PDBA vs. USDX

Last updated Aug 2, 2026

PDBA (Invesco Agriculture Commodity Strategy No K-1 ETF) and USDX (SGI Enhanced Core ETF) are both exchange-traded funds - PDBA is a Agricultural Commodities fund actively managed by Invesco, while USDX is a Intermediate Core Bond fund actively managed by Summit Global Investments. Both are actively managed. Over the past year, PDBA returned 11.00% vs 6.38% for USDX. Their -0.05 correlation means they have often moved in opposite directions in the past. PDBA charges 0.59%/yr vs 0.98%/yr for USDX.

Performance

PDBA vs. USDX - 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 SGI Enhanced Core ETF (USDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PDBA achieves a 8.03% return, which is significantly higher than USDX's 2.99% return.

PDBA

• 1D: 0.14%
• 1M: 2.91%
• 6M: 7.46%
• YTD: 8.03%
• 1Y: 11.00%
• 3Y*: 12.42%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 10.84%

USDX

• 1D: 0.12%
• 1M: 0.49%
• 6M: 2.97%
• YTD: 2.99%
• 1Y: 6.38%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 6.69%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
PDBA Invesco Agriculture Commodity Strategy No K-1 ETF	$3.02M	$4.47M	$12.35M
USDX SGI Enhanced Core ETF	$1.08M	$1.35M	$1.41M

PDBA vs. USDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PDBA Invesco Agriculture Commodity Strategy No K-1 ETF	8.03%	-0.76%	25.38%
USDX SGI Enhanced Core ETF	2.99%	6.25%	6.87%

Correlation

The correlation between PDBA and USDX is -0.18, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.18
Correlation (All Time) Calculated using the full available price history since Feb 29, 2024	-0.05

The correlation between PDBA and USDX shifts across timeframes, from -0.18 (1 year) to -0.05 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PDBA vs. USDX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PDBA

PDBA Risk / Return Rank: 33
PDBA Sharpe Ratio Rank: 35
PDBA Sortino Ratio Rank: 34
PDBA Omega Ratio Rank: 33
PDBA Calmar Ratio Rank: 33
PDBA Martin Ratio Rank: 28

USDX

USDX Risk / Return Rank: 97
USDX Sharpe Ratio Rank: 96
USDX Sortino Ratio Rank: 97
USDX Omega Ratio Rank: 97
USDX Calmar Ratio Rank: 97
USDX Martin Ratio Rank: 98

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PDBA vs. USDX - 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 SGI Enhanced Core ETF (USDX). 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	USDX	Difference
Sharpe ratio: Return per unit of total volatility	0.87	3.08	-2.21
Sortino ratio: Return per unit of downside risk	1.32	4.91	-3.59
Omega ratio: Gain probability vs. loss probability	1.16	1.75	-0.60
Calmar ratio: Return relative to maximum drawdown	1.14	6.89	-5.76
Martin ratio: Return relative to average drawdown	2.31	42.76	-40.45

PDBA vs. USDX - Sharpe Ratio Comparison

The current PDBA Sharpe Ratio is 0.87, which is lower than the USDX Sharpe Ratio of 3.08. The chart below compares the historical Sharpe Ratios of PDBA and USDX, 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

PDBA vs. USDX - Drawdown Comparison

The maximum PDBA drawdown since its inception was -12.45%, which is greater than USDX's maximum drawdown of -0.94%. Use the drawdown chart below to compare losses from any high point for PDBA and USDX.

Drawdown Indicators

	PDBA	USDX	Difference
Max Drawdown Largest peak-to-trough decline	-12.45%	-0.94%	-11.51%
Max Drawdown (1Y) Largest decline over 1 year	-8.59%	-0.94%	-7.65%
Max Drawdown (3Y) Largest decline over 3 years	-12.45%	—	—
Current Drawdown Current decline from peak	-4.12%	0.00%	-4.12%
Average Drawdown Average peak-to-trough decline	-3.99%	-0.07%	-3.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.22%	0.15%	+4.07%

Volatility

PDBA vs. USDX - Volatility Comparison

Invesco Agriculture Commodity Strategy No K-1 ETF (PDBA) has a higher volatility of 4.67% compared to SGI Enhanced Core ETF (USDX) at 0.58%. This indicates that PDBA's price experiences larger fluctuations and is considered to be riskier than USDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PDBA	USDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.67%	0.58%	+4.09%
Volatility (6M) Calculated over the trailing 6-month period	8.07%	1.67%	+6.40%
Volatility (1Y) Calculated over the trailing 1-year period	11.17%	2.10%	+9.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.33%	1.76%	+11.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.33%	1.76%	+11.57%

PDBA vs. USDX - Expense Ratio Comparison

PDBA has a 0.59% expense ratio, which is lower than USDX's 0.98% expense ratio.

Dividends

PDBA vs. USDX - Dividend Comparison

PDBA's dividend yield for the trailing twelve months is around 3.08%, less than USDX's 6.66% yield.

Position	TTM	2025	2024	2023	2022
PDBA Invesco Agriculture Commodity Strategy No K-1 ETF	3.08%	3.32%	13.01%	6.82%	0.74%
USDX SGI Enhanced Core ETF	6.66%	5.88%	4.60%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PDBA and USDX in my portfolio?

PDBA and USDX have a correlation of -0.18, 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 USDX?

PDBA has higher volatility (4.67%) compared to USDX (0.58%). In terms of maximum drawdown, PDBA dropped -12.45% vs USDX's -0.94%.

Which ETF is better, PDBA or USDX?

On 1-year performance, PDBA leads with 11.00% vs 6.38% for USDX. On fees, PDBA is cheaper at 0.59% per year. On volatility, USDX has been the lower-risk option at 0.58%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PDBA or USDX?

Over the 1-year period, PDBA has performed better with a 11.00% return vs 6.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PDBA or USDX?

PDBA is cheaper with a 0.59% expense ratio, compared with 0.98% for USDX.

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

USDX has the higher dividend yield at 6.66%, compared with 3.08% for PDBA.

What is the main difference between PDBA and USDX?

PDBA is categorized as Agricultural Commodities, while USDX is Intermediate Core Bond. They also come from different issuers: Invesco and Summit Global Investments. Their fees differ too: 0.59% for PDBA and 0.98% for USDX.

Which has better risk-adjusted returns?

USDX currently has the higher Sharpe Ratio (3.08 vs 0.87), 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.