VNAM vs. DBC
VNAM (Global X MSCI Vietnam ETF) and DBC (Invesco DB Commodity Index Tracking Fund) are both exchange-traded funds - VNAM is a Emerging Markets Equities fund tracking the MSCI Vietnam Select 25/50 Index, while DBC is a Commodities fund tracking the DBIQ Optimum Yield Diversified Commodity Index Excess Return. Both are passively managed. Over the past 3 years, VNAM returned 16.14%/yr vs 10.38%/yr for DBC. At a 0.04 correlation, their price movements are largely independent. VNAM charges 0.51%/yr vs 0.85%/yr for DBC.
Performance
VNAM vs. DBC - Performance Comparison
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Returns By Period
In the year-to-date period, VNAM achieves a 0.40% return, which is significantly lower than DBC's 23.57% return.
VNAM
- 1D
- 3.17%
- 1M
- -4.65%
- YTD
- 0.40%
- 6M
- 8.14%
- 1Y
- 50.11%
- 3Y*
- 16.14%
- 5Y*
- —
- 10Y*
- —
DBC
- 1D
- -0.29%
- 1M
- -12.59%
- YTD
- 23.57%
- 6M
- 25.87%
- 1Y
- 23.42%
- 3Y*
- 10.38%
- 5Y*
- 11.27%
- 10Y*
- 7.81%
VNAM vs. DBC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
VNAM Global X MSCI Vietnam ETF | 0.40% | 67.05% | -7.78% | 12.95% | -44.16% | 2.41% |
DBC Invesco DB Commodity Index Tracking Fund | 23.57% | 8.10% | 2.18% | -6.19% | 19.34% | 1.81% |
Correlation
The correlation between VNAM and DBC is -0.14, 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 | -0.14 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.01 |
Correlation (All Time) Calculated using the full available price history since Dec 9, 2021 | 0.04 |
The correlation between VNAM and DBC shifts across timeframes, from -0.14 (1 year) to 0.04 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
VNAM vs. DBC — Risk / Return Rank
VNAM
DBC
VNAM vs. DBC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X MSCI Vietnam ETF (VNAM) 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.
| VNAM | DBC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.60 | ||
| Sortino ratioReturn per unit of downside risk | +0.76 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.23 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 2.96 | 1.84 | +1.12 |
| Martin ratioReturn relative to average drawdown | 8.28 | 6.05 | +2.23 |
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Drawdowns
VNAM vs. DBC - Drawdown Comparison
The maximum VNAM drawdown since its inception was -52.84%, smaller than the maximum DBC drawdown of -76.36%. Use the drawdown chart below to compare losses from any high point for VNAM and DBC.
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Drawdown Indicators
| VNAM | DBC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.84% | -76.36% | +23.52% |
Max Drawdown (1Y)Largest decline over 1 year | -17.03% | -12.81% | -4.22% |
Max Drawdown (3Y)Largest decline over 3 years | -31.34% | -13.82% | -17.52% |
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 | -6.41% | -28.52% | +22.11% |
Average DrawdownAverage peak-to-trough decline | -30.30% | -46.18% | +15.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.07% | 3.88% | +2.19% |
Volatility
VNAM vs. DBC - Volatility Comparison
Global X MSCI Vietnam ETF (VNAM) has a higher volatility of 6.38% compared to Invesco DB Commodity Index Tracking Fund (DBC) at 4.93%. This indicates that VNAM's price experiences larger fluctuations and is considered to be riskier 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
| VNAM | DBC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.38% | 4.93% | +1.45% |
Volatility (6M)Calculated over the trailing 6-month period | 19.75% | 16.16% | +3.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.10% | 18.70% | +8.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 25.58% | 19.20% | +6.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.58% | 17.80% | +7.78% |
VNAM vs. DBC - Expense Ratio Comparison
VNAM has a 0.51% expense ratio, which is lower than DBC's 0.85% expense ratio.
Dividends
VNAM vs. DBC - Dividend Comparison
VNAM's dividend yield for the trailing twelve months is around 0.49%, less than DBC's 2.69% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBC Invesco DB Commodity Index Tracking Fund | 2.69% | 3.33% | 5.22% | 4.94% | 0.59% | 0.00% | 0.00% | 1.59% | 1.30% |
VNAM Global X MSCI Vietnam ETF | 0.49% | 0.50% | 1.00% | 0.49% | 1.04% | 0.13% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
VNAM and DBC have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VNAM has higher volatility (6.38%) compared to DBC (4.93%). In terms of maximum drawdown, VNAM dropped -52.84% vs DBC's -76.36%.
On 3-year performance, VNAM leads with 16.14% vs 10.38% for DBC. On fees, VNAM is cheaper at 0.51% per year. On volatility, DBC has been the lower-risk option at 4.93%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, VNAM has performed better with a 16.14% return vs 10.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VNAM is cheaper with a 0.51% expense ratio, compared with 0.85% for DBC.
DBC has the higher dividend yield at 2.69%, compared with 0.49% for VNAM.
VNAM is categorized as Emerging Markets Equities, while DBC is Commodities. VNAM tracks MSCI Vietnam Select 25/50 Index, while DBC tracks DBIQ Optimum Yield Diversified Commodity Index Excess Return. They also come from different issuers: Global X and Invesco. Their fees differ too: 0.51% for VNAM and 0.85% for DBC.
VNAM currently has the higher Sharpe Ratio (1.86 vs 1.26), 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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