PDBC vs. CMDT
PDBC (Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF) and CMDT (PIMCO Commodity Strategy Active Exchange-Traded Fund) are both Commodities funds. PDBC is actively managed, while CMDT is passively managed. Over the past 3 years, PDBC returned 14.42%/yr vs 16.90%/yr for CMDT. Their correlation of 0.90 suggests significant overlap in exposure. PDBC charges 0.58%/yr vs 0.65%/yr for CMDT.
Performance
PDBC vs. CMDT - 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 CMDT's 23.96% 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%
CMDT
- 1D
- -0.03%
- 1M
- -0.63%
- YTD
- 23.96%
- 6M
- 24.09%
- 1Y
- 35.85%
- 3Y*
- 16.90%
- 5Y*
- —
- 10Y*
- —
PDBC vs. CMDT - 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% | -0.60% |
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund | 23.96% | 12.78% | 6.93% | 5.50% |
Correlation
The correlation between PDBC and CMDT is 0.87, 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 | 0.87 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.90 |
Correlation (All Time) Calculated using the full available price history since May 11, 2023 | 0.90 |
The correlation between PDBC and CMDT has been stable across timeframes, ranging from 0.87 to 0.90 - a consistent structural relationship.
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Return for Risk
PDBC vs. CMDT — Risk / Return Rank
PDBC
CMDT
PDBC vs. CMDT - 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 PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT). 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 | CMDT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.46 | ||
| Sortino ratioReturn per unit of downside risk | -0.78 | ||
| Omega ratioGain probability vs. loss probability | 1.43 | 1.50 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 6.35 | 8.03 | -1.68 |
| Martin ratioReturn relative to average drawdown | 13.39 | 22.12 | -8.73 |
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 | CMDT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.46 | 2.92 | -0.46 |
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 | 1.32 | -1.09 |
Drawdowns
PDBC vs. CMDT - Drawdown Comparison
The maximum PDBC drawdown since its inception was -49.52%, which is greater than CMDT's maximum drawdown of -9.69%. Use the drawdown chart below to compare losses from any high point for PDBC and CMDT.
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Drawdown Indicators
| PDBC | CMDT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.52% | -9.69% | -39.83% |
Max Drawdown (1Y)Largest decline over 1 year | -7.19% | -4.49% | -2.70% |
Max Drawdown (3Y)Largest decline over 3 years | -13.95% | -9.69% | -4.26% |
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% | -2.86% | -1.69% |
Average DrawdownAverage peak-to-trough decline | -23.21% | -2.69% | -20.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.41% | 1.63% | +1.78% |
Volatility
PDBC vs. CMDT - Volatility Comparison
Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) has a higher volatility of 6.20% compared to PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT) at 4.33%. This indicates that PDBC's price experiences larger fluctuations and is considered to be riskier than CMDT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PDBC | CMDT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.20% | 4.33% | +1.87% |
Volatility (6M)Calculated over the trailing 6-month period | 15.78% | 10.30% | +5.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.61% | 12.35% | +6.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.12% | 12.21% | +6.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.78% | 12.21% | +5.57% |
PDBC vs. CMDT - Expense Ratio Comparison
PDBC has a 0.58% expense ratio, which is lower than CMDT's 0.65% expense ratio.
Dividends
PDBC vs. CMDT - Dividend Comparison
PDBC's dividend yield for the trailing twelve months is around 2.82%, more than CMDT's 2.44% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund | 2.44% | 3.04% | 8.80% | 2.71% | 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
PDBC and CMDT have a correlation of 0.87, 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 CMDT (4.33%). In terms of maximum drawdown, PDBC dropped -49.52% vs CMDT's -9.69%.
On 3-year performance, CMDT leads with 16.90% vs 14.42% for PDBC. On fees, PDBC is cheaper at 0.58% per year. On volatility, CMDT has been the lower-risk option at 4.33%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, CMDT has performed better with a 16.90% return vs 14.42%. 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 CMDT.
PDBC has the higher dividend yield at 2.82%, compared with 2.44% for CMDT.
They also come from different issuers: Invesco and PIMCO. Their fees differ too: 0.58% for PDBC and 0.65% for CMDT.
CMDT currently has the higher Sharpe Ratio (2.92 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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