XLE vs. PDBC
XLE (State Street Energy Select Sector SPDR ETF) and PDBC (Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF) are both exchange-traded funds - XLE is a Energy Equities fund tracking the Energy Select Sector Index, while PDBC is a Commodities fund actively managed by Invesco. XLE is passively managed, while PDBC is actively managed. Over the past 10 years, XLE returned 9.91%/yr vs 7.99%/yr for PDBC. A 0.61 correlation means they provide meaningful diversification when combined. XLE charges 0.08%/yr vs 0.58%/yr for PDBC.
Performance
XLE vs. PDBC - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with XLE having a 29.56% return and PDBC slightly lower at 28.75%. Over the past 10 years, XLE has outperformed PDBC with an annualized return of 9.91%, while PDBC has yielded a comparatively lower 7.99% annualized return.
XLE
- 1D
- 0.75%
- 1M
- -3.18%
- YTD
- 29.56%
- 6M
- 28.37%
- 1Y
- 34.84%
- 3Y*
- 16.18%
- 5Y*
- 20.12%
- 10Y*
- 9.91%
PDBC
- 1D
- -1.04%
- 1M
- -8.33%
- YTD
- 28.75%
- 6M
- 30.02%
- 1Y
- 30.88%
- 3Y*
- 12.43%
- 5Y*
- 10.98%
- 10Y*
- 7.99%
XLE vs. PDBC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XLE State Street Energy Select Sector SPDR ETF | 29.56% | 7.88% | 5.56% | -0.63% | 64.32% | 53.28% | -32.67% | 11.74% | -18.22% | -0.89% |
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 XLE and PDBC is 0.62, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.62 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.60 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.65 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.62 |
Correlation (All Time) Calculated using the full available price history since Nov 7, 2014 | 0.61 |
The correlation between XLE and PDBC has been stable across timeframes, ranging from 0.60 to 0.65 - a consistent structural relationship.
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Return for Risk
XLE vs. PDBC — Risk / Return Rank
XLE
PDBC
XLE vs. PDBC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for State Street Energy Select Sector SPDR ETF (XLE) 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.
| XLE | PDBC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.02 | ||
| Sortino ratioReturn per unit of downside risk | -0.04 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.32 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 3.10 | 3.55 | -0.45 |
| Martin ratioReturn relative to average drawdown | 8.63 | 9.49 | -0.86 |
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Drawdowns
XLE vs. PDBC - Drawdown Comparison
The maximum XLE drawdown since its inception was -71.26%, which is greater than PDBC's maximum drawdown of -49.52%. Use the drawdown chart below to compare losses from any high point for XLE and PDBC.
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Drawdown Indicators
| XLE | PDBC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -71.26% | -49.52% | -21.74% |
Max Drawdown (1Y)Largest decline over 1 year | -12.05% | -9.78% | -2.27% |
Max Drawdown (3Y)Largest decline over 3 years | -20.14% | -13.95% | -6.19% |
Max Drawdown (5Y)Largest decline over 5 years | -26.04% | -27.63% | +1.59% |
Max Drawdown (10Y)Largest decline over 10 years | -66.81% | -40.73% | -26.08% |
Current DrawdownCurrent decline from peak | -8.01% | -9.78% | +1.77% |
Average DrawdownAverage peak-to-trough decline | -17.97% | -23.16% | +5.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.32% | 3.65% | +0.67% |
Volatility
XLE vs. PDBC - Volatility Comparison
State Street Energy Select Sector SPDR ETF (XLE) has a higher volatility of 7.26% compared to Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) at 4.91%. This indicates that XLE's price experiences larger fluctuations and is considered to be riskier 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
| XLE | PDBC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.26% | 4.91% | +2.35% |
Volatility (6M)Calculated over the trailing 6-month period | 16.79% | 16.12% | +0.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.57% | 18.85% | +1.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.05% | 19.16% | +6.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.58% | 17.79% | +11.79% |
XLE vs. PDBC - Expense Ratio Comparison
XLE has a 0.08% expense ratio, which is lower than PDBC's 0.58% expense ratio.
Dividends
XLE vs. PDBC - Dividend Comparison
XLE's dividend yield for the trailing twelve months is around 2.59%, less 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% |
XLE State Street Energy Select Sector SPDR ETF | 2.59% | 3.28% | 3.36% | 3.55% | 3.68% | 4.21% | 5.62% | 6.72% | 3.54% | 3.03% | 2.26% | 3.39% |
Frequently Asked Questions
XLE and PDBC have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
XLE has higher volatility (7.26%) compared to PDBC (4.91%). In terms of maximum drawdown, XLE dropped -71.26% vs PDBC's -49.52%.
On 10-year performance, XLE leads with 9.91% vs 7.99% for PDBC. On fees, XLE is cheaper at 0.08% per year. On volatility, PDBC has been the lower-risk option at 4.91%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, XLE has performed better with a 9.91% return vs 7.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XLE is cheaper with a 0.08% expense ratio, compared with 0.58% for PDBC.
PDBC has the higher dividend yield at 2.98%, compared with 2.59% for XLE.
XLE is categorized as Energy Equities, while PDBC is Commodities. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.08% for XLE and 0.58% for PDBC.
PDBC currently has the higher Sharpe Ratio (1.84 vs 1.82), 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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