DBC vs DBA: returns, risk and drawdowns compared
Invesco DB Commodity Index Tracking Fund against Invesco DB Agriculture Fund, over the same 19 years (February 2007 to October 2026) with dividends reinvested.
Data updated October 2026
From February 2007 to October 2026, DBC returned 2.8% a year and DBA 1.4% a year on average, so DBC came out ahead by 1.4% a year. DBC was the more volatile of the two (18.9% against 15.3% a year), and the deepest falls from a month-end high were 74.6% for DBC and 66.0% for DBA.
The correlation of monthly returns was 0.61: they moved together only in part. Over 202 rolling 3-year periods, DBC did better in 54% and DBA in 46%.
Side by side
| DBC | DBA | |
|---|---|---|
| Annual return (CAGR) | +2.8% | +1.4% |
| Total return | +72% | +31% |
| Annual volatility | 18.9% | 15.3% |
| Maximum drawdown (month-end) | −74.6% | −66.0% |
| Worst month | −21.4% | −15.3% |
| Best month | +16.3% | +15.1% |
| Positive months | 53% | 49% |
| Best year | 2021: +41.4% | 2024: +33.5% |
| Worst year | 2008: −31.8% | 2008: −19.1% |
| 1-year return | +56.6% | +8.6% |
| 5 years, a year | +12.3% | +10.9% |
| 10 years, a year | +10.0% | +4.9% |
| Trading currency | USD | USD |
First nine rows: the same 237 months for both funds. Trailing returns: to each fund’s last close.
Growth of 10,000: DBC vs DBA
Returns by calendar year
| Year | DBC | DBA |
|---|---|---|
| 2025 | +8.1% | −0.6% |
| 2024 | +2.2% | +33.5% |
| 2023 | −6.2% | +7.6% |
| 2022 | +19.3% | +2.5% |
| 2021 | +41.4% | +22.4% |
| 2020 | −7.8% | −2.5% |
| 2019 | +11.8% | −0.7% |
| 2018 | −11.6% | −8.7% |
| 2017 | +4.9% | −6.1% |
| 2016 | +18.6% | −3.1% |
| 2015 | −27.6% | −17.2% |
| 2014 | −28.1% | +2.6% |
| 2013 | −7.6% | −13.2% |
| 2012 | +3.5% | −3.2% |
| 2011 | −2.6% | −10.7% |
| 2010 | +11.9% | +22.4% |
| 2009 | +16.2% | +1.0% |
| 2008 | −31.8% | −19.1% |
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.
The comparison uses only the months in which both funds have prices, so the figures cover the same period even when one fund is older.
Questions
Which has returned more, DBC or DBA?
From February 2007 to October 2026, DBC returned +2.8% a year and DBA +1.4% a year, with dividends reinvested. Over rolling 3-year periods DBC did better in 54% of cases. Past returns do not predict future returns.
Which is riskier, DBC or DBA?
Over the same months annual volatility was 18.9% for DBC and 15.3% for DBA; the deepest fall from a month-end high was 74.6% and 66.0%, and the worst single month −21.4% and −15.3%.
How correlated are DBC and DBA?
The correlation of their monthly returns was 0.61: they moved together only in part. Combining them has historically given some diversification.
More comparisons
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.