PDBC vs. SMH
PDBC (Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - PDBC is a Commodities fund actively managed by Invesco, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. PDBC is actively managed, while SMH is passively managed. Over the past 10 years, PDBC returned 7.99%/yr vs 37.49%/yr for SMH. At a 0.18 correlation, their price movements are largely independent. PDBC charges 0.58%/yr vs 0.35%/yr for SMH.
Performance
PDBC vs. SMH - Performance Comparison
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Returns By Period
In the year-to-date period, PDBC achieves a 28.75% return, which is significantly lower than SMH's 72.15% return. Over the past 10 years, PDBC has underperformed SMH with an annualized return of 7.99%, while SMH has yielded a comparatively higher 37.49% 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%
SMH
- 1D
- 1.72%
- 1M
- 7.20%
- YTD
- 72.15%
- 6M
- 75.62%
- 1Y
- 141.99%
- 3Y*
- 60.05%
- 5Y*
- 38.42%
- 10Y*
- 37.49%
PDBC vs. SMH - 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% |
SMH VanEck Semiconductor ETF | 72.15% | 49.17% | 39.10% | 73.38% | -33.53% | 42.13% | 55.53% | 64.45% | -9.05% | 38.48% |
Correlation
The correlation between PDBC and SMH is -0.06, 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 | -0.06 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.08 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.13 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.18 |
Correlation (All Time) Calculated using the full available price history since Nov 7, 2014 | 0.18 |
The correlation between PDBC and SMH shifts across timeframes, from -0.06 (1 year) to 0.18 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PDBC vs. SMH — Risk / Return Rank
PDBC
SMH
PDBC vs. SMH - 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 VanEck Semiconductor ETF (SMH). 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 | SMH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.29 | ||
| Sortino ratioReturn per unit of downside risk | -1.82 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.60 | -0.28 |
| Calmar ratioReturn relative to maximum drawdown | 3.55 | 9.18 | -5.64 |
| Martin ratioReturn relative to average drawdown | 9.49 | 33.74 | -24.25 |
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Drawdowns
PDBC vs. SMH - Drawdown Comparison
The maximum PDBC drawdown since its inception was -49.52%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for PDBC and SMH.
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Drawdown Indicators
| PDBC | SMH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.52% | -84.96% | +35.44% |
Max Drawdown (1Y)Largest decline over 1 year | -9.78% | -14.93% | +5.15% |
Max Drawdown (3Y)Largest decline over 3 years | -13.95% | -35.74% | +21.79% |
Max Drawdown (5Y)Largest decline over 5 years | -27.63% | -45.30% | +17.67% |
Max Drawdown (10Y)Largest decline over 10 years | -40.73% | -45.30% | +4.57% |
Current DrawdownCurrent decline from peak | -9.78% | -2.81% | -6.97% |
Average DrawdownAverage peak-to-trough decline | -23.16% | -41.04% | +17.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.65% | 4.06% | -0.41% |
Volatility
PDBC vs. SMH - Volatility Comparison
The current volatility for Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) is 4.91%, while VanEck Semiconductor ETF (SMH) has a volatility of 16.25%. This indicates that PDBC experiences smaller price fluctuations and is considered to be less risky than SMH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PDBC | SMH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.91% | 16.25% | -11.34% |
Volatility (6M)Calculated over the trailing 6-month period | 16.12% | 27.73% | -11.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.85% | 33.20% | -14.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.16% | 35.47% | -16.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.79% | 32.82% | -15.03% |
PDBC vs. SMH - Expense Ratio Comparison
PDBC has a 0.58% expense ratio, which is higher than SMH's 0.35% expense ratio.
Dividends
PDBC vs. SMH - Dividend Comparison
PDBC's dividend yield for the trailing twelve months is around 2.98%, more than SMH's 0.18% 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% |
SMH VanEck Semiconductor ETF | 0.18% | 0.31% | 0.44% | 0.60% | 1.18% | 0.51% | 0.69% | 1.50% | 1.88% | 1.43% | 0.80% | 2.14% |
Frequently Asked Questions
PDBC and SMH have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SMH has higher volatility (16.25%) compared to PDBC (4.91%). In terms of maximum drawdown, PDBC dropped -49.52% vs SMH's -84.96%.
On 10-year performance, SMH leads with 37.49% vs 7.99% for PDBC. On fees, SMH is cheaper at 0.35% 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 10-year period, SMH has performed better with a 37.49% return vs 7.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SMH is cheaper with a 0.35% expense ratio, compared with 0.58% for PDBC.
PDBC has the higher dividend yield at 2.98%, compared with 0.18% for SMH.
PDBC is categorized as Commodities, while SMH is Semiconductors. They also come from different issuers: Invesco and VanEck. Their fees differ too: 0.58% for PDBC and 0.35% for SMH.
SMH currently has the higher Sharpe Ratio (4.13 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.
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