VGLT vs. PDBC
VGLT (Vanguard Long-Term Treasury ETF) and PDBC (Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF) are both exchange-traded funds - VGLT is a Government Bonds fund tracking the Bloomberg U.S. Long Treasury Index, while PDBC is a Commodities fund actively managed by Invesco. VGLT is passively managed, while PDBC is actively managed. Over the past 10 years, VGLT returned -1.63%/yr vs 8.61%/yr for PDBC. Their -0.18 correlation means they have often moved in opposite directions in the past. VGLT charges 0.03%/yr vs 0.58%/yr for PDBC.
Performance
VGLT vs. PDBC - Performance Comparison
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Returns By Period
In the year-to-date period, VGLT achieves a -1.98% return, which is significantly lower than PDBC's 28.15% return. Over the past 10 years, VGLT has underperformed PDBC with an annualized return of -1.63%, while PDBC has yielded a comparatively higher 8.61% annualized return.
VGLT
- 1D
- 0.17%
- 1M
- -2.13%
- 6M
- -1.56%
- YTD
- -1.98%
- 1Y
- -0.89%
- 3Y*
- 0.27%
- 5Y*
- -6.65%
- 10Y*
- -1.63%
- ALL TIME*
- 2.34%
PDBC
- 1D
- 0.47%
- 1M
- 5.47%
- 6M
- 18.25%
- YTD
- 28.15%
- 1Y
- 35.58%
- 3Y*
- 9.41%
- 5Y*
- 11.02%
- 10Y*
- 8.61%
- ALL TIME*
- 3.59%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $121.86M | $152.61M | $122.20M | |
| $107.06M | $103.64M | $108.85M |
VGLT vs. PDBC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VGLT Vanguard Long-Term Treasury ETF | -1.98% | 5.35% | -6.28% | 3.27% | -29.34% | -4.98% | 17.57% | 14.30% | -1.54% | 8.64% |
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 28.15% | 5.96% | 2.09% | -6.25% | 19.23% | 41.72% | -7.84% | 11.44% | -12.78% | 5.06% |
Correlation
The correlation between VGLT and PDBC is -0.38, 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. | -0.38 |
Correlation (3Y) Balances recent behavior with more history. | -0.20 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.14 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.16 |
Correlation (All Time) Calculated using the full available price history since Nov 7, 2014 | -0.18 |
Over the past year, the inverse relationship between VGLT and PDBC has strengthened: their correlation has moved from -0.18 to -0.38, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
VGLT vs. PDBC — Risk / Return Rank
VGLT
PDBC
VGLT vs. PDBC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Long-Term Treasury ETF (VGLT) 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.
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.
| VGLT | PDBC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.92 | ||
| Sortino ratioReturn per unit of downside risk | -2.51 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 1.31 | -0.32 |
| Calmar ratioReturn relative to maximum drawdown | -0.13 | 2.16 | -2.29 |
| Martin ratioReturn relative to average drawdown | -0.27 | 7.07 | -7.34 |
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Drawdowns
VGLT vs. PDBC - Drawdown Comparison
The maximum VGLT drawdown since its inception was -46.18%, smaller than the maximum PDBC drawdown of -49.52%. Use the drawdown chart below to compare losses from any high point for VGLT and PDBC.
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Drawdown Indicators
| VGLT | PDBC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.18% | -49.52% | +3.34% |
Max Drawdown (1Y)Largest decline over 1 year | -7.03% | -16.55% | +9.52% |
Max Drawdown (3Y)Largest decline over 3 years | -13.38% | -16.55% | +3.17% |
Max Drawdown (5Y)Largest decline over 5 years | -40.98% | -27.63% | -13.35% |
Max Drawdown (10Y)Largest decline over 10 years | -46.18% | -40.73% | -5.45% |
Current DrawdownCurrent decline from peak | -37.83% | -10.21% | -27.62% |
Average DrawdownAverage peak-to-trough decline | -15.28% | -23.02% | +7.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.26% | 5.05% | -1.79% |
Volatility
VGLT vs. PDBC - Volatility Comparison
The current volatility for Vanguard Long-Term Treasury ETF (VGLT) is 2.32%, while Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) has a volatility of 7.58%. This indicates that VGLT 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
| VGLT | PDBC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.32% | 7.58% | -5.26% |
Volatility (6M)Calculated over the trailing 6-month period | 6.36% | 16.65% | -10.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.41% | 19.73% | -11.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.46% | 19.28% | -4.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.74% | 17.85% | -4.11% |
VGLT vs. PDBC - Expense Ratio Comparison
VGLT has a 0.03% expense ratio, which is lower than PDBC's 0.58% expense ratio.
Dividends
VGLT vs. PDBC - Dividend Comparison
VGLT's dividend yield for the trailing twelve months is around 4.74%, more than PDBC's 3.00% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 3.00% | 3.84% | 4.42% | 4.21% | 13.05% | 50.83% | 0.01% | 1.40% | 1.00% | 3.83% | 6.51% | 0.00% |
VGLT Vanguard Long-Term Treasury ETF | 4.74% | 4.44% | 4.33% | 3.33% | 2.84% | 1.82% | 2.15% | 2.46% | 2.71% | 2.55% | 2.69% | 3.21% |
Frequently Asked Questions
VGLT and PDBC have a correlation of -0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PDBC has higher volatility (7.58%) compared to VGLT (2.32%). In terms of maximum drawdown, VGLT dropped -46.18% vs PDBC's -49.52%.
On 10-year performance, PDBC leads with 8.61% vs -1.63% for VGLT. On fees, VGLT is cheaper at 0.03% per year. On volatility, VGLT has been the lower-risk option at 2.32%. 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 8.61% return vs -1.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VGLT is cheaper with a 0.03% expense ratio, compared with 0.58% for PDBC.
VGLT has the higher dividend yield at 4.74%, compared with 3.00% for PDBC.
VGLT is categorized as Government Bonds, while PDBC is Commodities. They also come from different issuers: Vanguard and Invesco. Their fees differ too: 0.03% for VGLT and 0.58% for PDBC.
PDBC currently has the higher Sharpe Ratio (1.81 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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