XOEX vs. DBC
XOEX (Xtrackers S&P 100 Ex Top 20 ETF) and DBC (Invesco DB Commodity Index Tracking Fund) are both exchange-traded funds - XOEX is a Large Cap Blend Equities fund tracking the S&P 100 Ex-Top 20 Select Index, 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, XOEX returned 17.62%/yr vs 9.99%/yr for DBC. Their 0.09 correlation means their historical movements had little consistent relationship. XOEX charges 0.15%/yr vs 0.85%/yr for DBC.
Performance
XOEX vs. DBC - Performance Comparison
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Returns By Period
In the year-to-date period, XOEX achieves a 13.49% return, which is significantly lower than DBC's 27.37% return.
XOEX
- 1D
- 0.00%
- 1M
- 1.17%
- 6M
- 11.83%
- YTD
- 13.49%
- 1Y
- 27.43%
- 3Y*
- 17.62%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 17.16%
DBC
- 1D
- 0.60%
- 1M
- 5.48%
- 6M
- 17.73%
- YTD
- 27.37%
- 1Y
- 34.92%
- 3Y*
- 9.99%
- 5Y*
- 11.48%
- 10Y*
- 8.90%
- ALL TIME*
- 1.88%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $29.84M | $30.72M | $31.47M | |
| $13.58M | $6.19M | $2.84M |
XOEX vs. DBC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
XOEX Xtrackers S&P 100 Ex Top 20 ETF | 13.49% | 18.97% | 12.07% | 15.99% | 2.98% |
DBC Invesco DB Commodity Index Tracking Fund | 27.37% | 8.10% | 2.18% | -6.19% | -4.73% |
Correlation
The correlation between XOEX and DBC is -0.19, 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. | -0.19 |
Correlation (3Y) Balances recent behavior with more history. | -0.02 |
Correlation (All Time) Calculated using the full available price history since Nov 9, 2022 | 0.09 |
The correlation between XOEX and DBC shifts across timeframes, from -0.19 (1 year) to 0.09 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
XOEX vs. DBC — Risk / Return Rank
XOEX
DBC
XOEX vs. DBC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Xtrackers S&P 100 Ex Top 20 ETF (XOEX) 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.
| XOEX | DBC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.63 | ||
| Sortino ratioReturn per unit of downside risk | +1.05 | ||
| Omega ratioGain probability vs. loss probability | 1.43 | 1.30 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 3.77 | 2.12 | +1.65 |
| Martin ratioReturn relative to average drawdown | 14.73 | 6.91 | +7.82 |
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Drawdowns
XOEX vs. DBC - Drawdown Comparison
The maximum XOEX drawdown since its inception was -14.68%, smaller than the maximum DBC drawdown of -76.36%. Use the drawdown chart below to compare losses from any high point for XOEX and DBC.
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Drawdown Indicators
| XOEX | DBC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.68% | -76.36% | +61.68% |
Max Drawdown (1Y)Largest decline over 1 year | -7.31% | -16.54% | +9.23% |
Max Drawdown (3Y)Largest decline over 3 years | -14.68% | -16.54% | +1.86% |
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% | -26.32% | +26.32% |
Average DrawdownAverage peak-to-trough decline | -2.57% | -46.06% | +43.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.87% | 5.07% | -3.20% |
Volatility
XOEX vs. DBC - Volatility Comparison
The current volatility for Xtrackers S&P 100 Ex Top 20 ETF (XOEX) is 3.53%, while Invesco DB Commodity Index Tracking Fund (DBC) has a volatility of 7.61%. This indicates that XOEX 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
| XOEX | DBC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.53% | 7.61% | -4.08% |
Volatility (6M)Calculated over the trailing 6-month period | 9.10% | 16.61% | -7.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.45% | 19.70% | -8.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.37% | 19.33% | -5.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.37% | 17.89% | -4.52% |
XOEX vs. DBC - Expense Ratio Comparison
XOEX has a 0.15% expense ratio, which is lower than DBC's 0.85% expense ratio.
Dividends
XOEX vs. DBC - Dividend Comparison
XOEX's dividend yield for the trailing twelve months is around 1.43%, less than DBC's 2.61% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBC Invesco DB Commodity Index Tracking Fund | 2.61% | 3.33% | 5.22% | 4.94% | 0.59% | 0.00% | 0.00% | 1.59% | 1.30% |
XOEX Xtrackers S&P 100 Ex Top 20 ETF | 1.43% | 1.95% | 2.09% | 1.72% | 0.42% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
XOEX and DBC have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBC has higher volatility (7.61%) compared to XOEX (3.53%). In terms of maximum drawdown, XOEX dropped -14.68% vs DBC's -76.36%.
On 3-year performance, XOEX leads with 17.62% vs 9.99% for DBC. On fees, XOEX is cheaper at 0.15% per year. On volatility, XOEX has been the lower-risk option at 3.53%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, XOEX has performed better with a 17.62% return vs 9.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XOEX is cheaper with a 0.15% expense ratio, compared with 0.85% for DBC.
DBC has the higher dividend yield at 2.61%, compared with 1.43% for XOEX.
XOEX is categorized as Large Cap Blend Equities, while DBC is Commodities. XOEX tracks S&P 100 Ex-Top 20 Select Index, while DBC tracks DBIQ Optimum Yield Diversified Commodity Index Excess Return. They also come from different issuers: Xtrackers and Invesco. Their fees differ too: 0.15% for XOEX and 0.85% for DBC.
XOEX currently has the higher Sharpe Ratio (2.41 vs 1.78), 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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