PDBC vs. XLE
PDBC (Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF) and XLE (State Street Energy Select Sector SPDR ETF) are both exchange-traded funds - PDBC is a Commodities fund actively managed by Invesco, while XLE is a Energy Equities fund tracking the Energy Select Sector Index. PDBC is actively managed, while XLE is passively managed. Over the past 10 years, PDBC returned 7.99%/yr vs 9.91%/yr for XLE. A 0.61 correlation means they provide meaningful diversification when combined. PDBC charges 0.58%/yr vs 0.08%/yr for XLE.
Performance
PDBC vs. XLE - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with PDBC having a 28.75% return and XLE slightly higher at 29.56%. Over the past 10 years, PDBC has underperformed XLE with an annualized return of 7.99%, while XLE has yielded a comparatively higher 9.91% annualized return.
PDBC
- 1D
- -1.04%
- 1M
- -8.33%
- YTD
- 28.75%
- 6M
- 30.02%
- 1Y
- 30.88%
- 3Y*
- 12.43%
- 5Y*
- 10.98%
- 10Y*
- 7.99%
XLE
- 1D
- 0.75%
- 1M
- -3.18%
- YTD
- 29.56%
- 6M
- 28.37%
- 1Y
- 34.84%
- 3Y*
- 16.18%
- 5Y*
- 20.12%
- 10Y*
- 9.91%
PDBC vs. XLE - 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% |
XLE State Street Energy Select Sector SPDR ETF | 29.56% | 7.88% | 5.56% | -0.63% | 64.32% | 53.28% | -32.67% | 11.74% | -18.22% | -0.89% |
Correlation
The correlation between PDBC and XLE is 0.62, 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 | 0.62 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.60 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.65 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.62 |
Correlation (All Time) Calculated using the full available price history since Nov 7, 2014 | 0.61 |
The correlation between PDBC and XLE has been stable across timeframes, ranging from 0.60 to 0.65 - a consistent structural relationship.
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Return for Risk
PDBC vs. XLE — Risk / Return Rank
PDBC
XLE
PDBC vs. XLE - 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 State Street Energy Select Sector SPDR ETF (XLE). 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 | XLE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.02 | ||
| Sortino ratioReturn per unit of downside risk | +0.04 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.30 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 3.55 | 3.10 | +0.45 |
| Martin ratioReturn relative to average drawdown | 9.49 | 8.63 | +0.86 |
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Drawdowns
PDBC vs. XLE - Drawdown Comparison
The maximum PDBC drawdown since its inception was -49.52%, smaller than the maximum XLE drawdown of -71.26%. Use the drawdown chart below to compare losses from any high point for PDBC and XLE.
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Drawdown Indicators
| PDBC | XLE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.52% | -71.26% | +21.74% |
Max Drawdown (1Y)Largest decline over 1 year | -9.78% | -12.05% | +2.27% |
Max Drawdown (3Y)Largest decline over 3 years | -13.95% | -20.14% | +6.19% |
Max Drawdown (5Y)Largest decline over 5 years | -27.63% | -26.04% | -1.59% |
Max Drawdown (10Y)Largest decline over 10 years | -40.73% | -66.81% | +26.08% |
Current DrawdownCurrent decline from peak | -9.78% | -8.01% | -1.77% |
Average DrawdownAverage peak-to-trough decline | -23.16% | -17.97% | -5.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.65% | 4.32% | -0.67% |
Volatility
PDBC vs. XLE - Volatility Comparison
The current volatility for Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) is 4.91%, while State Street Energy Select Sector SPDR ETF (XLE) has a volatility of 7.26%. This indicates that PDBC experiences smaller price fluctuations and is considered to be less risky than XLE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PDBC | XLE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.91% | 7.26% | -2.35% |
Volatility (6M)Calculated over the trailing 6-month period | 16.12% | 16.79% | -0.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.85% | 20.57% | -1.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.16% | 26.05% | -6.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.79% | 29.58% | -11.79% |
PDBC vs. XLE - Expense Ratio Comparison
PDBC has a 0.58% expense ratio, which is higher than XLE's 0.08% expense ratio.
Dividends
PDBC vs. XLE - Dividend Comparison
PDBC's dividend yield for the trailing twelve months is around 2.98%, more than XLE's 2.59% 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% |
XLE State Street Energy Select Sector SPDR ETF | 2.59% | 3.28% | 3.36% | 3.55% | 3.68% | 4.21% | 5.62% | 6.72% | 3.54% | 3.03% | 2.26% | 3.39% |
Frequently Asked Questions
PDBC and XLE have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
XLE has higher volatility (7.26%) compared to PDBC (4.91%). In terms of maximum drawdown, PDBC dropped -49.52% vs XLE's -71.26%.
On 10-year performance, XLE leads with 9.91% vs 7.99% for PDBC. On fees, XLE is cheaper at 0.08% 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, XLE has performed better with a 9.91% return vs 7.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XLE is cheaper with a 0.08% expense ratio, compared with 0.58% for PDBC.
PDBC has the higher dividend yield at 2.98%, compared with 2.59% for XLE.
PDBC is categorized as Commodities, while XLE is Energy Equities. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.58% for PDBC and 0.08% for XLE.
PDBC currently has the higher Sharpe Ratio (1.84 vs 1.82), 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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