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TLT vs. PDBC
Performance
Return for Risk
Drawdowns
Volatility
Dividends

TLT vs. PDBC

Last updated Jun 7, 2026

TLT (iShares 20+ Year Treasury Bond ETF) and PDBC (Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF) are both exchange-traded funds - TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index, while PDBC is a Commodities fund actively managed by Invesco. TLT is passively managed, while PDBC is actively managed. Over the past 10 years, TLT returned -1.63%/yr vs 8.22%/yr for PDBC. At a correlation of -0.17, they often move in opposite directions. TLT charges 0.15%/yr vs 0.58%/yr for PDBC.

Performance

TLT vs. PDBC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares 20+ Year Treasury Bond ETF (TLT) and Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, TLT achieves a -0.56% return, which is significantly lower than PDBC's 31.77% return. Over the past 10 years, TLT has underperformed PDBC with an annualized return of -1.63%, while PDBC has yielded a comparatively higher 8.22% annualized return.

TLT

1D
-0.51%
1M
-0.80%
YTD
-0.56%
6M
-1.32%
1Y
4.21%
3Y*
-2.03%
5Y*
-6.37%
10Y*
-1.63%

PDBC

1D
-2.18%
1M
-3.38%
YTD
31.77%
6M
30.58%
1Y
39.73%
3Y*
13.22%
5Y*
11.64%
10Y*
8.22%
*Multi-year figures are annualized to reflect compound growth (CAGR)

TLT vs. PDBC - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
TLT
iShares 20+ Year Treasury Bond ETF		-0.56%4.25%-8.05%2.77%-31.23%-4.60%18.15%14.12%-1.61%9.18%
PDBC
Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF		31.77%5.96%2.09%-6.25%19.23%41.72%-7.84%11.44%-12.78%5.06%

Correlation

The correlation between TLT and PDBC is -0.31, 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

-0.31

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

-0.15

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

-0.14

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

-0.16

Correlation (All Time)
Calculated using the full available price history since Nov 10, 2014

-0.17

The correlation between TLT and PDBC shifts across timeframes, from -0.31 (1 year) to -0.14 (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 20+ Year Treasury Bond ETF

Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF

Often compared with TLT:
TLT vs. SPYTLT vs. IEFTLT vs. TMFTLT vs. BNDTLT vs. VGLTTLT vs. TLTWTLT vs. EDV
Often compared with PDBC:
PDBC vs. DBCPDBC vs. BCIPDBC vs. COMTPDBC vs. GSGPDBC vs. FTGCPDBC vs. BCDPDBC vs. DJP

Return for Risk

TLT vs. PDBC — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
TLT
TLT Risk / Return Rank: 1313
Overall Rank
TLT Sharpe Ratio Rank: 1414
Sharpe Ratio Rank
TLT Sortino Ratio Rank: 1313
Sortino Ratio Rank
TLT Omega Ratio Rank: 1212
Omega Ratio Rank
TLT Calmar Ratio Rank: 1414
Calmar Ratio Rank
TLT Martin Ratio Rank: 1414
Martin Ratio Rank
PDBC
PDBC Risk / Return Rank: 7070
Overall Rank
PDBC Sharpe Ratio Rank: 6868
Sharpe Ratio Rank
PDBC Sortino Ratio Rank: 6363
Sortino Ratio Rank
PDBC Omega Ratio Rank: 6565
Omega Ratio Rank
PDBC Calmar Ratio Rank: 8989
Calmar Ratio Rank
PDBC Martin Ratio Rank: 6666
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.

TLT vs. PDBC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares 20+ Year Treasury Bond ETF (TLT) 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.

TLTPDBCDifference
Sharpe ratioReturn per unit of total volatility
0.30
2.18

-1.88

Sortino ratioReturn per unit of downside risk
0.50
2.82

-2.33

Omega ratioGain probability vs. loss probability

1.06

1.38

-0.33

Calmar ratioReturn relative to maximum drawdown

0.38

5.33

-4.95

Martin ratioReturn relative to average drawdown

0.94

11.81

-10.86

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

TLT vs. PDBC - Sharpe Ratio Comparison

The current TLT Sharpe Ratio is 0.30, which is lower than the PDBC Sharpe Ratio of 2.18. The chart below compares the historical Sharpe Ratios of TLT 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.

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Sharpe Ratios by Period

TLTPDBCDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.30

2.18

-1.88

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.40

0.61

-1.01

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.11

0.46

-0.57

Sharpe Ratio (All Time)

Calculated using the full available price history

0.25

0.21

+0.04

Drawdowns

TLT vs. PDBC - Drawdown Comparison

The maximum TLT drawdown since its inception was -48.35%, roughly equal to the maximum PDBC drawdown of -49.52%. Use the drawdown chart below to compare losses from any high point for TLT and PDBC.

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Drawdown Indicators

TLTPDBCDifference

Max Drawdown

Largest peak-to-trough decline

-48.35%

-49.52%

+1.17%

Max Drawdown (1Y)

Largest decline over 1 year

-7.58%

-7.67%

+0.09%

Max Drawdown (3Y)

Largest decline over 3 years

-19.18%

-13.95%

-5.23%

Max Drawdown (5Y)

Largest decline over 5 years

-43.70%

-27.63%

-16.07%

Max Drawdown (10Y)

Largest decline over 10 years

-48.35%

-40.73%

-7.62%

Current Drawdown

Current decline from peak

-40.61%

-7.67%

-32.94%

Average Drawdown

Average peak-to-trough decline

-13.82%

-23.20%

+9.38%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.07%

3.46%

-0.39%

Volatility

TLT vs. PDBC - Volatility Comparison

The current volatility for iShares 20+ Year Treasury Bond ETF (TLT) is 2.65%, while Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) has a volatility of 5.91%. This indicates that TLT 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

TLTPDBCDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.65%

5.91%

-3.26%

Volatility (6M)

Calculated over the trailing 6-month period

6.51%

16.01%

-9.50%

Volatility (1Y)

Calculated over the trailing 1-year period

9.66%

18.78%

-9.12%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.85%

19.14%

-3.29%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.90%

17.79%

-2.89%

TLT vs. PDBC - Expense Ratio Comparison

TLT has a 0.15% expense ratio, which is lower than PDBC's 0.58% expense ratio.

Dividends

TLT vs. PDBC - Dividend Comparison

TLT's dividend yield for the trailing twelve months is around 4.60%, more than PDBC's 2.91% yield.

PositionTTM20252024202320222021202020192018201720162015
PDBC
Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF		2.91%3.84%4.42%4.21%13.05%50.83%0.01%1.40%1.00%3.83%6.51%0.00%
TLT
iShares 20+ Year Treasury Bond ETF		4.60%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 PDBC have a correlation of -0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

PDBC has higher volatility (5.91%) compared to TLT (2.65%). In terms of maximum drawdown, TLT dropped -48.35% vs PDBC's -49.52%.

On 10-year performance, PDBC leads with 8.22% vs -1.63% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, TLT has been the lower-risk option at 2.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, PDBC has performed better with a 8.22% return vs -1.63%. 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 0.58% for PDBC.

TLT has the higher dividend yield at 4.60%, compared with 2.91% for PDBC.

TLT is categorized as Government Bonds, while PDBC is Commodities. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.15% for TLT and 0.58% for PDBC.

PDBC currently has the higher Sharpe Ratio (2.18 vs 0.30), 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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