PDBC vs. PRFRX

Last updated Jun 14, 2026

PDBC (Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF) and PRFRX (T. Rowe Price Floating Rate Fund) are both funds - PDBC is a Commodities fund actively managed by Invesco, while PRFRX is a High Yield Bonds fund managed by T. Rowe Price. Over the past 10 years, PDBC returned 7.99%/yr vs 5.46%/yr for PRFRX. At a 0.14 correlation, their price movements are largely independent. PDBC charges 0.58%/yr vs 0.75%/yr for PRFRX.

Performance

PDBC vs. PRFRX - 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 T. Rowe Price Floating Rate Fund (PRFRX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PDBC achieves a 28.75% return, which is significantly higher than PRFRX's 0.83% return. Over the past 10 years, PDBC has outperformed PRFRX with an annualized return of 7.99%, while PRFRX has yielded a comparatively lower 5.46% annualized 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%

PRFRX

• 1D: -0.11%
• 1M: -0.10%
• YTD: 0.83%
• 6M: 2.01%
• 1Y: 7.80%
• 3Y*: 9.76%
• 5Y*: 6.95%
• 10Y*: 5.46%

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

PDBC vs. PRFRX - 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	28.75%	5.96%	2.09%	-6.25%	19.23%	41.72%	-7.84%	11.44%	-12.78%	5.06%
PRFRX T. Rowe Price Floating Rate Fund	0.83%	9.82%	11.04%	13.78%	-1.95%	4.60%	1.75%	8.46%	-0.08%	3.48%

Correlation

The correlation between PDBC and PRFRX is -0.09, 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	-0.09
Correlation (3Y) Calculated over the trailing 3-year period	0.02
Correlation (5Y) Calculated over the trailing 5-year period	0.07
Correlation (10Y) Calculated over the trailing 10-year period	0.12
Correlation (All Time) Calculated using the full available price history since Nov 7, 2014	0.14

The correlation between PDBC and PRFRX shifts across timeframes, from -0.09 (1 year) to 0.14 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PDBC vs. PRFRX — Risk / Return Rank

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

PDBC

PDBC Risk / Return Rank: 65
PDBC Sharpe Ratio Rank: 65
PDBC Sortino Ratio Rank: 59
PDBC Omega Ratio Rank: 61
PDBC Calmar Ratio Rank: 78
PDBC Martin Ratio Rank: 61

PRFRX

PRFRX Risk / Return Rank: 96
PRFRX Sharpe Ratio Rank: 95
PRFRX Sortino Ratio Rank: 99
PRFRX Omega Ratio Rank: 98
PRFRX Calmar Ratio Rank: 96
PRFRX Martin Ratio Rank: 96

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. PRFRX - 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 T. Rowe Price Floating Rate Fund (PRFRX). 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	PRFRX	Difference
Sharpe ratio: Return per unit of total volatility	1.84	2.91	-1.07
Sortino ratio: Return per unit of downside risk	2.44	7.36	-4.91
Omega ratio: Gain probability vs. loss probability	1.32	2.14	-0.81
Calmar ratio: Return relative to maximum drawdown	3.55	5.15	-1.60
Martin ratio: Return relative to average drawdown	9.49	19.34	-9.85

PDBC vs. PRFRX - Sharpe Ratio Comparison

The current PDBC Sharpe Ratio is 1.84, which is lower than the PRFRX Sharpe Ratio of 2.91. The chart below compares the historical Sharpe Ratios of PDBC and PRFRX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PDBC vs. PRFRX - Drawdown Comparison

The maximum PDBC drawdown since its inception was -49.52%, which is greater than PRFRX's maximum drawdown of -20.05%. Use the drawdown chart below to compare losses from any high point for PDBC and PRFRX.

Drawdown Indicators

	PDBC	PRFRX	Difference
Max Drawdown Largest peak-to-trough decline	-49.52%	-20.05%	-29.47%
Max Drawdown (1Y) Largest decline over 1 year	-9.78%	-1.50%	-8.28%
Max Drawdown (3Y) Largest decline over 3 years	-13.95%	-2.35%	-11.60%
Max Drawdown (5Y) Largest decline over 5 years	-27.63%	-5.94%	-21.69%
Max Drawdown (10Y) Largest decline over 10 years	-40.73%	-20.05%	-20.68%
Current Drawdown Current decline from peak	-9.78%	-0.55%	-9.23%
Average Drawdown Average peak-to-trough decline	-23.16%	-0.69%	-22.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.65%	0.40%	+3.25%

Volatility

PDBC vs. PRFRX - Volatility Comparison

Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) has a higher volatility of 4.91% compared to T. Rowe Price Floating Rate Fund (PRFRX) at 0.64%. This indicates that PDBC's price experiences larger fluctuations and is considered to be riskier than PRFRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PDBC	PRFRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.91%	0.64%	+4.27%
Volatility (6M) Calculated over the trailing 6-month period	16.12%	1.86%	+14.26%
Volatility (1Y) Calculated over the trailing 1-year period	18.85%	2.65%	+16.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.16%	2.91%	+16.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.79%	3.92%	+13.87%

PDBC vs. PRFRX - Expense Ratio Comparison

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

Dividends

PDBC vs. PRFRX - Dividend Comparison

PDBC's dividend yield for the trailing twelve months is around 2.98%, less than PRFRX's 9.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%
PRFRX T. Rowe Price Floating Rate Fund	9.26%	9.99%	10.20%	9.57%	4.03%	3.86%	4.00%	4.84%	4.87%	4.04%	4.07%	4.07%

Frequently Asked Questions

Can I hold both PDBC and PRFRX in my portfolio?

PDBC and PRFRX have a correlation of -0.09, 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 PRFRX?

PDBC has higher volatility (4.91%) compared to PRFRX (0.64%). In terms of maximum drawdown, PDBC dropped -49.52% vs PRFRX's -20.05%.

Which has better risk-adjusted returns?

PRFRX currently has the higher Sharpe Ratio (2.91 vs 1.84), 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.