XBIL vs. DBC
XBIL (US Treasury 6 Month Bill ETF) and DBC (Invesco DB Commodity Index Tracking Fund) are both exchange-traded funds - XBIL is a Ultrashort Bond fund tracking the ICE BofA US 6-Month Treasury Bill Index - Benchmark TR Gross, 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, XBIL returned 4.59%/yr vs 11.07%/yr for DBC. Their -0.07 correlation means they have often moved in opposite directions in the past. XBIL charges 0.15%/yr vs 0.85%/yr for DBC.
Performance
XBIL vs. DBC - Performance Comparison
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Returns By Period
In the year-to-date period, XBIL achieves a 2.05% return, which is significantly lower than DBC's 31.71% return.
XBIL
- 1D
- 0.04%
- 1M
- 0.32%
- 6M
- 1.76%
- YTD
- 2.05%
- 1Y
- 3.80%
- 3Y*
- 4.59%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 4.61%
DBC
- 1D
- 0.44%
- 1M
- 10.84%
- 6M
- 20.55%
- YTD
- 31.71%
- 1Y
- 37.81%
- 3Y*
- 11.07%
- 5Y*
- 11.66%
- 10Y*
- 9.54%
- ALL TIME*
- 2.04%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $27.92M | $29.19M | $34.33M | |
| $3.89M | $4.35M | $4.96M |
XBIL vs. DBC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
XBIL US Treasury 6 Month Bill ETF | 2.05% | 4.17% | 5.16% | 4.28% |
DBC Invesco DB Commodity Index Tracking Fund | 31.71% | 8.10% | 2.18% | -5.00% |
Correlation
The correlation between XBIL and DBC is -0.18, 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. | -0.18 |
Correlation (3Y) Balances recent behavior with more history. | -0.08 |
Correlation (All Time) Calculated using the full available price history since Mar 7, 2023 | -0.08 |
The correlation between XBIL and DBC shifts across timeframes, from -0.18 (1 year) to -0.07 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
XBIL vs. DBC — Risk / Return Rank
XBIL
DBC
XBIL vs. DBC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for US Treasury 6 Month Bill ETF (XBIL) 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.
| XBIL | DBC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +10.93 | ||
| Sortino ratioReturn per unit of downside risk | +38.38 | ||
| Omega ratioGain probability vs. loss probability | 11.18 | 1.31 | +9.87 |
| Calmar ratioReturn relative to maximum drawdown | 65.44 | 2.16 | +63.28 |
| Martin ratioReturn relative to average drawdown | 613.97 | 7.20 | +606.77 |
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Drawdowns
XBIL vs. DBC - Drawdown Comparison
The maximum XBIL drawdown since its inception was -0.08%, smaller than the maximum DBC drawdown of -76.36%. Use the drawdown chart below to compare losses from any high point for XBIL and DBC.
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Drawdown Indicators
| XBIL | DBC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.08% | -76.36% | +76.28% |
Max Drawdown (1Y)Largest decline over 1 year | -0.06% | -16.54% | +16.48% |
Max Drawdown (3Y)Largest decline over 3 years | -0.07% | -16.54% | +16.47% |
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 | 0.00% | -23.81% | +23.81% |
Average DrawdownAverage peak-to-trough decline | 0.00% | -46.07% | +46.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.01% | 5.00% | -4.99% |
Volatility
XBIL vs. DBC - Volatility Comparison
The current volatility for US Treasury 6 Month Bill ETF (XBIL) is 0.10%, while Invesco DB Commodity Index Tracking Fund (DBC) has a volatility of 7.01%. This indicates that XBIL experiences smaller price fluctuations and is considered to be less risky 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
| XBIL | DBC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.10% | 7.01% | -6.91% |
Volatility (6M)Calculated over the trailing 6-month period | 0.21% | 17.35% | -17.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.31% | 19.58% | -19.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.37% | 19.31% | -18.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.37% | 17.87% | -17.50% |
XBIL vs. DBC - Expense Ratio Comparison
XBIL has a 0.15% expense ratio, which is lower than DBC's 0.85% expense ratio.
Dividends
XBIL vs. DBC - Dividend Comparison
XBIL's dividend yield for the trailing twelve months is around 4.02%, more than DBC's 2.53% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBC Invesco DB Commodity Index Tracking Fund | 2.53% | 3.33% | 5.22% | 4.94% | 0.59% | 0.00% | 0.00% | 1.59% | 1.30% |
XBIL US Treasury 6 Month Bill ETF | 3.68% | 4.01% | 4.90% | 4.30% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
XBIL and DBC have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBC has higher volatility (7.01%) compared to XBIL (0.10%). In terms of maximum drawdown, XBIL dropped -0.08% vs DBC's -76.36%.
On 3-year performance, DBC leads with 11.07% vs 4.59% for XBIL. On fees, XBIL is cheaper at 0.15% per year. On volatility, XBIL has been the lower-risk option at 0.10%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, DBC has performed better with a 11.07% return vs 4.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XBIL is cheaper with a 0.15% expense ratio, compared with 0.85% for DBC.
XBIL has the higher dividend yield at 3.68%, compared with 2.53% for DBC.
XBIL is categorized as Ultrashort Bond, while DBC is Commodities. XBIL tracks ICE BofA US 6-Month Treasury Bill Index - Benchmark TR Gross, while DBC tracks DBIQ Optimum Yield Diversified Commodity Index Excess Return. They also come from different issuers: US Benchmark Series and Invesco. Their fees differ too: 0.15% for XBIL and 0.85% for DBC.
XBIL currently has the higher Sharpe Ratio (12.76 vs 1.83), 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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