PHO vs. PDBC
PHO (Invesco Water Resources ETF) and PDBC (Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF) are both exchange-traded funds - PHO is a Water Equities fund tracking the NASDAQ OMX US Water Index, while PDBC is a Commodities fund actively managed by Invesco. PHO is passively managed, while PDBC is actively managed. Over the past 10 years, PHO returned 11.61%/yr vs 7.69%/yr for PDBC. At a 0.20 correlation, their price movements are largely independent. PHO charges 0.59%/yr vs 0.58%/yr for PDBC.
Performance
PHO vs. PDBC - Performance Comparison
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Returns By Period
In the year-to-date period, PHO achieves a -1.60% return, which is significantly lower than PDBC's 24.08% return. Over the past 10 years, PHO has outperformed PDBC with an annualized return of 11.61%, while PDBC has yielded a comparatively lower 7.69% annualized return.
PHO
- 1D
- 0.75%
- 1M
- 3.54%
- 6M
- -5.03%
- YTD
- -1.60%
- 1Y
- -2.24%
- 3Y*
- 7.55%
- 5Y*
- 5.34%
- 10Y*
- 11.61%
PDBC
- 1D
- 0.12%
- 1M
- -3.63%
- 6M
- 21.24%
- YTD
- 24.08%
- 1Y
- 27.16%
- 3Y*
- 9.96%
- 5Y*
- 10.22%
- 10Y*
- 7.69%
PHO vs. PDBC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PHO Invesco Water Resources ETF | -1.60% | 7.62% | 8.59% | 18.85% | -14.86% | 31.28% | 20.83% | 37.57% | -6.40% | 23.55% |
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 24.08% | 5.96% | 2.09% | -6.25% | 19.23% | 41.72% | -7.84% | 11.44% | -12.78% | 5.06% |
Correlation
The correlation between PHO and PDBC is -0.22, 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 | -0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.08 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.17 |
Correlation (All Time) Calculated using the full available price history since Nov 7, 2014 | 0.20 |
The correlation between PHO and PDBC shifts across timeframes, from -0.22 (1 year) to 0.20 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PHO vs. PDBC — Risk / Return Rank
PHO
PDBC
PHO vs. PDBC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Water Resources ETF (PHO) and Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC). 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.
| PHO | PDBC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.74 | ||
| Sortino ratioReturn per unit of downside risk | -2.29 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.27 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | -0.21 | 1.75 | -1.97 |
| Martin ratioReturn relative to average drawdown | -0.49 | 6.25 | -6.74 |
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Drawdowns
PHO vs. PDBC - Drawdown Comparison
The maximum PHO drawdown since its inception was -55.62%, which is greater than PDBC's maximum drawdown of -49.52%. Use the drawdown chart below to compare losses from any high point for PHO and PDBC.
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Drawdown Indicators
| PHO | PDBC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.62% | -49.52% | -6.10% |
Max Drawdown (1Y)Largest decline over 1 year | -13.78% | -16.55% | +2.77% |
Max Drawdown (3Y)Largest decline over 3 years | -19.19% | -16.55% | -2.64% |
Max Drawdown (5Y)Largest decline over 5 years | -28.60% | -27.63% | -0.97% |
Max Drawdown (10Y)Largest decline over 10 years | -34.92% | -40.73% | +5.81% |
Current DrawdownCurrent decline from peak | -7.03% | -13.06% | +6.03% |
Average DrawdownAverage peak-to-trough decline | -10.17% | -23.11% | +12.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.00% | 4.64% | +1.36% |
Volatility
PHO vs. PDBC - Volatility Comparison
Invesco Water Resources ETF (PHO) and Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) have volatilities of 5.38% and 5.48%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PHO | PDBC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.38% | 5.48% | -0.10% |
Volatility (6M)Calculated over the trailing 6-month period | 11.68% | 16.59% | -4.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.42% | 18.72% | -3.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.43% | 19.19% | -0.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.44% | 17.75% | +1.69% |
PHO vs. PDBC - Expense Ratio Comparison
PHO has a 0.59% expense ratio, which is higher than PDBC's 0.58% expense ratio.
Dividends
PHO vs. PDBC - Dividend Comparison
PHO's dividend yield for the trailing twelve months is around 0.58%, less than PDBC's 3.09% 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 | 3.09% | 3.84% | 4.42% | 4.21% | 13.05% | 50.83% | 0.01% | 1.40% | 1.00% | 3.83% | 6.51% | 0.00% |
PHO Invesco Water Resources ETF | 0.58% | 0.54% | 0.45% | 0.59% | 0.49% | 0.20% | 0.39% | 0.43% | 0.46% | 0.34% | 0.47% | 0.75% |
Frequently Asked Questions
PHO and PDBC have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PDBC has higher volatility (5.48%) compared to PHO (5.38%). In terms of maximum drawdown, PHO dropped -55.62% vs PDBC's -49.52%.
On 10-year performance, PHO leads with 11.61% vs 7.69% for PDBC. On fees, PDBC is cheaper at 0.58% per year. On volatility, PHO has been the lower-risk option at 5.38%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PHO has performed better with a 11.61% return vs 7.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PDBC is cheaper with a 0.58% expense ratio, compared with 0.59% for PHO.
PDBC has the higher dividend yield at 3.09%, compared with 0.58% for PHO.
PHO is categorized as Water Equities, while PDBC is Commodities. Their fees differ too: 0.59% for PHO and 0.58% for PDBC.
PDBC currently has the higher Sharpe Ratio (1.55 vs -0.19), 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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