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TIP vs. DBC
Performance
Return for Risk
Drawdowns
Volatility
Dividends

TIP vs. DBC

Last updated Jun 4, 2026

TIP (iShares TIPS Bond ETF) and DBC (Invesco DB Commodity Index Tracking Fund) are both exchange-traded funds - TIP is a Inflation-Protected Bonds fund tracking the ICE U.S. Treasury Inflation Linked Bond Index, while DBC is a Commodities fund tracking the DBIQ Optimum Yield Diversified Commodity Index Excess Return. Both are passively managed. Over the past 10 years, TIP returned 2.57%/yr vs 9.10%/yr for DBC. At a 0.05 correlation, their price movements are largely independent. TIP charges 0.18%/yr vs 0.85%/yr for DBC.

Performance

TIP vs. DBC - Performance Comparison

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

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Returns By Period

In the year-to-date period, TIP achieves a 1.54% return, which is significantly lower than DBC's 35.47% return. Over the past 10 years, TIP has underperformed DBC with an annualized return of 2.57%, while DBC has yielded a comparatively higher 9.10% annualized return.

TIP

1D
-0.18%
1M
-0.09%
YTD
1.54%
6M
1.06%
1Y
4.96%
3Y*
3.88%
5Y*
0.97%
10Y*
2.57%

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)

TIP vs. DBC - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
TIP
iShares TIPS Bond ETF		1.54%6.77%1.65%3.80%-12.26%5.68%10.84%8.35%-1.42%2.92%
DBC
Invesco DB Commodity Index Tracking Fund		35.47%8.10%2.18%-6.19%19.34%41.36%-7.84%11.84%-11.63%4.86%

Correlation

The correlation between TIP and DBC is -0.11, 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

-0.11

Correlation (3Y)
Calculated over the trailing 3-year period

-0.01

Correlation (5Y)
Calculated over the trailing 5-year period

0.08

Correlation (10Y)
Calculated over the trailing 10-year period

0.08

Correlation (All Time)
Calculated using the full available price history since Feb 7, 2006

0.05

The correlation between TIP and DBC shifts across timeframes, from -0.11 (1 year) to 0.08 (5 years), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares TIPS Bond ETF

Invesco DB Commodity Index Tracking Fund

Often compared with TIP:
TIP vs. SCHPTIP vs. VTIPTIP vs. SGOVTIP vs. STIPTIP vs. FIPDXTIP vs. BNDTIP vs. IEF
Often compared with DBC:
DBC vs. PDBCDBC vs. GSGDBC vs. DBADBC vs. BCIDBC vs. DJPDBC vs. XLEDBC vs. BCD

Return for Risk

TIP vs. DBC — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
TIP
TIP Risk / Return Rank: 4444
Overall Rank
TIP Sharpe Ratio Rank: 4040
Sharpe Ratio Rank
TIP Sortino Ratio Rank: 4444
Sortino Ratio Rank
TIP Omega Ratio Rank: 3939
Omega Ratio Rank
TIP Calmar Ratio Rank: 5050
Calmar Ratio Rank
TIP Martin Ratio Rank: 4545
Martin Ratio Rank
DBC
DBC Risk / Return Rank: 7575
Overall Rank
DBC Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
DBC Sortino Ratio Rank: 6767
Sortino Ratio Rank
DBC Omega Ratio Rank: 7070
Omega Ratio Rank
DBC Calmar Ratio Rank: 9292
Calmar Ratio Rank
DBC Martin Ratio Rank: 7272
Martin Ratio Rank
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.

TIP vs. DBC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares TIPS Bond ETF (TIP) 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.

