PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
PDBC vs. IEF
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PDBC vs. IEF

Last updated Jun 7, 2026

PDBC (Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF) and IEF (iShares 7-10 Year Treasury Bond ETF) are both exchange-traded funds - PDBC is a Commodities fund actively managed by Invesco, while IEF is a Government Bonds fund tracking the ICE U.S. Treasury 7-10 Year Bond Index. PDBC is actively managed, while IEF is passively managed. Over the past 10 years, PDBC returned 8.22%/yr vs 0.60%/yr for IEF. At a correlation of -0.16, they often move in opposite directions. PDBC charges 0.58%/yr vs 0.15%/yr for IEF.

Performance

PDBC vs. IEF - 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 7-10 Year Treasury Bond ETF (IEF). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, PDBC achieves a 31.77% return, which is significantly higher than IEF's -1.06% return. Over the past 10 years, PDBC has outperformed IEF with an annualized return of 8.22%, while IEF has yielded a comparatively lower 0.60% 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%

IEF

1D
-0.53%
1M
-1.08%
YTD
-1.06%
6M
-1.06%
1Y
4.02%
3Y*
2.32%
5Y*
-1.22%
10Y*
0.60%
*Multi-year figures are annualized to reflect compound growth (CAGR)

PDBC vs. IEF - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
IEF
iShares 7-10 Year Treasury Bond ETF		-1.06%8.03%-0.63%3.64%-15.15%-3.33%10.01%8.03%0.99%2.55%

Correlation

The correlation between PDBC and IEF is -0.31, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

-0.31

Correlation (3Y)
Calculated over the trailing 3-year period

-0.16

Correlation (5Y)
Calculated over the trailing 5-year period

-0.12

Correlation (10Y)
Calculated over the trailing 10-year period

-0.14

Correlation (All Time)
Calculated using the full available price history since Nov 10, 2014

-0.16

The correlation between PDBC and IEF shifts across timeframes, from -0.31 (1 year) to -0.12 (5 years), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF

iShares 7-10 Year Treasury Bond ETF

Often compared with PDBC:
PDBC vs. DBCPDBC vs. BCIPDBC vs. COMTPDBC vs. GSGPDBC vs. FTGCPDBC vs. BCDPDBC vs. DJP
Often compared with IEF:
IEF vs. TLTIEF vs. VGITIEF vs. LQDIEF vs. SHYIEF vs. BNDIEF vs. IEIIEF vs. TIP

Return for Risk

PDBC vs. IEF — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PDBC
PDBC Risk / Return Rank: 7070
Overall Rank
PDBC Sharpe Ratio Rank: 6868
Sharpe Ratio Rank
PDBC Sortino Ratio Rank: 6363
Sortino Ratio Rank
PDBC Omega Ratio Rank: 6565
Omega Ratio Rank
PDBC Calmar Ratio Rank: 8989
Calmar Ratio Rank
PDBC Martin Ratio Rank: 6666
Martin Ratio Rank
IEF
IEF Risk / Return Rank: 2020
Overall Rank
IEF Sharpe Ratio Rank: 2121
Sharpe Ratio Rank
IEF Sortino Ratio Rank: 2020
Sortino Ratio Rank
IEF Omega Ratio Rank: 1919
Omega Ratio Rank
IEF Calmar Ratio Rank: 1919
Calmar Ratio Rank
IEF Martin Ratio Rank: 2020
Martin Ratio Rank
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. IEF - 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 7-10 Year Treasury Bond ETF (IEF). 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.

PDBCIEFDifference
Sharpe ratioReturn per unit of total volatility
2.18
0.68

+1.50

Sortino ratioReturn per unit of downside risk
2.82
1.01

+1.81

Omega ratioGain probability vs. loss probability

1.38

1.12

+0.27

Calmar ratioReturn relative to maximum drawdown

5.33

0.79

+4.55

Martin ratioReturn relative to average drawdown

11.81

2.30

+9.50

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. IEF - Sharpe Ratio Comparison

The current PDBC Sharpe Ratio is 2.18, which is higher than the IEF Sharpe Ratio of 0.68. The chart below compares the historical Sharpe Ratios of PDBC and IEF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Sharpe Ratios by Period

PDBCIEFDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.18

0.68

+1.50

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.61

-0.16

+0.77

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.46

0.09

+0.37

Sharpe Ratio (All Time)

Calculated using the full available price history

0.21

0.50

-0.28

Drawdowns

PDBC vs. IEF - Drawdown Comparison

The maximum PDBC drawdown since its inception was -49.52%, which is greater than IEF's maximum drawdown of -23.93%. Use the drawdown chart below to compare losses from any high point for PDBC and IEF.

Loading charts...

Drawdown Indicators

PDBCIEFDifference

Max Drawdown

Largest peak-to-trough decline

-49.52%

-23.93%

-25.59%

Max Drawdown (1Y)

Largest decline over 1 year

-7.67%

-4.07%

-3.60%

Max Drawdown (3Y)

Largest decline over 3 years

-13.95%

-7.74%

-6.21%

Max Drawdown (5Y)

Largest decline over 5 years

-27.63%

-21.40%

-6.23%

Max Drawdown (10Y)

Largest decline over 10 years

-40.73%

-23.93%

-16.80%

Current Drawdown

Current decline from peak

-7.67%

-11.70%

+4.03%

Average Drawdown

Average peak-to-trough decline

-23.20%

-5.35%

-17.85%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.46%

1.39%

+2.07%

Volatility

PDBC vs. IEF - Volatility Comparison

Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) has a higher volatility of 5.91% compared to iShares 7-10 Year Treasury Bond ETF (IEF) at 1.53%. This indicates that PDBC's price experiences larger fluctuations and is considered to be riskier than IEF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

PDBCIEFDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.91%

1.53%

+4.38%

Volatility (6M)

Calculated over the trailing 6-month period

16.01%

3.38%

+12.63%

Volatility (1Y)

Calculated over the trailing 1-year period

18.78%

4.76%

+14.02%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.14%

7.71%

+11.43%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.79%

6.62%

+11.17%

PDBC vs. IEF - Expense Ratio Comparison

PDBC has a 0.58% expense ratio, which is higher than IEF's 0.15% expense ratio.

Dividends

PDBC vs. IEF - Dividend Comparison

PDBC's dividend yield for the trailing twelve months is around 2.91%, less than IEF's 3.92% yield.

PositionTTM20252024202320222021202020192018201720162015
IEF
iShares 7-10 Year Treasury Bond ETF		3.92%3.77%3.62%2.91%1.96%0.83%1.08%2.08%2.24%1.82%1.81%1.90%
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%0.00%

Frequently Asked Questions

PDBC and IEF have a correlation of -0.31, 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 IEF (1.53%). In terms of maximum drawdown, PDBC dropped -49.52% vs IEF's -23.93%.

On 10-year performance, PDBC leads with 8.22% vs 0.60% for IEF. On fees, IEF is cheaper at 0.15% per year. On volatility, IEF has been the lower-risk option at 1.53%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, PDBC has performed better with a 8.22% return vs 0.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IEF is cheaper with a 0.15% expense ratio, compared with 0.58% for PDBC.

IEF has the higher dividend yield at 3.92%, compared with 2.91% for PDBC.

PDBC is categorized as Commodities, while IEF is Government Bonds. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.58% for PDBC and 0.15% for IEF.

PDBC currently has the higher Sharpe Ratio (2.18 vs 0.68), 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.

Portfolio Optimizer

Find the right allocation for PDBC and IEF

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer