XPH vs. PDBC
XPH (SPDR S&P Pharmaceuticals ETF) and PDBC (Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF) are both exchange-traded funds - XPH is a Health & Biotech Equities fund tracking the S&P Pharmaceuticals Select Industry Index, while PDBC is a Commodities fund actively managed by Invesco. XPH is passively managed, while PDBC is actively managed. Over the past 10 years, XPH returned 5.48%/yr vs 7.69%/yr for PDBC. At a 0.13 correlation, their price movements are largely independent. XPH charges 0.35%/yr vs 0.58%/yr for PDBC.
Performance
XPH vs. PDBC - Performance Comparison
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Returns By Period
In the year-to-date period, XPH achieves a 22.45% return, which is significantly lower than PDBC's 24.08% return. Over the past 10 years, XPH has underperformed PDBC with an annualized return of 5.48%, while PDBC has yielded a comparatively higher 7.69% annualized return.
XPH
- 1D
- -2.30%
- 1M
- 13.67%
- 6M
- 23.00%
- YTD
- 22.45%
- 1Y
- 63.68%
- 3Y*
- 20.03%
- 5Y*
- 6.98%
- 10Y*
- 5.48%
PDBC
- 1D
- 0.12%
- 1M
- -3.63%
- 6M
- 21.24%
- YTD
- 24.08%
- 1Y
- 27.16%
- 3Y*
- 9.96%
- 5Y*
- 10.22%
- 10Y*
- 7.69%
XPH vs. PDBC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XPH SPDR S&P Pharmaceuticals ETF | 22.45% | 31.60% | 4.94% | 2.97% | -9.83% | -10.54% | 14.68% | 25.61% | -15.32% | 12.05% |
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 24.08% | 5.96% | 2.09% | -6.25% | 19.23% | 41.72% | -7.84% | 11.44% | -12.78% | 5.06% |
Correlation
The correlation between XPH and PDBC is -0.22, 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 | -0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.05 |
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 | 0.13 |
The correlation between XPH and PDBC shifts across timeframes, from -0.22 (1 year) to 0.14 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
XPH vs. PDBC — Risk / Return Rank
XPH
PDBC
XPH vs. PDBC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Pharmaceuticals ETF (XPH) 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.
| XPH | PDBC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.23 | ||
| Sortino ratioReturn per unit of downside risk | +1.56 | ||
| Omega ratioGain probability vs. loss probability | 1.44 | 1.27 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 5.19 | 1.75 | +3.44 |
| Martin ratioReturn relative to average drawdown | 18.62 | 6.25 | +12.37 |
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Drawdowns
XPH vs. PDBC - Drawdown Comparison
The maximum XPH drawdown since its inception was -48.03%, roughly equal to the maximum PDBC drawdown of -49.52%. Use the drawdown chart below to compare losses from any high point for XPH and PDBC.
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Drawdown Indicators
| XPH | PDBC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.03% | -49.52% | +1.49% |
Max Drawdown (1Y)Largest decline over 1 year | -11.97% | -16.55% | +4.58% |
Max Drawdown (3Y)Largest decline over 3 years | -23.57% | -16.55% | -7.02% |
Max Drawdown (5Y)Largest decline over 5 years | -31.63% | -27.63% | -4.00% |
Max Drawdown (10Y)Largest decline over 10 years | -35.97% | -40.73% | +4.76% |
Current DrawdownCurrent decline from peak | -2.30% | -13.06% | +10.76% |
Average DrawdownAverage peak-to-trough decline | -17.17% | -23.11% | +5.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.33% | 4.64% | -1.31% |
Volatility
XPH vs. PDBC - Volatility Comparison
SPDR S&P Pharmaceuticals ETF (XPH) has a higher volatility of 6.53% compared to Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) at 5.48%. This indicates that XPH'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
| XPH | PDBC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.53% | 5.48% | +1.05% |
Volatility (6M)Calculated over the trailing 6-month period | 17.21% | 16.59% | +0.62% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.34% | 18.72% | +3.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.07% | 19.19% | +1.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.09% | 17.75% | +4.34% |
XPH vs. PDBC - Expense Ratio Comparison
XPH has a 0.35% expense ratio, which is lower than PDBC's 0.58% expense ratio.
Dividends
XPH vs. PDBC - Dividend Comparison
XPH's dividend yield for the trailing twelve months is around 0.49%, less than PDBC's 3.09% 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 | 3.09% | 3.84% | 4.42% | 4.21% | 13.05% | 50.83% | 0.01% | 1.40% | 1.00% | 3.83% | 6.51% | 0.00% |
XPH SPDR S&P Pharmaceuticals ETF | 0.49% | 0.83% | 1.58% | 1.28% | 1.64% | 0.95% | 0.47% | 0.64% | 0.65% | 0.67% | 0.63% | 7.15% |
Frequently Asked Questions
XPH and PDBC have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
XPH has higher volatility (6.53%) compared to PDBC (5.48%). In terms of maximum drawdown, XPH dropped -48.03% vs PDBC's -49.52%.
On 10-year performance, PDBC leads with 7.69% vs 5.48% for XPH. On fees, XPH is cheaper at 0.35% per year. On volatility, PDBC has been the lower-risk option at 5.48%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PDBC has performed better with a 7.69% return vs 5.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XPH is cheaper with a 0.35% expense ratio, compared with 0.58% for PDBC.
PDBC has the higher dividend yield at 3.09%, compared with 0.49% for XPH.
XPH 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 XPH and 0.58% for PDBC.
XPH currently has the higher Sharpe Ratio (2.78 vs 1.55), 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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