SETM vs. PDBC

Last updated Jun 4, 2026

SETM (Sprott Energy Transition Materials ETF) and PDBC (Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF) are both exchange-traded funds - SETM is a Energy Equities fund tracking the Nasdaq Sprott Energy Transition Materials Select Index - AUD - Benchmark TR Gross, while PDBC is a Commodities fund actively managed by Invesco. SETM is passively managed, while PDBC is actively managed. Over the past 3 years, SETM returned 30.90%/yr vs 14.42%/yr for PDBC. At a 0.30 correlation, their price movements are largely independent. SETM charges 0.65%/yr vs 0.58%/yr for PDBC.

Performance

SETM vs. PDBC - Performance Comparison

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

Returns By Period

In the year-to-date period, SETM achieves a 27.22% return, which is significantly lower than PDBC's 36.23% return.

SETM

• 1D: -4.09%
• 1M: 2.39%
• YTD: 27.22%
• 6M: 33.66%
• 1Y: 144.21%
• 3Y*: 30.90%
• 5Y*: —
• 10Y*: —

PDBC

• 1D: 0.39%
• 1M: -3.37%
• YTD: 36.23%
• 6M: 36.27%
• 1Y: 45.46%
• 3Y*: 14.42%
• 5Y*: 12.39%
• 10Y*: 8.79%

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

SETM vs. PDBC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SETM Sprott Energy Transition Materials ETF	27.22%	95.27%	-13.24%	-11.03%
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF	36.23%	5.96%	2.09%	-4.44%

Correlation

The correlation between SETM and PDBC is 0.07, 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	0.07
Correlation (3Y) Calculated over the trailing 3-year period	0.26
Correlation (All Time) Calculated using the full available price history since Feb 3, 2023	0.30

Over the past year, the correlation between SETM and PDBC has dropped to 0.07 - well below their long-term average of 0.30, suggesting their price drivers have been diverging.

Return for Risk

SETM vs. PDBC — Risk / Return Rank

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

SETM

SETM Risk / Return Rank: 82
SETM Sharpe Ratio Rank: 91
SETM Sortino Ratio Rank: 71
SETM Omega Ratio Rank: 72
SETM Calmar Ratio Rank: 90
SETM Martin Ratio Rank: 84

PDBC

PDBC Risk / Return Rank: 74
PDBC Sharpe Ratio Rank: 73
PDBC Sortino Ratio Rank: 67
PDBC Omega Ratio Rank: 70
PDBC Calmar Ratio Rank: 92
PDBC Martin Ratio Rank: 70

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.

SETM vs. PDBC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Sprott Energy Transition Materials ETF (SETM) 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.

	SETM	PDBC	Difference
Sharpe ratio Return per unit of total volatility	3.25	2.46	+0.79
Sortino ratio Return per unit of downside risk	3.29	3.14	+0.15
Omega ratio Gain probability vs. loss probability	1.44	1.43	+0.01
Calmar ratio Return relative to maximum drawdown	5.61	6.35	-0.74
Martin ratio Return relative to average drawdown	17.42	13.39	+4.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SETM vs. PDBC - Sharpe Ratio Comparison

The current SETM Sharpe Ratio is 3.25, which is higher than the PDBC Sharpe Ratio of 2.46. The chart below compares the historical Sharpe Ratios of SETM and PDBC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SETM	PDBC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.25	2.46	+0.79
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.65	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.50	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.59	0.23	+0.36

Drawdowns

SETM vs. PDBC - Drawdown Comparison

The maximum SETM drawdown since its inception was -42.81%, smaller than the maximum PDBC drawdown of -49.52%. Use the drawdown chart below to compare losses from any high point for SETM and PDBC.

Drawdown Indicators

	SETM	PDBC	Difference
Max Drawdown Largest peak-to-trough decline	-42.81%	-49.52%	+6.71%
Max Drawdown (1Y) Largest decline over 1 year	-25.85%	-7.19%	-18.66%
Max Drawdown (3Y) Largest decline over 3 years	-42.81%	-13.95%	-28.86%
Max Drawdown (5Y) Largest decline over 5 years	—	-27.63%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-40.73%	—
Current Drawdown Current decline from peak	-7.30%	-4.55%	-2.75%
Average Drawdown Average peak-to-trough decline	-14.26%	-23.21%	+8.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.31%	3.41%	+4.90%

Volatility

SETM vs. PDBC - Volatility Comparison

Sprott Energy Transition Materials ETF (SETM) has a higher volatility of 13.58% compared to Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) at 6.20%. This indicates that SETM's price experiences larger fluctuations and is considered to be riskier than PDBC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SETM	PDBC	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.58%	6.20%	+7.38%
Volatility (6M) Calculated over the trailing 6-month period	34.49%	15.78%	+18.71%
Volatility (1Y) Calculated over the trailing 1-year period	44.71%	18.61%	+26.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.57%	19.12%	+17.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.57%	17.78%	+18.79%

SETM vs. PDBC - Expense Ratio Comparison

SETM has a 0.65% expense ratio, which is higher than PDBC's 0.58% expense ratio.

Dividends

SETM vs. PDBC - Dividend Comparison

SETM's dividend yield for the trailing twelve months is around 1.23%, less than PDBC's 2.82% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF	2.82%	3.84%	4.42%	4.21%	13.05%	50.83%	0.01%	1.40%	1.00%	3.83%	6.51%
SETM Sprott Energy Transition Materials ETF	1.23%	1.56%	2.07%	2.47%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SETM and PDBC in my portfolio?

SETM and PDBC have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SETM or PDBC?

SETM has higher volatility (13.58%) compared to PDBC (6.20%). In terms of maximum drawdown, SETM dropped -42.81% vs PDBC's -49.52%.

Which ETF is better, SETM or PDBC?

On 3-year performance, SETM leads with 30.90% vs 14.42% for PDBC. On fees, PDBC is cheaper at 0.58% per year. On volatility, PDBC has been the lower-risk option at 6.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SETM or PDBC?

Over the 3-year period, SETM has performed better with a 30.90% return vs 14.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SETM or PDBC?

PDBC is cheaper with a 0.58% expense ratio, compared with 0.65% for SETM.

Which ETF pays a higher dividend yield, SETM or PDBC?

PDBC has the higher dividend yield at 2.82%, compared with 1.23% for SETM.

What is the main difference between SETM and PDBC?

SETM is categorized as Energy Equities, while PDBC is Commodities. They also come from different issuers: Sprott and Invesco. Their fees differ too: 0.65% for SETM and 0.58% for PDBC.

Which has better risk-adjusted returns?

SETM currently has the higher Sharpe Ratio (3.25 vs 2.46), 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.