DBC vs PDBC: returns, risk and drawdowns compared
Invesco DB Commodity Index Tracking Fund against Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF, over the same 11 years (December 2014 to October 2026) with dividends reinvested.
Data updated October 2026
From December 2014 to October 2026, DBC returned 5.7% a year and PDBC 2.9% a year on average, so DBC came out ahead by 2.8% a year. PDBC was the more volatile of the two (18.4% against 17.5% a year), and the deepest falls from a month-end high were 45.1% for DBC and 44.5% for PDBC.
The correlation of monthly returns was 0.89: they usually moved together. Over 108 rolling 3-year periods, DBC did better in 91% and PDBC in 9%.
Side by side
| DBC | PDBC | |
|---|---|---|
| Annual return (CAGR) | +5.7% | +2.9% |
| Total return | +94% | +40% |
| Annual volatility | 17.5% | 18.4% |
| Maximum drawdown (month-end) | −45.1% | −44.5% |
| Worst month | −17.3% | −21.7% |
| Best month | +15.3% | +16.1% |
| Positive months | 57% | 56% |
| Best year | 2021: +41.4% | 2022: +19.2% |
| Worst year | 2015: −27.6% | 2015: −26.9% |
| 1-year return | +56.6% | +57.4% |
| 5 years, a year | +12.3% | +5.3% |
| 10 years, a year | +10.0% | +6.3% |
| Trading currency | USD | USD |
First nine rows: the same 143 months for both funds. Trailing returns: to each fund’s last close.
Growth of 10,000: DBC vs PDBC
Returns by calendar year
| Year | DBC | PDBC |
|---|---|---|
| 2025 | +8.1% | +6.0% |
| 2024 | +2.2% | +2.1% |
| 2023 | −6.2% | −6.1% |
| 2022 | +19.3% | +19.2% |
| 2021 | +41.4% | +4.1% |
| 2020 | −7.8% | −7.8% |
| 2019 | +11.8% | +11.4% |
| 2018 | −11.6% | −12.8% |
| 2017 | +4.9% | +5.1% |
| 2016 | +18.6% | +18.0% |
| 2015 | −27.6% | −26.9% |
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 PDBC?
From December 2014 to October 2026, DBC returned +5.7% a year and PDBC +2.9% a year, with dividends reinvested. Over rolling 3-year periods DBC did better in 91% of cases. Past returns do not predict future returns.
Which is riskier, DBC or PDBC?
Over the same months annual volatility was 17.5% for DBC and 18.4% for PDBC; the deepest fall from a month-end high was 45.1% and 44.5%, and the worst single month −17.3% and −21.7%.
How correlated are DBC and PDBC?
The correlation of their monthly returns was 0.89: they usually moved together. 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.