PDBC vs. SHV
PDBC (Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF) and SHV (iShares 0-1 Year Treasury Bond ETF) are both exchange-traded funds - PDBC is a Commodities fund actively managed by Invesco, while SHV is a Government Bonds fund tracking the ICE Short US Treasury Securities Index. PDBC is actively managed, while SHV is passively managed. Over the past 10 years, PDBC returned 8.06%/yr vs 2.23%/yr for SHV. At a correlation of -0.05, they often move in opposite directions. PDBC charges 0.58%/yr vs 0.15%/yr for SHV.
Performance
PDBC vs. SHV - Performance Comparison
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Returns By Period
In the year-to-date period, PDBC achieves a 30.11% return, which is significantly higher than SHV's 1.51% return. Over the past 10 years, PDBC has outperformed SHV with an annualized return of 8.06%, while SHV has yielded a comparatively lower 2.23% annualized return.
PDBC
- 1D
- -1.09%
- 1M
- -8.83%
- YTD
- 30.11%
- 6M
- 30.06%
- 1Y
- 36.08%
- 3Y*
- 13.30%
- 5Y*
- 11.21%
- 10Y*
- 8.06%
SHV
- 1D
- 0.02%
- 1M
- 0.28%
- YTD
- 1.51%
- 6M
- 1.73%
- 1Y
- 3.89%
- 3Y*
- 4.63%
- 5Y*
- 3.34%
- 10Y*
- 2.23%
PDBC vs. SHV - 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 | 30.11% | 5.96% | 2.09% | -6.25% | 19.23% | 41.72% | -7.84% | 11.44% | -12.78% | 5.06% |
SHV iShares 0-1 Year Treasury Bond ETF | 1.51% | 4.21% | 5.12% | 5.04% | 0.94% | -0.10% | 0.81% | 2.36% | 1.72% | 0.67% |
Correlation
The correlation between PDBC and SHV is -0.15, 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 | -0.15 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.10 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.09 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.07 |
Correlation (All Time) Calculated using the full available price history since Nov 7, 2014 | -0.05 |
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Return for Risk
PDBC vs. SHV — Risk / Return Rank
PDBC
SHV
PDBC vs. SHV - 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 0-1 Year Treasury Bond ETF (SHV). 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 | SHV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -17.55 | ||
| Sortino ratioReturn per unit of downside risk | -146.65 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 53.64 | -52.30 |
| Calmar ratioReturn relative to maximum drawdown | 4.11 | 430.34 | -426.23 |
| Martin ratioReturn relative to average drawdown | 10.05 | 2,413.95 | -2,403.90 |
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Drawdowns
PDBC vs. SHV - Drawdown Comparison
The maximum PDBC drawdown since its inception was -49.52%, which is greater than SHV's maximum drawdown of -0.45%. Use the drawdown chart below to compare losses from any high point for PDBC and SHV.
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Drawdown Indicators
| PDBC | SHV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.52% | -0.45% | -49.07% |
Max Drawdown (1Y)Largest decline over 1 year | -8.83% | -0.01% | -8.82% |
Max Drawdown (3Y)Largest decline over 3 years | -13.95% | -0.03% | -13.92% |
Max Drawdown (5Y)Largest decline over 5 years | -27.63% | -0.39% | -27.24% |
Max Drawdown (10Y)Largest decline over 10 years | -40.73% | -0.45% | -40.28% |
Current DrawdownCurrent decline from peak | -8.83% | 0.00% | -8.83% |
Average DrawdownAverage peak-to-trough decline | -23.17% | -0.03% | -23.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.60% | 0.00% | +3.60% |
Volatility
PDBC vs. SHV - Volatility Comparison
Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) has a higher volatility of 4.92% compared to iShares 0-1 Year Treasury Bond ETF (SHV) at 0.04%. This indicates that PDBC's price experiences larger fluctuations and is considered to be riskier than SHV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PDBC | SHV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.92% | 0.04% | +4.88% |
Volatility (6M)Calculated over the trailing 6-month period | 16.08% | 0.12% | +15.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.88% | 0.20% | +18.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.16% | 0.29% | +18.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.78% | 0.28% | +17.50% |
PDBC vs. SHV - Expense Ratio Comparison
PDBC has a 0.58% expense ratio, which is higher than SHV's 0.15% expense ratio.
Dividends
PDBC vs. SHV - Dividend Comparison
PDBC's dividend yield for the trailing twelve months is around 2.95%, less than SHV's 3.83% 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 | 2.95% | 3.84% | 4.42% | 4.21% | 13.05% | 50.83% | 0.01% | 1.40% | 1.00% | 3.83% | 6.51% | 0.00% |
SHV iShares 0-1 Year Treasury Bond ETF | 3.83% | 4.09% | 5.02% | 4.73% | 1.39% | 0.00% | 0.74% | 2.19% | 1.66% | 0.72% | 0.34% | 0.03% |
Frequently Asked Questions
PDBC and SHV have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PDBC has higher volatility (4.92%) compared to SHV (0.04%). In terms of maximum drawdown, PDBC dropped -49.52% vs SHV's -0.45%.
On 10-year performance, PDBC leads with 8.06% vs 2.23% for SHV. On fees, SHV is cheaper at 0.15% per year. On volatility, SHV has been the lower-risk option at 0.04%. 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 8.06% return vs 2.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SHV is cheaper with a 0.15% expense ratio, compared with 0.58% for PDBC.
SHV has the higher dividend yield at 3.83%, compared with 2.95% for PDBC.
PDBC is categorized as Commodities, while SHV is Government Bonds. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.58% for PDBC and 0.15% for SHV.
SHV currently has the higher Sharpe Ratio (19.48 vs 1.93), 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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