TIPDBCDifference
Sharpe ratioReturn per unit of total volatility
1.46
2.47

-1.01

Sortino ratioReturn per unit of downside risk
2.24
3.16

-0.92

Omega ratioGain probability vs. loss probability

1.26

1.43

-0.17

Calmar ratioReturn relative to maximum drawdown

2.52

6.54

-4.02

Martin ratioReturn relative to average drawdown

7.57

13.91

-6.34

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TIP vs. DBC - Sharpe Ratio Comparison

The current TIP Sharpe Ratio is 1.46, which is lower than the DBC Sharpe Ratio of 2.47. The chart below compares the historical Sharpe Ratios of TIP and DBC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

TIPDBCDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.46

2.47

-1.01

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.16

0.67

-0.51

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.45

0.51

-0.06

Sharpe Ratio (All Time)

Calculated using the full available price history

0.57

0.12

+0.45

Drawdowns

TIP vs. DBC - Drawdown Comparison

The maximum TIP drawdown since its inception was -14.57%, smaller than the maximum DBC drawdown of -76.36%. Use the drawdown chart below to compare losses from any high point for TIP and DBC.

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Drawdown Indicators

TIPDBCDifference

Max Drawdown

Largest peak-to-trough decline

-14.57%

-76.36%

+61.79%

Max Drawdown (1Y)

Largest decline over 1 year

-1.98%

-7.05%

+5.07%

Max Drawdown (3Y)

Largest decline over 3 years

-4.54%

-13.82%

+9.28%

Max Drawdown (5Y)

Largest decline over 5 years

-14.51%

-27.34%

+12.83%

Max Drawdown (10Y)

Largest decline over 10 years

-14.51%

-41.71%

+27.20%

Current Drawdown

Current decline from peak

-0.32%

-21.64%

+21.32%

Average Drawdown

Average peak-to-trough decline

-3.43%

-46.22%

+42.79%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.66%

3.31%

-2.65%

Volatility

TIP vs. DBC - Volatility Comparison

The current volatility for iShares TIPS Bond ETF (TIP) is 0.89%, while Invesco DB Commodity Index Tracking Fund (DBC) has a volatility of 6.45%. This indicates that TIP experiences smaller price fluctuations and is considered to be less risky than DBC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

TIPDBCDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.89%

6.45%

-5.56%

Volatility (6M)

Calculated over the trailing 6-month period

2.29%

15.75%

-13.46%

Volatility (1Y)

Calculated over the trailing 1-year period

3.41%

18.68%

-15.27%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

6.21%

19.18%

-12.97%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

5.74%

17.81%

-12.07%

TIP vs. DBC - Expense Ratio Comparison

TIP has a 0.18% expense ratio, which is lower than DBC's 0.85% expense ratio.

Dividends

TIP vs. DBC - Dividend Comparison

TIP's dividend yield for the trailing twelve months is around 3.76%, more than DBC's 2.46% yield.

PositionTTM20252024202320222021202020192018201720162015
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%0.00%0.00%0.00%
TIP
iShares TIPS Bond ETF		3.76%3.46%2.52%2.73%6.96%4.28%1.17%1.75%2.71%2.07%1.48%0.34%

Frequently Asked Questions

TIP and DBC have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

DBC has higher volatility (6.45%) compared to TIP (0.89%). In terms of maximum drawdown, TIP dropped -14.57% vs DBC's -76.36%.

On 10-year performance, DBC leads with 9.10% vs 2.57% for TIP. On fees, TIP is cheaper at 0.18% per year. On volatility, TIP has been the lower-risk option at 0.89%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, DBC has performed better with a 9.10% return vs 2.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

TIP is cheaper with a 0.18% expense ratio, compared with 0.85% for DBC.

TIP has the higher dividend yield at 3.76%, compared with 2.46% for DBC.

TIP is categorized as Inflation-Protected Bonds, while DBC is Commodities. TIP tracks ICE U.S. Treasury Inflation Linked Bond Index, while DBC tracks DBIQ Optimum Yield Diversified Commodity Index Excess Return. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.18% for TIP and 0.85% for DBC.

DBC currently has the higher Sharpe Ratio (2.47 vs 1.46), 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.

Portfolio Optimizer

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