VNQ vs. PDBC
VNQ (Vanguard Real Estate ETF) and PDBC (Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF) are both exchange-traded funds - VNQ is a REIT fund tracking the MSCI US Investable Market Real Estate 25/50 Index, while PDBC is a Commodities fund actively managed by Invesco. VNQ is passively managed, while PDBC is actively managed. Over the past 10 years, VNQ returned 5.65%/yr vs 7.99%/yr for PDBC. At a 0.11 correlation, their price movements are largely independent. VNQ charges 0.13%/yr vs 0.58%/yr for PDBC.
Performance
VNQ vs. PDBC - Performance Comparison
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Returns By Period
In the year-to-date period, VNQ achieves a 12.51% return, which is significantly lower than PDBC's 28.75% return. Over the past 10 years, VNQ has underperformed PDBC with an annualized return of 5.65%, while PDBC has yielded a comparatively higher 7.99% annualized return.
VNQ
- 1D
- 0.92%
- 1M
- 2.73%
- YTD
- 12.51%
- 6M
- 12.32%
- 1Y
- 12.92%
- 3Y*
- 10.14%
- 5Y*
- 2.55%
- 10Y*
- 5.65%
PDBC
- 1D
- -1.04%
- 1M
- -8.77%
- YTD
- 28.75%
- 6M
- 30.02%
- 1Y
- 34.56%
- 3Y*
- 12.43%
- 5Y*
- 10.98%
- 10Y*
- 7.99%
VNQ vs. PDBC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VNQ Vanguard Real Estate ETF | 12.51% | 3.24% | 4.81% | 11.85% | -26.25% | 40.54% | -4.61% | 28.91% | -6.03% | 4.90% |
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 28.75% | 5.96% | 2.09% | -6.25% | 19.23% | 41.72% | -7.84% | 11.44% | -12.78% | 5.06% |
Correlation
The correlation between VNQ and PDBC 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 | -0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.06 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.11 |
Correlation (All Time) Calculated using the full available price history since Nov 7, 2014 | 0.11 |
The correlation between VNQ and PDBC shifts across timeframes, from -0.14 (1 year) to 0.11 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
VNQ vs. PDBC — Risk / Return Rank
VNQ
PDBC
VNQ vs. PDBC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Real Estate ETF (VNQ) 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.
| VNQ | PDBC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.88 | ||
| Sortino ratioReturn per unit of downside risk | -1.05 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.32 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | 1.56 | 3.55 | -1.99 |
| Martin ratioReturn relative to average drawdown | 4.90 | 9.49 | -4.59 |
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Drawdowns
VNQ vs. PDBC - Drawdown Comparison
The maximum VNQ drawdown since its inception was -73.07%, which is greater than PDBC's maximum drawdown of -49.52%. Use the drawdown chart below to compare losses from any high point for VNQ and PDBC.
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Drawdown Indicators
| VNQ | PDBC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -73.07% | -49.52% | -23.55% |
Max Drawdown (1Y)Largest decline over 1 year | -8.34% | -9.78% | +1.44% |
Max Drawdown (3Y)Largest decline over 3 years | -17.46% | -13.95% | -3.51% |
Max Drawdown (5Y)Largest decline over 5 years | -34.48% | -27.63% | -6.85% |
Max Drawdown (10Y)Largest decline over 10 years | -42.40% | -40.73% | -1.67% |
Current DrawdownCurrent decline from peak | 0.00% | -9.78% | +9.78% |
Average DrawdownAverage peak-to-trough decline | -13.61% | -23.16% | +9.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.65% | 3.65% | -1.00% |
Volatility
VNQ vs. PDBC - Volatility Comparison
Vanguard Real Estate ETF (VNQ) and Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) have volatilities of 4.72% and 4.91%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VNQ | PDBC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.72% | 4.91% | -0.19% |
Volatility (6M)Calculated over the trailing 6-month period | 9.77% | 16.12% | -6.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.54% | 18.85% | -5.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.84% | 19.16% | -0.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.72% | 17.79% | +2.93% |
VNQ vs. PDBC - Expense Ratio Comparison
VNQ has a 0.13% expense ratio, which is lower than PDBC's 0.58% expense ratio.
Dividends
VNQ vs. PDBC - Dividend Comparison
VNQ's dividend yield for the trailing twelve months is around 3.54%, more than PDBC's 2.98% 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 | 2.98% | 3.84% | 4.42% | 4.21% | 13.05% | 50.83% | 0.01% | 1.40% | 1.00% | 3.83% | 6.51% | 0.00% |
VNQ Vanguard Real Estate ETF | 3.54% | 3.92% | 3.85% | 3.95% | 3.91% | 2.56% | 3.93% | 3.39% | 4.74% | 4.23% | 4.82% | 3.92% |
Frequently Asked Questions
VNQ and PDBC 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.
PDBC has higher volatility (4.91%) compared to VNQ (4.72%). In terms of maximum drawdown, VNQ dropped -73.07% vs PDBC's -49.52%.
On 10-year performance, PDBC leads with 7.99% vs 5.65% for VNQ. On fees, VNQ is cheaper at 0.13% per year. On volatility, VNQ has been the lower-risk option at 4.72%. 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 7.99% return vs 5.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VNQ is cheaper with a 0.13% expense ratio, compared with 0.58% for PDBC.
VNQ has the higher dividend yield at 3.54%, compared with 2.98% for PDBC.
VNQ is categorized as REIT, while PDBC is Commodities. They also come from different issuers: Vanguard and Invesco. Their fees differ too: 0.13% for VNQ and 0.58% for PDBC.
PDBC currently has the higher Sharpe Ratio (1.84 vs 0.96), 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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