRPX and PDBC have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PCRPX or PDBC?

PDBC has higher volatility (4.38%) compared to PCRPX (3.89%). In terms of maximum drawdown, PCRPX dropped -72.22% vs PDBC's -49.52%.

Which has better risk-adjusted returns?

PCRPX currently has the higher Sharpe Ratio (1.38 vs 1.20), 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.