QXQ vs. DBC

Last updated Jun 24, 2026

QXQ (SGI Enhanced Nasdaq-100 ETF) and DBC (Invesco DB Commodity Index Tracking Fund) are both exchange-traded funds - QXQ is a Nasdaq-100 fund actively managed by Summit Global Investments, while DBC is a Commodities fund tracking the DBIQ Optimum Yield Diversified Commodity Index Excess Return. QXQ is actively managed, while DBC is passively managed. Over the past year, QXQ returned 36.80% vs 25.15% for DBC. At a 0.03 correlation, their price movements are largely independent. QXQ charges 0.98%/yr vs 0.85%/yr for DBC.

Performance

QXQ vs. DBC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SGI Enhanced Nasdaq-100 ETF (QXQ) and Invesco DB Commodity Index Tracking Fund (DBC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QXQ achieves a 16.17% return, which is significantly lower than DBC's 21.29% return.

QXQ

• 1D: -2.94%
• 1M: -0.36%
• YTD: 16.17%
• 6M: 15.07%
• 1Y: 36.80%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DBC

• 1D: -1.06%
• 1M: -11.20%
• YTD: 21.29%
• 6M: 19.79%
• 1Y: 25.15%
• 3Y*: 10.58%
• 5Y*: 10.32%
• 10Y*: 7.89%

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

QXQ vs. DBC - Yearly Performance Comparison

	2026 (YTD)	2025	2024
QXQ SGI Enhanced Nasdaq-100 ETF	16.17%	19.78%	9.70%
DBC Invesco DB Commodity Index Tracking Fund	21.29%	8.10%	-2.76%

Correlation

The correlation between QXQ and DBC is -0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.09
Correlation (All Time) Calculated using the full available price history since Jun 14, 2024	0.03

The correlation between QXQ and DBC shifts across timeframes, from -0.09 (1 year) to 0.03 (all time), reflecting how their relationship changes across market environments.

Return for Risk

QXQ vs. DBC — Risk / Return Rank

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

QXQ

QXQ Risk / Return Rank: 68
QXQ Sharpe Ratio Rank: 72
QXQ Sortino Ratio Rank: 66
QXQ Omega Ratio Rank: 67
QXQ Calmar Ratio Rank: 67
QXQ Martin Ratio Rank: 69

DBC

DBC Risk / Return Rank: 40
DBC Sharpe Ratio Rank: 41
DBC Sortino Ratio Rank: 39
DBC Omega Ratio Rank: 38
DBC Calmar Ratio Rank: 36
DBC Martin Ratio Rank: 47

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.

QXQ vs. DBC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SGI Enhanced Nasdaq-100 ETF (QXQ) 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.

	QXQ	DBC	Difference
Sharpe ratio: Return per unit of total volatility	2.09	1.38	+0.71
Sortino ratio: Return per unit of downside risk	2.74	1.92	+0.82
Omega ratio: Gain probability vs. loss probability	1.36	1.24	+0.12
Calmar ratio: Return relative to maximum drawdown	3.03	1.75	+1.28
Martin ratio: Return relative to average drawdown	11.67	7.61	+4.06

QXQ vs. DBC - Sharpe Ratio Comparison

The current QXQ Sharpe Ratio is 2.09, which is higher than the DBC Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of QXQ and DBC, 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

QXQ vs. DBC - Drawdown Comparison

The maximum QXQ drawdown since its inception was -22.53%, smaller than the maximum DBC drawdown of -76.36%. Use the drawdown chart below to compare losses from any high point for QXQ and DBC.

Drawdown Indicators

	QXQ	DBC	Difference
Max Drawdown Largest peak-to-trough decline	-22.53%	-76.36%	+53.83%
Max Drawdown (1Y) Largest decline over 1 year	-12.20%	-14.42%	+2.22%
Max Drawdown (3Y) Largest decline over 3 years	—	-14.42%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-27.34%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-41.71%	—
Current Drawdown Current decline from peak	-4.17%	-29.84%	+25.67%
Average Drawdown Average peak-to-trough decline	-3.61%	-46.17%	+42.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.16%	3.33%	-0.17%

Volatility

QXQ vs. DBC - Volatility Comparison

SGI Enhanced Nasdaq-100 ETF (QXQ) has a higher volatility of 8.58% compared to Invesco DB Commodity Index Tracking Fund (DBC) at 4.63%. This indicates that QXQ's price experiences larger fluctuations and is considered to be riskier than DBC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QXQ	DBC	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.58%	4.63%	+3.95%
Volatility (6M) Calculated over the trailing 6-month period	14.32%	16.19%	-1.87%
Volatility (1Y) Calculated over the trailing 1-year period	17.73%	18.75%	-1.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.15%	19.21%	+2.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.15%	17.80%	+4.35%

QXQ vs. DBC - Expense Ratio Comparison

QXQ has a 0.98% expense ratio, which is higher than DBC's 0.85% expense ratio.

Dividends

QXQ vs. DBC - Dividend Comparison

QXQ's dividend yield for the trailing twelve months is around 15.41%, more than DBC's 2.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBC Invesco DB Commodity Index Tracking Fund	2.74%	3.33%	5.22%	4.94%	0.59%	0.00%	0.00%	1.59%	1.30%
QXQ SGI Enhanced Nasdaq-100 ETF	15.41%	18.21%	1.97%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both QXQ and DBC in my portfolio?

QXQ and DBC have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QXQ or DBC?

QXQ has higher volatility (8.58%) compared to DBC (4.63%). In terms of maximum drawdown, QXQ dropped -22.53% vs DBC's -76.36%.

Which ETF is better, QXQ or DBC?

On 1-year performance, QXQ leads with 36.80% vs 25.15% for DBC. On fees, DBC is cheaper at 0.85% per year. On volatility, DBC has been the lower-risk option at 4.63%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QXQ or DBC?

Over the 1-year period, QXQ has performed better with a 36.80% return vs 25.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QXQ or DBC?

DBC is cheaper with a 0.85% expense ratio, compared with 0.98% for QXQ.

Which ETF pays a higher dividend yield, QXQ or DBC?

QXQ has the higher dividend yield at 15.41%, compared with 2.74% for DBC.

What is the main difference between QXQ and DBC?

QXQ is categorized as Nasdaq-100, while DBC is Commodities. They also come from different issuers: Summit Global Investments and Invesco. Their fees differ too: 0.98% for QXQ and 0.85% for DBC.

Which has better risk-adjusted returns?

QXQ currently has the higher Sharpe Ratio (2.09 vs 1.38), 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.