XBB vs. PDBC
XBB (BondBloxx BB Rated USD High Yield Corporate Bond ETF) and PDBC (Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF) are both exchange-traded funds - XBB is a High Yield Bonds fund tracking the ICE BofA BB US Cash Pay High Yield Constrained Index, while PDBC is a Commodities fund actively managed by Invesco. XBB is passively managed, while PDBC is actively managed. Over the past 3 years, XBB returned 7.81%/yr vs 9.96%/yr for PDBC. At a 0.08 correlation, their price movements are largely independent. XBB charges 0.20%/yr vs 0.58%/yr for PDBC.
Performance
XBB vs. PDBC - Performance Comparison
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Returns By Period
In the year-to-date period, XBB achieves a 1.86% return, which is significantly lower than PDBC's 24.08% return.
XBB
- 1D
- -0.09%
- 1M
- 0.20%
- 6M
- 1.44%
- YTD
- 1.86%
- 1Y
- 5.75%
- 3Y*
- 7.81%
- 5Y*
- —
- 10Y*
- —
PDBC
- 1D
- 0.12%
- 1M
- -3.63%
- 6M
- 21.24%
- YTD
- 24.08%
- 1Y
- 27.16%
- 3Y*
- 9.96%
- 5Y*
- 10.22%
- 10Y*
- 7.69%
XBB vs. PDBC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
XBB BondBloxx BB Rated USD High Yield Corporate Bond ETF | 1.86% | 8.59% | 6.41% | 10.63% | -2.39% |
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 24.08% | 5.96% | 2.09% | -6.25% | -12.59% |
Correlation
The correlation between XBB and PDBC is -0.21, 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 | -0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.02 |
Correlation (All Time) Calculated using the full available price history since May 26, 2022 | 0.08 |
The correlation between XBB and PDBC shifts across timeframes, from -0.21 (1 year) to 0.08 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
XBB vs. PDBC — Risk / Return Rank
XBB
PDBC
XBB vs. PDBC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BondBloxx BB Rated USD High Yield Corporate Bond ETF (XBB) 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.
| XBB | PDBC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.15 | ||
| Sortino ratioReturn per unit of downside risk | -0.06 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.27 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.97 | 1.75 | +0.22 |
| Martin ratioReturn relative to average drawdown | 8.25 | 6.25 | +2.00 |
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Drawdowns
XBB vs. PDBC - Drawdown Comparison
The maximum XBB drawdown since its inception was -8.87%, smaller than the maximum PDBC drawdown of -49.52%. Use the drawdown chart below to compare losses from any high point for XBB and PDBC.
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Drawdown Indicators
| XBB | PDBC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.87% | -49.52% | +40.65% |
Max Drawdown (1Y)Largest decline over 1 year | -2.80% | -16.55% | +13.75% |
Max Drawdown (3Y)Largest decline over 3 years | -3.81% | -16.55% | +12.74% |
Max Drawdown (5Y)Largest decline over 5 years | — | -27.63% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -40.73% | — |
Current DrawdownCurrent decline from peak | -0.26% | -13.06% | +12.80% |
Average DrawdownAverage peak-to-trough decline | -1.30% | -23.11% | +21.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.67% | 4.64% | -3.97% |
Volatility
XBB vs. PDBC - Volatility Comparison
The current volatility for BondBloxx BB Rated USD High Yield Corporate Bond ETF (XBB) is 0.98%, while Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) has a volatility of 5.48%. This indicates that XBB 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
| XBB | PDBC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.98% | 5.48% | -4.50% |
Volatility (6M)Calculated over the trailing 6-month period | 2.88% | 16.59% | -13.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.93% | 18.72% | -14.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.05% | 19.19% | -12.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.05% | 17.75% | -10.70% |
XBB vs. PDBC - Expense Ratio Comparison
XBB has a 0.20% expense ratio, which is lower than PDBC's 0.58% expense ratio.
Dividends
XBB vs. PDBC - Dividend Comparison
XBB's dividend yield for the trailing twelve months is around 5.52%, more than PDBC's 3.09% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 3.09% | 3.84% | 4.42% | 4.21% | 13.05% | 50.83% | 0.01% | 1.40% | 1.00% | 3.83% | 6.51% |
XBB BondBloxx BB Rated USD High Yield Corporate Bond ETF | 5.52% | 5.42% | 6.35% | 6.15% | 3.73% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
XBB and PDBC have a correlation of -0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PDBC has higher volatility (5.48%) compared to XBB (0.98%). In terms of maximum drawdown, XBB dropped -8.87% vs PDBC's -49.52%.
On 3-year performance, PDBC leads with 9.96% vs 7.81% for XBB. On fees, XBB is cheaper at 0.20% per year. On volatility, XBB has been the lower-risk option at 0.98%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, PDBC has performed better with a 9.96% return vs 7.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XBB is cheaper with a 0.20% expense ratio, compared with 0.58% for PDBC.
XBB has the higher dividend yield at 5.52%, compared with 3.09% for PDBC.
XBB is categorized as High Yield Bonds, while PDBC is Commodities. They also come from different issuers: BondBloxx and Invesco. Their fees differ too: 0.20% for XBB and 0.58% for PDBC.
PDBC currently has the higher Sharpe Ratio (1.55 vs 1.40), 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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