TOGA vs. DBC
TOGA (Tremblant Global ETF) and DBC (Invesco DB Commodity Index Tracking Fund) are both exchange-traded funds - TOGA is a Global Equities fund actively managed by Tremblant, while DBC is a Commodities fund tracking the DBIQ Optimum Yield Diversified Commodity Index Excess Return. TOGA is actively managed, while DBC is passively managed. Over the past year, TOGA returned -10.47% vs 37.81% for DBC. Their -0.05 correlation means they have often moved in opposite directions in the past. TOGA charges 0.69%/yr vs 0.85%/yr for DBC.
Performance
TOGA vs. DBC - Performance Comparison
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Returns By Period
In the year-to-date period, TOGA achieves a -12.47% return, which is significantly lower than DBC's 31.71% return.
TOGA
- 1D
- -1.23%
- 1M
- -5.93%
- 6M
- -6.47%
- YTD
- -12.47%
- 1Y
- -10.47%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 7.39%
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 | |
| $69.62K | $58.16K | $201.80K |
TOGA vs. DBC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
TOGA Tremblant Global ETF | -12.47% | 14.13% | 17.44% |
DBC Invesco DB Commodity Index Tracking Fund | 31.71% | 8.10% | -2.42% |
Correlation
The correlation between TOGA and DBC is -0.18, 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. | -0.18 |
Correlation (All Time) Calculated using the full available price history since May 3, 2024 | -0.05 |
The correlation between TOGA and DBC shifts across timeframes, from -0.18 (1 year) to -0.05 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
TOGA vs. DBC — Risk / Return Rank
TOGA
DBC
TOGA vs. DBC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Tremblant Global ETF (TOGA) 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.
| TOGA | DBC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.41 | ||
| Sortino ratioReturn per unit of downside risk | -3.13 | ||
| Omega ratioGain probability vs. loss probability | 0.92 | 1.31 | -0.39 |
| Calmar ratioReturn relative to maximum drawdown | -0.44 | 2.16 | -2.60 |
| Martin ratioReturn relative to average drawdown | -0.89 | 7.20 | -8.08 |
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Drawdowns
TOGA vs. DBC - Drawdown Comparison
The maximum TOGA drawdown since its inception was -28.50%, smaller than the maximum DBC drawdown of -76.36%. Use the drawdown chart below to compare losses from any high point for TOGA and DBC.
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Drawdown Indicators
| TOGA | DBC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.50% | -76.36% | +47.86% |
Max Drawdown (1Y)Largest decline over 1 year | -28.50% | -16.54% | -11.96% |
Max Drawdown (3Y)Largest decline over 3 years | — | -16.54% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -27.34% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -41.71% | — |
Current DrawdownCurrent decline from peak | -17.90% | -23.81% | +5.91% |
Average DrawdownAverage peak-to-trough decline | -7.15% | -46.07% | +38.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.18% | 5.00% | +9.18% |
Volatility
TOGA vs. DBC - Volatility Comparison
The current volatility for Tremblant Global ETF (TOGA) is 5.46%, while Invesco DB Commodity Index Tracking Fund (DBC) has a volatility of 7.01%. This indicates that TOGA 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
| TOGA | DBC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.46% | 7.01% | -1.55% |
Volatility (6M)Calculated over the trailing 6-month period | 18.00% | 17.35% | +0.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.74% | 19.58% | +2.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.10% | 19.31% | +1.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.10% | 17.87% | +3.23% |
TOGA vs. DBC - Expense Ratio Comparison
TOGA has a 0.69% expense ratio, which is lower than DBC's 0.85% expense ratio.
Dividends
TOGA vs. DBC - Dividend Comparison
TOGA has not paid dividends to shareholders, while DBC's dividend yield for the trailing twelve months is around 2.53%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
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% |
TOGA Tremblant Global ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TOGA and DBC have a correlation of -0.18, 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 TOGA (5.46%). In terms of maximum drawdown, TOGA dropped -28.50% vs DBC's -76.36%.
On 1-year performance, DBC leads with 37.81% vs -10.47% for TOGA. On fees, TOGA is cheaper at 0.69% per year. On volatility, TOGA has been the lower-risk option at 5.46%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, DBC has performed better with a 37.81% return vs -10.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TOGA is cheaper with a 0.69% expense ratio, compared with 0.85% for DBC.
DBC has the higher dividend yield at 2.53%, compared with 0.00% for TOGA.
TOGA is categorized as Global Equities, while DBC is Commodities. They also come from different issuers: Tremblant and Invesco. Their fees differ too: 0.69% for TOGA and 0.85% for DBC.
DBC currently has the higher Sharpe Ratio (1.83 vs -0.58), 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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