THLLY vs. PDBC

Last updated Jun 5, 2026

THLLY (Thales SA ADR) is a stock, while PDBC (Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF) is Commodities fund actively managed by Invesco. Over the past 5 years, THLLY returned 23.52%/yr vs 12.14%/yr for PDBC. At a 0.16 correlation, their price movements are largely independent.

Performance

THLLY vs. PDBC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Thales SA ADR (THLLY) 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, THLLY achieves a -0.22% return, which is significantly lower than PDBC's 34.72% return.

THLLY

• 1D: 2.11%
• 1M: -2.51%
• YTD: -0.22%
• 6M: 2.98%
• 1Y: -11.33%
• 3Y*: 25.76%
• 5Y*: 23.52%
• 10Y*: —

PDBC

• 1D: -1.11%
• 1M: -3.98%
• YTD: 34.72%
• 6M: 34.37%
• 1Y: 44.52%
• 3Y*: 14.06%
• 5Y*: 12.14%
• 10Y*: 8.55%

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

THLLY vs. PDBC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
THLLY Thales SA ADR	-0.22%	92.10%	-1.16%	18.36%	51.26%	-3.68%	-12.42%	-82.02%	-6.66%
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF	34.72%	5.96%	2.09%	-6.25%	19.23%	41.72%	-7.84%	11.44%	-7.08%

Correlation

The correlation between THLLY and PDBC 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 (1Y) Calculated over the trailing 1-year period	-0.01
Correlation (3Y) Calculated over the trailing 3-year period	0.06
Correlation (5Y) Calculated over the trailing 5-year period	0.15
Correlation (All Time) Calculated using the full available price history since Nov 23, 2018	0.16

The correlation between THLLY and PDBC shifts across timeframes, from -0.01 (1 year) to 0.16 (all time), reflecting how their relationship changes across market environments.

Return for Risk

THLLY vs. PDBC — Risk / Return Rank

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

THLLY

THLLY Risk / Return Rank: 24
THLLY Sharpe Ratio Rank: 27
THLLY Sortino Ratio Rank: 25
THLLY Omega Ratio Rank: 25
THLLY Calmar Ratio Rank: 23
THLLY Martin Ratio Rank: 21

PDBC

PDBC Risk / Return Rank: 76
PDBC Sharpe Ratio Rank: 75
PDBC Sortino Ratio Rank: 69
PDBC Omega Ratio Rank: 71
PDBC Calmar Ratio Rank: 92
PDBC Martin Ratio Rank: 71

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.

THLLY vs. PDBC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Thales SA ADR (THLLY) 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.

	THLLY	PDBC	Difference
Sharpe ratio: Return per unit of total volatility	-0.34	2.40	-2.74
Sortino ratio: Return per unit of downside risk	-0.27	3.08	-3.35
Omega ratio: Gain probability vs. loss probability	0.97	1.42	-0.45
Calmar ratio: Return relative to maximum drawdown	-0.54	6.22	-6.76
Martin ratio: Return relative to average drawdown	-1.01	13.04	-14.05
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

THLLY vs. PDBC - Sharpe Ratio Comparison

The current THLLY Sharpe Ratio is -0.34, which is lower than the PDBC Sharpe Ratio of 2.40. The chart below compares the historical Sharpe Ratios of THLLY 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

	THLLY	PDBC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.34	2.40	-2.74
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.76	0.64	+0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.48	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.22	0.23	-0.44

Drawdowns

THLLY vs. PDBC - Drawdown Comparison

The maximum THLLY drawdown since its inception was -90.72%, which is greater than PDBC's maximum drawdown of -49.52%. Use the drawdown chart below to compare losses from any high point for THLLY and PDBC.

Drawdown Indicators

	THLLY	PDBC	Difference
Max Drawdown Largest peak-to-trough decline	-90.72%	-49.52%	-41.20%
Max Drawdown (1Y) Largest decline over 1 year	-21.08%	-7.19%	-13.89%
Max Drawdown (3Y) Largest decline over 3 years	-24.17%	-13.95%	-10.22%
Max Drawdown (5Y) Largest decline over 5 years	-26.79%	-27.63%	+0.84%
Max Drawdown (10Y) Largest decline over 10 years	—	-40.73%	—
Current Drawdown Current decline from peak	-51.98%	-5.61%	-46.37%
Average Drawdown Average peak-to-trough decline	-72.72%	-23.20%	-49.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.26%	3.42%	+7.84%

Volatility

THLLY vs. PDBC - Volatility Comparison

Thales SA ADR (THLLY) has a higher volatility of 9.11% compared to Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) at 6.27%. This indicates that THLLY'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

	THLLY	PDBC	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.11%	6.27%	+2.84%
Volatility (6M) Calculated over the trailing 6-month period	24.88%	15.82%	+9.06%
Volatility (1Y) Calculated over the trailing 1-year period	33.31%	18.64%	+14.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.27%	19.12%	+12.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	46.26%	17.78%	+28.48%

Dividends

THLLY vs. PDBC - Dividend Comparison

THLLY's dividend yield for the trailing twelve months is around 1.71%, less than PDBC's 2.85% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF	2.85%	3.84%	4.42%	4.21%	13.05%	50.83%	0.01%	1.40%	1.00%	3.83%	6.51%
THLLY Thales SA ADR	1.71%	1.58%	2.57%	2.24%	2.24%	2.68%	0.52%	0.63%	0.48%	0.00%	0.00%

Frequently Asked Questions

Can I hold both THLLY and PDBC in my portfolio?

THLLY and PDBC 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 is riskier, THLLY or PDBC?

THLLY has higher volatility (9.11%) compared to PDBC (6.27%). In terms of maximum drawdown, THLLY dropped -90.72% vs PDBC's -49.52%.

Which has better risk-adjusted returns?

PDBC currently has the higher Sharpe Ratio (2.40 vs -0.34), 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.