PDBC vs. BND
PDBC (Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF) and BND (Vanguard Total Bond Market ETF) are both exchange-traded funds - PDBC is a Commodities fund actively managed by Invesco, while BND is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Float Adjusted Index. PDBC is actively managed, while BND is passively managed. Over the past 10 years, PDBC returned 8.06%/yr vs 1.60%/yr for BND. At a correlation of -0.11, they often move in opposite directions. PDBC charges 0.58%/yr vs 0.03%/yr for BND.
Performance
PDBC vs. BND - Performance Comparison
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Returns By Period
In the year-to-date period, PDBC achieves a 30.11% return, which is significantly higher than BND's 0.64% return. Over the past 10 years, PDBC has outperformed BND with an annualized return of 8.06%, while BND has yielded a comparatively lower 1.60% annualized return.
PDBC
- 1D
- -1.09%
- 1M
- -8.83%
- YTD
- 30.11%
- 6M
- 30.06%
- 1Y
- 36.08%
- 3Y*
- 13.30%
- 5Y*
- 11.21%
- 10Y*
- 8.06%
BND
- 1D
- 0.58%
- 1M
- 0.58%
- YTD
- 0.64%
- 6M
- 0.72%
- 1Y
- 4.91%
- 3Y*
- 4.06%
- 5Y*
- 0.06%
- 10Y*
- 1.60%
PDBC vs. BND - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 30.11% | 5.96% | 2.09% | -6.25% | 19.23% | 41.72% | -7.84% | 11.44% | -12.78% | 5.06% |
BND Vanguard Total Bond Market ETF | 0.64% | 7.08% | 1.38% | 5.65% | -13.11% | -1.86% | 7.71% | 8.84% | -0.12% | 3.57% |
Correlation
The correlation between PDBC and BND is -0.34, 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 | -0.34 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.15 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.10 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.10 |
Correlation (All Time) Calculated using the full available price history since Nov 7, 2014 | -0.11 |
Over the past year, the inverse relationship between PDBC and BND has strengthened: their correlation has moved from -0.11 to -0.34, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
PDBC vs. BND — Risk / Return Rank
PDBC
BND
PDBC vs. BND - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) and Vanguard Total Bond Market ETF (BND). 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.
| PDBC | BND | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.61 | ||
| Sortino ratioReturn per unit of downside risk | +0.56 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.23 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 4.11 | 1.84 | +2.26 |
| Martin ratioReturn relative to average drawdown | 10.05 | 5.38 | +4.67 |
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Drawdowns
PDBC vs. BND - Drawdown Comparison
The maximum PDBC drawdown since its inception was -49.52%, which is greater than BND's maximum drawdown of -18.58%. Use the drawdown chart below to compare losses from any high point for PDBC and BND.
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Drawdown Indicators
| PDBC | BND | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.52% | -18.58% | -30.94% |
Max Drawdown (1Y)Largest decline over 1 year | -8.83% | -2.68% | -6.15% |
Max Drawdown (3Y)Largest decline over 3 years | -13.95% | -5.92% | -8.03% |
Max Drawdown (5Y)Largest decline over 5 years | -27.63% | -17.91% | -9.72% |
Max Drawdown (10Y)Largest decline over 10 years | -40.73% | -18.58% | -22.15% |
Current DrawdownCurrent decline from peak | -8.83% | -2.00% | -6.83% |
Average DrawdownAverage peak-to-trough decline | -23.17% | -3.06% | -20.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.60% | 0.91% | +2.69% |
Volatility
PDBC vs. BND - Volatility Comparison
Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) has a higher volatility of 4.92% compared to Vanguard Total Bond Market ETF (BND) at 1.27%. This indicates that PDBC's price experiences larger fluctuations and is considered to be riskier than BND based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PDBC | BND | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.92% | 1.27% | +3.65% |
Volatility (6M)Calculated over the trailing 6-month period | 16.08% | 2.75% | +13.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.88% | 3.75% | +15.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.16% | 6.03% | +13.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.78% | 5.53% | +12.25% |
PDBC vs. BND - Expense Ratio Comparison
PDBC has a 0.58% expense ratio, which is higher than BND's 0.03% expense ratio.
Dividends
PDBC vs. BND - Dividend Comparison
PDBC's dividend yield for the trailing twelve months is around 2.95%, less than BND's 3.95% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BND Vanguard Total Bond Market ETF | 3.95% | 3.86% | 3.67% | 3.09% | 2.60% | 2.12% | 2.38% | 2.72% | 2.81% | 2.54% | 2.51% | 2.57% |
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 2.95% | 3.84% | 4.42% | 4.21% | 13.05% | 50.83% | 0.01% | 1.40% | 1.00% | 3.83% | 6.51% | 0.00% |
Frequently Asked Questions
PDBC and BND have a correlation of -0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PDBC has higher volatility (4.92%) compared to BND (1.27%). In terms of maximum drawdown, PDBC dropped -49.52% vs BND's -18.58%.
On 10-year performance, PDBC leads with 8.06% vs 1.60% for BND. On fees, BND is cheaper at 0.03% per year. On volatility, BND has been the lower-risk option at 1.27%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PDBC has performed better with a 8.06% return vs 1.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BND is cheaper with a 0.03% expense ratio, compared with 0.58% for PDBC.
BND has the higher dividend yield at 3.95%, compared with 2.95% for PDBC.
PDBC is categorized as Commodities, while BND is Total Bond Market. They also come from different issuers: Invesco and Vanguard. Their fees differ too: 0.58% for PDBC and 0.03% for BND.
PDBC currently has the higher Sharpe Ratio (1.93 vs 1.32), 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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