XMMO vs. DBC
XMMO (Invesco S&P MidCap Momentum ETF) and DBC (Invesco DB Commodity Index Tracking Fund) are both exchange-traded funds - XMMO is a Momentum fund tracking the S&P MidCap 400 Momentum Index, while DBC is a Commodities fund tracking the DBIQ Optimum Yield Diversified Commodity Index Excess Return. Both are passively managed. Over the past 10 years, XMMO returned 20.42%/yr vs 8.01%/yr for DBC. At a 0.30 correlation, their price movements are largely independent. XMMO charges 0.35%/yr vs 0.85%/yr for DBC.
Performance
XMMO vs. DBC - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, XMMO achieves a 25.95% return, which is significantly higher than DBC's 22.58% return. Over the past 10 years, XMMO has outperformed DBC with an annualized return of 20.42%, while DBC has yielded a comparatively lower 8.01% annualized return.
XMMO
- 1D
- 1.31%
- 1M
- 5.63%
- YTD
- 25.95%
- 6M
- 23.04%
- 1Y
- 40.85%
- 3Y*
- 32.12%
- 5Y*
- 16.76%
- 10Y*
- 20.42%
DBC
- 1D
- -0.80%
- 1M
- -10.25%
- YTD
- 22.58%
- 6M
- 22.42%
- 1Y
- 21.81%
- 3Y*
- 10.98%
- 5Y*
- 10.64%
- 10Y*
- 8.01%
XMMO vs. DBC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XMMO Invesco S&P MidCap Momentum ETF | 25.95% | 13.04% | 38.03% | 20.39% | -16.02% | 16.69% | 29.17% | 36.78% | 6.12% | 37.18% |
DBC Invesco DB Commodity Index Tracking Fund | 22.58% | 8.10% | 2.18% | -6.19% | 19.34% | 41.36% | -7.84% | 11.84% | -11.63% | 4.86% |
Correlation
The correlation between XMMO and DBC is -0.17, 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 | -0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.17 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.21 |
Correlation (All Time) Calculated using the full available price history since Feb 6, 2006 | 0.30 |
The correlation between XMMO and DBC shifts across timeframes, from -0.17 (1 year) to 0.30 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
XMMO vs. DBC — Risk / Return Rank
XMMO
DBC
XMMO vs. DBC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco S&P MidCap Momentum ETF (XMMO) 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.
| XMMO | DBC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.90 | ||
| Sortino ratioReturn per unit of downside risk | +1.18 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.21 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 4.92 | 1.62 | +3.30 |
| Martin ratioReturn relative to average drawdown | 19.55 | 6.82 | +12.74 |
Loading charts...
Drawdowns
XMMO vs. DBC - Drawdown Comparison
The maximum XMMO drawdown since its inception was -55.37%, smaller than the maximum DBC drawdown of -76.36%. Use the drawdown chart below to compare losses from any high point for XMMO and DBC.
Loading charts...
Drawdown Indicators
| XMMO | DBC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.37% | -76.36% | +20.99% |
Max Drawdown (1Y)Largest decline over 1 year | -8.34% | -13.51% | +5.17% |
Max Drawdown (3Y)Largest decline over 3 years | -24.93% | -13.82% | -11.11% |
Max Drawdown (5Y)Largest decline over 5 years | -27.91% | -27.34% | -0.57% |
Max Drawdown (10Y)Largest decline over 10 years | -36.74% | -41.71% | +4.97% |
Current DrawdownCurrent decline from peak | 0.00% | -29.09% | +29.09% |
Average DrawdownAverage peak-to-trough decline | -9.43% | -46.17% | +36.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.09% | 3.97% | -1.88% |
Volatility
XMMO vs. DBC - Volatility Comparison
Invesco S&P MidCap Momentum ETF (XMMO) has a higher volatility of 8.04% compared to Invesco DB Commodity Index Tracking Fund (DBC) at 4.60%. This indicates that XMMO'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.
Loading charts...
Volatility by Period
| XMMO | DBC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.04% | 4.60% | +3.44% |
Volatility (6M)Calculated over the trailing 6-month period | 16.60% | 16.16% | +0.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.82% | 18.75% | +1.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.62% | 19.20% | +2.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.35% | 17.81% | +4.54% |
XMMO vs. DBC - Expense Ratio Comparison
XMMO has a 0.35% expense ratio, which is lower than DBC's 0.85% expense ratio.
Dividends
XMMO vs. DBC - Dividend Comparison
XMMO's dividend yield for the trailing twelve months is around 0.74%, less than DBC's 2.72% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DBC Invesco DB Commodity Index Tracking Fund | 2.72% | 3.33% | 5.22% | 4.94% | 0.59% | 0.00% | 0.00% | 1.59% | 1.30% | 0.00% | 0.00% | 0.00% |
XMMO Invesco S&P MidCap Momentum ETF | 0.74% | 0.78% | 0.34% | 0.80% | 1.43% | 0.41% | 0.61% | 0.60% | 0.19% | 0.21% | 0.22% | 0.64% |
Frequently Asked Questions
XMMO and DBC have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
XMMO has higher volatility (8.04%) compared to DBC (4.60%). In terms of maximum drawdown, XMMO dropped -55.37% vs DBC's -76.36%.
On 10-year performance, XMMO leads with 20.42% vs 8.01% for DBC. On fees, XMMO is cheaper at 0.35% per year. On volatility, DBC has been the lower-risk option at 4.60%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, XMMO has performed better with a 20.42% return vs 8.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XMMO is cheaper with a 0.35% expense ratio, compared with 0.85% for DBC.
DBC has the higher dividend yield at 2.72%, compared with 0.74% for XMMO.
XMMO is categorized as Momentum, while DBC is Commodities. XMMO tracks S&P MidCap 400 Momentum Index, while DBC tracks DBIQ Optimum Yield Diversified Commodity Index Excess Return. Their fees differ too: 0.35% for XMMO and 0.85% for DBC.
XMMO currently has the higher Sharpe Ratio (2.08 vs 1.17), 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.
Find the right allocation for XMMO and DBC
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer