PDBC vs. DBC
PDBC (Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF) and DBC (Invesco DB Commodity Index Tracking Fund) are both Commodities funds from Invesco. PDBC is actively managed, while DBC is passively managed. Over the past 10 years, PDBC returned 8.79%/yr vs 9.10%/yr for DBC. With a 0.96 correlation, they move nearly in lockstep. PDBC charges 0.58%/yr vs 0.85%/yr for DBC.
Performance
PDBC vs. DBC - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with PDBC having a 36.23% return and DBC slightly lower at 35.47%. Both investments have delivered pretty close results over the past 10 years, with PDBC having a 8.79% annualized return and DBC not far ahead at 9.10%.
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%
DBC
- 1D
- 0.56%
- 1M
- -3.32%
- YTD
- 35.47%
- 6M
- 35.36%
- 1Y
- 45.90%
- 3Y*
- 15.09%
- 5Y*
- 12.78%
- 10Y*
- 9.10%
PDBC vs. DBC - 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% |
DBC Invesco DB Commodity Index Tracking Fund | 35.47% | 8.10% | 2.18% | -6.19% | 19.34% | 41.36% | -7.84% | 11.84% | -11.63% | 4.86% |
Correlation
The correlation between PDBC and DBC is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.99 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.99 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.99 |
Correlation (All Time) Calculated using the full available price history since Nov 10, 2014 | 0.96 |
The correlation between PDBC and DBC has been stable across timeframes, ranging from 0.96 to 0.99 - a consistent structural relationship.
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Return for Risk
PDBC vs. DBC — Risk / Return Rank
PDBC
DBC
PDBC vs. DBC - 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 Commodity Index Tracking Fund (DBC). 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 | DBC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.01 | ||
| Sortino ratioReturn per unit of downside risk | -0.02 | ||
| Omega ratioGain probability vs. loss probability | 1.43 | 1.43 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 6.35 | 6.54 | -0.19 |
| Martin ratioReturn relative to average drawdown | 13.39 | 13.91 | -0.52 |
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 | DBC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.46 | 2.47 | -0.01 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.65 | 0.67 | -0.02 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.50 | 0.51 | -0.02 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.23 | 0.12 | +0.11 |
Drawdowns
PDBC vs. DBC - Drawdown Comparison
The maximum PDBC drawdown since its inception was -49.52%, smaller than the maximum DBC drawdown of -76.36%. Use the drawdown chart below to compare losses from any high point for PDBC and DBC.
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Drawdown Indicators
| PDBC | DBC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.52% | -76.36% | +26.84% |
Max Drawdown (1Y)Largest decline over 1 year | -7.19% | -7.05% | -0.14% |
Max Drawdown (3Y)Largest decline over 3 years | -13.95% | -13.82% | -0.13% |
Max Drawdown (5Y)Largest decline over 5 years | -27.63% | -27.34% | -0.29% |
Max Drawdown (10Y)Largest decline over 10 years | -40.73% | -41.71% | +0.98% |
Current DrawdownCurrent decline from peak | -4.55% | -21.64% | +17.09% |
Average DrawdownAverage peak-to-trough decline | -23.21% | -46.22% | +23.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.41% | 3.31% | +0.10% |
Volatility
PDBC vs. DBC - Volatility Comparison
Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) and Invesco DB Commodity Index Tracking Fund (DBC) have volatilities of 6.20% and 6.45%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PDBC | DBC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.20% | 6.45% | -0.25% |
Volatility (6M)Calculated over the trailing 6-month period | 15.78% | 15.75% | +0.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.61% | 18.68% | -0.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.12% | 19.18% | -0.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.78% | 17.81% | -0.03% |
PDBC vs. DBC - Expense Ratio Comparison
PDBC has a 0.58% expense ratio, which is lower than DBC's 0.85% expense ratio.
Dividends
PDBC vs. DBC - Dividend Comparison
PDBC's dividend yield for the trailing twelve months is around 2.82%, more than DBC's 2.46% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
DBC Invesco DB Commodity Index Tracking Fund | 2.46% | 3.33% | 5.22% | 4.94% | 0.59% | 0.00% | 0.00% | 1.59% | 1.30% | 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 0.99, PDBC and DBC 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.
DBC has higher volatility (6.45%) compared to PDBC (6.20%). In terms of maximum drawdown, PDBC dropped -49.52% vs DBC's -76.36%.
On 10-year performance, DBC leads with 9.10% vs 8.79% for PDBC. On fees, PDBC is cheaper at 0.58% per year. On volatility, PDBC has been the lower-risk option at 6.20%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DBC has performed better with a 9.10% return vs 8.79%. 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 0.85% for DBC.
PDBC has the higher dividend yield at 2.82%, compared with 2.46% for DBC.
Their fees differ too: 0.58% for PDBC and 0.85% for DBC.
DBC currently has the higher Sharpe Ratio (2.47 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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