DBC vs PDBC

Portfolio characteristics

Net assets are dated Nov 9, 2026 for both funds (DBC $1.77B; PDBC $7.4B). Figures that the issuers do not publish, such as beta, standard deviation and 52-week range, are left as Not captured rather than estimated.

Top ten sums: DBC 75.6% · PDBC 77.3%. 9 shared top-ten commodities. Weights change.

The sector mirror

Same funds, different lenses

Contracts and collateral

Both funds hold futures contracts, not physical commodities. DBC lists 27 commodities and PDBC lists 27. Each contract expires and is replaced (rolled) before it ends, and the cash backing the contracts sits in Treasury bills, money market funds and similar holdings. That collateral earns interest and is not counted in the commodity weights here.

What you actually own

All rows come from the issuer pages and are dated Oct 31, 2026 for both funds, so they compare like for like. NAV returns include fees; market price and benchmark returns are shown beside them where the issuer published them, and gaps are marked Not captured. “Since inception” starts in different years (DBC 2006, PDBC 2014). Past performance does not guarantee future results.

Growth of a hypothetical $10,000 · NAV total return, both to Oct 31, 2026

Both funds derived from issuer NAV total returns on matched dates (compounded). Distributions reinvested; fund expenses are already in NAV. Illustration, not a forecast.

Paid per share, last 12 months vs the 12 months before

Payouts are listed by ex-dividend date. Energy funds pay uneven distributions, so the like-for-like comparison is the total paid over the last 12 months against the 12 months before (cards above: DBC $0.744 per share, PDBC $0.509 per share). Payouts move with oil and gas profits and not only with price. See yield vs total return.

Rank by rank, the ten largest commodities of each fund, as a share of futures exposure. Top five: DBC 56.4%, PDBC 58.8%. Top ten: DBC 75.6%, PDBC 77.3%.

The issuers report bid/ask spreads of 0.03% for DBC and 0.05% for PDBC (measures differ by issuer; see each fund page). A spread of 0.05% is about $50 between the buy and sell price on $100,000, so check the live quote before you trade.

Commodity prices can swing sharply when oil or metals move, so spreads can widen on volatile days. Use limit orders for large trades and avoid the first and last minutes of the session. See creation, redemption and trading for how NAV, premiums and spreads arise.

Expense ratio is taken from fund assets, not billed. Net expense ratios are shown (DBC: total 0.89% before a 0.07% waiver; PDBC: total 0.74% with 0.15% acquired fund fees). Fees exclude the bid/ask spread, any premium or discount to NAV, brokerage commissions and taxes.

Exact eligibility rules, caps and rebalance dates sit in each prospectus and index methodology; read them before relying on this summary.

Both use the DBIQ Optimum Yield Diversified Commodity Index as their reference. DBC tracks it as a passive index fund and files a Schedule K-1 at tax time, while PDBC is actively managed and issues a standard 1099.

DBC follows the DBIQ Optimum Yield Diversified Commodity Index Excess Return and PDBC uses the DBIQ Optimum Yield Diversified Commodity Index Excess Return (benchmark, actively managed). Because commodity funds hold futures, the return comes from three sources: the change in commodity prices, the roll yield or cost as contracts are replaced, and interest earned on the collateral. Differences in contract choice, roll timing and collateral income explain most of the gap between funds with similar baskets, and fees explain the rest.

Start with what separates them: Both use the DBIQ Optimum Yield Diversified Commodity Index as their reference. DBC tracks it as a passive index fund and files a Schedule K-1 at tax time, while PDBC is actively managed and issues a standard 1099. Then check what you already own: the funds overlap by 96.0%, so holding both adds little.

• Step 1 · Structure: DBC holds futures contracts on 27 commodities in the DBIQ Optimum Yield index and fills the rest of the fund with Treasury bills and cash; PDBC is actively managed and holds futures on the same 27 commodities as DBC, plus swaps, Treasury securities and other short-term holdings, through a Cayman subsidiary.
• Step 2 · Cost: DBC 0.82% vs PDBC 0.59% net expense ratio.
• Step 3 · Tax form: DBC issues a Schedule K-1; PDBC issues a 1099. This matters most for tax-advanced accounts and for Canadian investors.
• Step 4 · Overlap: use the Diversification Calculator against what you own.

Size the position against your whole portfolio. Commodity funds are volatile and behave differently from stocks and bonds, so they usually play a small, deliberate role.

DBC and PDBC are U.S.-listed and trade in U.S. dollars, so buying them from a Canadian account usually involves converting Canadian dollars, which adds a cost on both entry and exit. A move in the U.S. dollar also changes your return in Canadian dollars.

Tax treatment depends on the structure. A fund that files a Schedule K-1 can create extra reporting for a Canadian holder and may not suit an RRSP or TFSA, while a fund that issues a 1099 is simpler. Confirm the rules for your account with a tax professional. This is general education, not tax advice.

