PortfoliosLab logoPortfoliosLab logo

Documentation

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

PDBC vs. SPHQ

Last updated Jun 4, 2026

PDBC (Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF) and SPHQ (Invesco S&P 500 Quality ETF) are both exchange-traded funds - PDBC is a Commodities fund actively managed by Invesco, while SPHQ is a S&P 500 fund tracking the S&P 500 Quality Index. PDBC is actively managed, while SPHQ is passively managed. Over the past 10 years, PDBC returned 8.79%/yr vs 15.01%/yr for SPHQ. At a 0.23 correlation, their price movements are largely independent. PDBC charges 0.58%/yr vs 0.15%/yr for SPHQ.

Performance

PDBC vs. SPHQ - 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 Quality ETF (SPHQ). 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 36.23% return, which is significantly higher than SPHQ's 15.48% return. Over the past 10 years, PDBC has underperformed SPHQ with an annualized return of 8.79%, while SPHQ has yielded a comparatively higher 15.01% 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%

SPHQ

1D
0.28%
1M
7.17%
YTD
15.48%
6M
16.06%
1Y
23.22%
3Y*
22.41%
5Y*
14.54%
10Y*
15.01%
*Multi-year figures are annualized to reflect compound growth (CAGR)

PDBC vs. SPHQ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
SPHQ
Invesco S&P 500 Quality ETF		15.48%13.25%25.44%24.83%-15.76%28.03%17.36%33.64%-7.10%19.10%

Correlation

The correlation between PDBC and SPHQ is -0.19, 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

-0.19

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

0.02

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

0.16

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

0.23

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

0.23

The correlation between PDBC and SPHQ shifts across timeframes, from -0.19 (1 year) to 0.23 (all time), 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

Invesco S&P 500 Quality ETF

Often compared with PDBC:
PDBC vs. DBCPDBC vs. BCIPDBC vs. COMTPDBC vs. GSGPDBC vs. FTGCPDBC vs. DJPPDBC vs. BCD
Often compared with SPHQ:
SPHQ vs. QUALSPHQ vs. VOOSPHQ vs. SPYSPHQ vs. JQUASPHQ vs. SCHDSPHQ vs. SPYVSPHQ vs. QQQ

Return for Risk

PDBC vs. SPHQ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PDBC
PDBC Risk / Return Rank: 7474
Overall Rank
PDBC Sharpe Ratio Rank: 7373
Sharpe Ratio Rank
PDBC Sortino Ratio Rank: 6767
Sortino Ratio Rank
PDBC Omega Ratio Rank: 7070
Omega Ratio Rank
PDBC Calmar Ratio Rank: 9292
Calmar Ratio Rank
PDBC Martin Ratio Rank: 7070
Martin Ratio Rank
SPHQ
SPHQ Risk / Return Rank: 5454
Overall Rank
SPHQ Sharpe Ratio Rank: 5353
Sharpe Ratio Rank
SPHQ Sortino Ratio Rank: 5555
Sortino Ratio Rank
SPHQ Omega Ratio Rank: 4949
Omega Ratio Rank
SPHQ Calmar Ratio Rank: 5252
Calmar Ratio Rank
SPHQ Martin Ratio Rank: 6161
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. SPHQ - 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 Quality ETF (SPHQ). 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.

PDBCSPHQDifference
Sharpe ratioReturn per unit of total volatility
2.46
1.85

+0.61

Sortino ratioReturn per unit of downside risk
3.14
2.69

+0.45

Omega ratioGain probability vs. loss probability

1.43

1.32

+0.11

Calmar ratioReturn relative to maximum drawdown

6.35

2.62

+3.73

Martin ratioReturn relative to average drawdown

13.39

11.17

+2.22

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. SPHQ - Sharpe Ratio Comparison

The current PDBC Sharpe Ratio is 2.46, which is higher than the SPHQ Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of PDBC and SPHQ, 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

PDBCSPHQDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.46

1.85

+0.61

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.65

0.89

-0.24

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.50

0.84

-0.35

Sharpe Ratio (All Time)

Calculated using the full available price history

0.23

0.53

-0.30

Drawdowns

PDBC vs. SPHQ - Drawdown Comparison

The maximum PDBC drawdown since its inception was -49.52%, smaller than the maximum SPHQ drawdown of -57.83%. Use the drawdown chart below to compare losses from any high point for PDBC and SPHQ.

Loading charts...

Drawdown Indicators

PDBCSPHQDifference

Max Drawdown

Largest peak-to-trough decline

-49.52%

-57.83%

+8.31%

Max Drawdown (1Y)

Largest decline over 1 year

-7.19%

-8.90%

+1.71%

Max Drawdown (3Y)

Largest decline over 3 years

-13.95%

-16.57%

+2.62%

Max Drawdown (5Y)

Largest decline over 5 years

-27.63%

-25.04%

-2.59%

Max Drawdown (10Y)

Largest decline over 10 years

-40.73%

-31.60%

-9.13%

Current Drawdown

Current decline from peak

-4.55%

0.00%

-4.55%

Average Drawdown

Average peak-to-trough decline

-23.21%

-10.70%

-12.51%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.41%

2.08%

+1.33%

Volatility

PDBC vs. SPHQ - 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 Quality ETF (SPHQ) at 3.49%. This indicates that PDBC's price experiences larger fluctuations and is considered to be riskier than SPHQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

PDBCSPHQDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.20%

3.49%

+2.71%

Volatility (6M)

Calculated over the trailing 6-month period

15.78%

10.18%

+5.60%

Volatility (1Y)

Calculated over the trailing 1-year period

18.61%

12.62%

+5.99%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.12%

16.45%

+2.67%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.78%

17.86%

-0.08%

PDBC vs. SPHQ - Expense Ratio Comparison

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

Dividends

PDBC vs. SPHQ - Dividend Comparison

PDBC's dividend yield for the trailing twelve months is around 2.82%, more than SPHQ's 1.04% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
SPHQ
Invesco S&P 500 Quality ETF		1.04%1.09%1.15%1.42%1.85%1.19%1.55%1.51%1.85%1.57%1.67%2.29%

Frequently Asked Questions

PDBC and SPHQ have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

PDBC has higher volatility (6.20%) compared to SPHQ (3.49%). In terms of maximum drawdown, PDBC dropped -49.52% vs SPHQ's -57.83%.

On 10-year performance, SPHQ leads with 15.01% vs 8.79% for PDBC. On fees, SPHQ is cheaper at 0.15% per year. On volatility, SPHQ has been the lower-risk option at 3.49%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, SPHQ has performed better with a 15.01% return vs 8.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

PDBC has the higher dividend yield at 2.82%, compared with 1.04% for SPHQ.

PDBC is categorized as Commodities, while SPHQ is S&P 500. Their fees differ too: 0.58% for PDBC and 0.15% for SPHQ.

PDBC currently has the higher Sharpe Ratio (2.46 vs 1.85), 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 SPHQ

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