PDBC vs. DGS
PDBC (Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF) and DGS (WisdomTree Emerging Markets SmallCap Dividend Fund) are both exchange-traded funds - PDBC is a Commodities fund actively managed by Invesco, while DGS is a Emerging Markets Diversified fund tracking the WisdomTree Emerging Markets SmallCap Dividend Index. PDBC is actively managed, while DGS is passively managed. Over the past 10 years, PDBC returned 7.99%/yr vs 10.14%/yr for DGS. At a 0.32 correlation, their price movements are largely independent. Both charge a 0.58% expense ratio.
Performance
PDBC vs. DGS - 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 DGS's 14.94% return. Over the past 10 years, PDBC has underperformed DGS with an annualized return of 7.99%, while DGS has yielded a comparatively higher 10.14% annualized 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%
DGS
- 1D
- 0.65%
- 1M
- 1.51%
- YTD
- 14.94%
- 6M
- 17.07%
- 1Y
- 25.61%
- 3Y*
- 15.36%
- 5Y*
- 8.06%
- 10Y*
- 10.14%
PDBC vs. DGS - 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 | 28.75% | 5.96% | 2.09% | -6.25% | 19.23% | 41.72% | -7.84% | 11.44% | -12.78% | 5.06% |
DGS WisdomTree Emerging Markets SmallCap Dividend Fund | 14.94% | 21.18% | 1.13% | 19.08% | -12.35% | 15.33% | 4.06% | 18.90% | -16.52% | 37.47% |
Correlation
The correlation between PDBC and DGS is -0.13, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.16 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.24 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.30 |
Correlation (All Time) Calculated using the full available price history since Nov 7, 2014 | 0.32 |
The correlation between PDBC and DGS shifts across timeframes, from -0.13 (1 year) to 0.32 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PDBC vs. DGS — Risk / Return Rank
PDBC
DGS
PDBC vs. DGS - 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 WisdomTree Emerging Markets SmallCap Dividend Fund (DGS). 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 | DGS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.40 | ||
| Sortino ratioReturn per unit of downside risk | +0.42 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.27 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 3.55 | 2.38 | +1.17 |
| Martin ratioReturn relative to average drawdown | 9.49 | 7.84 | +1.65 |
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Drawdowns
PDBC vs. DGS - Drawdown Comparison
The maximum PDBC drawdown since its inception was -49.52%, smaller than the maximum DGS drawdown of -61.83%. Use the drawdown chart below to compare losses from any high point for PDBC and DGS.
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Drawdown Indicators
| PDBC | DGS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.52% | -61.83% | +12.31% |
Max Drawdown (1Y)Largest decline over 1 year | -9.78% | -10.06% | +0.28% |
Max Drawdown (3Y)Largest decline over 3 years | -13.95% | -19.31% | +5.36% |
Max Drawdown (5Y)Largest decline over 5 years | -27.63% | -24.86% | -2.77% |
Max Drawdown (10Y)Largest decline over 10 years | -40.73% | -44.08% | +3.35% |
Current DrawdownCurrent decline from peak | -9.78% | -1.05% | -8.73% |
Average DrawdownAverage peak-to-trough decline | -23.16% | -12.57% | -10.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.65% | 3.05% | +0.60% |
Volatility
PDBC vs. DGS - Volatility Comparison
The current volatility for Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) is 4.91%, while WisdomTree Emerging Markets SmallCap Dividend Fund (DGS) has a volatility of 7.30%. This indicates that PDBC experiences smaller price fluctuations and is considered to be less risky than DGS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PDBC | DGS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.91% | 7.30% | -2.39% |
Volatility (6M)Calculated over the trailing 6-month period | 16.12% | 14.27% | +1.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.85% | 16.60% | +2.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.16% | 15.08% | +4.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.79% | 17.39% | +0.40% |
PDBC vs. DGS - Expense Ratio Comparison
Both PDBC and DGS have an expense ratio of 0.58%.
Dividends
PDBC vs. DGS - Dividend Comparison
PDBC's dividend yield for the trailing twelve months is around 2.98%, less than DGS's 3.20% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DGS WisdomTree Emerging Markets SmallCap Dividend Fund | 3.20% | 3.45% | 3.36% | 4.55% | 5.34% | 3.98% | 3.69% | 3.95% | 4.24% | 2.81% | 3.42% | 3.28% |
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% | 0.00% |
Frequently Asked Questions
PDBC and DGS have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DGS has higher volatility (7.30%) compared to PDBC (4.91%). In terms of maximum drawdown, PDBC dropped -49.52% vs DGS's -61.83%.
On 10-year performance, DGS leads with 10.14% vs 7.99% for PDBC. Both ETFs have the same 0.58% expense ratio. On volatility, PDBC has been the lower-risk option at 4.91%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DGS has performed better with a 10.14% return vs 7.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PDBC and DGS have the same expense ratio: 0.58% per year.
DGS has the higher dividend yield at 3.20%, compared with 2.98% for PDBC.
PDBC is categorized as Commodities, while DGS is Emerging Markets Diversified. They also come from different issuers: Invesco and WisdomTree.
PDBC currently has the higher Sharpe Ratio (1.84 vs 1.44), 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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