PDBC vs. GUNR

Last updated Jun 4, 2026

PDBC (Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF) and GUNR (FlexShares Morningstar Global Upstream Natural Resources Index Fund) are both exchange-traded funds - PDBC is a Commodities fund actively managed by Invesco, while GUNR is a Commodity Producers Equities fund tracking the Morningstar Global Upstream Natural Resources Index. PDBC is actively managed, while GUNR is passively managed. Over the past 10 years, PDBC returned 8.79%/yr vs 11.17%/yr for GUNR. A 0.57 correlation means they provide meaningful diversification when combined. PDBC charges 0.58%/yr vs 0.46%/yr for GUNR.

Performance

PDBC vs. GUNR - 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 FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PDBC achieves a 36.23% return, which is significantly higher than GUNR's 19.20% return. Over the past 10 years, PDBC has underperformed GUNR with an annualized return of 8.79%, while GUNR has yielded a comparatively higher 11.17% annualized 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%

GUNR

• 1D: -0.69%
• 1M: 0.04%
• YTD: 19.20%
• 6M: 21.67%
• 1Y: 41.45%
• 3Y*: 14.42%
• 5Y*: 9.93%
• 10Y*: 11.17%

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

PDBC vs. GUNR - 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	36.23%	5.96%	2.09%	-6.25%	19.23%	41.72%	-7.84%	11.44%	-12.78%	5.06%
GUNR FlexShares Morningstar Global Upstream Natural Resources Index Fund	19.20%	30.03%	-8.37%	-2.40%	14.83%	26.06%	0.46%	18.41%	-9.42%	18.74%

Correlation

The correlation between PDBC and GUNR is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (5Y) Calculated over the trailing 5-year period	0.58
Correlation (10Y) Calculated over the trailing 10-year period	0.58
Correlation (All Time) Calculated using the full available price history since Nov 10, 2014	0.57

The correlation between PDBC and GUNR shifts across timeframes, from 0.42 (1 year) to 0.58 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

PDBC vs. GUNR — Risk / Return Rank

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

PDBC

PDBC Risk / Return Rank: 74
PDBC Sharpe Ratio Rank: 73
PDBC Sortino Ratio Rank: 67
PDBC Omega Ratio Rank: 70
PDBC Calmar Ratio Rank: 92
PDBC Martin Ratio Rank: 70

GUNR

GUNR Risk / Return Rank: 84
GUNR Sharpe Ratio Rank: 83
GUNR Sortino Ratio Rank: 76
GUNR Omega Ratio Rank: 79
GUNR Calmar Ratio Rank: 92
GUNR Martin Ratio Rank: 92

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. GUNR - 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 FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR). 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	GUNR	Difference
Sharpe ratio: Return per unit of total volatility	2.46	2.75	-0.30
Sortino ratio: Return per unit of downside risk	3.14	3.48	-0.34
Omega ratio: Gain probability vs. loss probability	1.43	1.48	-0.05
Calmar ratio: Return relative to maximum drawdown	6.35	6.12	+0.23
Martin ratio: Return relative to average drawdown	13.39	23.21	-9.82
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. GUNR - Sharpe Ratio Comparison

The current PDBC Sharpe Ratio is 2.46, which is comparable to the GUNR Sharpe Ratio of 2.75. The chart below compares the historical Sharpe Ratios of PDBC and GUNR, 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	GUNR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.46	2.75	-0.30
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.65	0.53	+0.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.50	0.55	-0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	0.33	-0.09

Drawdowns

PDBC vs. GUNR - Drawdown Comparison

The maximum PDBC drawdown since its inception was -49.52%, which is greater than GUNR's maximum drawdown of -45.64%. Use the drawdown chart below to compare losses from any high point for PDBC and GUNR.

Drawdown Indicators

	PDBC	GUNR	Difference
Max Drawdown Largest peak-to-trough decline	-49.52%	-45.64%	-3.88%
Max Drawdown (1Y) Largest decline over 1 year	-7.19%	-6.81%	-0.38%
Max Drawdown (3Y) Largest decline over 3 years	-13.95%	-19.59%	+5.64%
Max Drawdown (5Y) Largest decline over 5 years	-27.63%	-24.06%	-3.57%
Max Drawdown (10Y) Largest decline over 10 years	-40.73%	-43.04%	+2.31%
Current Drawdown Current decline from peak	-4.55%	-2.56%	-1.99%
Average Drawdown Average peak-to-trough decline	-23.21%	-10.40%	-12.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.41%	1.79%	+1.62%

Volatility

PDBC vs. GUNR - Volatility Comparison

Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) has a higher volatility of 6.20% compared to FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR) at 4.39%. This indicates that PDBC's price experiences larger fluctuations and is considered to be riskier than GUNR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PDBC	GUNR	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.20%	4.39%	+1.81%
Volatility (6M) Calculated over the trailing 6-month period	15.78%	12.57%	+3.21%
Volatility (1Y) Calculated over the trailing 1-year period	18.61%	15.14%	+3.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.12%	18.98%	+0.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.78%	20.42%	-2.64%

PDBC vs. GUNR - Expense Ratio Comparison

PDBC has a 0.58% expense ratio, which is higher than GUNR's 0.46% expense ratio.

Dividends

PDBC vs. GUNR - Dividend Comparison

PDBC's dividend yield for the trailing twelve months is around 2.82%, more than GUNR's 2.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GUNR FlexShares Morningstar Global Upstream Natural Resources Index Fund	2.24%	2.81%	3.39%	3.55%	4.12%	3.61%	2.79%	3.25%	3.27%	2.00%	1.73%	4.50%
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%	0.00%

Frequently Asked Questions

Can I hold both PDBC and GUNR in my portfolio?

PDBC and GUNR have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PDBC or GUNR?

PDBC has higher volatility (6.20%) compared to GUNR (4.39%). In terms of maximum drawdown, PDBC dropped -49.52% vs GUNR's -45.64%.

Which ETF is better, PDBC or GUNR?

On 10-year performance, GUNR leads with 11.17% vs 8.79% for PDBC. On fees, GUNR is cheaper at 0.46% per year. On volatility, GUNR has been the lower-risk option at 4.39%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PDBC or GUNR?

Over the 10-year period, GUNR has performed better with a 11.17% return vs 8.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PDBC or GUNR?

GUNR is cheaper with a 0.46% expense ratio, compared with 0.58% for PDBC.

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

PDBC has the higher dividend yield at 2.82%, compared with 2.24% for GUNR.

What is the main difference between PDBC and GUNR?

PDBC is categorized as Commodities, while GUNR is Commodity Producers Equities. They also come from different issuers: Invesco and Northern Trust. Their fees differ too: 0.58% for PDBC and 0.46% for GUNR.

Which has better risk-adjusted returns?

GUNR currently has the higher Sharpe Ratio (2.75 vs 2.46), 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.