SDY vs. DBC
SDY (SPDR S&P Dividend ETF) and DBC (Invesco DB Commodity Index Tracking Fund) are both exchange-traded funds - SDY is a Mid Cap Value Equities fund tracking the S&P High Yield Dividend Aristocrats 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, SDY returned 9.43%/yr vs 8.90%/yr for DBC. Their 0.25 correlation means their historical movements had little consistent relationship. SDY charges 0.35%/yr vs 0.85%/yr for DBC.
Performance
SDY vs. DBC - Performance Comparison
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Returns By Period
In the year-to-date period, SDY achieves a 14.35% return, which is significantly lower than DBC's 27.37% return. Over the past 10 years, SDY has outperformed DBC with an annualized return of 9.43%, while DBC has yielded a comparatively lower 8.90% annualized return.
SDY
- 1D
- -0.06%
- 1M
- 1.40%
- 6M
- 4.24%
- YTD
- 14.35%
- 1Y
- 16.81%
- 3Y*
- 10.98%
- 5Y*
- 7.73%
- 10Y*
- 9.43%
- ALL TIME*
- 9.07%
DBC
- 1D
- 0.60%
- 1M
- 5.48%
- 6M
- 17.73%
- YTD
- 27.37%
- 1Y
- 34.92%
- 3Y*
- 9.99%
- 5Y*
- 11.48%
- 10Y*
- 8.90%
- ALL TIME*
- 1.88%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $29.84M | $30.72M | $31.47M | |
| $32.37M | $30.67M | $33.82M |
SDY vs. DBC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SDY SPDR S&P Dividend ETF | 14.35% | 8.18% | 8.45% | 2.61% | -0.54% | 25.32% | 1.71% | 23.29% | -2.74% | 15.82% |
DBC Invesco DB Commodity Index Tracking Fund | 27.37% | 8.10% | 2.18% | -6.19% | 19.34% | 41.36% | -7.84% | 11.84% | -11.63% | 4.86% |
Correlation
The correlation between SDY and DBC is -0.18, 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. | -0.18 |
Correlation (3Y) Balances recent behavior with more history. | -0.03 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.13 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.21 |
Correlation (All Time) Calculated using the full available price history since Feb 6, 2006 | 0.25 |
The correlation between SDY and DBC shifts across timeframes, from -0.18 (1 year) to 0.25 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SDY vs. DBC — Risk / Return Rank
SDY
DBC
SDY vs. DBC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Dividend ETF (SDY) 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.
| SDY | DBC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.21 | ||
| Sortino ratioReturn per unit of downside risk | +0.03 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.30 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.20 | 2.12 | +0.08 |
| Martin ratioReturn relative to average drawdown | 5.92 | 6.91 | -0.99 |
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Drawdowns
SDY vs. DBC - Drawdown Comparison
The maximum SDY drawdown since its inception was -54.75%, smaller than the maximum DBC drawdown of -76.36%. Use the drawdown chart below to compare losses from any high point for SDY and DBC.
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Drawdown Indicators
| SDY | DBC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -54.75% | -76.36% | +21.61% |
Max Drawdown (1Y)Largest decline over 1 year | -7.67% | -16.54% | +8.87% |
Max Drawdown (3Y)Largest decline over 3 years | -14.39% | -16.54% | +2.15% |
Max Drawdown (5Y)Largest decline over 5 years | -15.21% | -27.34% | +12.13% |
Max Drawdown (10Y)Largest decline over 10 years | -36.70% | -41.71% | +5.01% |
Current DrawdownCurrent decline from peak | -0.98% | -26.32% | +25.34% |
Average DrawdownAverage peak-to-trough decline | -6.17% | -46.06% | +39.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.85% | 5.07% | -2.22% |
Volatility
SDY vs. DBC - Volatility Comparison
The current volatility for SPDR S&P Dividend ETF (SDY) is 4.13%, while Invesco DB Commodity Index Tracking Fund (DBC) has a volatility of 7.61%. This indicates that SDY 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
| SDY | DBC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.13% | 7.61% | -3.48% |
Volatility (6M)Calculated over the trailing 6-month period | 8.12% | 16.61% | -8.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.75% | 19.70% | -8.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.01% | 19.33% | -5.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.09% | 17.89% | -0.80% |
SDY vs. DBC - Expense Ratio Comparison
SDY has a 0.35% expense ratio, which is lower than DBC's 0.85% expense ratio.
Dividends
SDY vs. DBC - Dividend Comparison
SDY's dividend yield for the trailing twelve months is around 2.37%, less than DBC's 2.61% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DBC Invesco DB Commodity Index Tracking Fund | 2.61% | 3.33% | 5.22% | 4.94% | 0.59% | 0.00% | 0.00% | 1.59% | 1.30% | 0.00% | 0.00% | 0.00% |
SDY SPDR S&P Dividend ETF | 2.37% | 2.61% | 2.56% | 2.64% | 2.55% | 2.63% | 2.85% | 2.45% | 2.73% | 4.69% | 3.30% | 6.20% |
Frequently Asked Questions
SDY and DBC have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBC has higher volatility (7.61%) compared to SDY (4.13%). In terms of maximum drawdown, SDY dropped -54.75% vs DBC's -76.36%.
On 10-year performance, SDY leads with 9.43% vs 8.90% for DBC. On fees, SDY is cheaper at 0.35% per year. On volatility, SDY has been the lower-risk option at 4.13%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SDY has performed better with a 9.43% return vs 8.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SDY is cheaper with a 0.35% expense ratio, compared with 0.85% for DBC.
DBC has the higher dividend yield at 2.61%, compared with 2.37% for SDY.
SDY is categorized as Mid Cap Value Equities, while DBC is Commodities. SDY tracks S&P High Yield Dividend Aristocrats Index, while DBC tracks DBIQ Optimum Yield Diversified Commodity Index Excess Return. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.35% for SDY and 0.85% for DBC.
DBC currently has the higher Sharpe Ratio (1.78 vs 1.57), 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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