PDBC vs. GLD
PDBC (Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF) and GLD (SPDR Gold Shares) are both exchange-traded funds - PDBC is a Commodities fund actively managed by Invesco, while GLD is a Gold fund tracking the LBMA Gold Price PM. PDBC is actively managed, while GLD is passively managed. Over the past 10 years, PDBC returned 8.22%/yr vs 12.80%/yr for GLD. At a 0.22 correlation, their price movements are largely independent. PDBC charges 0.58%/yr vs 0.40%/yr for GLD.
Performance
PDBC vs. GLD - Performance Comparison
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Returns By Period
In the year-to-date period, PDBC achieves a 31.77% return, which is significantly higher than GLD's -0.02% return. Over the past 10 years, PDBC has underperformed GLD with an annualized return of 8.22%, while GLD has yielded a comparatively higher 12.80% annualized return.
PDBC
- 1D
- -2.18%
- 1M
- -3.38%
- YTD
- 31.77%
- 6M
- 30.58%
- 1Y
- 39.73%
- 3Y*
- 13.22%
- 5Y*
- 11.64%
- 10Y*
- 8.22%
GLD
- 1D
- -3.65%
- 1M
- -8.65%
- YTD
- -0.02%
- 6M
- 2.54%
- 1Y
- 29.84%
- 3Y*
- 29.53%
- 5Y*
- 17.47%
- 10Y*
- 12.80%
PDBC vs. GLD - 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 | 31.77% | 5.96% | 2.09% | -6.25% | 19.23% | 41.72% | -7.84% | 11.44% | -12.78% | 5.06% |
GLD SPDR Gold Shares | -0.02% | 63.68% | 26.66% | 12.69% | -0.77% | -4.15% | 24.81% | 17.86% | -1.94% | 12.81% |
Correlation
The correlation between PDBC and GLD is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.31 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.29 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.23 |
Correlation (All Time) Calculated using the full available price history since Nov 10, 2014 | 0.22 |
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Return for Risk
PDBC vs. GLD — Risk / Return Rank
PDBC
GLD
PDBC vs. GLD - 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 SPDR Gold Shares (GLD). 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 | GLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.13 | ||
| Sortino ratioReturn per unit of downside risk | +1.40 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.21 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | 5.33 | 1.40 | +3.93 |
| Martin ratioReturn relative to average drawdown | 11.81 | 3.56 | +8.24 |
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 | GLD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.18 | 1.05 | +1.13 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.61 | 0.97 | -0.36 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.46 | 0.80 | -0.34 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.21 | 0.59 | -0.38 |
Drawdowns
PDBC vs. GLD - Drawdown Comparison
The maximum PDBC drawdown since its inception was -49.52%, which is greater than GLD's maximum drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for PDBC and GLD.
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Drawdown Indicators
| PDBC | GLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.52% | -45.56% | -3.96% |
Max Drawdown (1Y)Largest decline over 1 year | -7.67% | -20.10% | +12.43% |
Max Drawdown (3Y)Largest decline over 3 years | -13.95% | -20.10% | +6.15% |
Max Drawdown (5Y)Largest decline over 5 years | -27.63% | -21.03% | -6.60% |
Max Drawdown (10Y)Largest decline over 10 years | -40.73% | -22.00% | -18.73% |
Current DrawdownCurrent decline from peak | -7.67% | -20.10% | +12.43% |
Average DrawdownAverage peak-to-trough decline | -23.20% | -16.16% | -7.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.46% | 7.91% | -4.45% |
Volatility
PDBC vs. GLD - Volatility Comparison
Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) and SPDR Gold Shares (GLD) have volatilities of 5.91% and 5.66%, 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 | GLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.91% | 5.66% | +0.25% |
Volatility (6M)Calculated over the trailing 6-month period | 16.01% | 23.47% | -7.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.78% | 26.86% | -8.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.14% | 18.07% | +1.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.79% | 16.00% | +1.79% |
PDBC vs. GLD - Expense Ratio Comparison
PDBC has a 0.58% expense ratio, which is higher than GLD's 0.40% expense ratio.
Dividends
PDBC vs. GLD - Dividend Comparison
PDBC's dividend yield for the trailing twelve months is around 2.91%, while GLD has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
GLD SPDR Gold Shares | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 2.91% | 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 GLD have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PDBC has higher volatility (5.91%) compared to GLD (5.66%). In terms of maximum drawdown, PDBC dropped -49.52% vs GLD's -45.56%.
On 10-year performance, GLD leads with 12.80% vs 8.22% for PDBC. On fees, GLD is cheaper at 0.40% per year. On volatility, GLD has been the lower-risk option at 5.66%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GLD has performed better with a 12.80% return vs 8.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GLD is cheaper with a 0.40% expense ratio, compared with 0.58% for PDBC.
PDBC has the higher dividend yield at 2.91%, compared with 0.00% for GLD.
PDBC is categorized as Commodities, while GLD is Gold. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.58% for PDBC and 0.40% for GLD.
PDBC currently has the higher Sharpe Ratio (2.18 vs 1.05), 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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