SPSB vs. PDBC
SPSB (SPDR Portfolio Short Term Corporate Bond ETF) and PDBC (Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF) are both exchange-traded funds - SPSB is a Corporate Bonds fund tracking the Bloomberg U.S. 1-3 Year Corporate Bond Index, while PDBC is a Commodities fund actively managed by Invesco. SPSB is passively managed, while PDBC is actively managed. Over the past 10 years, SPSB returned 2.60%/yr vs 7.69%/yr for PDBC. At a correlation of -0.02, they often move in opposite directions. SPSB charges 0.07%/yr vs 0.58%/yr for PDBC.
Performance
SPSB vs. PDBC - Performance Comparison
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Returns By Period
In the year-to-date period, SPSB achieves a 1.10% return, which is significantly lower than PDBC's 24.08% return. Over the past 10 years, SPSB has underperformed PDBC with an annualized return of 2.60%, while PDBC has yielded a comparatively higher 7.69% annualized return.
SPSB
- 1D
- -0.07%
- 1M
- 0.09%
- 6M
- 1.03%
- YTD
- 1.10%
- 1Y
- 3.89%
- 3Y*
- 5.34%
- 5Y*
- 2.76%
- 10Y*
- 2.60%
PDBC
- 1D
- 0.12%
- 1M
- -3.63%
- 6M
- 21.24%
- YTD
- 24.08%
- 1Y
- 27.16%
- 3Y*
- 9.96%
- 5Y*
- 10.22%
- 10Y*
- 7.69%
SPSB vs. PDBC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPSB SPDR Portfolio Short Term Corporate Bond ETF | 1.10% | 5.86% | 5.25% | 5.60% | -3.31% | -0.20% | 3.83% | 5.21% | 1.45% | 1.58% |
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 24.08% | 5.96% | 2.09% | -6.25% | 19.23% | 41.72% | -7.84% | 11.44% | -12.78% | 5.06% |
Correlation
The correlation between SPSB and PDBC is -0.27, 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 | -0.27 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.10 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.03 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.01 |
Correlation (All Time) Calculated using the full available price history since Nov 7, 2014 | -0.02 |
Over the past year, the inverse relationship between SPSB and PDBC has strengthened: their correlation has moved from -0.02 to -0.27, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
SPSB vs. PDBC — Risk / Return Rank
SPSB
PDBC
SPSB vs. PDBC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Short Term Corporate Bond ETF (SPSB) 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.
| SPSB | PDBC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.32 | ||
| Sortino ratioReturn per unit of downside risk | +2.38 | ||
| Omega ratioGain probability vs. loss probability | 1.62 | 1.27 | +0.35 |
| Calmar ratioReturn relative to maximum drawdown | 4.47 | 1.75 | +2.72 |
| Martin ratioReturn relative to average drawdown | 20.65 | 6.25 | +14.40 |
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Drawdowns
SPSB vs. PDBC - Drawdown Comparison
The maximum SPSB drawdown since its inception was -11.75%, smaller than the maximum PDBC drawdown of -49.52%. Use the drawdown chart below to compare losses from any high point for SPSB and PDBC.
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Drawdown Indicators
| SPSB | PDBC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.75% | -49.52% | +37.77% |
Max Drawdown (1Y)Largest decline over 1 year | -0.87% | -16.55% | +15.68% |
Max Drawdown (3Y)Largest decline over 3 years | -0.87% | -16.55% | +15.68% |
Max Drawdown (5Y)Largest decline over 5 years | -5.96% | -27.63% | +21.67% |
Max Drawdown (10Y)Largest decline over 10 years | -11.75% | -40.73% | +28.98% |
Current DrawdownCurrent decline from peak | -0.20% | -13.06% | +12.86% |
Average DrawdownAverage peak-to-trough decline | -0.54% | -23.11% | +22.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.19% | 4.64% | -4.45% |
Volatility
SPSB vs. PDBC - Volatility Comparison
The current volatility for SPDR Portfolio Short Term Corporate Bond ETF (SPSB) is 0.46%, while Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) has a volatility of 5.48%. This indicates that SPSB 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
| SPSB | PDBC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.46% | 5.48% | -5.02% |
Volatility (6M)Calculated over the trailing 6-month period | 1.02% | 16.59% | -15.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.36% | 18.72% | -17.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.99% | 19.19% | -17.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.06% | 17.75% | -14.69% |
SPSB vs. PDBC - Expense Ratio Comparison
SPSB has a 0.07% expense ratio, which is lower than PDBC's 0.58% expense ratio.
Dividends
SPSB vs. PDBC - Dividend Comparison
SPSB's dividend yield for the trailing twelve months is around 4.39%, more than PDBC's 3.09% 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 | 3.09% | 3.84% | 4.42% | 4.21% | 13.05% | 50.83% | 0.01% | 1.40% | 1.00% | 3.83% | 6.51% | 0.00% |
SPSB SPDR Portfolio Short Term Corporate Bond ETF | 4.39% | 4.55% | 4.85% | 4.05% | 1.92% | 1.19% | 1.94% | 2.77% | 2.36% | 1.94% | 1.65% | 1.43% |
Frequently Asked Questions
SPSB and PDBC have a correlation of -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PDBC has higher volatility (5.48%) compared to SPSB (0.46%). In terms of maximum drawdown, SPSB dropped -11.75% vs PDBC's -49.52%.
On 10-year performance, PDBC leads with 7.69% vs 2.60% for SPSB. On fees, SPSB is cheaper at 0.07% per year. On volatility, SPSB has been the lower-risk option at 0.46%. 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 7.69% return vs 2.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPSB is cheaper with a 0.07% expense ratio, compared with 0.58% for PDBC.
SPSB has the higher dividend yield at 4.39%, compared with 3.09% for PDBC.
SPSB is categorized as Corporate Bonds, while PDBC is Commodities. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.07% for SPSB and 0.58% for PDBC.
SPSB currently has the higher Sharpe Ratio (2.87 vs 1.55), 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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