VVSM.DE vs. DBC

Last updated Jun 10, 2026

VVSM.DE (VanEck Semiconductor UCITS ETF) and DBC (Invesco DB Commodity Index Tracking Fund) are both exchange-traded funds - VVSM.DE is a Semiconductors fund tracking the MVIS US Listed Semiconductor 10% Capped ESG Index, while DBC is a Commodities fund tracking the DBIQ Optimum Yield Diversified Commodity Index Excess Return. Both are passively managed. Over the past 5 years, VVSM.DE returned 36.49%/yr vs 12.82%/yr for DBC. At a 0.08 correlation, their price movements are largely independent. VVSM.DE charges 0.35%/yr vs 0.85%/yr for DBC.

Performance

VVSM.DE vs. DBC - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in VanEck Semiconductor UCITS ETF (VVSM.DE) and Invesco DB Commodity Index Tracking Fund (DBC). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

VVSM.DE is traded in EUR, while DBC is traded in USD. To make them comparable, the DBC values have been converted to EUR using the latest available exchange rates.

Returns By Period

In the year-to-date period, VVSM.DE achieves a 74.38% return, which is significantly higher than DBC's 32.32% return.

VVSM.DE

• 1D: -3.49%
• 1M: 7.35%
• YTD: 74.38%
• 6M: 71.01%
• 1Y: 143.29%
• 3Y*: 53.03%
• 5Y*: 36.49%
• 10Y*: —

DBC

• 1D: -1.40%
• 1M: -2.03%
• YTD: 32.32%
• 6M: 31.65%
• 1Y: 37.24%
• 3Y*: 10.94%
• 5Y*: 12.82%
• 10Y*: 8.11%

*Multi-year figures are annualized to reflect compound growth (CAGR)

VVSM.DE vs. DBC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
VVSM.DE VanEck Semiconductor UCITS ETF	74.38%	33.22%	31.47%	70.20%	-32.79%	58.38%	-15.76%
DBC Invesco DB Commodity Index Tracking Fund	32.32%	-4.72%	8.93%	-9.01%	26.73%	51.93%	2.90%

Correlation

The correlation between VVSM.DE and DBC is 0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.04
Correlation (3Y) Calculated over the trailing 3-year period	0.11
Correlation (5Y) Calculated over the trailing 5-year period	0.09
Correlation (All Time) Calculated using the full available price history since Dec 1, 2020	0.08

Return for Risk

VVSM.DE vs. DBC — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

VVSM.DE

VVSM.DE Risk / Return Rank: 96
VVSM.DE Sharpe Ratio Rank: 97
VVSM.DE Sortino Ratio Rank: 95
VVSM.DE Omega Ratio Rank: 93
VVSM.DE Calmar Ratio Rank: 98
VVSM.DE Martin Ratio Rank: 97

DBC

DBC Risk / Return Rank: 73
DBC Sharpe Ratio Rank: 71
DBC Sortino Ratio Rank: 66
DBC Omega Ratio Rank: 68
DBC Calmar Ratio Rank: 89
DBC Martin Ratio Rank: 69

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.

VVSM.DE vs. DBC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Semiconductor UCITS ETF (VVSM.DE) 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.

	VVSM.DE	DBC	Difference
Sharpe ratio: Return per unit of total volatility	4.35	1.80	+2.56
Sortino ratio: Return per unit of downside risk	4.57	2.43	+2.14
Omega ratio: Gain probability vs. loss probability	1.59	1.31	+0.27
Calmar ratio: Return relative to maximum drawdown	12.23	4.51	+7.72
Martin ratio: Return relative to average drawdown	40.57	9.17	+31.40
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VVSM.DE vs. DBC - Sharpe Ratio Comparison

The current VVSM.DE Sharpe Ratio is 4.35, which is higher than the DBC Sharpe Ratio of 1.80. The chart below compares the historical Sharpe Ratios of VVSM.DE and DBC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	VVSM.DE	DBC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.35	1.80	+2.56
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.15	0.64	+0.51
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.44	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.00	0.14	+0.86

Drawdowns

VVSM.DE vs. DBC - Drawdown Comparison

The maximum VVSM.DE drawdown since its inception was -37.65%, smaller than the maximum DBC drawdown of -65.73%. Use the drawdown chart below to compare losses from any high point for VVSM.DE and DBC.

Drawdown Indicators

	VVSM.DE	DBC	Difference
Max Drawdown Largest peak-to-trough decline	-37.65%	-65.73%	+28.08%
Max Drawdown (1Y) Largest decline over 1 year	-11.65%	-8.30%	-3.35%
Max Drawdown (3Y) Largest decline over 3 years	-37.52%	-17.61%	-19.91%
Max Drawdown (5Y) Largest decline over 5 years	-37.65%	-29.98%	-7.67%
Max Drawdown (10Y) Largest decline over 10 years	—	-38.20%	—
Current Drawdown Current decline from peak	-8.85%	-7.51%	-1.34%
Average Drawdown Average peak-to-trough decline	-10.49%	-35.98%	+25.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.52%	4.07%	-0.55%

Volatility

VVSM.DE vs. DBC - Volatility Comparison

VanEck Semiconductor UCITS ETF (VVSM.DE) has a higher volatility of 13.51% compared to Invesco DB Commodity Index Tracking Fund (DBC) at 6.50%. This indicates that VVSM.DE'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.

Volatility by Period

	VVSM.DE	DBC	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.51%	6.50%	+7.01%
Volatility (6M) Calculated over the trailing 6-month period	25.51%	17.04%	+8.47%
Volatility (1Y) Calculated over the trailing 1-year period	32.73%	20.82%	+11.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.32%	20.01%	+11.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.78%	18.56%	+13.22%

VVSM.DE vs. DBC - Expense Ratio Comparison

VVSM.DE has a 0.35% expense ratio, which is lower than DBC's 0.85% expense ratio.

Dividends

VVSM.DE vs. DBC - Dividend Comparison

VVSM.DE has not paid dividends to shareholders, while DBC's dividend yield for the trailing twelve months is around 2.56%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBC Invesco DB Commodity Index Tracking Fund	2.56%	3.33%	5.22%	4.94%	0.59%	0.00%	0.00%	1.59%	1.30%
VVSM.DE VanEck Semiconductor UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VVSM.DE and DBC in my portfolio?

VVSM.DE and DBC have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, VVSM.DE or DBC?

On fees, VVSM.DE is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VVSM.DE or DBC?

VVSM.DE is cheaper with a 0.35% expense ratio, compared with 0.85% for DBC.

What is the main difference between VVSM.DE and DBC?

VVSM.DE is categorized as Semiconductors, while DBC is Commodities. VVSM.DE tracks MVIS US Listed Semiconductor 10% Capped ESG Index, while DBC tracks DBIQ Optimum Yield Diversified Commodity Index Excess Return. They also come from different issuers: VanEck and Invesco. Their fees differ too: 0.35% for VVSM.DE and 0.85% for DBC.