PDBC vs. IBIT
PDBC (Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF) and IBIT (iShares Bitcoin Trust ETF) are both exchange-traded funds - PDBC is a Commodities fund actively managed by Invesco, while IBIT is a Cryptocurrency fund tracking the CME CF Bitcoin Reference Rate - New York Variant. PDBC is actively managed, while IBIT is passively managed. Over the past year, PDBC returned 30.88% vs -39.67% for IBIT. At a 0.08 correlation, their price movements are largely independent. PDBC charges 0.58%/yr vs 0.25%/yr for IBIT.
Performance
PDBC vs. IBIT - Performance Comparison
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Returns By Period
In the year-to-date period, PDBC achieves a 28.75% return, which is significantly higher than IBIT's -27.41% return.
PDBC
- 1D
- -1.04%
- 1M
- -8.28%
- YTD
- 28.75%
- 6M
- 30.02%
- 1Y
- 30.88%
- 3Y*
- 12.43%
- 5Y*
- 10.98%
- 10Y*
- 7.99%
IBIT
- 1D
- -0.03%
- 1M
- -21.94%
- YTD
- -27.41%
- 6M
- -29.61%
- 1Y
- -39.67%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PDBC vs. IBIT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 28.75% | 5.96% | 2.94% |
IBIT iShares Bitcoin Trust ETF | -27.41% | -6.41% | 89.87% |
Correlation
The correlation between PDBC and IBIT is 0.02, 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 | 0.02 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024 | 0.08 |
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Return for Risk
PDBC vs. IBIT — Risk / Return Rank
PDBC
IBIT
PDBC vs. IBIT - 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 Bitcoin Trust ETF (IBIT). 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 | IBIT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.77 | ||
| Sortino ratioReturn per unit of downside risk | +3.75 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 0.85 | +0.47 |
| Calmar ratioReturn relative to maximum drawdown | 3.55 | -0.78 | +4.33 |
| Martin ratioReturn relative to average drawdown | 9.49 | -1.37 | +10.86 |
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Drawdowns
PDBC vs. IBIT - Drawdown Comparison
The maximum PDBC drawdown since its inception was -49.52%, roughly equal to the maximum IBIT drawdown of -52.11%. Use the drawdown chart below to compare losses from any high point for PDBC and IBIT.
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Drawdown Indicators
| PDBC | IBIT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.52% | -52.11% | +2.59% |
Max Drawdown (1Y)Largest decline over 1 year | -9.78% | -52.11% | +42.33% |
Max Drawdown (3Y)Largest decline over 3 years | -13.95% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -27.63% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -40.73% | — | — |
Current DrawdownCurrent decline from peak | -9.78% | -49.45% | +39.67% |
Average DrawdownAverage peak-to-trough decline | -23.16% | -16.53% | -6.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.65% | 29.64% | -25.99% |
Volatility
PDBC vs. IBIT - Volatility Comparison
The current volatility for Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) is 4.91%, while iShares Bitcoin Trust ETF (IBIT) has a volatility of 12.07%. This indicates that PDBC experiences smaller price fluctuations and is considered to be less risky than IBIT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PDBC | IBIT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.91% | 12.07% | -7.16% |
Volatility (6M)Calculated over the trailing 6-month period | 16.12% | 34.45% | -18.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.85% | 44.10% | -25.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.16% | 50.26% | -31.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.79% | 50.26% | -32.47% |
PDBC vs. IBIT - Expense Ratio Comparison
PDBC has a 0.58% expense ratio, which is higher than IBIT's 0.25% expense ratio.
Dividends
PDBC vs. IBIT - Dividend Comparison
PDBC's dividend yield for the trailing twelve months is around 2.98%, while IBIT has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
IBIT iShares Bitcoin Trust ETF | 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 | 2.98% | 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 IBIT have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IBIT has higher volatility (12.07%) compared to PDBC (4.91%). In terms of maximum drawdown, PDBC dropped -49.52% vs IBIT's -52.11%.
On 1-year performance, PDBC leads with 30.88% vs -39.67% for IBIT. On fees, IBIT is cheaper at 0.25% per year. On volatility, PDBC has been the lower-risk option at 4.91%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, PDBC has performed better with a 30.88% return vs -39.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBIT is cheaper with a 0.25% expense ratio, compared with 0.58% for PDBC.
PDBC has the higher dividend yield at 2.98%, compared with 0.00% for IBIT.
PDBC is categorized as Commodities, while IBIT is Cryptocurrency. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.58% for PDBC and 0.25% for IBIT.
PDBC currently has the higher Sharpe Ratio (1.84 vs -0.92), 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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