ZPRI.DE vs. DBC
ZPRI.DE (SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF) and DBC (Invesco DB Commodity Index Tracking Fund) are both exchange-traded funds - ZPRI.DE is a Diversified Portfolio fund tracking the Morningstar Global Multi-Asset Infrastructure, 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, ZPRI.DE returned 4.91%/yr vs 8.33%/yr for DBC. At a 0.22 correlation, their price movements are largely independent. ZPRI.DE charges 0.40%/yr vs 0.85%/yr for DBC.
Performance
ZPRI.DE vs. DBC - Performance Comparison
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Different Trading Currencies
ZPRI.DE is traded in EUR, while DBC is traded in USD. To make them comparable, the DBC values have been converted to EUR using the latest available exchange rates.
Returns By Period
In the year-to-date period, ZPRI.DE achieves a 5.11% return, which is significantly lower than DBC's 33.29% return. Over the past 10 years, ZPRI.DE has underperformed DBC with an annualized return of 4.91%, while DBC has yielded a comparatively higher 8.33% annualized return.
ZPRI.DE
- 1D
- -0.55%
- 1M
- -0.58%
- YTD
- 5.11%
- 6M
- 4.65%
- 1Y
- 9.08%
- 3Y*
- 6.15%
- 5Y*
- 3.55%
- 10Y*
- 4.91%
DBC
- 1D
- -1.39%
- 1M
- -1.33%
- YTD
- 33.29%
- 6M
- 30.86%
- 1Y
- 39.73%
- 3Y*
- 10.99%
- 5Y*
- 13.20%
- 10Y*
- 8.33%
ZPRI.DE vs. DBC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZPRI.DE SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF | 5.11% | 1.93% | 8.86% | 3.55% | -7.87% | 14.34% | -1.90% | 20.85% | 1.57% | -1.34% |
DBC Invesco DB Commodity Index Tracking Fund | 33.29% | -4.72% | 8.93% | -9.01% | 26.73% | 51.93% | -15.43% | 14.37% | -7.48% | -8.03% |
Correlation
The correlation between ZPRI.DE and DBC is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.08 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.12 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.18 |
Correlation (All Time) Calculated using the full available price history since Apr 16, 2015 | 0.22 |
The correlation between ZPRI.DE and DBC shifts across timeframes, from 0.08 (3 years) to 0.22 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
ZPRI.DE vs. DBC — Risk / Return Rank
ZPRI.DE
DBC
ZPRI.DE vs. DBC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF (ZPRI.DE) 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.
| ZPRI.DE | DBC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.64 | ||
| Sortino ratioReturn per unit of downside risk | -0.79 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.33 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 2.62 | 4.81 | -2.19 |
| Martin ratioReturn relative to average drawdown | 7.25 | 9.90 | -2.65 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ZPRI.DE | DBC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.28 | 1.92 | -0.64 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.35 | 0.66 | -0.31 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.47 | 0.45 | +0.02 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.35 | 0.15 | +0.21 |
Drawdowns
ZPRI.DE vs. DBC - Drawdown Comparison
The maximum ZPRI.DE drawdown since its inception was -22.84%, smaller than the maximum DBC drawdown of -65.73%. Use the drawdown chart below to compare losses from any high point for ZPRI.DE and DBC.
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Drawdown Indicators
| ZPRI.DE | DBC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.84% | -65.73% | +42.89% |
Max Drawdown (1Y)Largest decline over 1 year | -3.37% | -8.30% | +4.93% |
Max Drawdown (3Y)Largest decline over 3 years | -11.11% | -17.61% | +6.50% |
Max Drawdown (5Y)Largest decline over 5 years | -14.82% | -29.98% | +15.16% |
Max Drawdown (10Y)Largest decline over 10 years | -22.84% | -38.20% | +15.36% |
Current DrawdownCurrent decline from peak | -1.86% | -6.83% | +4.97% |
Average DrawdownAverage peak-to-trough decline | -5.00% | -35.98% | +30.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.22% | 4.02% | -2.80% |
Volatility
ZPRI.DE vs. DBC - Volatility Comparison
The current volatility for SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF (ZPRI.DE) is 1.70%, while Invesco DB Commodity Index Tracking Fund (DBC) has a volatility of 6.32%. This indicates that ZPRI.DE 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
| ZPRI.DE | DBC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.70% | 6.32% | -4.62% |
Volatility (6M)Calculated over the trailing 6-month period | 5.27% | 16.97% | -11.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.91% | 20.78% | -13.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.93% | 19.99% | -10.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.37% | 18.55% | -8.18% |
ZPRI.DE vs. DBC - Expense Ratio Comparison
ZPRI.DE has a 0.40% expense ratio, which is lower than DBC's 0.85% expense ratio.
Dividends
ZPRI.DE vs. DBC - Dividend Comparison
ZPRI.DE's dividend yield for the trailing twelve months is around 2.91%, more than DBC's 2.55% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DBC Invesco DB Commodity Index Tracking Fund | 2.55% | 3.33% | 5.22% | 4.94% | 0.59% | 0.00% | 0.00% | 1.59% | 1.30% | 0.00% | 0.00% | 0.00% |
ZPRI.DE SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF | 2.91% | 2.99% | 2.76% | 2.78% | 2.54% | 1.89% | 2.23% | 2.29% | 2.18% | 2.36% | 2.21% | 1.19% |
Frequently Asked Questions
ZPRI.DE and DBC have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZPRI.DE is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZPRI.DE is cheaper with a 0.40% expense ratio, compared with 0.85% for DBC.
ZPRI.DE is categorized as Diversified Portfolio, while DBC is Commodities. ZPRI.DE tracks Morningstar Global Multi-Asset Infrastructure, while DBC tracks DBIQ Optimum Yield Diversified Commodity Index Excess Return. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.40% for ZPRI.DE and 0.85% for DBC.
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