QGMIX vs. PDBC

Last updated Apr 1, 2026

Compare and contrast key facts about AQR Macro Opportunities Fund (QGMIX) and Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC).

QGMIX is managed by AQR Funds. It was launched on Apr 7, 2014. PDBC is an actively managed fund by Invesco. It was launched on Nov 7, 2014.

Performance

QGMIX vs. PDBC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AQR Macro Opportunities Fund (QGMIX) and Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC). The values are adjusted to include any dividend payments, if applicable.

QGMIX vs. PDBC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
QGMIX AQR Macro Opportunities Fund	2.15%	4.00%	-0.95%	0.01%	29.30%	-4.54%	1.60%	4.90%	7.80%	-3.38%
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF	30.72%	5.96%	2.09%	-6.25%	19.23%	41.72%	-7.84%	11.44%	-12.78%	5.06%

Returns By Period

In the year-to-date period, QGMIX achieves a 2.15% return, which is significantly lower than PDBC's 30.72% return. Over the past 10 years, QGMIX has underperformed PDBC with an annualized return of 3.68%, while PDBC has yielded a comparatively higher 9.86% annualized return.

QGMIX

• 1D: 0.00%
• 1M: -1.19%
• YTD: 2.15%
• 6M: 0.75%
• 1Y: -0.54%
• 3Y*: 2.54%
• 5Y*: 4.62%
• 10Y*: 3.68%

PDBC

• 1D: -1.03%
• 1M: 16.09%
• YTD: 30.72%
• 6M: 33.97%
• 1Y: 32.00%
• 3Y*: 11.28%
• 5Y*: 14.29%
• 10Y*: 9.86%

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

QGMIX vs. PDBC - Expense Ratio Comparison

QGMIX has a 1.20% expense ratio, which is higher than PDBC's 0.58% expense ratio.

QGMIX

AQR Macro Opportunities Fund

PDBC

Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF

Return for Risk

QGMIX vs. PDBC — Risk / Return Rank

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

QGMIX

QGMIX Risk / Return Rank: 4
QGMIX Sharpe Ratio Rank: 4
QGMIX Sortino Ratio Rank: 3
QGMIX Omega Ratio Rank: 3
QGMIX Calmar Ratio Rank: 6
QGMIX Martin Ratio Rank: 6

PDBC

PDBC Risk / Return Rank: 85
PDBC Sharpe Ratio Rank: 87
PDBC Sortino Ratio Rank: 87
PDBC Omega Ratio Rank: 83
PDBC Calmar Ratio Rank: 91
PDBC Martin Ratio Rank: 76

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.

QGMIX vs. PDBC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AQR Macro Opportunities Fund (QGMIX) 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.

	QGMIX	PDBC	Difference
Sharpe ratio Return per unit of total volatility	-0.13	1.72	-1.85
Sortino ratio Return per unit of downside risk	-0.12	2.31	-2.42
Omega ratio Gain probability vs. loss probability	0.98	1.31	-0.33
Calmar ratio Return relative to maximum drawdown	-0.05	3.04	-3.09
Martin ratio Return relative to average drawdown	-0.13	7.48	-7.61
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QGMIX vs. PDBC - Sharpe Ratio Comparison

The current QGMIX Sharpe Ratio is -0.13, which is lower than the PDBC Sharpe Ratio of 1.72. The chart below compares the historical Sharpe Ratios of QGMIX and PDBC, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	QGMIX	PDBC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.13	1.72	-1.85
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	0.76	-0.29
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.44	0.56	-0.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	0.22	+0.20

Correlation

The correlation between QGMIX and PDBC is 0.07, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

QGMIX vs. PDBC - Dividend Comparison

QGMIX's dividend yield for the trailing twelve months is around 1.41%, less than PDBC's 2.94% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QGMIX AQR Macro Opportunities Fund	1.41%	1.44%	1.92%	10.07%	7.48%	1.49%	0.96%	0.05%	3.92%	0.04%	6.05%	5.30%
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF	2.94%	3.84%	4.42%	4.21%	13.05%	50.83%	0.01%	1.40%	1.00%	3.83%	6.51%	0.00%

Drawdowns

QGMIX vs. PDBC - Drawdown Comparison

The maximum QGMIX drawdown since its inception was -13.48%, smaller than the maximum PDBC drawdown of -49.52%. Use the drawdown chart below to compare losses from any high point for QGMIX and PDBC.

Drawdown Indicators

	QGMIX	PDBC	Difference
Max Drawdown Largest peak-to-trough decline	-13.48%	-49.52%	+36.04%
Max Drawdown (1Y) Largest decline over 1 year	-8.68%	-11.07%	+2.39%
Max Drawdown (5Y) Largest decline over 5 years	-13.48%	-27.63%	+14.15%
Max Drawdown (10Y) Largest decline over 10 years	-13.48%	-40.73%	+27.25%
Current Drawdown Current decline from peak	-2.61%	-1.03%	-1.58%
Average Drawdown Average peak-to-trough decline	-3.95%	-23.53%	+19.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.47%	4.50%	-1.03%

Volatility

QGMIX vs. PDBC - Volatility Comparison

The current volatility for AQR Macro Opportunities Fund (QGMIX) is 2.18%, while Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) has a volatility of 8.15%. This indicates that QGMIX experiences smaller price fluctuations and is considered to be less risky than PDBC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QGMIX	PDBC	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.18%	8.15%	-5.97%
Volatility (6M) Calculated over the trailing 6-month period	4.29%	13.88%	-9.59%
Volatility (1Y) Calculated over the trailing 1-year period	7.83%	18.72%	-10.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.98%	18.92%	-8.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.37%	17.69%	-9.32%