PDBC vs. COMB
PDBC (Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF) and COMB (GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF) are both Commodities funds. Both are actively managed. Over the past 5 years, PDBC returned 9.92%/yr vs 9.61%/yr for COMB. Their correlation of 0.86 suggests significant overlap in exposure. PDBC charges 0.58%/yr vs 0.25%/yr for COMB.
Performance
PDBC vs. COMB - Performance Comparison
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Returns By Period
In the year-to-date period, PDBC achieves a 22.11% return, which is significantly higher than COMB's 14.97% return.
PDBC
- 1D
- -1.10%
- 1M
- -11.10%
- YTD
- 22.11%
- 6M
- 20.75%
- 1Y
- 25.24%
- 3Y*
- 10.03%
- 5Y*
- 9.92%
- 10Y*
- 7.59%
COMB
- 1D
- -1.41%
- 1M
- -9.91%
- YTD
- 14.97%
- 6M
- 13.14%
- 1Y
- 22.62%
- 3Y*
- 11.57%
- 5Y*
- 9.61%
- 10Y*
- —
PDBC vs. COMB - 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 | 22.11% | 5.96% | 2.09% | -6.25% | 19.23% | 41.72% | -7.84% | 11.44% | -12.78% | 9.76% |
COMB GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF | 14.97% | 15.12% | 5.24% | -7.75% | 14.56% | 26.34% | -2.95% | 7.02% | -11.41% | 4.98% |
Correlation
The correlation between PDBC and COMB 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 (3Y) Calculated over the trailing 3-year period | 0.88 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.88 |
Correlation (All Time) Calculated using the full available price history since May 24, 2017 | 0.86 |
The correlation between PDBC and COMB has been stable across timeframes, ranging from 0.86 to 0.91 - a consistent structural relationship.
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Return for Risk
PDBC vs. COMB — Risk / Return Rank
PDBC
COMB
PDBC vs. COMB - 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 GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF (COMB). 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 | COMB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.06 | ||
| Sortino ratioReturn per unit of downside risk | +0.12 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.24 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.76 | 1.71 | +0.05 |
| Martin ratioReturn relative to average drawdown | 7.71 | 6.79 | +0.92 |
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Drawdowns
PDBC vs. COMB - Drawdown Comparison
The maximum PDBC drawdown since its inception was -49.52%, which is greater than COMB's maximum drawdown of -33.50%. Use the drawdown chart below to compare losses from any high point for PDBC and COMB.
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Drawdown Indicators
| PDBC | COMB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.52% | -33.50% | -16.02% |
Max Drawdown (1Y)Largest decline over 1 year | -14.44% | -13.28% | -1.16% |
Max Drawdown (3Y)Largest decline over 3 years | -14.44% | -13.28% | -1.16% |
Max Drawdown (5Y)Largest decline over 5 years | -27.63% | -26.63% | -1.00% |
Max Drawdown (10Y)Largest decline over 10 years | -40.73% | — | — |
Current DrawdownCurrent decline from peak | -14.44% | -13.28% | -1.16% |
Average DrawdownAverage peak-to-trough decline | -23.14% | -12.04% | -11.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.31% | 3.36% | -0.05% |
Volatility
PDBC vs. COMB - Volatility Comparison
Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) has a higher volatility of 4.42% compared to GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF (COMB) at 3.69%. This indicates that PDBC's price experiences larger fluctuations and is considered to be riskier than COMB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PDBC | COMB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.42% | 3.69% | +0.73% |
Volatility (6M)Calculated over the trailing 6-month period | 16.20% | 15.24% | +0.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.73% | 17.34% | +1.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.15% | 16.69% | +2.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.77% | 15.14% | +2.63% |
PDBC vs. COMB - Expense Ratio Comparison
PDBC has a 0.58% expense ratio, which is higher than COMB's 0.25% expense ratio.
Dividends
PDBC vs. COMB - Dividend Comparison
PDBC's dividend yield for the trailing twelve months is around 3.14%, less than COMB's 7.87% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
COMB GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF | 7.87% | 9.05% | 2.48% | 6.57% | 30.85% | 15.83% | 0.07% | 1.48% | 0.97% | 0.20% | 0.00% |
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 3.14% | 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 COMB 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 (4.42%) compared to COMB (3.69%). In terms of maximum drawdown, PDBC dropped -49.52% vs COMB's -33.50%.
On 5-year performance, PDBC leads with 9.92% vs 9.61% for COMB. On fees, COMB is cheaper at 0.25% per year. On volatility, COMB has been the lower-risk option at 3.69%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, PDBC has performed better with a 9.92% return vs 9.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
COMB is cheaper with a 0.25% expense ratio, compared with 0.58% for PDBC.
COMB has the higher dividend yield at 7.87%, compared with 3.14% for PDBC.
They also come from different issuers: Invesco and GraniteShares. Their fees differ too: 0.58% for PDBC and 0.25% for COMB.
PDBC currently has the higher Sharpe Ratio (1.38 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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