DBC vs PDBC ETF Comparison 2026: Invesco Commodity ETFs: AI Score, Valuation, Performance and Upside
DBC and PDBC are both Invesco broad commodity ETFs providing diversified exposure to energy, metals, and agricultural commodity futures. The primary practical difference is tax structure — DBC issues K-1 forms (partnership structure) while PDBC is structured to issue standard 1099 forms, making PDBC generally more convenient for retail investors and compatible with tax-advantaged accounts.
DBC vs PDBC is essentially the same commodity exposure offered in two different tax structures — choose DBC for longer-established track record, or PDBC for K-1-free tax simplicity, depending on your account type and tax situation.
PDBC holds the edge across 5 of 5 key metrics in this comparison. PDBC has delivered stronger 1-year price return (+48.10% vs +46.65% for DBC).
- Want the longest-established broad commodity futures ETF with institutional credibility and track record
- Are comfortable managing K-1 tax forms and hold DBC in taxable accounts where the complexity is manageable
- Want Invesco's optimum yield roll strategy for broad commodity diversification across energy, metals, and agriculture
- Want broad commodity futures exposure without the K-1 tax form complications from DBC's partnership structure
- Are holding commodity exposure in tax-advantaged accounts (IRA, 401k) where partnership K-1s create UBTI complications
- Value tax simplicity and standard 1099 reporting as the primary decision factor when choosing between broadly similar commodity exposures
| Metric | DBC | PDBC |
|---|---|---|
| ETF scorei | 27.6 | 25.4 |
| Latest closei | $32.46 | $19.36 |
| 1M returni | -0.25% | -0.41% |
| 3M returni | +12.40% | +12.23% |
| 6M returni | +3.61% | +3.64% |
| 1Y returni | +46.65% | +48.10% |
The ETF score weights long-term returns and risk-adjusted performance most heavily, but still rewards low expense ratios, larger fund size, and broader diversification — so it can favor low-cost, broad, mega-cap funds over smaller thematic or actively-managed funds even when the latter have delivered stronger returns.
How much would $10,000 be worth today if invested at the start of each period, with all dividends reinvested?
| Period | DBC | PDBC |
|---|---|---|
| 1Y ago | $15.04K (+50.4%) started 2025-11-03 | $15.22K (+52.2%) started 2025-11-03 |
| 5Y ago | $20.52K (+105.2%) started 2021-11-03 | $40.83K (+308.3%) started 2021-11-03 |
| 10Y ago | $31.01K (+210.1%) started 2016-11-03 | $75.75K (+657.5%) started 2016-11-03 |
Hypothetical — past performance does not guarantee future results.
| Metric | DBC | PDBC |
|---|---|---|
| Expense ratioi | 0.85% | 0.59% |
| Total assets (AUM)i | $1.92B | $7.7B |
| Dividend yieldi | 2.30% | 2.64% |
| Trailing P/Ei | N/A | N/A |
| Betai | 0.09 | 0.15 |
| 52-week change | 46.65% | 48.10% |
| Metric | DBC | PDBC |
|---|---|---|
| 1Y returni | +46.65% | +48.10% |
| 6M returni | +3.61% | +3.64% |
| 3M returni | +12.40% | +12.23% |
| 1M returni | -0.25% | -0.41% |
| 1Y Sharpe ratio | 1.70 | 1.74 |
| Betai | 0.09 | 0.15 |
| Dividend yieldi | 2.30% | 2.64% |
| 5Y CAGR | +12.17% | +11.89% |
Over the past year, DBC and PDBC have moved strongly in the same direction (correlation of 1.00), based on daily returns.
Lower drawdown and smaller single-period drops generally indicate a smoother ride, though they do not guarantee lower future risk.
| Period | Metric | DBC | PDBC |
|---|---|---|---|
| 1Y | Growthi | +45.56% | +46.59% |
| CAGRi | +45.75% | +46.78% | |
| Volatilityi | 20.87% | 20.87% | |
| Sharpe ratioi | 1.70 | 1.74 | |
| Sortino ratioi | 2.51 | 2.57 | |
| Max drawdowni | 16.54% | 16.55% | |
| Current drawdowni | 4.81% | 4.82% | |
| Avg drawdowni | 3.43% | 3.41% | |
| Ulcer Indexi | 5.27% | 5.25% | |
| Max daily dropi | 4.11% | 4.27% | |
| Max wkly dropi | 6.71% | 6.58% | |
| 5Y | Growthi | +77.47% | +75.28% |
| CAGRi | +12.17% | +11.89% | |
| Volatilityi | 19.33% | 19.28% | |
| Sharpe ratioi | 0.46 | 0.45 | |
| Sortino ratioi | 0.64 | 0.62 | |
| Max drawdowni | 27.34% | 27.63% | |
| Current drawdowni | 4.81% | 4.82% | |
| Avg drawdowni | 15.53% | 15.95% | |
| Ulcer Indexi | 17.49% | 17.93% | |
| Max daily dropi | 7.94% | 7.87% | |
| Max wkly dropi | 12.40% | 12.70% | |
| 10Y | Growthi | +159.42% | +151.97% |
| CAGRi | +10.01% | +9.69% | |
| Volatilityi | 17.98% | 17.95% | |
| Sharpe ratioi | 0.37 | 0.36 | |
| Sortino ratioi | 0.51 | 0.49 | |
| Max drawdowni | 41.71% | 40.73% | |
| Current drawdowni | 4.81% | 4.82% | |
| Avg drawdowni | 13.51% | 13.88% | |
| Ulcer Indexi | 16.46% | 16.84% | |
| Max daily dropi | 7.94% | 7.87% | |
| Max wkly dropi | 13.25% | 13.55% |
| Category | DBC | PDBC |
|---|---|---|
| Fund name | Invesco DB Commodity Index Tracking Fund | Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF |
| Type | ETF | ETF |
| Expense ratioi | 0.85% | 0.59% |
| Total assets (AUM)i | $1.92B | $7.7B |
| Dividend yieldi | 2.30% | 2.64% |
- Diversified commodity exposure across energy, metals, and agricultural commodities provides a broad inflation hedge
- Optimum yield roll strategy attempts to minimize negative roll yield from contango by rolling into the contract with the most favorable forward curve structure
- One of the most established broad commodity ETFs with a long track record for institutional and retail investors
- No K-1 tax form — issues standard 1099 like a regular ETF, greatly simplifying tax filing for retail investors holding commodity exposure
- Broad commodity diversification similar to DBC across energy, metals, and agricultural futures
- Can be held in tax-advantaged accounts (IRA, 401k) without the unrelated business taxable income (UBTI) complications from partnership K-1 structures
- DBC issues K-1 tax forms due to its partnership structure, which creates complexity for retail investors versus standard brokerage 1099 reporting
- Commodity futures ETFs have complex tax treatment and may not be suitable for tax-advantaged accounts
- Commodity futures performance can diverge significantly from spot commodity prices due to roll costs in contango markets
- PDBC may hold commodity exposure through subsidiary structures that add complexity versus direct futures holding in DBC
- Expense ratio may differ slightly from DBC — investors should compare current expense ratios when choosing
- Broad commodity ETF performance depends heavily on the commodity cycle and futures curve dynamics that affect all commodity futures products similarly
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