PDBA vs. DBA
PDBA (Invesco Agriculture Commodity Strategy No K-1 ETF) and DBA (Invesco DB Agriculture Fund) are both Agricultural Commodities funds from Invesco. PDBA is actively managed, while DBA is passively managed. Over the past 3 years, PDBA returned 11.93%/yr vs 11.76%/yr for DBA. With a 0.97 correlation, they move nearly in lockstep. PDBA charges 0.59%/yr vs 0.88%/yr for DBA.
Performance
PDBA vs. DBA - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with PDBA having a 4.50% return and DBA slightly lower at 4.43%.
PDBA
- 1D
- 0.03%
- 1M
- -3.37%
- YTD
- 4.50%
- 6M
- 4.66%
- 1Y
- 4.20%
- 3Y*
- 11.93%
- 5Y*
- —
- 10Y*
- —
DBA
- 1D
- 0.08%
- 1M
- -3.30%
- YTD
- 4.43%
- 6M
- 4.76%
- 1Y
- 4.55%
- 3Y*
- 11.76%
- 5Y*
- 11.03%
- 10Y*
- 3.67%
PDBA vs. DBA - 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% |
DBA Invesco DB Agriculture Fund | 4.43% | -0.56% | 33.45% | 7.64% | -1.47% |
Correlation
The correlation between PDBA and DBA is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.97 |
Correlation (All Time) Calculated using the full available price history since Aug 24, 2022 | 0.97 |
The correlation between PDBA and DBA has been stable across timeframes, ranging from 0.97 to 0.97 - a consistent structural relationship.
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Return for Risk
PDBA vs. DBA — Risk / Return Rank
PDBA
DBA
PDBA vs. DBA - 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 Invesco DB Agriculture Fund (DBA). 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 | DBA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.03 | ||
| Sortino ratioReturn per unit of downside risk | -0.05 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 1.08 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 0.49 | 0.53 | -0.04 |
| Martin ratioReturn relative to average drawdown | 1.05 | 1.15 | -0.10 |
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Drawdowns
PDBA vs. DBA - Drawdown Comparison
The maximum PDBA drawdown since its inception was -12.45%, smaller than the maximum DBA drawdown of -67.97%. Use the drawdown chart below to compare losses from any high point for PDBA and DBA.
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Drawdown Indicators
| PDBA | DBA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.45% | -67.97% | +55.52% |
Max Drawdown (1Y)Largest decline over 1 year | -8.59% | -8.67% | +0.08% |
Max Drawdown (3Y)Largest decline over 3 years | -12.45% | -12.36% | -0.09% |
Max Drawdown (5Y)Largest decline over 5 years | — | -15.94% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -39.12% | — |
Current DrawdownCurrent decline from peak | -7.26% | -26.48% | +19.22% |
Average DrawdownAverage peak-to-trough decline | -3.98% | -41.06% | +37.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.00% | 3.96% | +0.04% |
Volatility
PDBA vs. DBA - Volatility Comparison
Invesco Agriculture Commodity Strategy No K-1 ETF (PDBA) and Invesco DB Agriculture Fund (DBA) have volatilities of 2.91% and 2.85%, 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
| PDBA | DBA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.91% | 2.85% | +0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 6.70% | 6.65% | +0.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.60% | 10.60% | 0.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.28% | 13.93% | -0.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.28% | 13.06% | +0.22% |
PDBA vs. DBA - Expense Ratio Comparison
PDBA has a 0.59% expense ratio, which is lower than DBA's 0.88% expense ratio.
Dividends
PDBA vs. DBA - Dividend Comparison
PDBA's dividend yield for the trailing twelve months is around 3.18%, less than DBA's 3.42% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBA Invesco DB Agriculture Fund | 3.42% | 3.58% | 4.08% | 4.63% | 0.48% | 0.00% | 0.00% | 1.55% | 1.06% |
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% |
Frequently Asked Questions
With a correlation of 0.97, PDBA and DBA move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
PDBA has higher volatility (2.91%) compared to DBA (2.85%). In terms of maximum drawdown, PDBA dropped -12.45% vs DBA's -67.97%.
On 3-year performance, PDBA leads with 11.93% vs 11.76% for DBA. On fees, PDBA is cheaper at 0.59% per year. Their volatility is very similar. 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 11.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PDBA is cheaper with a 0.59% expense ratio, compared with 0.88% for DBA.
DBA has the higher dividend yield at 3.42%, compared with 3.18% for PDBA.
Their fees differ too: 0.59% for PDBA and 0.88% for DBA.
DBA currently has the higher Sharpe Ratio (0.43 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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