DBC is a commodity pool that issues a Schedule K-1 each year, and futures gains in a K-1 fund are generally taxed under the 60/40 rule, with 60% treated as long-term and 40% as short-term regardless of how long you hold. PDBC holds futures through a Cayman subsidiary and issues a standard 1099, but income from the subsidiary can be taxed as ordinary income. Issuer pages list after-tax returns only for some funds, and gaps are marked Not captured.

For Canadian account types and withholding tax, see the Canadian section above. Confirm the rules for your account with a tax professional, and read how to build an ETF portfolio.

Investors comparing DBC and PDBC often also look at the other broad commodity funds in this group: DBC, PDBC, GSG, USCI, BCI and COMT. See the other commodity ETFs comparisons and the ETF research hub.

Is DBC or PDBC better?

In the DBC vs PDBC question, neither is better for everyone. DBC and PDBC differ in what they hold and what they charge. Both use the DBIQ Optimum Yield Diversified Commodity Index as their reference. DBC tracks it as a passive index fund and files a Schedule K-1 at tax time, while PDBC is actively managed and issues a standard 1099.

Expense ratios are 0.82% and 0.59%. NAV total returns, annualized (both to Oct 31, 2026): 1 year 52.50% vs 53.50%; 3 years 16.35% vs 15.74%; 5 years 12.67% vs 12.45%; 10 years 10.32% vs 10.00%. Neither is better for everyone; the choice turns on cost, tax form (K-1 or 1099), and what you already own.

DBC vs PDBC, what are the expense ratios?

DBC charges 0.82% and PDBC charges 0.59%, which is $82 and $59 a year per $10,000.

DBC vs PDBC, how much do the funds overlap?

About 96.0% of the exposure is held by both funds, matched by commodity in issuer holdings dated Nov 9, 2026 and Oct 31, 2026. 9 commodities appear in both top-ten lists.

DBC vs PDBC, what does each ETF track?

DBC tracks the DBIQ Optimum Yield Diversified Commodity Index Excess Return. PDBC tracks the DBIQ Optimum Yield Diversified Commodity Index Excess Return (benchmark, actively managed).

DBC vs PDBC, what are the top commodities?

DBC (Nov 9, 2026): Brent crude 18.93%, WTI crude 16.0%, Gold 9.22%, Gasoil 6.55%, Copper 5.71%. PDBC (Oct 31, 2026): Brent crude 21.12%, WTI crude 17.38%, Gold 8.02%, Gasoil 6.63%, Heating oil 5.67%.

DBC vs PDBC, which has performed better?

NAV total returns, annualized (both to Oct 31, 2026): 1 year 52.50% vs 53.50%; 3 years 16.35% vs 15.74%; 5 years 12.67% vs 12.45%; 10 years 10.32% vs 10.00%. Returns depend on commodity prices, roll yield and collateral income, and past performance does not guarantee future results.

DBC vs PDBC, can I own both?

On DBC vs PDBC, you can, but they overlap by about 96.0%. 9 top-ten commodities are shared. Holding both adds almost no diversification: you are paying for two wrappers around nearly the same basket of commodities.

DBC vs PDBC, how often do the funds pay dividends?

Distribution frequency: DBC annual, PDBC annual. Distribution rates are 2.36% 12-month distribution rate trailing for DBC and 2.90% for PDBC; check each issuer page for the schedule.

DBC vs PDBC, are they suitable for Canadian investors?

On DBC vs PDBC, both are U.S.-listed and trade in U.S. dollars, so Canadians face currency conversion costs. DBC issues a Schedule K-1 and PDBC issues a 1099, which can change reporting. Treatment differs across TFSA, RRSP and taxable accounts. This is general education, not tax advice.

DBC vs PDBC, how do the funds differ by sector?

DBC (Nov 9, 2026): energy 52.9%, agriculture 16.9%, industrial metals 11.8%. PDBC (Oct 31, 2026): energy 56.7%, agriculture 16.0%, industrial metals 10.8%.

Third-party sources

Invesco DBC fund page · Invesco PDBC fund page.

Methodology and limits

• DBC figures come from Invesco fund pages and PDBC figures from Invesco fund pages.
• Dates are shown beside each figure; the issuer documents are linked below.
• Overlap is the sum of the smaller weight of each commodity held by both funds. Treasury bills, cash and swaps used as collateral are excluded, and the dates and bases differ, so treat the overlap as an estimate. Weights are shares of each fund’s futures exposure by underlying commodity, so Treasury bills, cash and collateral are excluded. DBC weights are computed from the Nov 9, 2026 futures holdings by adding contracts on the same commodity and dividing by total futures exposure. PDBC weights are the prior month-end commodity exposure published by Invesco (Oct 31, 2026). Invesco groups livestock with agriculture in its PDBC sector chart; this page shows it separately.
• This page shows livestock as its own group for every fund.
• Figures that were unavailable (beta, standard deviation, 52-week range, calendar-year returns) are left as Not captured, and nothing was filled from memory or from another fund.
• Growth of $10,000 is derived from annualized NAV total returns on matched dates; dollar values are approximate.
• Returns are issuer-reported NAV total returns (dates shown beside each figure), with market price and benchmark figures where published.

Pathways, not rankings or recommendations.