DBA: Invesco DB Agriculture Fund returns, drawdowns and risk
Funds that invest in commodity futures: oil, natural gas, agriculture, copper or a broad basket.
Data updated October 2026
DBA · US exchange · USDCategory: Oil, gas and commodity ETFsData from January 2007
From January 2007 to October 2026 DBA returned 1.5% a year on average with dividends reinvested, in US dollars: $10,000 invested at the start grew to $13,513.
Its deepest fall was 68.0%, from February 2008 to June 2020, and it has not yet returned to the previous high. Annual volatility was 17.1%; at the last close it was 22.4% below its high.
Against SPY (SPDR S&P 500 ETF Trust), over the 237 months both have data, the correlation of monthly returns was 0.27: they moved largely independently. Beta was 0.27. In months when SPY rose, DBA moved 23% as much on average; in months when SPY fell, 24% as much.
Key figures
- Annual return (CAGR)
- +1.5%
- 1-year return
- +8.6%
- 5 years, a year
- +10.9%
- 10 years, a year
- +4.9%
- Annual volatility
- 17.1%
- Maximum drawdown
- −68.0%
- Sharpe ratio
- 0.08
- Worst year
- 2008: −19.1%
Trailing returns
| Period | DBA | SPY |
|---|---|---|
| 1 year | +8.6% | +16.6% |
| 3 years, a year | +13.1% | +23.1% |
| 5 years, a year | +10.9% | +12.7% |
| 10 years, a year | +4.9% | +15.4% |
To the last close of October 2026. Periods longer than a year are annualised.
Growth of $10,000: DBA vs SPY
Month-end values from February 2007, the first month both funds have data.
DBA drawdowns
Percentage below the previous high, weekly.
Returns by calendar year
| Year | DBA | SPY |
|---|---|---|
| 2026(partial) | +10.2% | +13.3% |
| 2025 | −0.6% | +17.7% |
| 2024 | +33.5% | +24.9% |
| 2023 | +7.6% | +26.2% |
| 2022 | +2.5% | −18.2% |
| 2021 | +22.4% | +28.7% |
| 2020 | −2.5% | +18.3% |
| 2019 | −0.7% | +31.2% |
| 2018 | −8.7% | −4.6% |
| 2017 | −6.1% | +21.7% |
| 2016 | −3.1% | +12.0% |
| 2015 | −17.2% | +1.2% |
| 2014 | +2.6% | +13.5% |
| 2013 | −13.2% | +32.3% |
| 2012 | −3.2% | +16.0% |
| 2011 | −10.7% | +1.9% |
| 2010 | +22.4% | +15.1% |
| 2009 | +1.0% | +26.4% |
| 2008 | −19.1% | −36.8% |
| 2007(partial) | +33.7% | — |
DBA compared
How the figures are calculated
Total return in the fund’s trading currency, from end-of-day prices with dividends reinvested on the ex-date. The fund’s own ongoing charges are already reflected in its price; trading costs, taxes and currency conversion are not included. Past returns do not predict future returns.
Sharpe ratio uses the return of short-term government bills in the same currency as the risk-free rate. The growth chart uses month-end values; drawdowns and volatility use daily closes.
Questions
What is the average annual return of DBA?
From January 2007 to October 2026 DBA returned 1.5% a year on average (CAGR) with dividends reinvested, in USD. Over the last 5 years: +10.9% a year. Over the last 12 months: +8.6%.
What was the worst drawdown of DBA?
68.0%, from February 2008 to June 2020; it has not yet returned to the previous high.
How volatile is DBA?
Annual volatility was 17.1% over the period. Its worst month was −15.3% and 49% of months were positive. Worst calendar year: 2008 (−19.1%).
How closely does DBA follow SPY?
Over 237 months the correlation of monthly returns was 0.27, so they moved largely independently, with a beta of 0.27.
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Other Oil, gas and commodity ETFs
- All Oil, gas and commodity ETFsReturns and risk side by side
- USO — United States Oil FundCAGR +32.1%
- DBC — Invesco DB Commodity Index Tracking FundCAGR +2.8%
- PDBC — Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETFCAGR +2.3%
- UNG — United States Natural Gas FundCAGR −20.7%
- CPER — United States Copper Index FundCAGR +3.1%
- GSG — iShares S&P GSCI Commodity-Indexed TrustCAGR −0.5%
Source: MarketStack end-of-day prices, total return with dividends reinvested. Figures are historical and descriptive; they are not forecasts and not investment advice. MEDGE Capital does not recommend buying or selling any instrument. Risk disclaimer.