PIT vs. DBA

Last updated Jul 12, 2026

PIT (VanEck Commodity Strategy ETF) and DBA (Invesco DB Agriculture Fund) are both exchange-traded funds - PIT is a Commodities fund actively managed by VanEck, while DBA is a Agricultural Commodities fund tracking the DBIQ Diversified Agriculture Index Excess Return. PIT is actively managed, while DBA is passively managed. Over the past 3 years, PIT returned 19.03%/yr vs 13.55%/yr for DBA. At a 0.33 correlation, their price movements are largely independent. PIT charges 0.55%/yr vs 0.88%/yr for DBA.

Performance

PIT vs. DBA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Commodity Strategy ETF (PIT) and Invesco DB Agriculture Fund (DBA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PIT achieves a 29.50% return, which is significantly higher than DBA's 8.82% return.

PIT

• 1D: -0.32%
• 1M: -3.23%
• 6M: 25.36%
• YTD: 29.50%
• 1Y: 40.55%
• 3Y*: 19.03%
• 5Y*: —
• 10Y*: —

DBA

• 1D: 0.22%
• 1M: 5.59%
• 6M: 7.72%
• YTD: 8.82%
• 1Y: 11.65%
• 3Y*: 13.55%
• 5Y*: 12.19%
• 10Y*: 4.14%

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

PIT vs. DBA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
PIT VanEck Commodity Strategy ETF	29.50%	21.63%	6.77%	-4.54%	1.67%
DBA Invesco DB Agriculture Fund	8.82%	-0.56%	33.45%	7.64%	0.55%

Correlation

The correlation between PIT and DBA is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (3Y) Calculated over the trailing 3-year period	0.29
Correlation (All Time) Calculated using the full available price history since Dec 22, 2022	0.33

Return for Risk

PIT vs. DBA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PIT

PIT Risk / Return Rank: 69
PIT Sharpe Ratio Rank: 77
PIT Sortino Ratio Rank: 69
PIT Omega Ratio Rank: 73
PIT Calmar Ratio Rank: 62
PIT Martin Ratio Rank: 61

DBA

DBA Risk / Return Rank: 34
DBA Sharpe Ratio Rank: 37
DBA Sortino Ratio Rank: 38
DBA Omega Ratio Rank: 35
DBA Calmar Ratio Rank: 33
DBA Martin Ratio Rank: 26

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.

PIT vs. DBA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Commodity Strategy ETF (PIT) and Invesco DB Agriculture Fund (DBA). 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.

	PIT	DBA	Difference
Sharpe ratio: Return per unit of total volatility	1.95	1.08	+0.87
Sortino ratio: Return per unit of downside risk	2.52	1.64	+0.87
Omega ratio: Gain probability vs. loss probability	1.34	1.19	+0.15
Calmar ratio: Return relative to maximum drawdown	2.48	1.35	+1.13
Martin ratio: Return relative to average drawdown	8.70	2.83	+5.87

PIT vs. DBA - Sharpe Ratio Comparison

The current PIT Sharpe Ratio is 1.95, which is higher than the DBA Sharpe Ratio of 1.08. The chart below compares the historical Sharpe Ratios of PIT and DBA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PIT vs. DBA - Drawdown Comparison

The maximum PIT drawdown since its inception was -17.20%, smaller than the maximum DBA drawdown of -67.97%. Use the drawdown chart below to compare losses from any high point for PIT and DBA.

Drawdown Indicators

	PIT	DBA	Difference
Max Drawdown Largest peak-to-trough decline	-17.20%	-67.97%	+50.77%
Max Drawdown (1Y) Largest decline over 1 year	-17.20%	-8.67%	-8.53%
Max Drawdown (3Y) Largest decline over 3 years	-17.20%	-12.36%	-4.84%
Max Drawdown (5Y) Largest decline over 5 years	—	-15.94%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-37.97%	—
Current Drawdown Current decline from peak	-12.57%	-23.39%	+10.82%
Average Drawdown Average peak-to-trough decline	-4.23%	-41.02%	+36.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.88%	4.12%	+0.76%

Volatility

PIT vs. DBA - Volatility Comparison

VanEck Commodity Strategy ETF (PIT) has a higher volatility of 5.78% compared to Invesco DB Agriculture Fund (DBA) at 3.88%. This indicates that PIT's price experiences larger fluctuations and is considered to be riskier than DBA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PIT	DBA	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.78%	3.88%	+1.90%
Volatility (6M) Calculated over the trailing 6-month period	19.58%	7.43%	+12.15%
Volatility (1Y) Calculated over the trailing 1-year period	21.84%	10.83%	+11.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.58%	13.86%	+3.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.58%	13.06%	+4.52%

PIT vs. DBA - Expense Ratio Comparison

PIT has a 0.55% expense ratio, which is lower than DBA's 0.88% expense ratio.

Dividends

PIT vs. DBA - Dividend Comparison

PIT's dividend yield for the trailing twelve months is around 6.88%, more than DBA's 3.29% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBA Invesco DB Agriculture Fund	3.29%	3.58%	4.08%	4.63%	0.48%	0.00%	0.00%	1.55%	1.06%
PIT VanEck Commodity Strategy ETF	6.88%	8.92%	3.59%	6.44%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PIT and DBA in my portfolio?

PIT and DBA have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PIT or DBA?

PIT has higher volatility (5.78%) compared to DBA (3.88%). In terms of maximum drawdown, PIT dropped -17.20% vs DBA's -67.97%.

Which ETF is better, PIT or DBA?

On 3-year performance, PIT leads with 19.03% vs 13.55% for DBA. On fees, PIT is cheaper at 0.55% per year. On volatility, DBA has been the lower-risk option at 3.88%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PIT or DBA?

Over the 3-year period, PIT has performed better with a 19.03% return vs 13.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PIT or DBA?

PIT is cheaper with a 0.55% expense ratio, compared with 0.88% for DBA.

Which ETF pays a higher dividend yield, PIT or DBA?

PIT has the higher dividend yield at 6.88%, compared with 3.29% for DBA.

What is the main difference between PIT and DBA?

PIT is categorized as Commodities, while DBA is Agricultural Commodities. They also come from different issuers: VanEck and Invesco. Their fees differ too: 0.55% for PIT and 0.88% for DBA.

Which has better risk-adjusted returns?

PIT currently has the higher Sharpe Ratio (1.95 vs 1.08), 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.