SCHQ vs. PDBC
SCHQ (Schwab Long-Term U.S. Treasury ETF) and PDBC (Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF) are both exchange-traded funds - SCHQ is a Government Bonds fund tracking the Bloomberg U.S. Long Treasury Index, while PDBC is a Commodities fund actively managed by Invesco. SCHQ is passively managed, while PDBC is actively managed. Over the past 5 years, SCHQ returned -6.63%/yr vs 11.02%/yr for PDBC. Their -0.17 correlation means they have often moved in opposite directions in the past. SCHQ charges 0.03%/yr vs 0.58%/yr for PDBC.
Performance
SCHQ vs. PDBC - Performance Comparison
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Returns By Period
In the year-to-date period, SCHQ achieves a -2.00% return, which is significantly lower than PDBC's 28.15% return.
SCHQ
- 1D
- 0.17%
- 1M
- -2.20%
- 6M
- -1.62%
- YTD
- -2.00%
- 1Y
- -0.90%
- 3Y*
- 0.27%
- 5Y*
- -6.63%
- 10Y*
- —
- ALL TIME*
- -3.99%
PDBC
- 1D
- 0.47%
- 1M
- 5.47%
- 6M
- 18.25%
- YTD
- 28.15%
- 1Y
- 35.58%
- 3Y*
- 9.41%
- 5Y*
- 11.02%
- 10Y*
- 8.61%
- ALL TIME*
- 3.59%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $121.86M | $152.61M | $122.20M | |
| $14.61M | $14.46M | $18.61M |
SCHQ vs. PDBC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
SCHQ Schwab Long-Term U.S. Treasury ETF | -2.00% | 5.50% | -6.44% | 3.43% | -29.44% | -4.86% | 17.73% | -4.20% |
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 28.15% | 5.96% | 2.09% | -6.25% | 19.23% | 41.72% | -7.84% | 7.58% |
Correlation
The correlation between SCHQ and PDBC is -0.38, 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. | -0.38 |
Correlation (3Y) Balances recent behavior with more history. | -0.20 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.14 |
Correlation (All Time) Calculated using the full available price history since Oct 10, 2019 | -0.17 |
Over the past year, the inverse relationship between SCHQ and PDBC has strengthened: their correlation has moved from -0.17 to -0.38, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
SCHQ vs. PDBC — Risk / Return Rank
SCHQ
PDBC
SCHQ vs. PDBC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Schwab Long-Term U.S. Treasury ETF (SCHQ) 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.
| SCHQ | PDBC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.92 | ||
| Sortino ratioReturn per unit of downside risk | -2.51 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 1.31 | -0.32 |
| Calmar ratioReturn relative to maximum drawdown | -0.13 | 2.16 | -2.29 |
| Martin ratioReturn relative to average drawdown | -0.28 | 7.07 | -7.34 |
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Drawdowns
SCHQ vs. PDBC - Drawdown Comparison
The maximum SCHQ drawdown since its inception was -46.13%, smaller than the maximum PDBC drawdown of -49.52%. Use the drawdown chart below to compare losses from any high point for SCHQ and PDBC.
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Drawdown Indicators
| SCHQ | PDBC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.13% | -49.52% | +3.39% |
Max Drawdown (1Y)Largest decline over 1 year | -7.05% | -16.55% | +9.50% |
Max Drawdown (3Y)Largest decline over 3 years | -13.38% | -16.55% | +3.17% |
Max Drawdown (5Y)Largest decline over 5 years | -40.93% | -27.63% | -13.30% |
Max Drawdown (10Y)Largest decline over 10 years | — | -40.73% | — |
Current DrawdownCurrent decline from peak | -37.81% | -10.21% | -27.60% |
Average DrawdownAverage peak-to-trough decline | -26.62% | -23.02% | -3.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.27% | 5.05% | -1.78% |
Volatility
SCHQ vs. PDBC - Volatility Comparison
The current volatility for Schwab Long-Term U.S. Treasury ETF (SCHQ) is 2.30%, while Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) has a volatility of 7.58%. This indicates that SCHQ 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
| SCHQ | PDBC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.30% | 7.58% | -5.28% |
Volatility (6M)Calculated over the trailing 6-month period | 6.34% | 16.65% | -10.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.43% | 19.73% | -11.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.42% | 19.28% | -4.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.19% | 17.85% | -2.66% |
SCHQ vs. PDBC - Expense Ratio Comparison
SCHQ has a 0.03% expense ratio, which is lower than PDBC's 0.58% expense ratio.
Dividends
SCHQ vs. PDBC - Dividend Comparison
SCHQ's dividend yield for the trailing twelve months is around 4.88%, more than PDBC's 3.00% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 3.00% | 3.84% | 4.42% | 4.21% | 13.05% | 50.83% | 0.01% | 1.40% | 1.00% | 3.83% | 6.51% |
SCHQ Schwab Long-Term U.S. Treasury ETF | 4.88% | 4.54% | 4.58% | 3.79% | 2.88% | 1.69% | 1.51% | 0.44% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SCHQ and PDBC have a correlation of -0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PDBC has higher volatility (7.58%) compared to SCHQ (2.30%). In terms of maximum drawdown, SCHQ dropped -46.13% vs PDBC's -49.52%.
On 5-year performance, PDBC leads with 11.02% vs -6.63% for SCHQ. On fees, SCHQ is cheaper at 0.03% per year. On volatility, SCHQ has been the lower-risk option at 2.30%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, PDBC has performed better with a 11.02% return vs -6.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SCHQ is cheaper with a 0.03% expense ratio, compared with 0.58% for PDBC.
SCHQ has the higher dividend yield at 4.88%, compared with 3.00% for PDBC.
SCHQ is categorized as Government Bonds, while PDBC is Commodities. They also come from different issuers: Charles Schwab and Invesco. Their fees differ too: 0.03% for SCHQ and 0.58% for PDBC.
PDBC currently has the higher Sharpe Ratio (1.81 vs -0.11), 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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