PDBC vs. GDX
PDBC (Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF) and GDX (VanEck Gold Miners ETF) are both exchange-traded funds - PDBC is a Commodities fund actively managed by Invesco, while GDX is a Gold fund tracking the NYSE MarketVector Global Gold Miners Index. PDBC is actively managed, while GDX is passively managed. Over the past 10 years, PDBC returned 7.87%/yr vs 13.81%/yr for GDX. At a 0.25 correlation, their price movements are largely independent. PDBC charges 0.58%/yr vs 0.51%/yr for GDX.
Performance
PDBC vs. GDX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, PDBC achieves a 27.47% return, which is significantly higher than GDX's -0.58% return. Over the past 10 years, PDBC has underperformed GDX with an annualized return of 7.87%, while GDX has yielded a comparatively higher 13.81% annualized return.
PDBC
- 1D
- -1.00%
- 1M
- -9.24%
- YTD
- 27.47%
- 6M
- 29.29%
- 1Y
- 29.58%
- 3Y*
- 10.66%
- 5Y*
- 11.09%
- 10Y*
- 7.87%
GDX
- 1D
- 6.55%
- 1M
- -2.38%
- YTD
- -0.58%
- 6M
- 1.22%
- 1Y
- 57.71%
- 3Y*
- 41.18%
- 5Y*
- 19.97%
- 10Y*
- 13.81%
PDBC vs. GDX - 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 | 27.47% | 5.96% | 2.09% | -6.25% | 19.23% | 41.72% | -7.84% | 11.44% | -12.78% | 5.06% |
GDX VanEck Gold Miners ETF | -0.58% | 154.77% | 10.63% | 9.98% | -9.01% | -9.52% | 23.66% | 39.84% | -8.77% | 11.99% |
Correlation
The correlation between PDBC and GDX is 0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.03 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.22 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.27 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.24 |
Correlation (All Time) Calculated using the full available price history since Nov 7, 2014 | 0.25 |
Over the past year, the correlation between PDBC and GDX has dropped to 0.03 - well below their long-term average of 0.25, suggesting their price drivers have been diverging.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
PDBC vs. GDX — Risk / Return Rank
PDBC
GDX
PDBC vs. GDX - 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 VanEck Gold Miners ETF (GDX). 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 | GDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.36 | ||
| Sortino ratioReturn per unit of downside risk | +0.49 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.23 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.78 | 1.60 | +1.18 |
| Martin ratioReturn relative to average drawdown | 7.99 | 4.39 | +3.60 |
Loading charts...
Drawdowns
PDBC vs. GDX - Drawdown Comparison
The maximum PDBC drawdown since its inception was -49.52%, smaller than the maximum GDX drawdown of -80.34%. Use the drawdown chart below to compare losses from any high point for PDBC and GDX.
Loading charts...
Drawdown Indicators
| PDBC | GDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.52% | -80.34% | +30.82% |
Max Drawdown (1Y)Largest decline over 1 year | -10.68% | -36.28% | +25.60% |
Max Drawdown (3Y)Largest decline over 3 years | -13.95% | -36.28% | +22.33% |
Max Drawdown (5Y)Largest decline over 5 years | -27.63% | -46.51% | +18.88% |
Max Drawdown (10Y)Largest decline over 10 years | -40.73% | -49.79% | +9.06% |
Current DrawdownCurrent decline from peak | -10.68% | -26.39% | +15.71% |
Average DrawdownAverage peak-to-trough decline | -23.16% | -40.41% | +17.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.71% | 13.22% | -9.51% |
Volatility
PDBC vs. GDX - Volatility Comparison
The current volatility for Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) is 4.94%, while VanEck Gold Miners ETF (GDX) has a volatility of 18.56%. This indicates that PDBC experiences smaller price fluctuations and is considered to be less risky than GDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| PDBC | GDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.94% | 18.56% | -13.62% |
Volatility (6M)Calculated over the trailing 6-month period | 16.16% | 39.52% | -23.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.73% | 47.30% | -28.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.17% | 36.86% | -17.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.79% | 37.37% | -19.58% |
PDBC vs. GDX - Expense Ratio Comparison
PDBC has a 0.58% expense ratio, which is higher than GDX's 0.51% expense ratio.
Dividends
PDBC vs. GDX - Dividend Comparison
PDBC's dividend yield for the trailing twelve months is around 3.01%, more than GDX's 0.74% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GDX VanEck Gold Miners ETF | 0.74% | 0.74% | 1.19% | 1.61% | 1.66% | 1.67% | 0.53% | 0.67% | 0.50% | 0.76% | 0.26% | 0.85% |
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 3.01% | 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 GDX have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GDX has higher volatility (18.56%) compared to PDBC (4.94%). In terms of maximum drawdown, PDBC dropped -49.52% vs GDX's -80.34%.
On 10-year performance, GDX leads with 13.81% vs 7.87% for PDBC. On fees, GDX is cheaper at 0.51% per year. On volatility, PDBC has been the lower-risk option at 4.94%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GDX has performed better with a 13.81% return vs 7.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GDX is cheaper with a 0.51% expense ratio, compared with 0.58% for PDBC.
PDBC has the higher dividend yield at 3.01%, compared with 0.74% for GDX.
PDBC is categorized as Commodities, while GDX is Gold. They also come from different issuers: Invesco and VanEck. Their fees differ too: 0.58% for PDBC and 0.51% for GDX.
PDBC currently has the higher Sharpe Ratio (1.59 vs 1.23), 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.
Find the right allocation for PDBC and GDX
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer