SPXB vs. DBC

Last updated Jun 4, 2026

SPXB (ProShares S&P 500 Bond ETF) and DBC (Invesco DB Commodity Index Tracking Fund) are both exchange-traded funds - SPXB is a Corporate Bonds fund tracking the S&P 500 MarketAxess Investment Grade Corporate Bond Index, while DBC is a Commodities fund tracking the DBIQ Optimum Yield Diversified Commodity Index Excess Return. Both are passively managed. At a 0.01 correlation, their price movements are largely independent. SPXB charges 0.15%/yr vs 0.85%/yr for DBC.

Performance

SPXB vs. DBC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares S&P 500 Bond ETF (SPXB) and Invesco DB Commodity Index Tracking Fund (DBC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

SPXB

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

DBC

• 1D: 0.56%
• 1M: -3.32%
• YTD: 35.47%
• 6M: 35.36%
• 1Y: 45.90%
• 3Y*: 15.09%
• 5Y*: 12.78%
• 10Y*: 9.10%

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

SPXB vs. DBC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
SPXB ProShares S&P 500 Bond ETF	0.00%	0.00%	-3.45%	8.83%	-16.66%	-1.89%	10.33%	15.34%	1.13%
DBC Invesco DB Commodity Index Tracking Fund	35.47%	8.10%	2.18%	-6.19%	19.34%	41.36%	-7.84%	11.84%	-16.46%

Correlation

The correlation between SPXB and DBC is 0.01, 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 (3Y) Calculated over the trailing 3-year period	-0.03
Correlation (5Y) Calculated over the trailing 5-year period	-0.02
Correlation (All Time) Calculated using the full available price history since May 4, 2018	0.01

Return for Risk

SPXB vs. DBC — Risk / Return Rank

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

DBC

DBC Risk / Return Rank: 75
DBC Sharpe Ratio Rank: 74
DBC Sortino Ratio Rank: 67
DBC Omega Ratio Rank: 70
DBC Calmar Ratio Rank: 92
DBC Martin Ratio Rank: 72

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.

SPXB vs. DBC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares S&P 500 Bond ETF (SPXB) 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.

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

Sharpe Ratios by Period

	SPXB	DBC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.47	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.67	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.51	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	0.12	—

Drawdowns

Drawdown Indicators

	SPXB	DBC	Difference
Max Drawdown Largest peak-to-trough decline	—	-76.36%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-7.05%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-13.82%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-27.34%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-41.71%	—
Current Drawdown Current decline from peak	—	-21.64%	—
Average Drawdown Average peak-to-trough decline	—	-46.22%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.31%	—

Volatility

Volatility by Period

	SPXB	DBC	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	6.45%	—
Volatility (6M) Calculated over the trailing 6-month period	—	15.75%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	18.68%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	19.18%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	17.81%	—

SPXB vs. DBC - Expense Ratio Comparison

SPXB has a 0.15% expense ratio, which is lower than DBC's 0.85% expense ratio.

Dividends

SPXB vs. DBC - Dividend Comparison

SPXB has not paid dividends to shareholders, while DBC's dividend yield for the trailing twelve months is around 2.46%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBC Invesco DB Commodity Index Tracking Fund	2.46%	3.33%	5.22%	4.94%	0.59%	0.00%	0.00%	1.59%	1.30%
SPXB ProShares S&P 500 Bond ETF	0.00%	0.00%	1.22%	4.04%	3.14%	2.00%	2.64%	3.48%	2.52%

Frequently Asked Questions

Can I hold both SPXB and DBC in my portfolio?

SPXB and DBC have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SPXB or DBC?

On fees, SPXB is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPXB or DBC?

SPXB is cheaper with a 0.15% expense ratio, compared with 0.85% for DBC.

Which ETF pays a higher dividend yield, SPXB or DBC?

DBC has the higher dividend yield at 2.46%, compared with 0.00% for SPXB.

What is the main difference between SPXB and DBC?

SPXB is categorized as Corporate Bonds, while DBC is Commodities. SPXB tracks S&P 500 MarketAxess Investment Grade Corporate Bond Index, while DBC tracks DBIQ Optimum Yield Diversified Commodity Index Excess Return. They also come from different issuers: ProShares and Invesco. Their fees differ too: 0.15% for SPXB and 0.85% for DBC.