PDBC vs. DBA
PDBC (Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF) and DBA (Invesco DB Agriculture Fund) are both exchange-traded funds - PDBC is a Commodities fund actively managed by Invesco, while DBA is a Agricultural Commodities fund tracking the DBIQ Diversified Agriculture Index Excess Return. PDBC is actively managed, while DBA is passively managed. Over the past 10 years, PDBC returned 7.69%/yr vs 4.14%/yr for DBA. At a 0.40 correlation, their price movements are largely independent. PDBC charges 0.58%/yr vs 0.88%/yr for DBA.
Performance
PDBC vs. DBA - Performance Comparison
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Returns By Period
In the year-to-date period, PDBC achieves a 24.08% return, which is significantly higher than DBA's 8.82% return. Over the past 10 years, PDBC has outperformed DBA with an annualized return of 7.69%, while DBA has yielded a comparatively lower 4.14% annualized return.
PDBC
- 1D
- 0.12%
- 1M
- -4.64%
- 6M
- 21.24%
- YTD
- 24.08%
- 1Y
- 27.16%
- 3Y*
- 9.96%
- 5Y*
- 10.22%
- 10Y*
- 7.69%
DBA
- 1D
- 0.22%
- 1M
- 5.59%
- 6M
- 7.72%
- YTD
- 8.82%
- 1Y
- 11.65%
- 3Y*
- 13.55%
- 5Y*
- 12.19%
- 10Y*
- 4.14%
PDBC vs. DBA - 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 | 24.08% | 5.96% | 2.09% | -6.25% | 19.23% | 41.72% | -7.84% | 11.44% | -12.78% | 5.06% |
DBA Invesco DB Agriculture Fund | 8.82% | -0.56% | 33.45% | 7.64% | 2.53% | 22.37% | -2.54% | -0.71% | -8.74% | -6.06% |
Correlation
The correlation between PDBC and DBA is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.37 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.28 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.41 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.40 |
Correlation (All Time) Calculated using the full available price history since Nov 7, 2014 | 0.40 |
The correlation between PDBC and DBA shifts across timeframes, from 0.28 (3 years) to 0.41 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
PDBC vs. DBA — Risk / Return Rank
PDBC
DBA
PDBC vs. DBA - 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 Invesco DB Agriculture Fund (DBA). 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 | DBA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.47 | ||
| Sortino ratioReturn per unit of downside risk | +0.49 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.19 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 1.75 | 1.35 | +0.40 |
| Martin ratioReturn relative to average drawdown | 6.25 | 2.83 | +3.41 |
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Drawdowns
PDBC vs. DBA - Drawdown Comparison
The maximum PDBC drawdown since its inception was -49.52%, smaller than the maximum DBA drawdown of -67.97%. Use the drawdown chart below to compare losses from any high point for PDBC and DBA.
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Drawdown Indicators
| PDBC | DBA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.52% | -67.97% | +18.45% |
Max Drawdown (1Y)Largest decline over 1 year | -16.55% | -8.67% | -7.88% |
Max Drawdown (3Y)Largest decline over 3 years | -16.55% | -12.36% | -4.19% |
Max Drawdown (5Y)Largest decline over 5 years | -27.63% | -15.94% | -11.69% |
Max Drawdown (10Y)Largest decline over 10 years | -40.73% | -37.97% | -2.76% |
Current DrawdownCurrent decline from peak | -13.06% | -23.39% | +10.33% |
Average DrawdownAverage peak-to-trough decline | -23.11% | -41.02% | +17.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.64% | 4.12% | +0.52% |
Volatility
PDBC vs. DBA - Volatility Comparison
Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) has a higher volatility of 5.48% compared to Invesco DB Agriculture Fund (DBA) at 3.88%. This indicates that PDBC's price experiences larger fluctuations and is considered to be riskier than DBA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PDBC | DBA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.48% | 3.88% | +1.60% |
Volatility (6M)Calculated over the trailing 6-month period | 16.59% | 7.43% | +9.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.72% | 10.83% | +7.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.19% | 13.86% | +5.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.75% | 13.06% | +4.69% |
PDBC vs. DBA - Expense Ratio Comparison
PDBC has a 0.58% expense ratio, which is lower than DBA's 0.88% expense ratio.
Dividends
PDBC vs. DBA - Dividend Comparison
PDBC's dividend yield for the trailing twelve months is around 3.09%, less than DBA's 3.29% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
DBA Invesco DB Agriculture Fund | 3.29% | 3.58% | 4.08% | 4.63% | 0.48% | 0.00% | 0.00% | 1.55% | 1.06% | 0.00% | 0.00% |
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 3.09% | 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 DBA have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PDBC has higher volatility (5.48%) compared to DBA (3.88%). In terms of maximum drawdown, PDBC dropped -49.52% vs DBA's -67.97%.
On 10-year performance, PDBC leads with 7.69% vs 4.14% for DBA. On fees, PDBC is cheaper at 0.58% per year. On volatility, DBA has been the lower-risk option at 3.88%. 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 7.69% return vs 4.14%. 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 0.88% for DBA.
DBA has the higher dividend yield at 3.29%, compared with 3.09% for PDBC.
PDBC is categorized as Commodities, while DBA is Agricultural Commodities. Their fees differ too: 0.58% for PDBC and 0.88% for DBA.
PDBC currently has the higher Sharpe Ratio (1.55 vs 1.08), 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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