PDBC vs. USE

Last updated Jun 4, 2026

PDBC (Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF) and USE (USCF Energy Commodity Strategy Absolute Return Fund) are both Commodities funds. Both are actively managed. Over the past 3 years, PDBC returned 14.42%/yr vs 17.85%/yr for USE. A 0.70 correlation means they provide meaningful diversification when combined. PDBC charges 0.58%/yr vs 0.79%/yr for USE.

Performance

PDBC vs. USE - 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 USCF Energy Commodity Strategy Absolute Return Fund (USE). 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 lower than USE's 48.69% 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%

USE

• 1D: 2.75%
• 1M: -2.96%
• YTD: 48.69%
• 6M: 51.72%
• 1Y: 41.25%
• 3Y*: 17.85%
• 5Y*: —
• 10Y*: —

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

PDBC vs. USE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF	36.23%	5.96%	2.09%	2.19%
USE USCF Energy Commodity Strategy Absolute Return Fund	48.69%	-14.97%	22.58%	9.98%

Correlation

The correlation between PDBC and USE is 0.65, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (All Time) Calculated using the full available price history since May 5, 2023	0.70

The correlation between PDBC and USE has been stable across timeframes, ranging from 0.65 to 0.70 - a consistent structural relationship.

Return for Risk

PDBC vs. USE — 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

USE

USE Risk / Return Rank: 33
USE Sharpe Ratio Rank: 37
USE Sortino Ratio Rank: 38
USE Omega Ratio Rank: 35
USE Calmar Ratio Rank: 32
USE Martin Ratio Rank: 24

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. USE - 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 USCF Energy Commodity Strategy Absolute Return Fund (USE). 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	USE	Difference
Sharpe ratio: Return per unit of total volatility	2.46	1.32	+1.14
Sortino ratio: Return per unit of downside risk	3.14	1.94	+1.20
Omega ratio: Gain probability vs. loss probability	1.43	1.23	+0.20
Calmar ratio: Return relative to maximum drawdown	6.35	1.58	+4.77
Martin ratio: Return relative to average drawdown	13.39	3.10	+10.28
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. USE - Sharpe Ratio Comparison

The current PDBC Sharpe Ratio is 2.46, which is higher than the USE Sharpe Ratio of 1.32. The chart below compares the historical Sharpe Ratios of PDBC and USE, 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	USE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.46	1.32	+1.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.65	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.50	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	0.70	-0.47

Drawdowns

PDBC vs. USE - Drawdown Comparison

The maximum PDBC drawdown since its inception was -49.52%, which is greater than USE's maximum drawdown of -26.24%. Use the drawdown chart below to compare losses from any high point for PDBC and USE.

Drawdown Indicators

	PDBC	USE	Difference
Max Drawdown Largest peak-to-trough decline	-49.52%	-26.24%	-23.28%
Max Drawdown (1Y) Largest decline over 1 year	-7.19%	-26.24%	+19.05%
Max Drawdown (3Y) Largest decline over 3 years	-13.95%	-26.24%	+12.29%
Max Drawdown (5Y) Largest decline over 5 years	-27.63%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-40.73%	—	—
Current Drawdown Current decline from peak	-4.55%	-4.44%	-0.11%
Average Drawdown Average peak-to-trough decline	-23.21%	-7.96%	-15.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.41%	13.32%	-9.91%

Volatility

PDBC vs. USE - Volatility Comparison

The current volatility for Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) is 6.20%, while USCF Energy Commodity Strategy Absolute Return Fund (USE) has a volatility of 11.11%. This indicates that PDBC experiences smaller price fluctuations and is considered to be less risky than USE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PDBC	USE	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.20%	11.11%	-4.91%
Volatility (6M) Calculated over the trailing 6-month period	15.78%	25.86%	-10.08%
Volatility (1Y) Calculated over the trailing 1-year period	18.61%	31.46%	-12.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.12%	27.06%	-7.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.78%	27.06%	-9.28%

PDBC vs. USE - Expense Ratio Comparison

PDBC has a 0.58% expense ratio, which is lower than USE's 0.79% expense ratio.

Dividends

PDBC vs. USE - Dividend Comparison

PDBC's dividend yield for the trailing twelve months is around 2.82%, more than USE's 2.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%
USE USCF Energy Commodity Strategy Absolute Return Fund	2.06%	3.06%	38.65%	4.83%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PDBC and USE in my portfolio?

PDBC and USE have a correlation of 0.65, 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 USE?

USE has higher volatility (11.11%) compared to PDBC (6.20%). In terms of maximum drawdown, PDBC dropped -49.52% vs USE's -26.24%.

Which ETF is better, PDBC or USE?

On 3-year performance, USE leads with 17.85% vs 14.42% for PDBC. On fees, PDBC is cheaper at 0.58% per year. On volatility, PDBC has been the lower-risk option at 6.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PDBC or USE?

Over the 3-year period, USE has performed better with a 17.85% return vs 14.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PDBC or USE?

PDBC is cheaper with a 0.58% expense ratio, compared with 0.79% for USE.

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

PDBC has the higher dividend yield at 2.82%, compared with 2.06% for USE.

What is the main difference between PDBC and USE?

They also come from different issuers: Invesco and USCF. Their fees differ too: 0.58% for PDBC and 0.79% for USE.

Which has better risk-adjusted returns?

PDBC currently has the higher Sharpe Ratio (2.46 vs 1.32), 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.