XHS vs. PDBC
XHS (SPDR S&P Health Care Services ETF) and PDBC (Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF) are both exchange-traded funds - XHS is a Health & Biotech Equities fund tracking the S&P Health Care Services Select Industry Index, while PDBC is a Commodities fund actively managed by Invesco. XHS is passively managed, while PDBC is actively managed. Over the past 10 years, XHS returned 9.14%/yr vs 8.14%/yr for PDBC. At a 0.14 correlation, their price movements are largely independent. XHS charges 0.35%/yr vs 0.58%/yr for PDBC.
Performance
XHS vs. PDBC - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with XHS having a 26.43% return and PDBC slightly higher at 27.55%. Over the past 10 years, XHS has outperformed PDBC with an annualized return of 9.14%, while PDBC has yielded a comparatively lower 8.14% annualized return.
XHS
- 1D
- 0.07%
- 1M
- 10.62%
- 6M
- 22.40%
- YTD
- 26.43%
- 1Y
- 42.95%
- 3Y*
- 13.39%
- 5Y*
- 4.29%
- 10Y*
- 9.14%
PDBC
- 1D
- 2.80%
- 1M
- -0.94%
- 6M
- 22.82%
- YTD
- 27.55%
- 1Y
- 30.72%
- 3Y*
- 10.42%
- 5Y*
- 10.81%
- 10Y*
- 8.14%
XHS vs. PDBC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XHS SPDR S&P Health Care Services ETF | 26.43% | 18.83% | 1.76% | 5.15% | -19.87% | 9.76% | 33.66% | 18.81% | 1.96% | 17.65% |
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 27.55% | 5.96% | 2.09% | -6.25% | 19.23% | 41.72% | -7.84% | 11.44% | -12.78% | 5.06% |
Correlation
The correlation between XHS and PDBC is -0.20, 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 | -0.20 |
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 | 0.14 |
Correlation (All Time) Calculated using the full available price history since Nov 7, 2014 | 0.14 |
The correlation between XHS and PDBC shifts across timeframes, from -0.20 (1 year) to 0.14 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
XHS vs. PDBC — Risk / Return Rank
XHS
PDBC
XHS vs. PDBC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Health Care Services ETF (XHS) 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.
| XHS | PDBC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.76 | ||
| Sortino ratioReturn per unit of downside risk | +0.98 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.28 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 3.60 | 1.86 | +1.73 |
| Martin ratioReturn relative to average drawdown | 11.93 | 6.57 | +5.35 |
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Drawdowns
XHS vs. PDBC - Drawdown Comparison
The maximum XHS drawdown since its inception was -39.32%, smaller than the maximum PDBC drawdown of -49.52%. Use the drawdown chart below to compare losses from any high point for XHS and PDBC.
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Drawdown Indicators
| XHS | PDBC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.32% | -49.52% | +10.20% |
Max Drawdown (1Y)Largest decline over 1 year | -11.99% | -16.55% | +4.56% |
Max Drawdown (3Y)Largest decline over 3 years | -17.81% | -16.55% | -1.26% |
Max Drawdown (5Y)Largest decline over 5 years | -31.34% | -27.63% | -3.71% |
Max Drawdown (10Y)Largest decline over 10 years | -39.32% | -40.73% | +1.41% |
Current DrawdownCurrent decline from peak | -1.98% | -10.63% | +8.65% |
Average DrawdownAverage peak-to-trough decline | -10.13% | -23.11% | +12.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.61% | 4.69% | -1.08% |
Volatility
XHS vs. PDBC - Volatility Comparison
The current volatility for SPDR S&P Health Care Services ETF (XHS) is 5.37%, while Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) has a volatility of 6.25%. This indicates that XHS 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
| XHS | PDBC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.37% | 6.25% | -0.88% |
Volatility (6M)Calculated over the trailing 6-month period | 12.88% | 16.77% | -3.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.06% | 18.90% | -0.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.24% | 19.24% | +2.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.41% | 17.76% | +4.65% |
XHS vs. PDBC - Expense Ratio Comparison
XHS has a 0.35% expense ratio, which is lower than PDBC's 0.58% expense ratio.
Dividends
XHS vs. PDBC - Dividend Comparison
XHS's dividend yield for the trailing twelve months is around 0.20%, less than PDBC's 3.01% 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 | 3.01% | 3.84% | 4.42% | 4.21% | 13.05% | 50.83% | 0.01% | 1.40% | 1.00% | 3.83% | 6.51% | 0.00% |
XHS SPDR S&P Health Care Services ETF | 0.20% | 0.27% | 0.38% | 0.23% | 0.19% | 0.20% | 0.23% | 2.37% | 0.34% | 0.22% | 0.28% | 0.93% |
Frequently Asked Questions
XHS and PDBC have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PDBC has higher volatility (6.25%) compared to XHS (5.37%). In terms of maximum drawdown, XHS dropped -39.32% vs PDBC's -49.52%.
On 10-year performance, XHS leads with 9.14% vs 8.14% for PDBC. On fees, XHS is cheaper at 0.35% per year. On volatility, XHS has been the lower-risk option at 5.37%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, XHS has performed better with a 9.14% return vs 8.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XHS is cheaper with a 0.35% expense ratio, compared with 0.58% for PDBC.
PDBC has the higher dividend yield at 3.01%, compared with 0.20% for XHS.
XHS is categorized as Health & Biotech Equities, while PDBC is Commodities. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.35% for XHS and 0.58% for PDBC.
XHS currently has the higher Sharpe Ratio (2.39 vs 1.64), 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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