PDBA vs. CERY

Last updated Jun 4, 2026

PDBA (Invesco Agriculture Commodity Strategy No K-1 ETF) and CERY (SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF) are both exchange-traded funds - PDBA is a Agricultural Commodities fund actively managed by Invesco, while CERY is a Commodities fund tracking the Bloomberg Enhanced Roll Yield Total Return Index. PDBA is actively managed, while CERY is passively managed. Over the past year, PDBA returned 3.79% vs 44.30% for CERY. At a 0.38 correlation, their price movements are largely independent. PDBA charges 0.59%/yr vs 0.28%/yr for CERY.

Performance

PDBA vs. CERY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Agriculture Commodity Strategy No K-1 ETF (PDBA) and SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF (CERY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PDBA achieves a 5.38% return, which is significantly lower than CERY's 29.88% return.

PDBA

• 1D: -0.89%
• 1M: -4.99%
• YTD: 5.38%
• 6M: 5.65%
• 1Y: 3.79%
• 3Y*: 13.50%
• 5Y*: —
• 10Y*: —

CERY

• 1D: 0.06%
• 1M: -1.63%
• YTD: 29.88%
• 6M: 30.50%
• 1Y: 44.30%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PDBA vs. CERY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PDBA Invesco Agriculture Commodity Strategy No K-1 ETF	5.38%	-0.76%	13.25%
CERY SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF	29.88%	15.68%	3.92%

Correlation

The correlation between PDBA and CERY is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (All Time) Calculated using the full available price history since Sep 6, 2024	0.38

Return for Risk

PDBA vs. CERY — Risk / Return Rank

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

PDBA

PDBA Risk / Return Rank: 13
PDBA Sharpe Ratio Rank: 14
PDBA Sortino Ratio Rank: 13
PDBA Omega Ratio Rank: 13
PDBA Calmar Ratio Rank: 14
PDBA Martin Ratio Rank: 13

CERY

CERY Risk / Return Rank: 87
CERY Sharpe Ratio Rank: 86
CERY Sortino Ratio Rank: 81
CERY Omega Ratio Rank: 83
CERY Calmar Ratio Rank: 92
CERY Martin Ratio Rank: 90

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.

PDBA vs. CERY - 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 SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF (CERY). 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.

	PDBA	CERY	Difference
Sharpe ratio: Return per unit of total volatility	0.35	2.90	-2.54
Sortino ratio: Return per unit of downside risk	0.57	3.66	-3.09
Omega ratio: Gain probability vs. loss probability	1.07	1.51	-0.44
Calmar ratio: Return relative to maximum drawdown	0.47	6.38	-5.90
Martin ratio: Return relative to average drawdown	0.92	20.66	-19.75
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PDBA vs. CERY - Sharpe Ratio Comparison

The current PDBA Sharpe Ratio is 0.35, which is lower than the CERY Sharpe Ratio of 2.90. The chart below compares the historical Sharpe Ratios of PDBA and CERY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PDBA	CERY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.35	2.90	-2.54
Sharpe Ratio (All Time) Calculated using the full available price history	0.84	2.00	-1.16

Drawdowns

PDBA vs. CERY - Drawdown Comparison

The maximum PDBA drawdown since its inception was -12.45%, which is greater than CERY's maximum drawdown of -10.05%. Use the drawdown chart below to compare losses from any high point for PDBA and CERY.

Drawdown Indicators

	PDBA	CERY	Difference
Max Drawdown Largest peak-to-trough decline	-12.45%	-10.05%	-2.40%
Max Drawdown (1Y) Largest decline over 1 year	-8.05%	-6.98%	-1.07%
Max Drawdown (3Y) Largest decline over 3 years	-12.45%	—	—
Current Drawdown Current decline from peak	-6.47%	-3.71%	-2.76%
Average Drawdown Average peak-to-trough decline	-3.79%	-2.11%	-1.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.14%	2.15%	+1.99%

Volatility

PDBA vs. CERY - Volatility Comparison

The current volatility for Invesco Agriculture Commodity Strategy No K-1 ETF (PDBA) is 4.05%, while SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF (CERY) has a volatility of 4.94%. This indicates that PDBA experiences smaller price fluctuations and is considered to be less risky than CERY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PDBA	CERY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.05%	4.94%	-0.89%
Volatility (6M) Calculated over the trailing 6-month period	6.51%	13.29%	-6.78%
Volatility (1Y) Calculated over the trailing 1-year period	10.77%	15.37%	-4.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.29%	14.71%	-1.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.29%	14.71%	-1.42%

PDBA vs. CERY - Expense Ratio Comparison

PDBA has a 0.59% expense ratio, which is higher than CERY's 0.28% expense ratio.

Dividends

PDBA vs. CERY - Dividend Comparison

PDBA's dividend yield for the trailing twelve months is around 3.15%, less than CERY's 3.85% yield.

Position	TTM	2025	2024	2023	2022
CERY SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF	3.85%	4.99%	0.52%	0.00%	0.00%
PDBA Invesco Agriculture Commodity Strategy No K-1 ETF	3.15%	3.32%	13.01%	6.82%	0.74%

Frequently Asked Questions

Can I hold both PDBA and CERY in my portfolio?

PDBA and CERY have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PDBA or CERY?

CERY has higher volatility (4.94%) compared to PDBA (4.05%). In terms of maximum drawdown, PDBA dropped -12.45% vs CERY's -10.05%.

Which ETF is better, PDBA or CERY?

On 1-year performance, CERY leads with 44.30% vs 3.79% for PDBA. On fees, CERY is cheaper at 0.28% per year. On volatility, PDBA has been the lower-risk option at 4.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PDBA or CERY?

Over the 1-year period, CERY has performed better with a 44.30% return vs 3.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PDBA or CERY?

CERY is cheaper with a 0.28% expense ratio, compared with 0.59% for PDBA.

Which ETF pays a higher dividend yield, PDBA or CERY?

CERY has the higher dividend yield at 3.85%, compared with 3.15% for PDBA.

What is the main difference between PDBA and CERY?

PDBA is categorized as Agricultural Commodities, while CERY is Commodities. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.59% for PDBA and 0.28% for CERY.

Which has better risk-adjusted returns?

CERY currently has the higher Sharpe Ratio (2.90 vs 0.35), 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.