PDBC vs. GSG

Last updated Jun 3, 2026

PDBC (Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both Commodities funds. PDBC is actively managed, while GSG is passively managed. Over the past 10 years, PDBC returned 8.75%/yr vs 7.61%/yr for GSG. Their correlation of 0.93 suggests significant overlap in exposure. PDBC charges 0.58%/yr vs 0.75%/yr for GSG.

Performance

PDBC vs. GSG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) and iShares S&P GSCI Commodity-Indexed Trust (GSG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PDBC achieves a 35.70% return, which is significantly lower than GSG's 41.50% return. Over the past 10 years, PDBC has outperformed GSG with an annualized return of 8.75%, while GSG has yielded a comparatively lower 7.61% annualized return.

PDBC

• 1D: 0.62%
• 1M: -2.12%
• YTD: 35.70%
• 6M: 36.33%
• 1Y: 45.92%
• 3Y*: 14.28%
• 5Y*: 12.55%
• 10Y*: 8.75%

GSG

• 1D: 0.49%
• 1M: -3.72%
• YTD: 41.50%
• 6M: 40.89%
• 1Y: 51.06%
• 3Y*: 19.01%
• 5Y*: 15.80%
• 10Y*: 7.61%

*Multi-year figures are annualized to reflect compound growth (CAGR)

PDBC vs. GSG - 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	35.70%	5.96%	2.09%	-6.25%	19.23%	41.72%	-7.84%	11.44%	-12.78%	5.06%
GSG iShares S&P GSCI Commodity-Indexed Trust	41.50%	5.93%	8.52%	-5.51%	24.08%	38.77%	-23.94%	15.62%	-13.88%	3.89%

Correlation

The correlation between PDBC and GSG is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Nov 10, 2014	0.93

The correlation between PDBC and GSG has been stable across timeframes, ranging from 0.93 to 0.97 - a consistent structural relationship.

Return for Risk

PDBC vs. GSG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PDBC

PDBC Risk / Return Rank: 76
PDBC Sharpe Ratio Rank: 75
PDBC Sortino Ratio Rank: 68
PDBC Omega Ratio Rank: 72
PDBC Calmar Ratio Rank: 93
PDBC Martin Ratio Rank: 74

GSG

GSG Risk / Return Rank: 72
GSG Sharpe Ratio Rank: 67
GSG Sortino Ratio Rank: 60
GSG Omega Ratio Rank: 66
GSG Calmar Ratio Rank: 90
GSG Martin Ratio Rank: 77

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

PDBC vs. GSG - 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 iShares S&P GSCI Commodity-Indexed Trust (GSG). 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	GSG	Difference
Sharpe ratio Return per unit of total volatility	2.48	2.24	+0.24
Sortino ratio Return per unit of downside risk	3.17	2.86	+0.31
Omega ratio Gain probability vs. loss probability	1.43	1.40	+0.03
Calmar ratio Return relative to maximum drawdown	6.80	5.72	+1.08
Martin ratio Return relative to average drawdown	14.42	15.15	-0.73
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PDBC vs. GSG - Sharpe Ratio Comparison

The current PDBC Sharpe Ratio is 2.48, which is comparable to the GSG Sharpe Ratio of 2.24. The chart below compares the historical Sharpe Ratios of PDBC and GSG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PDBC	GSG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.48	2.24	+0.24
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.66	0.70	-0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	0.35	+0.15
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	-0.09	+0.32

Drawdowns

PDBC vs. GSG - Drawdown Comparison

The maximum PDBC drawdown since its inception was -49.52%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for PDBC and GSG.

Drawdown Indicators

	PDBC	GSG	Difference
Max Drawdown Largest peak-to-trough decline	-49.52%	-89.62%	+40.10%
Max Drawdown (1Y) Largest decline over 1 year	-7.19%	-9.46%	+2.27%
Max Drawdown (3Y) Largest decline over 3 years	-13.95%	-14.94%	+0.99%
Max Drawdown (5Y) Largest decline over 5 years	-27.63%	-29.12%	+1.49%
Max Drawdown (10Y) Largest decline over 10 years	-40.73%	-57.64%	+16.91%
Current Drawdown Current decline from peak	-4.92%	-57.28%	+52.36%
Average Drawdown Average peak-to-trough decline	-23.22%	-63.72%	+40.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.39%	3.57%	-0.18%

Volatility

PDBC vs. GSG - Volatility Comparison

The current volatility for Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) is 6.45%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 7.89%. This indicates that PDBC experiences smaller price fluctuations and is considered to be less risky than GSG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PDBC	GSG	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.45%	7.89%	-1.44%
Volatility (6M) Calculated over the trailing 6-month period	15.78%	20.41%	-4.63%
Volatility (1Y) Calculated over the trailing 1-year period	18.70%	23.01%	-4.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.12%	22.61%	-3.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.78%	22.03%	-4.25%

PDBC vs. GSG - Expense Ratio Comparison

PDBC has a 0.58% expense ratio, which is lower than GSG's 0.75% expense ratio.

Dividends

PDBC vs. GSG - Dividend Comparison

PDBC's dividend yield for the trailing twelve months is around 2.83%, while GSG has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
GSG iShares S&P GSCI Commodity-Indexed 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	2.83%	3.84%	4.42%	4.21%	13.05%	50.83%	0.01%	1.40%	1.00%	3.83%	6.51%

Frequently Asked Questions

Can I hold both PDBC and GSG in my portfolio?

With a correlation of 0.97, PDBC and GSG move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, PDBC or GSG?

GSG has higher volatility (7.89%) compared to PDBC (6.45%). In terms of maximum drawdown, PDBC dropped -49.52% vs GSG's -89.62%.

Which ETF is better, PDBC or GSG?

On 10-year performance, PDBC leads with 8.75% vs 7.61% for GSG. On fees, PDBC is cheaper at 0.58% per year. On volatility, PDBC has been the lower-risk option at 6.45%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PDBC or GSG?

Over the 10-year period, PDBC has performed better with a 8.75% return vs 7.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PDBC or GSG?

PDBC is cheaper with a 0.58% expense ratio, compared with 0.75% for GSG.

Which ETF pays a higher dividend yield, PDBC or GSG?

PDBC has the higher dividend yield at 2.83%, compared with 0.00% for GSG.

What is the main difference between PDBC and GSG?

They also come from different issuers: Invesco and iShares. Their fees differ too: 0.58% for PDBC and 0.75% for GSG.

Which has better risk-adjusted returns?

PDBC currently has the higher Sharpe Ratio (2.48 vs 2.24), 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.