PDBA vs. INMU
PDBA (Invesco Agriculture Commodity Strategy No K-1 ETF) and INMU (BlackRock Intermediate Muni Income Bond ETF) are both exchange-traded funds - PDBA is a Agricultural Commodities fund actively managed by Invesco, while INMU is a Municipal Bonds fund actively managed by BlackRock. Both are actively managed. Over the past 3 years, PDBA returned 13.50%/yr vs 4.89%/yr for INMU. At a correlation of -0.01, they often move in opposite directions. PDBA charges 0.59%/yr vs 0.30%/yr for INMU.
Performance
PDBA vs. INMU - Performance Comparison
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Returns By Period
In the year-to-date period, PDBA achieves a 5.38% return, which is significantly higher than INMU's 1.73% return.
PDBA
- 1D
- -0.89%
- 1M
- -4.99%
- YTD
- 5.38%
- 6M
- 5.65%
- 1Y
- 3.79%
- 3Y*
- 13.50%
- 5Y*
- —
- 10Y*
- —
INMU
- 1D
- 0.00%
- 1M
- 0.57%
- YTD
- 1.73%
- 6M
- 1.98%
- 1Y
- 7.17%
- 3Y*
- 4.89%
- 5Y*
- 1.78%
- 10Y*
- —
PDBA vs. INMU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
PDBA Invesco Agriculture Commodity Strategy No K-1 ETF | 5.38% | -0.76% | 34.16% | 7.83% | -1.60% |
INMU BlackRock Intermediate Muni Income Bond ETF | 1.73% | 5.52% | 2.77% | 6.50% | -1.67% |
Correlation
The correlation between PDBA and INMU is -0.12, 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 | -0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.00 |
Correlation (All Time) Calculated using the full available price history since Aug 25, 2022 | -0.01 |
The correlation between PDBA and INMU shifts across timeframes, from -0.12 (1 year) to 0.00 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
PDBA vs. INMU — Risk / Return Rank
PDBA
INMU
PDBA vs. INMU - 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 BlackRock Intermediate Muni Income Bond ETF (INMU). 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 | INMU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.52 | ||
| Sortino ratioReturn per unit of downside risk | -3.65 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 1.65 | -0.58 |
| Calmar ratioReturn relative to maximum drawdown | 0.47 | 2.79 | -2.32 |
| Martin ratioReturn relative to average drawdown | 0.92 | 9.53 | -8.62 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PDBA | INMU | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.35 | 2.87 | -2.52 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.50 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.84 | 0.60 | +0.25 |
Drawdowns
PDBA vs. INMU - Drawdown Comparison
The maximum PDBA drawdown since its inception was -12.45%, which is greater than INMU's maximum drawdown of -10.67%. Use the drawdown chart below to compare losses from any high point for PDBA and INMU.
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Drawdown Indicators
| PDBA | INMU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.45% | -10.67% | -1.78% |
Max Drawdown (1Y)Largest decline over 1 year | -8.05% | -2.58% | -5.47% |
Max Drawdown (3Y)Largest decline over 3 years | -12.45% | -4.88% | -7.57% |
Max Drawdown (5Y)Largest decline over 5 years | — | -10.67% | — |
Current DrawdownCurrent decline from peak | -6.47% | -0.66% | -5.81% |
Average DrawdownAverage peak-to-trough decline | -3.79% | -2.81% | -0.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.14% | 0.75% | +3.39% |
Volatility
PDBA vs. INMU - Volatility Comparison
Invesco Agriculture Commodity Strategy No K-1 ETF (PDBA) has a higher volatility of 4.05% compared to BlackRock Intermediate Muni Income Bond ETF (INMU) at 0.81%. This indicates that PDBA's price experiences larger fluctuations and is considered to be riskier than INMU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PDBA | INMU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.05% | 0.81% | +3.24% |
Volatility (6M)Calculated over the trailing 6-month period | 6.51% | 1.88% | +4.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.77% | 2.51% | +8.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.29% | 3.60% | +9.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.29% | 3.54% | +9.75% |
PDBA vs. INMU - Expense Ratio Comparison
PDBA has a 0.59% expense ratio, which is higher than INMU's 0.30% expense ratio.
Dividends
PDBA vs. INMU - Dividend Comparison
PDBA's dividend yield for the trailing twelve months is around 3.15%, less than INMU's 3.36% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
INMU BlackRock Intermediate Muni Income Bond ETF | 3.36% | 3.48% | 3.47% | 3.44% | 1.92% | 1.14% |
PDBA Invesco Agriculture Commodity Strategy No K-1 ETF | 3.15% | 3.32% | 13.01% | 6.82% | 0.74% | 0.00% |
Frequently Asked Questions
PDBA and INMU have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PDBA has higher volatility (4.05%) compared to INMU (0.81%). In terms of maximum drawdown, PDBA dropped -12.45% vs INMU's -10.67%.
On 3-year performance, PDBA leads with 13.50% vs 4.89% for INMU. On fees, INMU is cheaper at 0.30% per year. On volatility, INMU has been the lower-risk option at 0.81%. 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 13.50% return vs 4.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
INMU is cheaper with a 0.30% expense ratio, compared with 0.59% for PDBA.
INMU has the higher dividend yield at 3.36%, compared with 3.15% for PDBA.
PDBA is categorized as Agricultural Commodities, while INMU is Municipal Bonds. They also come from different issuers: Invesco and BlackRock. Their fees differ too: 0.59% for PDBA and 0.30% for INMU.
INMU currently has the higher Sharpe Ratio (2.87 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.
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