PZA vs. DBC
PZA (Invesco National AMT-Free Municipal Bond ETF) and DBC (Invesco DB Commodity Index Tracking Fund) are both exchange-traded funds - PZA is a Municipal Bonds fund tracking the BofA ML National Long-Term Core Plus Municipal Securities Index, while DBC is a Commodities fund tracking the DBIQ Optimum Yield Diversified Commodity Index Excess Return. Both are passively managed. Over the past 10 years, PZA returned 1.67%/yr vs 8.84%/yr for DBC. Their -0.08 correlation means they have often moved in opposite directions in the past. PZA charges 0.28%/yr vs 0.85%/yr for DBC.
Performance
PZA vs. DBC - Performance Comparison
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Returns By Period
In the year-to-date period, PZA achieves a 1.27% return, which is significantly lower than DBC's 26.61% return. Over the past 10 years, PZA has underperformed DBC with an annualized return of 1.67%, while DBC has yielded a comparatively higher 8.84% annualized return.
PZA
- 1D
- 0.48%
- 1M
- -2.19%
- 6M
- 0.39%
- YTD
- 1.27%
- 1Y
- 7.20%
- 3Y*
- 2.97%
- 5Y*
- -0.42%
- 10Y*
- 1.67%
- ALL TIME*
- 3.14%
DBC
- 1D
- -1.97%
- 1M
- 6.55%
- 6M
- 17.23%
- YTD
- 26.61%
- 1Y
- 32.95%
- 3Y*
- 9.77%
- 5Y*
- 11.16%
- 10Y*
- 8.84%
- ALL TIME*
- 1.85%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $31.62M | $30.85M | $33.84M | |
| $39.95M | $31.47M | $27.68M |
PZA vs. DBC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PZA Invesco National AMT-Free Municipal Bond ETF | 1.27% | 1.81% | 0.81% | 8.64% | -13.17% | 2.37% | 5.07% | 9.00% | -0.09% | 6.95% |
DBC Invesco DB Commodity Index Tracking Fund | 26.61% | 8.10% | 2.18% | -6.19% | 19.34% | 41.36% | -7.84% | 11.84% | -11.63% | 4.86% |
Correlation
The correlation between PZA and DBC is -0.23, 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. | -0.23 |
Correlation (3Y) Balances recent behavior with more history. | -0.11 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.04 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.04 |
Correlation (All Time) Calculated using the full available price history since Oct 18, 2007 | -0.08 |
The correlation between PZA and DBC shifts across timeframes, from -0.23 (1 year) to -0.04 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
PZA vs. DBC — Risk / Return Rank
PZA
DBC
PZA vs. DBC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco National AMT-Free Municipal Bond ETF (PZA) and Invesco DB Commodity Index Tracking Fund (DBC). 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.
| PZA | DBC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.08 | ||
| Sortino ratioReturn per unit of downside risk | +0.22 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.28 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 2.28 | 2.00 | +0.27 |
| Martin ratioReturn relative to average drawdown | 7.59 | 6.57 | +1.01 |
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Drawdowns
PZA vs. DBC - Drawdown Comparison
The maximum PZA drawdown since its inception was -24.49%, smaller than the maximum DBC drawdown of -76.36%. Use the drawdown chart below to compare losses from any high point for PZA and DBC.
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Drawdown Indicators
| PZA | DBC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.49% | -76.36% | +51.87% |
Max Drawdown (1Y)Largest decline over 1 year | -3.18% | -16.54% | +13.36% |
Max Drawdown (3Y)Largest decline over 3 years | -7.74% | -16.54% | +8.80% |
Max Drawdown (5Y)Largest decline over 5 years | -18.29% | -27.34% | +9.05% |
Max Drawdown (10Y)Largest decline over 10 years | -21.69% | -41.71% | +20.02% |
Current DrawdownCurrent decline from peak | -2.26% | -26.76% | +24.50% |
Average DrawdownAverage peak-to-trough decline | -3.92% | -46.06% | +42.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.95% | 5.03% | -4.08% |
Volatility
PZA vs. DBC - Volatility Comparison
The current volatility for Invesco National AMT-Free Municipal Bond ETF (PZA) is 1.39%, while Invesco DB Commodity Index Tracking Fund (DBC) has a volatility of 7.68%. This indicates that PZA experiences smaller price fluctuations and is considered to be less risky than DBC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PZA | DBC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.39% | 7.68% | -6.29% |
Volatility (6M)Calculated over the trailing 6-month period | 3.21% | 16.78% | -13.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.11% | 19.70% | -15.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.03% | 19.33% | -13.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.10% | 17.89% | -10.79% |
PZA vs. DBC - Expense Ratio Comparison
PZA has a 0.28% expense ratio, which is lower than DBC's 0.85% expense ratio.
Dividends
PZA vs. DBC - Dividend Comparison
PZA's dividend yield for the trailing twelve months is around 3.75%, more than DBC's 2.63% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DBC Invesco DB Commodity Index Tracking Fund | 2.63% | 3.33% | 5.22% | 4.94% | 0.59% | 0.00% | 0.00% | 1.59% | 1.30% | 0.00% | 0.00% | 0.00% |
PZA Invesco National AMT-Free Municipal Bond ETF | 3.75% | 3.55% | 3.22% | 2.91% | 2.68% | 2.34% | 2.44% | 2.81% | 3.19% | 3.04% | 3.23% | 3.59% |
Frequently Asked Questions
PZA and DBC have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBC has higher volatility (7.68%) compared to PZA (1.39%). In terms of maximum drawdown, PZA dropped -24.49% vs DBC's -76.36%.
On 10-year performance, DBC leads with 8.84% vs 1.67% for PZA. On fees, PZA is cheaper at 0.28% per year. On volatility, PZA has been the lower-risk option at 1.39%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DBC has performed better with a 8.84% return vs 1.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PZA is cheaper with a 0.28% expense ratio, compared with 0.85% for DBC.
PZA has the higher dividend yield at 3.75%, compared with 2.63% for DBC.
PZA is categorized as Municipal Bonds, while DBC is Commodities. PZA tracks BofA ML National Long-Term Core Plus Municipal Securities Index, while DBC tracks DBIQ Optimum Yield Diversified Commodity Index Excess Return. Their fees differ too: 0.28% for PZA and 0.85% for DBC.
PZA currently has the higher Sharpe Ratio (1.76 vs 1.68), 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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