PDBC vs. SPHD

Last updated Jun 4, 2026

PDBC (Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF) and SPHD (Invesco S&P 500® High Dividend Low Volatility ETF) are both exchange-traded funds - PDBC is a Commodities fund actively managed by Invesco, while SPHD is a Dividend fund tracking the S&P 500 Low Volatility High Dividend Index. PDBC is actively managed, while SPHD is passively managed. Over the past 10 years, PDBC returned 8.79%/yr vs 7.08%/yr for SPHD. At a 0.26 correlation, their price movements are largely independent. PDBC charges 0.58%/yr vs 0.30%/yr for SPHD.

Performance

PDBC vs. SPHD - 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 Invesco S&P 500® High Dividend Low Volatility ETF (SPHD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PDBC achieves a 36.23% return, which is significantly higher than SPHD's 4.38% return. Over the past 10 years, PDBC has outperformed SPHD with an annualized return of 8.79%, while SPHD has yielded a comparatively lower 7.08% annualized return.

PDBC

• 1D: 0.39%
• 1M: -3.37%
• YTD: 36.23%
• 6M: 36.27%
• 1Y: 45.46%
• 3Y*: 14.42%
• 5Y*: 12.39%
• 10Y*: 8.79%

SPHD

• 1D: -0.89%
• 1M: -0.82%
• YTD: 4.38%
• 6M: 4.63%
• 1Y: 8.12%
• 3Y*: 11.42%
• 5Y*: 5.48%
• 10Y*: 7.08%

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

PDBC vs. SPHD - 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	36.23%	5.96%	2.09%	-6.25%	19.23%	41.72%	-7.84%	11.44%	-12.78%	5.06%
SPHD Invesco S&P 500® High Dividend Low Volatility ETF	4.38%	3.41%	18.08%	1.32%	0.58%	24.98%	-9.98%	20.26%	-6.17%	11.90%

Correlation

The correlation between PDBC and SPHD is -0.03, 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	-0.03
Correlation (3Y) Calculated over the trailing 3-year period	0.06
Correlation (5Y) Calculated over the trailing 5-year period	0.20
Correlation (10Y) Calculated over the trailing 10-year period	0.25
Correlation (All Time) Calculated using the full available price history since Nov 10, 2014	0.26

The correlation between PDBC and SPHD shifts across timeframes, from -0.03 (1 year) to 0.26 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PDBC vs. SPHD — Risk / Return Rank

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

PDBC

PDBC Risk / Return Rank: 74
PDBC Sharpe Ratio Rank: 73
PDBC Sortino Ratio Rank: 67
PDBC Omega Ratio Rank: 70
PDBC Calmar Ratio Rank: 92
PDBC Martin Ratio Rank: 70

SPHD

SPHD Risk / Return Rank: 21
SPHD Sharpe Ratio Rank: 21
SPHD Sortino Ratio Rank: 21
SPHD Omega Ratio Rank: 19
SPHD Calmar Ratio Rank: 23
SPHD Martin Ratio Rank: 22

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. SPHD - 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 Invesco S&P 500® High Dividend Low Volatility ETF (SPHD). 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.

	PDBC	SPHD	Difference
Sharpe ratio: Return per unit of total volatility	2.46	0.74	+1.72
Sortino ratio: Return per unit of downside risk	3.14	1.15	+1.99
Omega ratio: Gain probability vs. loss probability	1.43	1.13	+0.30
Calmar ratio: Return relative to maximum drawdown	6.35	1.11	+5.24
Martin ratio: Return relative to average drawdown	13.39	2.78	+10.61
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. SPHD - Sharpe Ratio Comparison

The current PDBC Sharpe Ratio is 2.46, which is higher than the SPHD Sharpe Ratio of 0.74. The chart below compares the historical Sharpe Ratios of PDBC and SPHD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PDBC	SPHD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.46	0.74	+1.72
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.65	0.39	+0.26
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.50	0.40	+0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	0.58	-0.35

Drawdowns

PDBC vs. SPHD - Drawdown Comparison

The maximum PDBC drawdown since its inception was -49.52%, which is greater than SPHD's maximum drawdown of -41.39%. Use the drawdown chart below to compare losses from any high point for PDBC and SPHD.

Drawdown Indicators

	PDBC	SPHD	Difference
Max Drawdown Largest peak-to-trough decline	-49.52%	-41.39%	-8.13%
Max Drawdown (1Y) Largest decline over 1 year	-7.19%	-7.33%	+0.14%
Max Drawdown (3Y) Largest decline over 3 years	-13.95%	-13.29%	-0.66%
Max Drawdown (5Y) Largest decline over 5 years	-27.63%	-19.50%	-8.13%
Max Drawdown (10Y) Largest decline over 10 years	-40.73%	-41.39%	+0.66%
Current Drawdown Current decline from peak	-4.55%	-5.37%	+0.82%
Average Drawdown Average peak-to-trough decline	-23.21%	-4.70%	-18.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.41%	2.93%	+0.48%

Volatility

PDBC vs. SPHD - Volatility Comparison

Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) has a higher volatility of 6.20% compared to Invesco S&P 500® High Dividend Low Volatility ETF (SPHD) at 2.99%. This indicates that PDBC's price experiences larger fluctuations and is considered to be riskier than SPHD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PDBC	SPHD	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.20%	2.99%	+3.21%
Volatility (6M) Calculated over the trailing 6-month period	15.78%	7.55%	+8.23%
Volatility (1Y) Calculated over the trailing 1-year period	18.61%	11.04%	+7.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.12%	14.16%	+4.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.78%	17.64%	+0.14%

PDBC vs. SPHD - Expense Ratio Comparison

PDBC has a 0.58% expense ratio, which is higher than SPHD's 0.30% expense ratio.

Dividends

PDBC vs. SPHD - Dividend Comparison

PDBC's dividend yield for the trailing twelve months is around 2.82%, less than SPHD's 4.62% 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	2.82%	3.84%	4.42%	4.21%	13.05%	50.83%	0.01%	1.40%	1.00%	3.83%	6.51%	0.00%
SPHD Invesco S&P 500® High Dividend Low Volatility ETF	4.62%	4.02%	3.41%	4.48%	3.89%	3.45%	4.89%	4.07%	4.40%	3.14%	3.83%	3.49%

Frequently Asked Questions

Can I hold both PDBC and SPHD in my portfolio?

PDBC and SPHD have a correlation of -0.03, 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 SPHD?

PDBC has higher volatility (6.20%) compared to SPHD (2.99%). In terms of maximum drawdown, PDBC dropped -49.52% vs SPHD's -41.39%.

Which ETF is better, PDBC or SPHD?

On 10-year performance, PDBC leads with 8.79% vs 7.08% for SPHD. On fees, SPHD is cheaper at 0.30% per year. On volatility, SPHD has been the lower-risk option at 2.99%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PDBC or SPHD?

Over the 10-year period, PDBC has performed better with a 8.79% return vs 7.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PDBC or SPHD?

SPHD is cheaper with a 0.30% expense ratio, compared with 0.58% for PDBC.

Which ETF pays a higher dividend yield, PDBC or SPHD?

SPHD has the higher dividend yield at 4.62%, compared with 2.82% for PDBC.

What is the main difference between PDBC and SPHD?

PDBC is categorized as Commodities, while SPHD is Dividend. Their fees differ too: 0.58% for PDBC and 0.30% for SPHD.

Which has better risk-adjusted returns?

PDBC currently has the higher Sharpe Ratio (2.46 vs 0.74), 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.