PDBC vs. BYLD
PDBC (Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF) and BYLD (iShares Yield Optimized Bond ETF) are both exchange-traded funds - PDBC is a Commodities fund actively managed by Invesco, while BYLD is a Intermediate Core-Plus Bond fund tracking the Morningstar U.S. Bond Market Yield-Optimized Index. PDBC is actively managed, while BYLD is passively managed. Over the past 10 years, PDBC returned 8.79%/yr vs 3.01%/yr for BYLD. At a 0.05 correlation, their price movements are largely independent. PDBC charges 0.58%/yr vs 0.17%/yr for BYLD.
Performance
PDBC vs. BYLD - Performance Comparison
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Returns By Period
In the year-to-date period, PDBC achieves a 36.23% return, which is significantly higher than BYLD's 1.23% return. Over the past 10 years, PDBC has outperformed BYLD with an annualized return of 8.79%, while BYLD has yielded a comparatively lower 3.01% annualized return.
PDBC
- 1D
- 0.39%
- 1M
- -3.37%
- YTD
- 36.23%
- 6M
- 36.27%
- 1Y
- 45.46%
- 3Y*
- 14.42%
- 5Y*
- 12.39%
- 10Y*
- 8.79%
BYLD
- 1D
- -0.18%
- 1M
- 0.61%
- YTD
- 1.23%
- 6M
- 1.35%
- 1Y
- 7.01%
- 3Y*
- 6.49%
- 5Y*
- 2.21%
- 10Y*
- 3.01%
PDBC vs. BYLD - 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 | 36.23% | 5.96% | 2.09% | -6.25% | 19.23% | 41.72% | -7.84% | 11.44% | -12.78% | 5.06% |
BYLD iShares Yield Optimized Bond ETF | 1.23% | 8.41% | 4.17% | 8.30% | -10.33% | -1.25% | 4.25% | 12.79% | -1.50% | 4.75% |
Correlation
The correlation between PDBC and BYLD is -0.36, 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 | -0.36 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.10 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.03 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.03 |
Correlation (All Time) Calculated using the full available price history since Nov 10, 2014 | 0.05 |
The correlation between PDBC and BYLD shifts across timeframes, from -0.36 (1 year) to 0.05 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PDBC vs. BYLD — Risk / Return Rank
PDBC
BYLD
PDBC vs. BYLD - 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 iShares Yield Optimized Bond ETF (BYLD). 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.
| PDBC | BYLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.61 | ||
| Sortino ratioReturn per unit of downside risk | +0.38 | ||
| Omega ratioGain probability vs. loss probability | 1.43 | 1.35 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 6.35 | 2.60 | +3.75 |
| Martin ratioReturn relative to average drawdown | 13.39 | 10.54 | +2.85 |
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
| PDBC | BYLD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.46 | 1.85 | +0.61 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.65 | 0.43 | +0.22 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.50 | 0.56 | -0.06 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.23 | 0.57 | -0.34 |
Drawdowns
PDBC vs. BYLD - Drawdown Comparison
The maximum PDBC drawdown since its inception was -49.52%, which is greater than BYLD's maximum drawdown of -14.75%. Use the drawdown chart below to compare losses from any high point for PDBC and BYLD.
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Drawdown Indicators
| PDBC | BYLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.52% | -14.75% | -34.77% |
Max Drawdown (1Y)Largest decline over 1 year | -7.19% | -2.71% | -4.48% |
Max Drawdown (3Y)Largest decline over 3 years | -13.95% | -3.94% | -10.01% |
Max Drawdown (5Y)Largest decline over 5 years | -27.63% | -14.65% | -12.98% |
Max Drawdown (10Y)Largest decline over 10 years | -40.73% | -14.75% | -25.98% |
Current DrawdownCurrent decline from peak | -4.55% | -0.34% | -4.21% |
Average DrawdownAverage peak-to-trough decline | -23.21% | -2.51% | -20.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.41% | 0.67% | +2.74% |
Volatility
PDBC vs. BYLD - Volatility Comparison
Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) has a higher volatility of 6.20% compared to iShares Yield Optimized Bond ETF (BYLD) at 1.42%. This indicates that PDBC's price experiences larger fluctuations and is considered to be riskier than BYLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PDBC | BYLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.20% | 1.42% | +4.78% |
Volatility (6M)Calculated over the trailing 6-month period | 15.78% | 2.94% | +12.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.61% | 3.82% | +14.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.12% | 5.20% | +13.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.78% | 5.43% | +12.35% |
PDBC vs. BYLD - Expense Ratio Comparison
PDBC has a 0.58% expense ratio, which is higher than BYLD's 0.17% expense ratio.
Dividends
PDBC vs. BYLD - Dividend Comparison
PDBC's dividend yield for the trailing twelve months is around 2.82%, less than BYLD's 5.36% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BYLD iShares Yield Optimized Bond ETF | 5.36% | 5.32% | 5.31% | 4.45% | 3.39% | 2.18% | 3.41% | 3.67% | 4.22% | 3.22% | 3.14% | 3.37% |
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 2.82% | 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 BYLD have a correlation of -0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PDBC has higher volatility (6.20%) compared to BYLD (1.42%). In terms of maximum drawdown, PDBC dropped -49.52% vs BYLD's -14.75%.
On 10-year performance, PDBC leads with 8.79% vs 3.01% for BYLD. On fees, BYLD is cheaper at 0.17% per year. On volatility, BYLD has been the lower-risk option at 1.42%. 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 8.79% return vs 3.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BYLD is cheaper with a 0.17% expense ratio, compared with 0.58% for PDBC.
BYLD has the higher dividend yield at 5.36%, compared with 2.82% for PDBC.
PDBC is categorized as Commodities, while BYLD is Intermediate Core-Plus Bond. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.58% for PDBC and 0.17% for BYLD.
PDBC currently has the higher Sharpe Ratio (2.46 vs 1.85), 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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