TBLL vs. PDBC
TBLL (Invesco Short Term Treasury ETF) and PDBC (Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF) are both exchange-traded funds - TBLL is a Ultrashort Bond fund tracking the ICE U.S. Treasury Short Bond Index, while PDBC is a Commodities fund actively managed by Invesco. TBLL is passively managed, while PDBC is actively managed. Over the past 5 years, TBLL returned 3.35%/yr vs 12.39%/yr for PDBC. At a correlation of -0.06, they often move in opposite directions. TBLL charges 0.08%/yr vs 0.58%/yr for PDBC.
Performance
TBLL vs. PDBC - Performance Comparison
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Returns By Period
In the year-to-date period, TBLL achieves a 1.43% return, which is significantly lower than PDBC's 36.23% return.
TBLL
- 1D
- 0.01%
- 1M
- 0.29%
- YTD
- 1.43%
- 6M
- 1.74%
- 1Y
- 3.93%
- 3Y*
- 4.66%
- 5Y*
- 3.35%
- 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%
TBLL vs. PDBC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TBLL Invesco Short Term Treasury ETF | 1.43% | 4.21% | 5.11% | 5.01% | 1.11% | -0.01% | 0.93% | 2.20% | 1.85% | 0.62% |
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 36.23% | 5.96% | 2.09% | -6.25% | 19.23% | 41.72% | -7.84% | 11.44% | -12.78% | 4.51% |
Correlation
The correlation between TBLL and PDBC is -0.15, 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 | -0.15 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.09 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.10 |
Correlation (All Time) Calculated using the full available price history since Jan 13, 2017 | -0.06 |
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Return for Risk
TBLL vs. PDBC — Risk / Return Rank
TBLL
PDBC
TBLL vs. PDBC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Short Term Treasury ETF (TBLL) 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.
| TBLL | PDBC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +18.48 | ||
| Sortino ratioReturn per unit of downside risk | +215.17 | ||
| Omega ratioGain probability vs. loss probability | 102.92 | 1.43 | +101.49 |
| Calmar ratioReturn relative to maximum drawdown | 416.84 | 6.35 | +410.49 |
| Martin ratioReturn relative to average drawdown | 3,533.11 | 13.39 | +3,519.73 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| TBLL | PDBC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 20.94 | 2.46 | +18.48 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 7.53 | 0.65 | +6.88 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.50 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 4.26 | 0.23 | +4.03 |
Drawdowns
TBLL vs. PDBC - Drawdown Comparison
The maximum TBLL drawdown since its inception was -0.63%, smaller than the maximum PDBC drawdown of -49.52%. Use the drawdown chart below to compare losses from any high point for TBLL and PDBC.
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Drawdown Indicators
| TBLL | PDBC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.63% | -49.52% | +48.89% |
Max Drawdown (1Y)Largest decline over 1 year | -0.01% | -7.19% | +7.18% |
Max Drawdown (3Y)Largest decline over 3 years | -0.36% | -13.95% | +13.59% |
Max Drawdown (5Y)Largest decline over 5 years | -0.36% | -27.63% | +27.27% |
Max Drawdown (10Y)Largest decline over 10 years | — | -40.73% | — |
Current DrawdownCurrent decline from peak | 0.00% | -4.55% | +4.55% |
Average DrawdownAverage peak-to-trough decline | -0.14% | -23.21% | +23.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.00% | 3.41% | -3.41% |
Volatility
TBLL vs. PDBC - Volatility Comparison
The current volatility for Invesco Short Term Treasury ETF (TBLL) is 0.05%, while Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) has a volatility of 6.20%. This indicates that TBLL 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
| TBLL | PDBC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.05% | 6.20% | -6.15% |
Volatility (6M)Calculated over the trailing 6-month period | 0.12% | 15.78% | -15.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.19% | 18.61% | -18.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.45% | 19.12% | -18.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.56% | 17.78% | -17.22% |
TBLL vs. PDBC - Expense Ratio Comparison
TBLL has a 0.08% expense ratio, which is lower than PDBC's 0.58% expense ratio.
Dividends
TBLL vs. PDBC - Dividend Comparison
TBLL's dividend yield for the trailing twelve months is around 3.81%, more 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% |
TBLL Invesco Short Term Treasury ETF | 3.81% | 4.08% | 4.99% | 4.63% | 1.37% | 0.03% | 0.80% | 2.08% | 1.69% | 0.71% | 0.00% |
Frequently Asked Questions
TBLL and PDBC have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PDBC has higher volatility (6.20%) compared to TBLL (0.05%). In terms of maximum drawdown, TBLL dropped -0.63% vs PDBC's -49.52%.
On 5-year performance, PDBC leads with 12.39% vs 3.35% for TBLL. On fees, TBLL is cheaper at 0.08% per year. On volatility, TBLL has been the lower-risk option at 0.05%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, PDBC has performed better with a 12.39% return vs 3.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TBLL is cheaper with a 0.08% expense ratio, compared with 0.58% for PDBC.
TBLL has the higher dividend yield at 3.81%, compared with 2.82% for PDBC.
TBLL is categorized as Ultrashort Bond, while PDBC is Commodities. Their fees differ too: 0.08% for TBLL and 0.58% for PDBC.
TBLL currently has the higher Sharpe Ratio (20.94 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.
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