PDBC vs DBC ETF Comparison: AI Score, Valuation, Performance and Upside
PDBC and DBC are nearly identical commodity ETFs from the same issuer (Invesco) with the same optimum yield roll methodology and similar commodity exposure. The primary difference is tax structure: PDBC avoids the K-1 form (making it IRA-compatible and tax-simple), while DBC is a partnership generating K-1s. For most retail investors, PDBC's K-1 avoidance is compelling. The underlying commodity exposure and roll strategies are essentially equivalent.
PDBC vs DBC is the same broad commodity index exposure and optimum yield roll strategy from the same fund family — distinguished primarily by tax structure: PDBC's 1099 tax simplicity and IRA compatibility versus DBC's K-1 partnership structure with a longer performance track record.
PDBC holds the edge across 5 of 5 key metrics in this comparison. PDBC has delivered stronger 1-year price return (+52.70% vs +51.87% for DBC).
- prefer commodity ETF exposure without K-1 tax forms — ideal for IRA accounts and investors who want simple 1099 tax treatment
- value the same Invesco optimum yield methodology as DBC but in a tax-simplified wrapper
- want broad diversified commodity inflation hedge across energy, metals, and agriculture without partnership tax complexity
- are comfortable with commodity futures roll costs, contango exposure, and high commodity price volatility
- prefer the original commodity ETF with longer track record since 2006 and broader 14-commodity exposure history
- hold DBC in taxable accounts and have already established K-1 tax filing processes making the partnership structure acceptable
- value DBC's established liquidity and 20-year performance history across multiple commodity cycles
- are comfortable with K-1 partnership tax forms and hold DBC in taxable accounts (not IRAs)
| Metric | PDBC | DBC |
|---|---|---|
| ETF scorei | 82.0 | 77.0 |
| Latest closei | $19.66 | $32.97 |
| 1M returni | +7.26% | +7.18% |
| 6M returni | +13.44% | +13.93% |
| 1Y returni | +52.70% | +51.87% |
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 | PDBC | DBC |
|---|---|---|
| 1Y ago | $15.86K (+58.6%) started 2025-09-18 | $15.69K (+56.9%) started 2025-09-18 |
| 5Y ago | $44.86K (+348.6%) started 2021-09-20 | $22.71K (+127.1%) started 2021-09-20 |
| 10Y ago | $78.94K (+689.4%) started 2016-09-19 | $32.31K (+223.1%) started 2016-09-19 |
Hypothetical — past performance does not guarantee future results.
| Metric | PDBC | DBC |
|---|---|---|
| Expense ratioi | 0.59% | 0.85% |
| Total assets (AUM)i | $7.29B | $1.8B |
| Dividend yieldi | 2.73% | 2.38% |
| Trailing P/Ei | N/A | N/A |
| Betai | 0.06 | 0.12 |
| 52-week change | 52.70% | 51.87% |
| Metric | PDBC | DBC |
|---|---|---|
| 1Y returni | +52.70% | +51.87% |
| 6M returni | +13.44% | +13.93% |
| 1M returni | +7.26% | +7.18% |
| 1Y Sharpe ratio | 1.96 | 1.93 |
| Betai | 0.06 | 0.12 |
| Dividend yieldi | 2.73% | 2.38% |
| 5Y CAGR | +14.02% | +14.48% |
Over the past year, PDBC and DBC 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 | PDBC | DBC |
|---|---|---|---|
| 1Y | Growthi | +52.70% | +51.87% |
| CAGRi | +52.74% | +51.91% | |
| Volatilityi | 20.50% | 20.52% | |
| Sharpe ratioi | 1.96 | 1.93 | |
| Sortino ratioi | 2.92 | 2.88 | |
| Max drawdowni | 16.55% | 16.54% | |
| Current drawdowni | 2.19% | 2.11% | |
| Avg drawdowni | 3.29% | 3.32% | |
| Ulcer Indexi | 5.19% | 5.21% | |
| Max daily dropi | 4.27% | 4.11% | |
| Max wkly dropi | 6.58% | 6.71% | |
| 5Y | Growthi | +92.57% | +96.43% |
| CAGRi | +14.02% | +14.48% | |
| Volatilityi | 19.28% | 19.32% | |
| Sharpe ratioi | 0.55 | 0.57 | |
| Sortino ratioi | 0.75 | 0.78 | |
| Max drawdowni | 27.63% | 27.34% | |
| Current drawdowni | 2.19% | 2.11% | |
| Avg drawdowni | 15.98% | 15.55% | |
| Ulcer Indexi | 17.94% | 17.49% | |
| Max daily dropi | 7.87% | 7.94% | |
| Max wkly dropi | 12.70% | 12.40% | |
| 10Y | Growthi | +162.58% | +170.25% |
| CAGRi | +10.14% | +10.46% | |
| Volatilityi | 17.89% | 17.94% | |
| Sharpe ratioi | 0.38 | 0.40 | |
| Sortino ratioi | 0.52 | 0.54 | |
| Max drawdowni | 40.73% | 41.71% | |
| Current drawdowni | 2.19% | 2.11% | |
| Avg drawdowni | 13.87% | 13.51% | |
| Ulcer Indexi | 16.83% | 16.45% | |
| Max daily dropi | 7.87% | 7.94% | |
| Max wkly dropi | 13.55% | 13.25% |
| Category | PDBC | DBC |
|---|---|---|
| Fund name | Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | Invesco DB Commodity Index Tracking Fund |
| Type | ETF | ETF |
| Expense ratioi | 0.59% | 0.85% |
| Total assets (AUM)i | $7.29B | $1.8B |
| Dividend yieldi | 2.73% | 2.38% |
- K-1 avoidance is the primary structural advantage — PDBC generates standard 1099 forms instead of partnership K-1s, making it accessible for IRAs and simplifying tax filing
- Optimum yield roll methodology attempts to minimize drag from contango — selecting futures contracts across the curve to optimize roll performance
- Broad diversification across energy (crude oil, natural gas), metals (gold, silver, copper), and agriculture (corn, soybeans, wheat) provides full commodity inflation hedge
- Long track record as one of the original commodity ETFs — established since 2006 with extensive performance history across commodity cycles
- 14-commodity diversification across energy, metals, and agriculture provides comprehensive commodity exposure
- Optimum yield roll strategy similarly designed to minimize contango drag by selecting across the futures curve
- Commodity futures ETFs inherently suffer roll costs when futures curves are in contango — no methodology fully eliminates negative roll yield in persistent contango environments
- Commodity ETFs have higher expense ratios than equity ETFs and require active futures management
- Commodity prices are highly volatile and correlated with global economic cycles — not suitable as a core portfolio holding
- K-1 tax form generation limits DBC's use in IRAs and complicates tax filing — the primary structural disadvantage vs PDBC
- Similar roll methodology to PDBC means performance differences are mainly driven by structural (K-1 vs 1099) and minor index composition differences
- Liquidity slightly lower than PDBC for some investors — both are reasonably liquid but PDBC has grown its assets
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