RWX vs. PDBC
RWX (SPDR DJ Wilshire International Real Estate ETF) and PDBC (Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF) are both exchange-traded funds - RWX is a REIT fund tracking the Dow Jones Global ex-U.S. Real Estate Securities Index, while PDBC is a Commodities fund actively managed by Invesco. RWX is passively managed, while PDBC is actively managed. Over the past 10 years, RWX returned 0.83%/yr vs 7.71%/yr for PDBC. At a 0.23 correlation, their price movements are largely independent. RWX charges 0.59%/yr vs 0.58%/yr for PDBC.
Performance
RWX vs. PDBC - Performance Comparison
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Returns By Period
In the year-to-date period, RWX achieves a -3.84% return, which is significantly lower than PDBC's 23.47% return. Over the past 10 years, RWX has underperformed PDBC with an annualized return of 0.83%, while PDBC has yielded a comparatively higher 7.71% annualized return.
RWX
- 1D
- -0.59%
- 1M
- -2.41%
- YTD
- -3.84%
- 6M
- -3.04%
- 1Y
- 2.91%
- 3Y*
- 6.53%
- 5Y*
- -2.62%
- 10Y*
- 0.83%
PDBC
- 1D
- -0.85%
- 1M
- -10.11%
- YTD
- 23.47%
- 6M
- 23.29%
- 1Y
- 22.26%
- 3Y*
- 10.44%
- 5Y*
- 10.25%
- 10Y*
- 7.71%
RWX vs. PDBC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
RWX SPDR DJ Wilshire International Real Estate ETF | -3.84% | 26.24% | -12.15% | 6.25% | -21.84% | 9.34% | -9.03% | 19.88% | -8.25% | 15.50% |
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 23.47% | 5.96% | 2.09% | -6.25% | 19.23% | 41.72% | -7.84% | 11.44% | -12.78% | 5.06% |
Correlation
The correlation between RWX and PDBC is -0.17, 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 | -0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.12 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.21 |
Correlation (All Time) Calculated using the full available price history since Nov 7, 2014 | 0.23 |
The correlation between RWX and PDBC shifts across timeframes, from -0.17 (1 year) to 0.23 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
RWX vs. PDBC — Risk / Return Rank
RWX
PDBC
RWX vs. PDBC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR DJ Wilshire International Real Estate ETF (RWX) 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.
| RWX | PDBC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.98 | ||
| Sortino ratioReturn per unit of downside risk | -1.28 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.21 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | 0.22 | 1.66 | -1.44 |
| Martin ratioReturn relative to average drawdown | 0.57 | 7.01 | -6.44 |
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Drawdowns
RWX vs. PDBC - Drawdown Comparison
The maximum RWX drawdown since its inception was -73.62%, which is greater than PDBC's maximum drawdown of -49.52%. Use the drawdown chart below to compare losses from any high point for RWX and PDBC.
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Drawdown Indicators
| RWX | PDBC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -73.62% | -49.52% | -24.10% |
Max Drawdown (1Y)Largest decline over 1 year | -13.58% | -13.48% | -0.10% |
Max Drawdown (3Y)Largest decline over 3 years | -19.05% | -13.95% | -5.10% |
Max Drawdown (5Y)Largest decline over 5 years | -35.91% | -27.63% | -8.28% |
Max Drawdown (10Y)Largest decline over 10 years | -43.37% | -40.73% | -2.64% |
Current DrawdownCurrent decline from peak | -15.20% | -13.48% | -1.72% |
Average DrawdownAverage peak-to-trough decline | -20.28% | -23.15% | +2.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.11% | 4.04% | +1.07% |
Volatility
RWX vs. PDBC - Volatility Comparison
The current volatility for SPDR DJ Wilshire International Real Estate ETF (RWX) is 4.01%, while Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) has a volatility of 4.38%. This indicates that RWX 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.
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Volatility by Period
| RWX | PDBC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.01% | 4.38% | -0.37% |
Volatility (6M)Calculated over the trailing 6-month period | 11.26% | 16.17% | -4.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.58% | 18.73% | -5.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.85% | 19.15% | -3.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.48% | 17.78% | -1.30% |
RWX vs. PDBC - Expense Ratio Comparison
RWX has a 0.59% expense ratio, which is higher than PDBC's 0.58% expense ratio.
Dividends
RWX vs. PDBC - Dividend Comparison
RWX's dividend yield for the trailing twelve months is around 5.09%, more than PDBC's 3.11% 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 | 3.11% | 3.84% | 4.42% | 4.21% | 13.05% | 50.83% | 0.01% | 1.40% | 1.00% | 3.83% | 6.51% | 0.00% |
RWX SPDR DJ Wilshire International Real Estate ETF | 5.09% | 3.65% | 4.32% | 3.90% | 4.05% | 4.62% | 2.92% | 8.94% | 5.28% | 2.77% | 8.74% | 2.94% |
Frequently Asked Questions
RWX and PDBC have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PDBC has higher volatility (4.38%) compared to RWX (4.01%). In terms of maximum drawdown, RWX dropped -73.62% vs PDBC's -49.52%.
On 10-year performance, PDBC leads with 7.71% vs 0.83% for RWX. On fees, PDBC is cheaper at 0.58% per year. On volatility, RWX has been the lower-risk option at 4.01%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PDBC has performed better with a 7.71% return vs 0.83%. 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 RWX.
RWX has the higher dividend yield at 5.09%, compared with 3.11% for PDBC.
RWX is categorized as REIT, while PDBC is Commodities. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.59% for RWX and 0.58% for PDBC.
PDBC currently has the higher Sharpe Ratio (1.20 vs 0.22), 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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