TLT vs. DBC
TLT (iShares 20+ Year Treasury Bond ETF) and DBC (Invesco DB Commodity Index Tracking Fund) are both exchange-traded funds - TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year 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, TLT returned -2.38%/yr vs 9.54%/yr for DBC. Their -0.20 correlation means they have often moved in opposite directions in the past. TLT charges 0.15%/yr vs 0.85%/yr for DBC.
Performance
TLT vs. DBC - Performance Comparison
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Returns By Period
In the year-to-date period, TLT achieves a -3.49% return, which is significantly lower than DBC's 31.71% return. Over the past 10 years, TLT has underperformed DBC with an annualized return of -2.38%, while DBC has yielded a comparatively higher 9.54% annualized return.
TLT
- 1D
- -0.66%
- 1M
- -3.81%
- 6M
- -3.46%
- YTD
- -3.49%
- 1Y
- -2.45%
- 3Y*
- -1.80%
- 5Y*
- -8.18%
- 10Y*
- -2.38%
- ALL TIME*
- 3.47%
DBC
- 1D
- 0.44%
- 1M
- 10.84%
- 6M
- 20.55%
- YTD
- 31.71%
- 1Y
- 37.81%
- 3Y*
- 11.07%
- 5Y*
- 11.66%
- 10Y*
- 9.54%
- ALL TIME*
- 2.04%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $27.92M | $29.19M | $34.33M | |
| $2.33B | $2.02B | $2.19B |
TLT vs. DBC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TLT iShares 20+ Year Treasury Bond ETF | -3.49% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
DBC Invesco DB Commodity Index Tracking Fund | 31.71% | 8.10% | 2.18% | -6.19% | 19.34% | 41.36% | -7.84% | 11.84% | -11.63% | 4.86% |
Correlation
The correlation between TLT and DBC is -0.37, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.37 |
Correlation (3Y) Balances recent behavior with more history. | -0.18 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.13 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.16 |
Correlation (All Time) Calculated using the full available price history since Feb 6, 2006 | -0.20 |
The correlation between TLT and DBC shifts across timeframes, from -0.37 (1 year) to -0.13 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
TLT vs. DBC — Risk / Return Rank
TLT
DBC
TLT vs. DBC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 20+ Year Treasury Bond ETF (TLT) 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| TLT | DBC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.94 | ||
| Sortino ratioReturn per unit of downside risk | -2.54 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 1.31 | -0.32 |
| Calmar ratioReturn relative to maximum drawdown | -0.14 | 2.16 | -2.30 |
| Martin ratioReturn relative to average drawdown | -0.30 | 7.20 | -7.49 |
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Drawdowns
TLT vs. DBC - Drawdown Comparison
The maximum TLT drawdown since its inception was -48.35%, smaller than the maximum DBC drawdown of -76.36%. Use the drawdown chart below to compare losses from any high point for TLT and DBC.
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Drawdown Indicators
| TLT | DBC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.35% | -76.36% | +28.01% |
Max Drawdown (1Y)Largest decline over 1 year | -7.74% | -16.54% | +8.80% |
Max Drawdown (3Y)Largest decline over 3 years | -14.79% | -16.54% | +1.75% |
Max Drawdown (5Y)Largest decline over 5 years | -43.70% | -27.34% | -16.36% |
Max Drawdown (10Y)Largest decline over 10 years | -48.35% | -41.71% | -6.64% |
Current DrawdownCurrent decline from peak | -42.36% | -23.81% | -18.55% |
Average DrawdownAverage peak-to-trough decline | -13.99% | -46.07% | +32.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.57% | 5.00% | -1.43% |
Volatility
TLT vs. DBC - Volatility Comparison
The current volatility for iShares 20+ Year Treasury Bond ETF (TLT) is 2.46%, while Invesco DB Commodity Index Tracking Fund (DBC) has a volatility of 7.01%. This indicates that TLT 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
| TLT | DBC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.46% | 7.01% | -4.55% |
Volatility (6M)Calculated over the trailing 6-month period | 6.85% | 17.35% | -10.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.32% | 19.58% | -10.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.74% | 19.31% | -3.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.83% | 17.87% | -3.04% |
TLT vs. DBC - Expense Ratio Comparison
TLT has a 0.15% expense ratio, which is lower than DBC's 0.85% expense ratio.
Dividends
TLT vs. DBC - Dividend Comparison
TLT's dividend yield for the trailing twelve months is around 4.75%, more than DBC's 2.53% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DBC Invesco DB Commodity Index Tracking Fund | 2.53% | 3.33% | 5.22% | 4.94% | 0.59% | 0.00% | 0.00% | 1.59% | 1.30% | 0.00% | 0.00% | 0.00% |
TLT iShares 20+ Year Treasury Bond ETF | 4.34% | 4.43% | 4.30% | 3.38% | 2.67% | 1.50% | 1.50% | 2.27% | 2.63% | 2.43% | 2.60% | 2.61% |
Frequently Asked Questions
TLT and DBC have a correlation of -0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBC has higher volatility (7.01%) compared to TLT (2.46%). In terms of maximum drawdown, TLT dropped -48.35% vs DBC's -76.36%.
On 10-year performance, DBC leads with 9.54% vs -2.38% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, TLT has been the lower-risk option at 2.46%. 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 9.54% return vs -2.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TLT is cheaper with a 0.15% expense ratio, compared with 0.85% for DBC.
TLT has the higher dividend yield at 4.34%, compared with 2.53% for DBC.
TLT is categorized as Government Bonds, while DBC is Commodities. TLT tracks ICE U.S. Treasury 20+ Year 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: 0.15% for TLT and 0.85% for DBC.
DBC currently has the higher Sharpe Ratio (1.83 vs -0.11), 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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