PDBC vs. FCSH
PDBC (Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF) and FCSH (Federated Hermes Short Duration Corporate ETF) are both exchange-traded funds - PDBC is a Commodities fund actively managed by Invesco, while FCSH is a Short-Term Bond fund actively managed by Federated. Both are actively managed. Over the past 3 years, PDBC returned 14.42%/yr vs 5.11%/yr for FCSH. At a correlation of -0.04, they often move in opposite directions. PDBC charges 0.58%/yr vs 0.30%/yr for FCSH.
Performance
PDBC vs. FCSH - Performance Comparison
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Returns By Period
In the year-to-date period, PDBC achieves a 36.23% return, which is significantly higher than FCSH's 0.67% return.
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%
FCSH
- 1D
- 0.02%
- 1M
- 0.33%
- YTD
- 0.67%
- 6M
- 0.92%
- 1Y
- 4.30%
- 3Y*
- 5.11%
- 5Y*
- —
- 10Y*
- —
PDBC vs. FCSH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 36.23% | 5.96% | 2.09% | -6.25% | 19.23% | 3.67% |
FCSH Federated Hermes Short Duration Corporate ETF | 0.67% | 6.42% | 4.66% | 5.45% | -5.87% | 0.24% |
Correlation
The correlation between PDBC and FCSH is -0.34, 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 | -0.34 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.12 |
Correlation (All Time) Calculated using the full available price history since Dec 20, 2021 | -0.04 |
Over the past year, the inverse relationship between PDBC and FCSH has strengthened: their correlation has moved from -0.04 to -0.34, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
PDBC vs. FCSH — Risk / Return Rank
PDBC
FCSH
PDBC vs. FCSH - 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 Federated Hermes Short Duration Corporate ETF (FCSH). 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 | FCSH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.24 | ||
| Sortino ratioReturn per unit of downside risk | -0.31 | ||
| Omega ratioGain probability vs. loss probability | 1.43 | 1.44 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 6.35 | 3.48 | +2.87 |
| Martin ratioReturn relative to average drawdown | 13.39 | 12.31 | +1.08 |
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 | FCSH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.46 | 2.21 | +0.24 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.65 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.50 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.23 | 0.86 | -0.63 |
Drawdowns
PDBC vs. FCSH - Drawdown Comparison
The maximum PDBC drawdown since its inception was -49.52%, which is greater than FCSH's maximum drawdown of -8.47%. Use the drawdown chart below to compare losses from any high point for PDBC and FCSH.
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Drawdown Indicators
| PDBC | FCSH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.52% | -8.47% | -41.05% |
Max Drawdown (1Y)Largest decline over 1 year | -7.19% | -1.24% | -5.95% |
Max Drawdown (3Y)Largest decline over 3 years | -13.95% | -1.32% | -12.63% |
Max Drawdown (5Y)Largest decline over 5 years | -27.63% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -40.73% | — | — |
Current DrawdownCurrent decline from peak | -4.55% | -0.47% | -4.08% |
Average DrawdownAverage peak-to-trough decline | -23.21% | -2.21% | -21.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.41% | 0.35% | +3.06% |
Volatility
PDBC vs. FCSH - Volatility Comparison
Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) has a higher volatility of 6.20% compared to Federated Hermes Short Duration Corporate ETF (FCSH) at 0.60%. This indicates that PDBC's price experiences larger fluctuations and is considered to be riskier than FCSH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PDBC | FCSH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.20% | 0.60% | +5.60% |
Volatility (6M)Calculated over the trailing 6-month period | 15.78% | 1.53% | +14.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.61% | 1.95% | +16.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.12% | 2.89% | +16.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.78% | 2.89% | +14.89% |
PDBC vs. FCSH - Expense Ratio Comparison
PDBC has a 0.58% expense ratio, which is higher than FCSH's 0.30% expense ratio.
Dividends
PDBC vs. FCSH - Dividend Comparison
PDBC's dividend yield for the trailing twelve months is around 2.82%, less than FCSH's 4.08% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
FCSH Federated Hermes Short Duration Corporate ETF | 4.08% | 4.14% | 4.44% | 2.31% | 1.76% | 0.04% | 0.00% | 0.00% | 0.00% | 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
PDBC and FCSH have a correlation of -0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PDBC has higher volatility (6.20%) compared to FCSH (0.60%). In terms of maximum drawdown, PDBC dropped -49.52% vs FCSH's -8.47%.
On 3-year performance, PDBC leads with 14.42% vs 5.11% for FCSH. On fees, FCSH is cheaper at 0.30% per year. On volatility, FCSH has been the lower-risk option at 0.60%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, PDBC has performed better with a 14.42% return vs 5.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FCSH is cheaper with a 0.30% expense ratio, compared with 0.58% for PDBC.
FCSH has the higher dividend yield at 4.08%, compared with 2.82% for PDBC.
PDBC is categorized as Commodities, while FCSH is Short-Term Bond. They also come from different issuers: Invesco and Federated. Their fees differ too: 0.58% for PDBC and 0.30% for FCSH.
PDBC currently has the higher Sharpe Ratio (2.46 vs 2.21), 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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