PGHY vs. DCMT
PGHY (Invesco Global Short Term High Yield Bond ETF) and DCMT (DoubleLine Commodity Strategy ETF) are both exchange-traded funds - PGHY is a High Yield Bonds fund tracking the DB Global Short Maturity High Yield Bond Index, while DCMT is a Commodities fund actively managed by DoubleLine. PGHY is passively managed, while DCMT is actively managed. Over the past year, PGHY returned 5.95% vs 30.61% for DCMT. Their -0.06 correlation means they have often moved in opposite directions in the past. PGHY charges 0.35%/yr vs 0.66%/yr for DCMT.
Performance
PGHY vs. DCMT - Performance Comparison
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Returns By Period
In the year-to-date period, PGHY achieves a 2.82% return, which is significantly lower than DCMT's 26.14% return.
PGHY
- 1D
- 0.39%
- 1M
- -0.15%
- 6M
- 1.68%
- YTD
- 2.82%
- 1Y
- 5.95%
- 3Y*
- 8.39%
- 5Y*
- 4.72%
- 10Y*
- 4.15%
- ALL TIME*
- 4.17%
DCMT
- 1D
- -1.24%
- 1M
- 7.21%
- 6M
- 20.26%
- YTD
- 26.14%
- 1Y
- 30.61%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 13.94%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $312.97K | $269.09K | $196.68K | |
| $929.08K | $902.87K | $974.93K |
PGHY vs. DCMT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
PGHY Invesco Global Short Term High Yield Bond ETF | 2.82% | 8.88% | 7.15% |
DCMT DoubleLine Commodity Strategy ETF | 26.14% | 6.04% | 3.65% |
Correlation
The correlation between PGHY and DCMT is -0.28, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.28 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2024 | -0.06 |
Over the past year, the inverse relationship between PGHY and DCMT has strengthened: their correlation has moved from -0.06 to -0.28, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
PGHY vs. DCMT — Risk / Return Rank
PGHY
DCMT
PGHY vs. DCMT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Global Short Term High Yield Bond ETF (PGHY) and DoubleLine Commodity Strategy ETF (DCMT). 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.
| PGHY | DCMT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.42 | ||
| Sortino ratioReturn per unit of downside risk | -0.37 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.28 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 1.97 | 1.93 | +0.04 |
| Martin ratioReturn relative to average drawdown | 7.47 | 6.43 | +1.04 |
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Drawdowns
PGHY vs. DCMT - Drawdown Comparison
The maximum PGHY drawdown since its inception was -20.50%, which is greater than DCMT's maximum drawdown of -15.96%. Use the drawdown chart below to compare losses from any high point for PGHY and DCMT.
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Drawdown Indicators
| PGHY | DCMT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.50% | -15.96% | -4.54% |
Max Drawdown (1Y)Largest decline over 1 year | -3.04% | -15.96% | +12.92% |
Max Drawdown (3Y)Largest decline over 3 years | -5.03% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -9.38% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -20.50% | — | — |
Current DrawdownCurrent decline from peak | -0.28% | -9.46% | +9.18% |
Average DrawdownAverage peak-to-trough decline | -1.63% | -3.62% | +1.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.80% | 4.78% | -3.98% |
Volatility
PGHY vs. DCMT - Volatility Comparison
The current volatility for Invesco Global Short Term High Yield Bond ETF (PGHY) is 0.74%, while DoubleLine Commodity Strategy ETF (DCMT) has a volatility of 5.66%. This indicates that PGHY experiences smaller price fluctuations and is considered to be less risky than DCMT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PGHY | DCMT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.74% | 5.66% | -4.92% |
Volatility (6M)Calculated over the trailing 6-month period | 3.88% | 17.01% | -13.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.00% | 19.04% | -14.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.49% | 16.05% | -10.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.00% | 16.05% | -9.05% |
PGHY vs. DCMT - Expense Ratio Comparison
PGHY has a 0.35% expense ratio, which is lower than DCMT's 0.66% expense ratio.
Dividends
PGHY vs. DCMT - Dividend Comparison
PGHY's dividend yield for the trailing twelve months is around 7.14%, more than DCMT's 2.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DCMT DoubleLine Commodity Strategy ETF | 2.91% | 3.67% | 1.59% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PGHY Invesco Global Short Term High Yield Bond ETF | 7.14% | 7.24% | 7.49% | 7.87% | 5.12% | 5.17% | 5.45% | 5.32% | 5.45% | 5.52% | 6.26% | 4.60% |
Frequently Asked Questions
PGHY and DCMT have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DCMT has higher volatility (5.66%) compared to PGHY (0.74%). In terms of maximum drawdown, PGHY dropped -20.50% vs DCMT's -15.96%.
On 1-year performance, DCMT leads with 30.61% vs 5.95% for PGHY. On fees, PGHY is cheaper at 0.35% per year. On volatility, PGHY has been the lower-risk option at 0.74%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, DCMT has performed better with a 30.61% return vs 5.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PGHY is cheaper with a 0.35% expense ratio, compared with 0.66% for DCMT.
PGHY has the higher dividend yield at 7.14%, compared with 2.91% for DCMT.
PGHY is categorized as High Yield Bonds, while DCMT is Commodities. They also come from different issuers: Invesco and DoubleLine. Their fees differ too: 0.35% for PGHY and 0.66% for DCMT.
DCMT currently has the higher Sharpe Ratio (1.62 vs 1.20), 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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