PDBC vs. DBMF
PDBC (Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF) and DBMF (iMGP DBi Managed Futures Strategy ETF) are both exchange-traded funds - PDBC is a Commodities fund actively managed by Invesco, while DBMF is a Systematic Trend fund actively managed by iM Global Partners. Both are actively managed. Over the past 5 years, PDBC returned 10.98%/yr vs 8.01%/yr for DBMF. At a 0.23 correlation, their price movements are largely independent. PDBC charges 0.58%/yr vs 0.85%/yr for DBMF.
Performance
PDBC vs. DBMF - Performance Comparison
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Returns By Period
In the year-to-date period, PDBC achieves a 28.75% return, which is significantly higher than DBMF's 10.27% return.
PDBC
- 1D
- -1.04%
- 1M
- -8.28%
- YTD
- 28.75%
- 6M
- 30.02%
- 1Y
- 30.88%
- 3Y*
- 12.43%
- 5Y*
- 10.98%
- 10Y*
- 7.99%
DBMF
- 1D
- 0.26%
- 1M
- -1.34%
- YTD
- 10.27%
- 6M
- 11.24%
- 1Y
- 26.94%
- 3Y*
- 9.64%
- 5Y*
- 8.01%
- 10Y*
- —
PDBC vs. DBMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 28.75% | 5.96% | 2.09% | -6.25% | 19.23% | 41.72% | -7.84% | 2.40% |
DBMF iMGP DBi Managed Futures Strategy ETF | 10.27% | 13.85% | 7.24% | -8.94% | 21.61% | 11.49% | 1.80% | 10.51% |
Correlation
The correlation between PDBC and DBMF is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.40 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.28 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.24 |
Correlation (All Time) Calculated using the full available price history since May 8, 2019 | 0.23 |
The correlation between PDBC and DBMF shifts across timeframes, from 0.23 (all time) to 0.40 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
PDBC vs. DBMF — Risk / Return Rank
PDBC
DBMF
PDBC vs. DBMF - 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 iMGP DBi Managed Futures Strategy ETF (DBMF). 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 | DBMF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.38 | ||
| Sortino ratioReturn per unit of downside risk | -0.48 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.47 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | 3.55 | 4.50 | -0.95 |
| Martin ratioReturn relative to average drawdown | 9.49 | 16.30 | -6.81 |
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Drawdowns
PDBC vs. DBMF - Drawdown Comparison
The maximum PDBC drawdown since its inception was -49.52%, which is greater than DBMF's maximum drawdown of -20.39%. Use the drawdown chart below to compare losses from any high point for PDBC and DBMF.
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Drawdown Indicators
| PDBC | DBMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.52% | -20.39% | -29.13% |
Max Drawdown (1Y)Largest decline over 1 year | -9.78% | -6.10% | -3.68% |
Max Drawdown (3Y)Largest decline over 3 years | -13.95% | -15.60% | +1.65% |
Max Drawdown (5Y)Largest decline over 5 years | -27.63% | -20.39% | -7.24% |
Max Drawdown (10Y)Largest decline over 10 years | -40.73% | — | — |
Current DrawdownCurrent decline from peak | -9.78% | -1.91% | -7.87% |
Average DrawdownAverage peak-to-trough decline | -23.16% | -6.56% | -16.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.65% | 1.68% | +1.97% |
Volatility
PDBC vs. DBMF - Volatility Comparison
Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) has a higher volatility of 4.91% compared to iMGP DBi Managed Futures Strategy ETF (DBMF) at 2.71%. This indicates that PDBC's price experiences larger fluctuations and is considered to be riskier than DBMF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PDBC | DBMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.91% | 2.71% | +2.20% |
Volatility (6M)Calculated over the trailing 6-month period | 16.12% | 10.00% | +6.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.85% | 12.35% | +6.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.16% | 12.55% | +6.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.79% | 12.41% | +5.38% |
PDBC vs. DBMF - Expense Ratio Comparison
PDBC has a 0.58% expense ratio, which is lower than DBMF's 0.85% expense ratio.
Dividends
PDBC vs. DBMF - Dividend Comparison
PDBC's dividend yield for the trailing twelve months is around 2.98%, less than DBMF's 5.19% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
DBMF iMGP DBi Managed Futures Strategy ETF | 5.19% | 5.91% | 5.75% | 2.91% | 7.72% | 10.38% | 0.86% | 9.35% | 0.00% | 0.00% | 0.00% |
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 2.98% | 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 DBMF have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PDBC has higher volatility (4.91%) compared to DBMF (2.71%). In terms of maximum drawdown, PDBC dropped -49.52% vs DBMF's -20.39%.
On 5-year performance, PDBC leads with 10.98% vs 8.01% for DBMF. On fees, PDBC is cheaper at 0.58% per year. On volatility, DBMF has been the lower-risk option at 2.71%. 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 10.98% return vs 8.01%. 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 DBMF.
DBMF has the higher dividend yield at 5.19%, compared with 2.98% for PDBC.
PDBC is categorized as Commodities, while DBMF is Systematic Trend. They also come from different issuers: Invesco and iM Global Partners. Their fees differ too: 0.58% for PDBC and 0.85% for DBMF.
DBMF currently has the higher Sharpe Ratio (2.22 vs 1.84), 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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