PDBC vs. GLDM
PDBC (Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF) and GLDM (SPDR Gold MiniShares Trust) are both exchange-traded funds - PDBC is a Commodities fund actively managed by Invesco, while GLDM is a Gold fund tracking the LBMA Gold Price PM. PDBC is actively managed, while GLDM is passively managed. Over the past 5 years, PDBC returned 11.71%/yr vs 17.89%/yr for GLDM. At a 0.24 correlation, their price movements are largely independent. PDBC charges 0.58%/yr vs 0.10%/yr for GLDM.
Performance
PDBC vs. GLDM - Performance Comparison
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Returns By Period
In the year-to-date period, PDBC achieves a 32.98% return, which is significantly higher than GLDM's 0.30% return.
PDBC
- 1D
- 0.92%
- 1M
- -2.49%
- YTD
- 32.98%
- 6M
- 33.41%
- 1Y
- 41.01%
- 3Y*
- 13.59%
- 5Y*
- 11.71%
- 10Y*
- 8.27%
GLDM
- 1D
- 0.25%
- 1M
- -8.41%
- YTD
- 0.30%
- 6M
- 3.19%
- 1Y
- 30.55%
- 3Y*
- 30.08%
- 5Y*
- 17.89%
- 10Y*
- —
PDBC vs. GLDM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 32.98% | 5.96% | 2.09% | -6.25% | 19.23% | 41.72% | -7.84% | 11.44% | -16.23% |
GLDM SPDR Gold MiniShares Trust | 0.30% | 64.20% | 27.08% | 13.04% | -0.47% | -4.01% | 25.10% | 18.10% | 1.84% |
Correlation
The correlation between PDBC and GLDM is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.31 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.30 |
Correlation (All Time) Calculated using the full available price history since Jun 27, 2018 | 0.24 |
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Return for Risk
PDBC vs. GLDM — Risk / Return Rank
PDBC
GLDM
PDBC vs. GLDM - 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 MiniShares Trust (GLDM). 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 | GLDM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.04 | ||
| Sortino ratioReturn per unit of downside risk | +1.30 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.23 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 5.37 | 1.53 | +3.84 |
| Martin ratioReturn relative to average drawdown | 11.80 | 3.85 | +7.95 |
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 | GLDM | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.19 | 1.15 | +1.04 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.61 | 1.00 | -0.39 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.47 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.22 | 0.99 | -0.77 |
Drawdowns
PDBC vs. GLDM - Drawdown Comparison
The maximum PDBC drawdown since its inception was -49.52%, which is greater than GLDM's maximum drawdown of -21.63%. Use the drawdown chart below to compare losses from any high point for PDBC and GLDM.
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Drawdown Indicators
| PDBC | GLDM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.52% | -21.63% | -27.89% |
Max Drawdown (1Y)Largest decline over 1 year | -7.67% | -20.00% | +12.33% |
Max Drawdown (3Y)Largest decline over 3 years | -13.95% | -20.00% | +6.05% |
Max Drawdown (5Y)Largest decline over 5 years | -27.63% | -20.92% | -6.71% |
Max Drawdown (10Y)Largest decline over 10 years | -40.73% | — | — |
Current DrawdownCurrent decline from peak | -6.82% | -19.80% | +12.98% |
Average DrawdownAverage peak-to-trough decline | -23.19% | -6.24% | -16.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.48% | 7.96% | -4.48% |
Volatility
PDBC vs. GLDM - Volatility Comparison
Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) has a higher volatility of 6.00% compared to SPDR Gold MiniShares Trust (GLDM) at 5.65%. This indicates that PDBC's price experiences larger fluctuations and is considered to be riskier than GLDM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PDBC | GLDM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.00% | 5.65% | +0.35% |
Volatility (6M)Calculated over the trailing 6-month period | 16.03% | 23.31% | -7.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.82% | 26.65% | -7.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.15% | 17.98% | +1.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.79% | 16.89% | +0.90% |
PDBC vs. GLDM - Expense Ratio Comparison
PDBC has a 0.58% expense ratio, which is higher than GLDM's 0.10% expense ratio.
Dividends
PDBC vs. GLDM - Dividend Comparison
PDBC's dividend yield for the trailing twelve months is around 2.89%, while GLDM has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
GLDM SPDR Gold MiniShares Trust | 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 | 2.89% | 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 GLDM have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PDBC has higher volatility (6.00%) compared to GLDM (5.65%). In terms of maximum drawdown, PDBC dropped -49.52% vs GLDM's -21.63%.
On 5-year performance, GLDM leads with 17.89% vs 11.71% for PDBC. On fees, GLDM is cheaper at 0.10% per year. On volatility, GLDM has been the lower-risk option at 5.65%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GLDM has performed better with a 17.89% return vs 11.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GLDM is cheaper with a 0.10% expense ratio, compared with 0.58% for PDBC.
PDBC has the higher dividend yield at 2.89%, compared with 0.00% for GLDM.
PDBC is categorized as Commodities, while GLDM is Gold. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.58% for PDBC and 0.10% for GLDM.
PDBC currently has the higher Sharpe Ratio (2.19 vs 1.15), 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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