PDBC vs CPER: returns, risk and drawdowns compared
Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF against United States Copper Index Fund, over the same 11 years (December 2014 to October 2026) with dividends reinvested.
Data updated October 2026
From December 2014 to October 2026, PDBC returned 2.9% a year and CPER 6.2% a year on average, so CPER came out ahead by 3.3% a year. CPER was the more volatile of the two (20.4% against 18.4% a year), and the deepest falls from a month-end high were 44.5% for PDBC and 34.2% for CPER.
The correlation of monthly returns was 0.41: they moved together only in part. Over 108 rolling 3-year periods, PDBC did better in 15% and CPER in 85%.
Side by side
| PDBC | CPER | |
|---|---|---|
| Annual return (CAGR) | +2.9% | +6.2% |
| Total return | +40% | +105% |
| Annual volatility | 18.4% | 20.4% |
| Maximum drawdown (month-end) | −44.5% | −34.2% |
| Worst month | −21.7% | −14.4% |
| Best month | +16.1% | +16.9% |
| Positive months | 56% | 53% |
| Best year | 2022: +19.2% | 2025: +39.0% |
| Worst year | 2015: −26.9% | 2015: −25.0% |
| 1-year return | +57.4% | +29.5% |
| 5 years, a year | +5.3% | +7.3% |
| 10 years, a year | +6.3% | +11.1% |
| 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: PDBC vs CPER
Returns by calendar year
| Year | PDBC | CPER |
|---|---|---|
| 2025 | +6.0% | +39.0% |
| 2024 | +2.1% | +4.2% |
| 2023 | −6.1% | +4.5% |
| 2022 | +19.2% | −15.1% |
| 2021 | +4.1% | +25.2% |
| 2020 | −7.8% | +23.9% |
| 2019 | +11.4% | +6.7% |
| 2018 | −12.8% | −21.9% |
| 2017 | +5.1% | +28.8% |
| 2016 | +18.0% | +14.6% |
| 2015 | −26.9% | −25.0% |
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, PDBC or CPER?
From December 2014 to October 2026, PDBC returned +2.9% a year and CPER +6.2% a year, with dividends reinvested. Over rolling 3-year periods PDBC did better in 15% of cases. Past returns do not predict future returns.
Which is riskier, PDBC or CPER?
Over the same months annual volatility was 18.4% for PDBC and 20.4% for CPER; the deepest fall from a month-end high was 44.5% and 34.2%, and the worst single month −21.7% and −14.4%.
How correlated are PDBC and CPER?
The correlation of their monthly returns was 0.41: they moved together only in part. Combining them has historically smoothed the ups and downs of either one alone.
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.