PDBA vs. BYLD
PDBA (Invesco Agriculture Commodity Strategy No K-1 ETF) and BYLD (iShares Yield Optimized Bond ETF) are both exchange-traded funds - PDBA is a Agricultural Commodities fund actively managed by Invesco, while BYLD is a Intermediate Core-Plus Bond fund tracking the Morningstar U.S. Bond Market Yield-Optimized Index. PDBA is actively managed, while BYLD is passively managed. Over the past 3 years, PDBA returned 11.93%/yr vs 6.52%/yr for BYLD. At a correlation of -0.00, they often move in opposite directions. PDBA charges 0.59%/yr vs 0.17%/yr for BYLD.
Performance
PDBA vs. BYLD - Performance Comparison
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Returns By Period
In the year-to-date period, PDBA achieves a 4.50% return, which is significantly higher than BYLD's 1.46% return.
PDBA
- 1D
- 0.03%
- 1M
- -3.37%
- YTD
- 4.50%
- 6M
- 4.66%
- 1Y
- 4.20%
- 3Y*
- 11.93%
- 5Y*
- —
- 10Y*
- —
BYLD
- 1D
- -0.18%
- 1M
- 0.84%
- YTD
- 1.46%
- 6M
- 1.62%
- 1Y
- 6.36%
- 3Y*
- 6.52%
- 5Y*
- 2.23%
- 10Y*
- 2.96%
PDBA vs. BYLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
PDBA Invesco Agriculture Commodity Strategy No K-1 ETF | 4.50% | -0.76% | 34.16% | 7.83% | -3.34% |
BYLD iShares Yield Optimized Bond ETF | 1.46% | 8.41% | 4.17% | 8.30% | -1.17% |
Correlation
The correlation between PDBA and BYLD is -0.14, 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 | -0.14 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.03 |
Correlation (All Time) Calculated using the full available price history since Aug 24, 2022 | -0.00 |
The correlation between PDBA and BYLD shifts across timeframes, from -0.14 (1 year) to -0.00 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PDBA vs. BYLD — Risk / Return Rank
PDBA
BYLD
PDBA vs. BYLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Agriculture Commodity Strategy No K-1 ETF (PDBA) and iShares Yield Optimized Bond ETF (BYLD). 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.
| PDBA | BYLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.26 | ||
| Sortino ratioReturn per unit of downside risk | -1.84 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 1.31 | -0.24 |
| Calmar ratioReturn relative to maximum drawdown | 0.49 | 2.35 | -1.86 |
| Martin ratioReturn relative to average drawdown | 1.05 | 9.51 | -8.45 |
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Drawdowns
PDBA vs. BYLD - Drawdown Comparison
The maximum PDBA drawdown since its inception was -12.45%, smaller than the maximum BYLD drawdown of -14.75%. Use the drawdown chart below to compare losses from any high point for PDBA and BYLD.
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Drawdown Indicators
| PDBA | BYLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.45% | -14.75% | +2.30% |
Max Drawdown (1Y)Largest decline over 1 year | -8.59% | -2.71% | -5.88% |
Max Drawdown (3Y)Largest decline over 3 years | -12.45% | -3.94% | -8.51% |
Max Drawdown (5Y)Largest decline over 5 years | — | -14.65% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -14.75% | — |
Current DrawdownCurrent decline from peak | -7.26% | -0.18% | -7.08% |
Average DrawdownAverage peak-to-trough decline | -3.98% | -2.50% | -1.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.00% | 0.67% | +3.33% |
Volatility
PDBA vs. BYLD - Volatility Comparison
Invesco Agriculture Commodity Strategy No K-1 ETF (PDBA) has a higher volatility of 2.91% compared to iShares Yield Optimized Bond ETF (BYLD) at 1.13%. This indicates that PDBA's price experiences larger fluctuations and is considered to be riskier than BYLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PDBA | BYLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.91% | 1.13% | +1.78% |
Volatility (6M)Calculated over the trailing 6-month period | 6.70% | 3.06% | +3.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.60% | 3.85% | +6.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.28% | 5.21% | +8.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.28% | 5.43% | +7.85% |
PDBA vs. BYLD - Expense Ratio Comparison
PDBA has a 0.59% expense ratio, which is higher than BYLD's 0.17% expense ratio.
Dividends
PDBA vs. BYLD - Dividend Comparison
PDBA's dividend yield for the trailing twelve months is around 3.18%, less than BYLD's 5.35% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BYLD iShares Yield Optimized Bond ETF | 5.35% | 5.32% | 5.31% | 4.45% | 3.39% | 2.18% | 3.41% | 3.67% | 4.22% | 3.22% | 3.14% | 3.37% |
PDBA Invesco Agriculture Commodity Strategy No K-1 ETF | 3.18% | 3.32% | 13.01% | 6.82% | 0.74% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PDBA and BYLD have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PDBA has higher volatility (2.91%) compared to BYLD (1.13%). In terms of maximum drawdown, PDBA dropped -12.45% vs BYLD's -14.75%.
On 3-year performance, PDBA leads with 11.93% vs 6.52% for BYLD. On fees, BYLD is cheaper at 0.17% per year. On volatility, BYLD has been the lower-risk option at 1.13%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, PDBA has performed better with a 11.93% return vs 6.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BYLD is cheaper with a 0.17% expense ratio, compared with 0.59% for PDBA.
BYLD has the higher dividend yield at 5.35%, compared with 3.18% for PDBA.
PDBA is categorized as Agricultural Commodities, while BYLD is Intermediate Core-Plus Bond. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.59% for PDBA and 0.17% for BYLD.
BYLD currently has the higher Sharpe Ratio (1.66 vs 0.40), 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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