PDBC vs. CMCI
PDBC (Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF) and CMCI (VanEck CMCI Commodity Strategy ETF) are both Commodities funds. PDBC is actively managed, while CMCI is passively managed. Over the past year, PDBC returned 45.46% vs 30.85% for CMCI. Their correlation of 0.90 suggests significant overlap in exposure. PDBC charges 0.58%/yr vs 0.65%/yr for CMCI.
Performance
PDBC vs. CMCI - 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 CMCI's 23.01% 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%
CMCI
- 1D
- -0.31%
- 1M
- -0.41%
- YTD
- 23.01%
- 6M
- 23.83%
- 1Y
- 30.85%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PDBC vs. CMCI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 36.23% | 5.96% | 2.09% | -4.37% |
CMCI VanEck CMCI Commodity Strategy ETF | 23.01% | 7.90% | 5.68% | -2.87% |
Correlation
The correlation between PDBC and CMCI is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.91 |
Correlation (All Time) Calculated using the full available price history since Aug 24, 2023 | 0.90 |
The correlation between PDBC and CMCI has been stable across timeframes, ranging from 0.90 to 0.91 - a consistent structural relationship.
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Return for Risk
PDBC vs. CMCI — Risk / Return Rank
PDBC
CMCI
PDBC vs. CMCI - 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 VanEck CMCI Commodity Strategy ETF (CMCI). 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 | CMCI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.09 | ||
| Sortino ratioReturn per unit of downside risk | -0.28 | ||
| Omega ratioGain probability vs. loss probability | 1.43 | 1.46 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 6.35 | 6.16 | +0.19 |
| Martin ratioReturn relative to average drawdown | 13.39 | 16.15 | -2.76 |
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 | CMCI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.46 | 2.54 | -0.09 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.65 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.50 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.23 | 0.94 | -0.71 |
Drawdowns
PDBC vs. CMCI - Drawdown Comparison
The maximum PDBC drawdown since its inception was -49.52%, which is greater than CMCI's maximum drawdown of -11.54%. Use the drawdown chart below to compare losses from any high point for PDBC and CMCI.
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Drawdown Indicators
| PDBC | CMCI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.52% | -11.54% | -37.98% |
Max Drawdown (1Y)Largest decline over 1 year | -7.19% | -5.03% | -2.16% |
Max Drawdown (3Y)Largest decline over 3 years | -13.95% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -27.63% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -40.73% | — | — |
Current DrawdownCurrent decline from peak | -4.55% | -3.12% | -1.43% |
Average DrawdownAverage peak-to-trough decline | -23.21% | -3.54% | -19.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.41% | 1.92% | +1.49% |
Volatility
PDBC vs. CMCI - Volatility Comparison
Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) has a higher volatility of 6.20% compared to VanEck CMCI Commodity Strategy ETF (CMCI) at 4.25%. This indicates that PDBC's price experiences larger fluctuations and is considered to be riskier than CMCI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PDBC | CMCI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.20% | 4.25% | +1.95% |
Volatility (6M)Calculated over the trailing 6-month period | 15.78% | 10.14% | +5.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.61% | 12.19% | +6.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.12% | 12.63% | +6.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.78% | 12.63% | +5.15% |
PDBC vs. CMCI - Expense Ratio Comparison
PDBC has a 0.58% expense ratio, which is lower than CMCI's 0.65% expense ratio.
Dividends
PDBC vs. CMCI - Dividend Comparison
PDBC's dividend yield for the trailing twelve months is around 2.82%, less than CMCI's 8.04% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
CMCI VanEck CMCI Commodity Strategy ETF | 8.04% | 9.89% | 3.93% | 1.64% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
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% |
Frequently Asked Questions
With a correlation of 0.91, PDBC and CMCI 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.
PDBC has higher volatility (6.20%) compared to CMCI (4.25%). In terms of maximum drawdown, PDBC dropped -49.52% vs CMCI's -11.54%.
On 1-year performance, PDBC leads with 45.46% vs 30.85% for CMCI. On fees, PDBC is cheaper at 0.58% per year. On volatility, CMCI has been the lower-risk option at 4.25%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, PDBC has performed better with a 45.46% return vs 30.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PDBC is cheaper with a 0.58% expense ratio, compared with 0.65% for CMCI.
CMCI has the higher dividend yield at 8.04%, compared with 2.82% for PDBC.
They also come from different issuers: Invesco and VanEck. Their fees differ too: 0.58% for PDBC and 0.65% for CMCI.
CMCI currently has the higher Sharpe Ratio (2.54 vs 2.46), 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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