SPAX vs. PDBC

Last updated Apr 1, 2026

Compare and contrast key facts about Robinson Alternative Yield Pre-merger SPAC ETF (SPAX) and Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC).

SPAX and PDBC are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SPAX is an actively managed fund by Toroso Investments. It was launched on Jun 22, 2021. PDBC is an actively managed fund by Invesco. It was launched on Nov 7, 2014.

Performance

SPAX vs. PDBC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Robinson Alternative Yield Pre-merger SPAC ETF (SPAX) and Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC). The values are adjusted to include any dividend payments, if applicable.

SPAX vs. PDBC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SPAX Robinson Alternative Yield Pre-merger SPAC ETF	0.00%	0.02%	5.11%	6.63%	1.25%	2.19%
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF	30.72%	5.96%	2.09%	-6.25%	19.23%	9.12%

Returns By Period

SPAX

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

PDBC

• 1D: -1.03%
• 1M: 16.09%
• YTD: 30.72%
• 6M: 33.97%
• 1Y: 32.00%
• 3Y*: 11.28%
• 5Y*: 14.29%
• 10Y*: 9.86%

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

SPAX vs. PDBC - Expense Ratio Comparison

SPAX has a 0.85% expense ratio, which is higher than PDBC's 0.58% expense ratio.

SPAX

Robinson Alternative Yield Pre-merger SPAC ETF

PDBC

Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF

Return for Risk

SPAX vs. PDBC — Risk / Return Rank

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

PDBC

PDBC Risk / Return Rank: 85
PDBC Sharpe Ratio Rank: 87
PDBC Sortino Ratio Rank: 87
PDBC Omega Ratio Rank: 83
PDBC Calmar Ratio Rank: 91
PDBC Martin Ratio Rank: 76

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.

SPAX vs. PDBC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Robinson Alternative Yield Pre-merger SPAC ETF (SPAX) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	SPAX	PDBC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.72	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.76	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.56	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	0.22	—

Correlation

The correlation between SPAX and PDBC is 0.01, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

SPAX vs. PDBC - Dividend Comparison

SPAX has not paid dividends to shareholders, while PDBC's dividend yield for the trailing twelve months is around 2.94%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
SPAX Robinson Alternative Yield Pre-merger SPAC ETF	0.00%	0.00%	5.50%	7.54%	0.97%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF	2.94%	3.84%	4.42%	4.21%	13.05%	50.83%	0.01%	1.40%	1.00%	3.83%	6.51%

Drawdowns

Drawdown Indicators

	SPAX	PDBC	Difference
Max Drawdown Largest peak-to-trough decline	—	-49.52%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-11.07%	—
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	—	-1.03%	—
Average Drawdown Average peak-to-trough decline	—	-23.53%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	4.50%	—

Volatility

Volatility by Period

	SPAX	PDBC	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	8.15%	—
Volatility (6M) Calculated over the trailing 6-month period	—	13.88%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	18.72%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	18.92%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	17.69%	—