TIER vs. DBC

Last updated Jun 4, 2026

TIER (T. Rowe Price International Equity Research ETF) and DBC (Invesco DB Commodity Index Tracking Fund) are both exchange-traded funds - TIER is a Foreign Large Cap Equities fund actively managed by T. Rowe Price, while DBC is a Commodities fund tracking the DBIQ Optimum Yield Diversified Commodity Index Excess Return. TIER is actively managed, while DBC is passively managed. At a correlation of -0.10, they often move in opposite directions. TIER charges 0.38%/yr vs 0.85%/yr for DBC.

Performance

TIER vs. DBC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price International Equity Research ETF (TIER) and Invesco DB Commodity Index Tracking Fund (DBC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TIER achieves a 14.25% return, which is significantly lower than DBC's 35.47% return.

TIER

• 1D: -1.12%
• 1M: 4.48%
• YTD: 14.25%
• 6M: 16.88%
• 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)

TIER vs. DBC - Yearly Performance Comparison

	2026 (YTD)	2025
TIER T. Rowe Price International Equity Research ETF	14.25%	12.37%
DBC Invesco DB Commodity Index Tracking Fund	35.47%	5.49%

Correlation

The correlation between TIER and DBC is -0.10, 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 (All Time) Calculated using the full available price history since Jun 27, 2025	-0.10

Return for Risk

TIER 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.

TIER vs. DBC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price International Equity Research ETF (TIER) 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

	TIER	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	1.97	0.12	+1.85

Drawdowns

TIER vs. DBC - Drawdown Comparison

The maximum TIER drawdown since its inception was -12.07%, smaller than the maximum DBC drawdown of -76.36%. Use the drawdown chart below to compare losses from any high point for TIER and DBC.

Drawdown Indicators

	TIER	DBC	Difference
Max Drawdown Largest peak-to-trough decline	-12.07%	-76.36%	+64.29%
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	-1.12%	-21.64%	+20.52%
Average Drawdown Average peak-to-trough decline	-1.78%	-46.22%	+44.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.31%	—

Volatility

Volatility by Period

	TIER	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	15.62%	18.68%	-3.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.62%	19.18%	-3.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.62%	17.81%	-2.19%

TIER vs. DBC - Expense Ratio Comparison

TIER has a 0.38% expense ratio, which is lower than DBC's 0.85% expense ratio.

Dividends

TIER vs. DBC - Dividend Comparison

TIER's dividend yield for the trailing twelve months is around 0.65%, less than DBC's 2.46% yield.

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%
TIER T. Rowe Price International Equity Research ETF	0.65%	0.74%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TIER and DBC in my portfolio?

TIER and DBC have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TIER or DBC?

On fees, TIER is cheaper at 0.38% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TIER or DBC?

TIER is cheaper with a 0.38% expense ratio, compared with 0.85% for DBC.

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

DBC has the higher dividend yield at 2.46%, compared with 0.65% for TIER.

What is the main difference between TIER and DBC?

TIER is categorized as Foreign Large Cap Equities, while DBC is Commodities. They also come from different issuers: T. Rowe Price and Invesco. Their fees differ too: 0.38% for TIER and 0.85% for DBC.